G&VO: 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&VO
Largest movements
- Tangible fixed assets +€70,858
up €70,858 (+280%), from €25,323 to €96,181
of which Plant, machinery and equipment: +€77,708
- Stocks and contracts +€13,281
up €13,281 (+1,055%), from €1,259 to €14,540
- Receivables within one year +€4,086
up €4,086 (+63.4%), from €6,442 to €10,528
of which Trade receivables: +€3,476
- Cash -€3,565
down €3,565 (-100%), from €3,565 to €0
mainly Investment in fixed assets (net) (-€90,989) and Stocks and contracts (-€13,281)
- Debts after one year +€37,356
up €37,356 (+467%), from €7,992 to €45,348
- Reserves +€17,680
up €17,680 (+371%), from €4,767 to €22,447
- Current portion of long-term debt +€9,875
up €9,875 (+97.4%), from €10,134 to €20,009
- Other debts +€8,620
up €8,620 (+125%), from €6,917 to €15,537
- Tax, wage and social debts +€5,659
up €5,659 (+664%), from €852 to €6,511
of which Taxes: +€3,179
- Gross operating margin +€26,915
up €26,915 (+155%), from €17,329 to €44,243
- Depreciation +€11,204
up €11,204 (+125%), from €8,927 to €20,131
- Taxes +€1,585
up €1,585 (+186%), from €852 to €2,437
- Financial charges +€1,535
up €1,535 (+71.2%), from €2,154 to €3,689
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 | €36,773 | €121,374 | +€84,602 | +230% |
| Fixed assets | 21/28 | €25,323 | €96,181 | +€70,858 | +280% |
| Tangible fixed assets | 22/27 | €25,323 | €96,181 | +€70,858 | +280% |
| Plant, machinery and equipment | 23 | - | €77,708 | +€77,708 | |
| Furniture and vehicles | 24 | €25,323 | €18,473 | -€6,850 | -27.1% |
| Current assets | 29/58 | €11,450 | €25,194 | +€13,744 | +120% |
| Stocks and contracts in progress | 3 | €1,259 | €14,540 | +€13,281 | +1,055% |
| Contracts in progress | 37 | €1,259 | €14,540 | +€13,281 | +1,055% |
| Amounts receivable within one year | 40/41 | €6,442 | €10,528 | +€4,086 | +63.4% |
| Trade receivables | 40 | €5,075 | €8,551 | +€3,476 | +68.5% |
| Other amounts receivable | 41 | €1,367 | €1,977 | +€610 | +44.7% |
| Cash at bank and in hand | 54/58 | €3,565 | €0 | -€3,565 | -100% |
| Deferred charges and accrued income | 490/1 | €184 | €126 | -€58 | -31.5% |
| Total equity and liabilities | 10/49 | €36,773 | €121,374 | +€84,602 | +230% |
| Equity | 10/15 | €9,767 | €27,447 | +€17,680 | +181% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €4,767 | €22,447 | +€17,680 | +371% |
| Distributable reserves | 133 | €4,767 | €22,447 | +€17,680 | +371% |
| Amounts payable | 17/49 | €27,005 | €93,927 | +€66,922 | +248% |
| Amounts payable after more than one year | 17 | €7,992 | €45,348 | +€37,356 | +467% |
| Financial debts | 170/4 | €7,992 | €45,348 | +€37,356 | +467% |
| Amounts payable within one year | 42/48 | €19,013 | €48,580 | +€29,566 | +156% |
| Current portion of amounts payable after more than one year | 42 | €10,134 | €20,009 | +€9,875 | +97.4% |
| Financial debts | 43 | - | €3,763 | +€3,763 | |
| Credit institutions | 430/8 | - | €3,763 | +€3,763 | |
| Trade debts | 44 | €1,110 | €2,760 | +€1,650 | +149% |
| Suppliers | 440/4 | €1,110 | €2,760 | +€1,650 | +149% |
| Taxes, remuneration and social security | 45 | €852 | €6,511 | +€5,659 | +664% |
| Taxes | 450/3 | €852 | €4,031 | +€3,179 | +373% |
| Remuneration and social security | 454/9 | - | €2,480 | +€2,480 | |
| Other amounts payable | 47/48 | €6,917 | €15,537 | +€8,620 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,927 | €20,131 | +€11,204 | +125% |
| Other operating charges | 640/8 | €627 | €307 | -€320 | -51.1% |
| Gross operating margin | 9900 | €17,329 | €44,243 | +€26,915 | +155% |
| Operating profit (loss) | 9901 | €7,774 | €23,805 | +€16,031 | +206% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,154 | €3,689 | +€1,535 | +71.2% |
| Recurring financial charges | 65 | €2,154 | €3,689 | +€1,535 | +71.2% |
| Profit (loss) for the period before taxes | 9903 | €5,620 | €20,117 | +€14,497 | +258% |
| Income taxes | 67/77 | €852 | €2,437 | +€1,585 | +186% |
| Profit (loss) for the period | 9904 | €4,767 | €17,680 | +€12,912 | +271% |
| Profit (loss) for the period to be appropriated | 9905 | €4,767 | €17,680 | +€12,912 | +271% |
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 24 October 2026 via checked.be.