G.V.B.: 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.
G.V.B.
Largest movements
- Stocks and contracts -€28,191
down €28,191 (-27.6%), from €102,073 to €73,882
- Receivables within one year -€27,189
down €27,189 (-50.6%), from €53,760 to €26,571
of which Trade receivables: -€24,369
- Cash +€7,453
up €7,453 (+132%), from €5,631 to €13,083
mainly Net result for the year (+€42,297) and Depreciation (+€34,354)
- Trade debts -€68,905
down €68,905 (-99.6%), from €69,164 to €258
- Profit (loss) carried forward +€42,297
up €42,297 (+6.9%), from -€610,191 to -€567,894
- Debts after one year -€21,039
down €21,039 (-30.8%), from €68,376 to €47,337
- Gross operating margin +€47,577
up €47,577 (+103%), from €46,119 to €93,696
- Other operating charges -€2,701
down €2,701 (-31.3%), from €8,629 to €5,928
- Depreciation +€2,476
up €2,476 (+7.8%), from €31,878 to €34,354
- Financial charges -€1,145
down €1,145 (-9.7%), from €11,855 to €10,710
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 | €437,262 | €388,348 | -€48,914 | -11.2% |
| Fixed assets | 21/28 | €273,567 | €272,748 | -€819 | -0.3% |
| Tangible fixed assets | 22/27 | €273,567 | €272,748 | -€819 | -0.3% |
| Land and buildings | 22 | €268,568 | €237,560 | -€31,008 | -11.5% |
| Plant, machinery and equipment | 23 | €4,288 | €34,833 | +€30,545 | +712% |
| Furniture and vehicles | 24 | €711 | €355 | -€355 | -50.0% |
| Current assets | 29/58 | €163,695 | €115,600 | -€48,095 | -29.4% |
| Stocks and contracts in progress | 3 | €102,073 | €73,882 | -€28,191 | -27.6% |
| Stocks | 30/36 | €102,073 | €73,882 | -€28,191 | -27.6% |
| Amounts receivable within one year | 40/41 | €53,760 | €26,571 | -€27,189 | -50.6% |
| Trade receivables | 40 | €50,585 | €26,216 | -€24,369 | -48.2% |
| Other amounts receivable | 41 | €3,175 | €355 | -€2,820 | -88.8% |
| Cash at bank and in hand | 54/58 | €5,631 | €13,083 | +€7,453 | +132% |
| Deferred charges and accrued income | 490/1 | €2,232 | €2,064 | -€167 | -7.5% |
| Total equity and liabilities | 10/49 | €437,262 | €388,348 | -€48,914 | -11.2% |
| Equity | 10/15 | -€279,465 | -€237,836 | +€41,630 | +14.9% |
| Contributions | 10/11 | €328,000 | €328,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€610,191 | -€567,894 | +€42,297 | +6.9% |
| Investment grants | 15 | €2,725 | €2,058 | -€667 | -24.5% |
| Provisions and deferred taxes | 16 | €164 | €130 | -€33 | -20.3% |
| Deferred taxes | 168 | €164 | €130 | -€33 | -20.3% |
| Amounts payable | 17/49 | €716,564 | €626,054 | -€90,510 | -12.6% |
| Amounts payable after more than one year | 17 | €68,376 | €47,337 | -€21,039 | -30.8% |
| Financial debts | 170/4 | €68,376 | €47,337 | -€21,039 | -30.8% |
| Amounts payable within one year | 42/48 | €648,188 | €578,717 | -€69,471 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €21,039 | €21,039 | = | 0.0% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €69,164 | €258 | -€68,905 | -99.6% |
| Suppliers | 440/4 | €69,164 | €258 | -€68,905 | -99.6% |
| Taxes, remuneration and social security | 45 | €461 | €2,137 | +€1,675 | +363% |
| Taxes | 450/3 | €461 | €517 | +€55 | +12.0% |
| Remuneration and social security | 454/9 | - | €1,620 | +€1,620 | |
| Other amounts payable | 47/48 | €432,524 | €430,282 | -€2,241 | -0.5% |
| Remuneration, social security and pensions | 62 | - | €808 | +€808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,878 | €34,354 | +€2,476 | +7.8% |
| Other operating charges | 640/8 | €8,629 | €5,928 | -€2,701 | -31.3% |
| Gross operating margin | 9900 | €46,119 | €93,696 | +€47,577 | +103% |
| Operating profit (loss) | 9901 | €5,612 | €52,606 | +€46,993 | +837% |
| Financial income | 75/76B | €667 | €668 | +€0 | +0.1% |
| Recurring financial income | 75 | €667 | €668 | +€0 | +0.1% |
| Financial charges | 65/66B | €11,855 | €10,710 | -€1,145 | -9.7% |
| Recurring financial charges | 65 | €11,855 | €10,710 | -€1,145 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,575 | €42,563 | +€48,139 | |
| Transfer from deferred taxes | 780 | €33 | €33 | = | 0.0% |
| Income taxes | 67/77 | €251 | €300 | +€49 | +19.3% |
| Profit (loss) for the period | 9904 | -€5,793 | €42,297 | +€48,090 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,793 | €42,297 | +€48,090 |
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 14 October 2026 via checked.be.