G.V.S.M.: 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.S.M.
Largest movements
- Cash +€16,268
up €16,268 (+40.1%), from €40,591 to €56,859
mainly Net result for the year (+€19,503) and Receivables within one year (+€1,962)
- Receivables within one year -€1,962
down €1,962 (-24.5%), from €8,016 to €6,054
- Profit (loss) carried forward +€15,218
up €15,218 (+69.0%), from €22,044 to €37,262
- Trade debts -€1,774
down €1,774 (-98.1%), from €1,808 to €34
- Tax, wage and social debts +€1,014
up €1,014 (+9.0%), from €11,300 to €12,314
- Other debts -€674
down €674 (-67.7%), from €994 to €321
- Gross operating margin +€15,778
up €15,778 (+139%), from €11,344 to €27,122
- Taxes +€3,123
up €3,123 (+129%), from €2,427 to €5,550
- Staff costs +€453
up €453 (+51.8%), from €874 to €1,327
- Depreciation -€336
down €336 (-37.7%), from €891 to €555
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 | €49,497 | €63,589 | +€14,092 | +28.5% |
| Fixed assets | 21/28 | €890 | €676 | -€214 | -24.0% |
| Tangible fixed assets | 22/27 | €840 | €626 | -€214 | -25.4% |
| Plant, machinery and equipment | 23 | - | €273 | +€273 | |
| Furniture and vehicles | 24 | €840 | €353 | -€487 | -57.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €48,607 | €62,913 | +€14,306 | +29.4% |
| Amounts receivable within one year | 40/41 | €8,016 | €6,054 | -€1,962 | -24.5% |
| Trade receivables | 40 | €8,016 | €6,054 | -€1,962 | -24.5% |
| Cash at bank and in hand | 54/58 | €40,591 | €56,859 | +€16,268 | +40.1% |
| Total equity and liabilities | 10/49 | €49,497 | €63,589 | +€14,092 | +28.5% |
| Equity | 10/15 | €35,395 | €50,613 | +€15,218 | +43.0% |
| Contributions | 10/11 | €13,351 | €13,351 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,044 | €37,262 | +€15,218 | +69.0% |
| Amounts payable | 17/49 | €14,102 | €12,976 | -€1,126 | -8.0% |
| Amounts payable within one year | 42/48 | €14,102 | €12,668 | -€1,434 | -10.2% |
| Trade debts | 44 | €1,808 | €34 | -€1,774 | -98.1% |
| Suppliers | 440/4 | €1,808 | €34 | -€1,774 | -98.1% |
| Taxes, remuneration and social security | 45 | €11,300 | €12,314 | +€1,014 | +9.0% |
| Taxes | 450/3 | €11,300 | €12,314 | +€1,014 | +9.0% |
| Other amounts payable | 47/48 | €994 | €321 | -€674 | -67.7% |
| Accrued charges and deferred income | 492/3 | - | €308 | +€308 | |
| Remuneration, social security and pensions | 62 | €874 | €1,327 | +€453 | +51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €891 | €555 | -€336 | -37.7% |
| Gross operating margin | 9900 | €11,344 | €27,122 | +€15,778 | +139% |
| Operating profit (loss) | 9901 | €9,579 | €25,241 | +€15,662 | +163% |
| Financial charges | 65/66B | €186 | €187 | +€1 | +0.7% |
| Recurring financial charges | 65 | €186 | €187 | +€1 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €9,393 | €25,053 | +€15,660 | +167% |
| Income taxes | 67/77 | €2,427 | €5,550 | +€3,123 | +129% |
| Profit (loss) for the period | 9904 | €6,966 | €19,503 | +€12,537 | +180% |
| Profit (loss) for the period to be appropriated | 9905 | €6,966 | €19,503 | +€12,537 | +180% |
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 22 October 2026 via checked.be.