G.V.: what changed
Two fiscal 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.
G.V.
Largest movements
- Tangible fixed assets -€4,607
down €4,607 (-23.7%), from €19,424 to €14,816
of which Plant, machinery and equipment: -€4,559
- Cash -€923
down €923 (-47.9%), from €1,925 to €1,002
mainly Debts after one year (-€5,761) and Net result for the year (-€758)
- Receivables within one year -€479
down €479 (-74.1%), from €646 to €168
of which Other amounts receivable: -€386
- Stocks and contracts +€401
up €401 (+63.4%), from €632 to €1,033
- Deferred charges and accrued income -€300
no longer reported in 2025 (was €300)
- Debts after one year -€5,761
down €5,761 (-27.4%), from €21,049 to €15,288
- Profit (loss) carried forward -€758
down €758 (-2.4%), from -€31,124 to -€31,882
- Trade debts +€442
up €442 (+30.8%), from €1,436 to €1,879
- Current portion of long-term debt +€424
up €424 (+8.0%), from €5,337 to €5,761
- Other debts -€363
down €363 (-4.1%), from €8,891 to €8,527
- Gross operating margin -€12,379
down €12,379 (-15.0%), from €82,304 to €69,925
- Financial charges -€1,987
down €1,987 (-31.2%), from €6,368 to €4,381
- Depreciation -€1,817
down €1,817 (-28.3%), from €6,424 to €4,607
- Other operating charges +€1,357
up €1,357 (+82.6%), from €1,643 to €3,000
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.
Cash bridge derived
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 | €23,312 | €17,404 | -€5,908 | -25.3% |
| Fixed assets | 21/28 | €19,808 | €15,201 | -€4,607 | -23.3% |
| Tangible fixed assets | 22/27 | €19,424 | €14,816 | -€4,607 | -23.7% |
| Plant, machinery and equipment | 23 | €19,375 | €14,816 | -€4,559 | -23.5% |
| Furniture and vehicles | 24 | €49 | - | -€49 | |
| Financial fixed assets | 28 | €385 | €385 | = | 0.0% |
| Current assets | 29/58 | €3,503 | €2,203 | -€1,300 | -37.1% |
| Stocks and contracts in progress | 3 | €632 | €1,033 | +€401 | +63.4% |
| Stocks | 30/36 | €632 | €1,033 | +€401 | +63.4% |
| Amounts receivable within one year | 40/41 | €646 | €168 | -€479 | -74.1% |
| Trade receivables | 40 | €261 | €168 | -€93 | -35.6% |
| Other amounts receivable | 41 | €386 | - | -€386 | |
| Cash at bank and in hand | 54/58 | €1,925 | €1,002 | -€923 | -47.9% |
| Deferred charges and accrued income | 490/1 | €300 | - | -€300 | |
| Total equity and liabilities | 10/49 | €23,312 | €17,404 | -€5,908 | -25.3% |
| Equity | 10/15 | -€18,724 | -€19,482 | -€758 | -4.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,124 | -€31,882 | -€758 | -2.4% |
| Amounts payable | 17/49 | €42,036 | €36,886 | -€5,150 | -12.3% |
| Amounts payable after more than one year | 17 | €21,049 | €15,288 | -€5,761 | -27.4% |
| Financial debts | 170/4 | €21,049 | €15,288 | -€5,761 | -27.4% |
| Amounts payable within one year | 42/48 | €20,987 | €21,598 | +€611 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €5,337 | €5,761 | +€424 | +8.0% |
| Trade debts | 44 | €1,436 | €1,879 | +€442 | +30.8% |
| Suppliers | 440/4 | €1,436 | €1,879 | +€442 | +30.8% |
| Taxes, remuneration and social security | 45 | €5,323 | €5,431 | +€108 | +2.0% |
| Taxes | 450/3 | €127 | €164 | +€36 | +28.2% |
| Remuneration and social security | 454/9 | €5,195 | €5,267 | +€72 | +1.4% |
| Other amounts payable | 47/48 | €8,891 | €8,527 | -€363 | -4.1% |
| Remuneration, social security and pensions | 62 | €58,532 | €58,697 | +€165 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,424 | €4,607 | -€1,817 | -28.3% |
| Other operating charges | 640/8 | €1,643 | €3,000 | +€1,357 | +82.6% |
| Gross operating margin | 9900 | €82,304 | €69,925 | -€12,379 | -15.0% |
| Operating profit (loss) | 9901 | €15,705 | €3,621 | -€12,084 | -76.9% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €6,368 | €4,381 | -€1,987 | -31.2% |
| Recurring financial charges | 65 | €6,368 | €4,381 | -€1,987 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €9,337 | -€758 | -€10,095 | |
| Profit (loss) for the period | 9904 | €9,337 | -€758 | -€10,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,337 | -€758 | -€10,095 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.