P.V.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
P.V.
Largest movements
- Tangible fixed assets -€19,204
down €19,204 (-6.3%), from €306,580 to €287,377
- Receivables within one year +€11,468
up €11,468 (+10.0%), from €114,550 to €126,019
of which Other amounts receivable: +€7,840
- Deferred charges and accrued income -€4,362
down €4,362 (-73.6%), from €5,927 to €1,565
- Debts after one year -€15,753
down €15,753 (-7.9%), from €198,507 to €182,754
- Gross operating margin +€8,607
up €8,607 (+27.4%), from €31,365 to €39,972
- Taxes +€1,397
up €1,397 (+711%), from €196 to €1,593
- Depreciation -€868
down €868 (-3.8%), from €23,080 to €22,212
- Other operating charges -€446
down €446 (-13.3%), from €3,356 to €2,910
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €431,607 | €419,998 | -€11,609 | -2.7% |
| Fixed assets | 21/28 | €306,590 | €287,387 | -€19,204 | -6.3% |
| Tangible fixed assets | 22/27 | €306,580 | €287,377 | -€19,204 | -6.3% |
| Land and buildings | 22 | €219,824 | €210,591 | -€9,233 | -4.2% |
| Plant, machinery and equipment | 23 | €86,178 | €76,785 | -€9,392 | -10.9% |
| Furniture and vehicles | 24 | €578 | - | -€578 | |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €125,017 | €132,612 | +€7,595 | +6.1% |
| Amounts receivable within one year | 40/41 | €114,550 | €126,019 | +€11,468 | +10.0% |
| Trade receivables | 40 | €18,761 | €22,390 | +€3,628 | +19.3% |
| Other amounts receivable | 41 | €95,789 | €103,629 | +€7,840 | +8.2% |
| Cash at bank and in hand | 54/58 | €4,539 | €5,027 | +€488 | +10.8% |
| Deferred charges and accrued income | 490/1 | €5,927 | €1,565 | -€4,362 | -73.6% |
| Total equity and liabilities | 10/49 | €431,607 | €419,998 | -€11,609 | -2.7% |
| Equity | 10/15 | €203,167 | €205,391 | +€2,224 | +1.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Share premium | 1100/10 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €49,214 | €49,214 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,231 | €47,231 | = | 0.0% |
| Distributable reserves | 133 | €124 | €124 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,361 | €137,585 | +€2,224 | +1.6% |
| Provisions and deferred taxes | 16 | €798 | €798 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €798 | €798 | = | 0.0% |
| Other liabilities and charges | 164/5 | €798 | €798 | = | 0.0% |
| Amounts payable | 17/49 | €227,642 | €213,809 | -€13,833 | -6.1% |
| Amounts payable after more than one year | 17 | €198,507 | €182,754 | -€15,753 | -7.9% |
| Financial debts | 170/4 | €198,507 | €182,754 | -€15,753 | -7.9% |
| Amounts payable within one year | 42/48 | €29,135 | €31,055 | +€1,920 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €15,230 | €15,753 | +€523 | +3.4% |
| Trade debts | 44 | €10,756 | €11,744 | +€988 | +9.2% |
| Suppliers | 440/4 | €10,756 | €11,744 | +€988 | +9.2% |
| Taxes, remuneration and social security | 45 | €3,149 | €3,558 | +€409 | +13.0% |
| Taxes | 450/3 | €3,149 | €3,558 | +€409 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,080 | €22,212 | -€868 | -3.8% |
| Other operating charges | 640/8 | €3,356 | €2,910 | -€446 | -13.3% |
| Gross operating margin | 9900 | €31,365 | €39,972 | +€8,607 | +27.4% |
| Operating profit (loss) | 9901 | €4,929 | €14,850 | +€9,921 | +201% |
| Financial income | 75/76B | €53 | €0 | -€53 | -100.0% |
| Recurring financial income | 75 | €53 | €0 | -€53 | -100.0% |
| Financial charges | 65/66B | €11,026 | €11,033 | +€7 | +0.1% |
| Recurring financial charges | 65 | €11,026 | €11,033 | +€7 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,044 | €3,817 | +€9,861 | |
| Income taxes | 67/77 | €196 | €1,593 | +€1,397 | +711% |
| Profit (loss) for the period | 9904 | -€6,240 | €2,224 | +€8,465 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,240 | €2,224 | +€8,465 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.