G-VAN: 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-VAN
Largest movements
- Cash -€37,208
down €37,208 (-58.7%), from €63,387 to €26,179
mainly Contributions, distributions and other (-€37,517) and Receivables within one year (-€31,126)
- Receivables within one year +€31,126
up €31,126 (+33.4%), from €93,122 to €124,248
of which Trade receivables: +€31,107
- Tangible fixed assets -€14,899
down €14,899 (-21.1%), from €70,697 to €55,798
of which Furniture and vehicles: -€12,699
- Current investments -€8,642
down €8,642 (-66.7%), from €12,963 to €4,321
- Reserves -€24,340
down €24,340 (-18.0%), from €135,119 to €110,779
- Debts after one year -€13,657
down €13,657 (-23.9%), from €57,103 to €43,446
- Tax, wage and social debts +€8,469
up €8,469 (+69.7%), from €12,156 to €20,625
- Gross operating margin -€7,046
down €7,046 (-13.1%), from €53,767 to €46,721
- Taxes +€3,811
up €3,811 (+113.7%), from €3,351 to €7,162
- Financial charges -€1,558
down €1,558 (-41.6%), from €3,743 to €2,185
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 | €244,754 | €216,957 | -€27,797 | -11.4% |
| Fixed assets | 21/28 | €70,697 | €55,798 | -€14,899 | -21.1% |
| Tangible fixed assets | 22/27 | €70,697 | €55,798 | -€14,899 | -21.1% |
| Land and buildings | 22 | €24,752 | €22,552 | -€2,200 | -8.9% |
| Furniture and vehicles | 24 | €45,945 | €33,246 | -€12,699 | -27.6% |
| Current assets | 29/58 | €174,057 | €161,159 | -€12,898 | -7.4% |
| Amounts receivable within one year | 40/41 | €93,122 | €124,248 | +€31,126 | +33.4% |
| Trade receivables | 40 | €90,875 | €121,982 | +€31,107 | +34.2% |
| Other amounts receivable | 41 | €2,247 | €2,266 | +€19 | +0.8% |
| Current investments | 50/53 | €12,963 | €4,321 | -€8,642 | -66.7% |
| Cash at bank and in hand | 54/58 | €63,387 | €26,179 | -€37,208 | -58.7% |
| Deferred charges and accrued income | 490/1 | €4,585 | €6,411 | +€1,826 | +39.8% |
| Total equity and liabilities | 10/49 | €244,754 | €216,957 | -€27,797 | -11.4% |
| Equity | 10/15 | €92,312 | €67,972 | -€24,340 | -26.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €135,119 | €110,779 | -€24,340 | -18.0% |
| Distributable reserves | 133 | €135,119 | €110,779 | -€24,340 | -18.0% |
| Profit (loss) carried forward | 14 | -€49,007 | -€49,007 | = | 0.0% |
| Amounts payable | 17/49 | €152,442 | €148,985 | -€3,457 | -2.3% |
| Amounts payable after more than one year | 17 | €57,103 | €43,446 | -€13,657 | -23.9% |
| Financial debts | 170/4 | €57,103 | €43,446 | -€13,657 | -23.9% |
| Amounts payable within one year | 42/48 | €95,339 | €105,539 | +€10,200 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €13,825 | €13,658 | -€167 | -1.2% |
| Financial debts | 43 | - | €962 | +€962 | |
| Credit institutions | 430/8 | - | €962 | +€962 | |
| Trade debts | 44 | €4,488 | €4,986 | +€498 | +11.1% |
| Suppliers | 440/4 | €4,488 | €4,986 | +€498 | +11.1% |
| Taxes, remuneration and social security | 45 | €12,156 | €20,625 | +€8,469 | +69.7% |
| Taxes | 450/3 | €12,156 | €20,625 | +€8,469 | +69.7% |
| Other amounts payable | 47/48 | €64,870 | €65,308 | +€438 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,899 | €14,899 | = | 0.0% |
| Other operating charges | 640/8 | €488 | €690 | +€202 | +41.4% |
| Non-recurring operating charges | 66A | - | €8,642 | +€8,642 | |
| Gross operating margin | 9900 | €53,767 | €46,721 | -€7,046 | -13.1% |
| Operating profit (loss) | 9901 | €38,380 | €22,490 | -€15,890 | -41.4% |
| Financial income | 75/76B | €263 | €34 | -€229 | -87.1% |
| Recurring financial income | 75 | €263 | €34 | -€229 | -87.1% |
| Financial charges | 65/66B | €3,743 | €2,185 | -€1,558 | -41.6% |
| Recurring financial charges | 65 | €3,743 | €2,185 | -€1,558 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €34,900 | €20,339 | -€14,561 | -41.7% |
| Income taxes | 67/77 | €3,351 | €7,162 | +€3,811 | +113.7% |
| Profit (loss) for the period | 9904 | €31,549 | €13,177 | -€18,372 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,549 | €13,177 | -€18,372 | -58.2% |
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 5 October 2026 via checked.be.