G-VDM: 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-VDM
Largest movements
- Tangible fixed assets +€52,275
up €52,275 (+4,195%), from €1,246 to €53,521
of which Leasing and similar rights: +€51,556
- Receivables within one year +€8,983
up €8,983 (+147%), from €6,095 to €15,078
of which Trade receivables: +€6,050
- Cash -€1,213
down €1,213 (-3.3%), from €37,069 to €35,856
mainly Investment in fixed assets (net) (-€61,903) and Receivables within one year (-€8,983)
- Debts after one year +€40,807
new in 2025: €40,807
- Profit (loss) carried forward +€9,743
up €9,743 (+29.2%), from €33,343 to €43,087
- Current portion of long-term debt +€8,000
new in 2025: €8,000
- Trade debts +€1,294
up €1,294 (+298%), from €434 to €1,728
- Tax, wage and social debts +€1,185
up €1,185 (+10.4%), from €11,371 to €12,556
- Gross operating margin -€23,645
down €23,645 (-51.3%), from €46,092 to €22,447
- Depreciation +€9,536
up €9,536 (+10,407%), from €92 to €9,628
- Taxes -€5,909
down €5,909 (-69.1%), from €8,548 to €2,639
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 | €55,148 | €116,177 | +€61,029 | +111% |
| Fixed assets | 21/28 | €11,984 | €64,259 | +€52,275 | +436% |
| Tangible fixed assets | 22/27 | €1,246 | €53,521 | +€52,275 | +4,195% |
| Furniture and vehicles | 24 | €1,246 | €1,965 | +€719 | +57.7% |
| Leasing and similar rights | 25 | - | €51,556 | +€51,556 | |
| Financial fixed assets | 28 | €10,738 | €10,738 | = | 0.0% |
| Current assets | 29/58 | €43,164 | €51,918 | +€8,755 | +20.3% |
| Amounts receivable within one year | 40/41 | €6,095 | €15,078 | +€8,983 | +147% |
| Trade receivables | 40 | €6,050 | €12,100 | +€6,050 | +100% |
| Other amounts receivable | 41 | €45 | €2,978 | +€2,933 | +6,575% |
| Cash at bank and in hand | 54/58 | €37,069 | €35,856 | -€1,213 | -3.3% |
| Deferred charges and accrued income | 490/1 | - | €984 | +€984 | |
| Total equity and liabilities | 10/49 | €55,148 | €116,177 | +€61,029 | +111% |
| Equity | 10/15 | €43,343 | €53,087 | +€9,743 | +22.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,343 | €43,087 | +€9,743 | +29.2% |
| Amounts payable | 17/49 | €11,805 | €63,090 | +€51,286 | +434% |
| Amounts payable after more than one year | 17 | - | €40,807 | +€40,807 | |
| Financial debts | 170/4 | - | €40,807 | +€40,807 | |
| Amounts payable within one year | 42/48 | €11,805 | €22,284 | +€10,479 | +88.8% |
| Current portion of amounts payable after more than one year | 42 | - | €8,000 | +€8,000 | |
| Trade debts | 44 | €434 | €1,728 | +€1,294 | +298% |
| Suppliers | 440/4 | €434 | €1,728 | +€1,294 | +298% |
| Taxes, remuneration and social security | 45 | €11,371 | €12,556 | +€1,185 | +10.4% |
| Taxes | 450/3 | €11,371 | €12,556 | +€1,185 | +10.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92 | €9,628 | +€9,536 | +10,407% |
| Gross operating margin | 9900 | €46,092 | €22,447 | -€23,645 | -51.3% |
| Operating profit (loss) | 9901 | €46,000 | €12,819 | -€33,181 | -72.1% |
| Financial income | 75/76B | €0 | €14 | +€14 | +5,536% |
| Recurring financial income | 75 | €0 | €14 | +€14 | +5,536% |
| Financial charges | 65/66B | €39 | €450 | +€411 | +1,053% |
| Recurring financial charges | 65 | €39 | €450 | +€411 | +1,053% |
| Profit (loss) for the period before taxes | 9903 | €45,961 | €12,383 | -€33,579 | -73.1% |
| Income taxes | 67/77 | €8,548 | €2,639 | -€5,909 | -69.1% |
| Profit (loss) for the period | 9904 | €37,413 | €9,743 | -€27,670 | -74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,413 | €9,743 | -€27,670 | -74.0% |
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 17 October 2026 via checked.be.