G-VEX: 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-VEX
Largest movements
- Tangible fixed assets -€9,570
down €9,570 (-5.6%), from €169,522 to €159,951
of which Land and buildings: -€9,637
- Receivables within one year +€8,844
up €8,844 (+130%), from €6,811 to €15,654
of which Trade receivables: +€10,088
- Cash -€2,081
down €2,081 (-40.4%), from €5,156 to €3,075
mainly Receivables within one year (-€8,844) and Trade debts (-€6,711)
- Other debts +€10,032
up €10,032 (+22.3%), from €44,960 to €54,992
- Trade debts -€6,711
down €6,711 (-42.2%), from €15,916 to €9,205
- Profit (loss) carried forward -€5,793
down €5,793 (-16.6%), from -€34,930 to -€40,723
- Debts after one year -€3,894
down €3,894 (-26.8%), from €14,509 to €10,615
- Tax, wage and social debts +€1,842
new in 2025: €1,842
- Gross operating margin +€12,119
up €12,119 (+408%), from €2,967 to €15,087
- Depreciation +€2,086
up €2,086 (+15.3%), from €13,638 to €15,724
- Financial charges +€1,065
up €1,065 (+278%), from €383 to €1,447
- Other operating charges +€270
up €270 (+7.9%), from €3,438 to €3,709
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 | €184,161 | €179,824 | -€4,337 | -2.4% |
| Formation expenses | 20 | €390 | - | -€390 | |
| Fixed assets | 21/28 | €169,522 | €159,951 | -€9,570 | -5.6% |
| Tangible fixed assets | 22/27 | €169,522 | €159,951 | -€9,570 | -5.6% |
| Land and buildings | 22 | €160,293 | €150,656 | -€9,637 | -6.0% |
| Plant, machinery and equipment | 23 | €9,228 | €9,295 | +€67 | +0.7% |
| Current assets | 29/58 | €14,250 | €19,873 | +€5,623 | +39.5% |
| Amounts receivable within one year | 40/41 | €6,811 | €15,654 | +€8,844 | +130% |
| Trade receivables | 40 | €5,566 | €15,654 | +€10,088 | +181% |
| Other amounts receivable | 41 | €1,245 | - | -€1,245 | |
| Cash at bank and in hand | 54/58 | €5,156 | €3,075 | -€2,081 | -40.4% |
| Deferred charges and accrued income | 490/1 | €2,283 | €1,143 | -€1,140 | -49.9% |
| Total equity and liabilities | 10/49 | €184,161 | €179,824 | -€4,337 | -2.4% |
| Equity | 10/15 | €105,070 | €99,277 | -€5,793 | -5.5% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,930 | -€40,723 | -€5,793 | -16.6% |
| Amounts payable | 17/49 | €79,091 | €80,548 | +€1,456 | +1.8% |
| Amounts payable after more than one year | 17 | €14,509 | €10,615 | -€3,894 | -26.8% |
| Financial debts | 170/4 | €14,509 | €10,615 | -€3,894 | -26.8% |
| Amounts payable within one year | 42/48 | €64,583 | €69,933 | +€5,350 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €3,707 | €3,894 | +€187 | +5.0% |
| Trade debts | 44 | €15,916 | €9,205 | -€6,711 | -42.2% |
| Suppliers | 440/4 | €15,916 | €9,205 | -€6,711 | -42.2% |
| Taxes, remuneration and social security | 45 | - | €1,842 | +€1,842 | |
| Taxes | 450/3 | - | €1,842 | +€1,842 | |
| Other amounts payable | 47/48 | €44,960 | €54,992 | +€10,032 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,638 | €15,724 | +€2,086 | +15.3% |
| Other operating charges | 640/8 | €3,438 | €3,709 | +€270 | +7.9% |
| Gross operating margin | 9900 | €2,967 | €15,087 | +€12,119 | +408% |
| Operating profit (loss) | 9901 | -€14,109 | -€4,346 | +€9,763 | +69.2% |
| Financial income | 75/76B | €98 | - | -€98 | |
| Recurring financial income | 75 | €98 | - | -€98 | |
| Financial charges | 65/66B | €383 | €1,447 | +€1,065 | +278% |
| Recurring financial charges | 65 | €383 | €1,447 | +€1,065 | +278% |
| Profit (loss) for the period before taxes | 9903 | -€14,394 | -€5,793 | +€8,600 | +59.8% |
| Profit (loss) for the period | 9904 | -€14,394 | -€5,793 | +€8,600 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,394 | -€5,793 | +€8,600 | +59.8% |
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 23 October 2026 via checked.be.