GBMV: 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.
GBMV
Largest movements
- Cash +€92,624
up €92,624 (+38.9%), from €238,103 to €330,727
mainly Other debts (+€100,000) and Net result for the year (+€88,898)
- Receivables after one year -€85,000
no longer reported in 2025 (was €85,000)
- Tangible fixed assets -€38,688
down €38,688 (-6.2%), from €620,603 to €581,915
of which Furniture and vehicles: -€24,409
- Deferred charges and accrued income +€28,420
up €28,420 (+737%), from €3,856 to €32,276
- Receivables within one year +€25,702
up €25,702 (+24.2%), from €106,032 to €131,734
of which Other amounts receivable: +€82,895
- Other debts +€100,000
new in 2025: €100,000
- Reserves -€64,458
down €64,458 (-7.5%), from €854,859 to €790,401
- Debts after one year -€35,079
down €35,079 (-25.0%), from €140,389 to €105,310
- Accrued charges and deferred income +€20,000
new in 2025: €20,000
- Depreciation -€37,640
down €37,640 (-44.4%), from €84,779 to €47,139
- Gross operating margin -€16,533
down €16,533 (-8.4%), from €195,776 to €179,243
- Financial income -€7,076
down €7,076 (-63.9%), from €11,067 to €3,991
- Financial charges +€3,354
up €3,354 (+212%), from €1,579 to €4,932
- Taxes +€2,590
up €2,590 (+7.3%), from €35,295 to €37,885
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 | €1,053,594 | €1,076,653 | +€23,059 | +2.2% |
| Fixed assets | 21/28 | €620,603 | €581,915 | -€38,688 | -6.2% |
| Tangible fixed assets | 22/27 | €620,603 | €581,915 | -€38,688 | -6.2% |
| Land and buildings | 22 | €458,960 | €452,290 | -€6,670 | -1.5% |
| Furniture and vehicles | 24 | €118,007 | €93,598 | -€24,409 | -20.7% |
| Other tangible fixed assets | 26 | €43,636 | €36,027 | -€7,609 | -17.4% |
| Current assets | 29/58 | €432,991 | €494,738 | +€61,747 | +14.3% |
| Amounts receivable after more than one year | 29 | €85,000 | - | -€85,000 | |
| Trade receivables | 290 | €85,000 | - | -€85,000 | |
| Amounts receivable within one year | 40/41 | €106,032 | €131,734 | +€25,702 | +24.2% |
| Trade receivables | 40 | €81,393 | €24,200 | -€57,193 | -70.3% |
| Other amounts receivable | 41 | €24,639 | €107,534 | +€82,895 | +336% |
| Cash at bank and in hand | 54/58 | €238,103 | €330,727 | +€92,624 | +38.9% |
| Deferred charges and accrued income | 490/1 | €3,856 | €32,276 | +€28,420 | +737% |
| Total equity and liabilities | 10/49 | €1,053,594 | €1,076,653 | +€23,059 | +2.2% |
| Equity | 10/15 | €861,059 | €796,601 | -€64,458 | -7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €854,859 | €790,401 | -€64,458 | -7.5% |
| Distributable reserves | 133 | €854,859 | €790,401 | -€64,458 | -7.5% |
| Amounts payable | 17/49 | €192,535 | €280,052 | +€87,517 | +45.5% |
| Amounts payable after more than one year | 17 | €140,389 | €105,310 | -€35,079 | -25.0% |
| Financial debts | 170/4 | €140,389 | €105,310 | -€35,079 | -25.0% |
| Amounts payable within one year | 42/48 | €52,147 | €154,742 | +€102,596 | +197% |
| Current portion of amounts payable after more than one year | 42 | €34,040 | €35,079 | +€1,039 | +3.1% |
| Trade debts | 44 | €6,188 | €7,616 | +€1,428 | +23.1% |
| Suppliers | 440/4 | €6,188 | €7,616 | +€1,428 | +23.1% |
| Taxes, remuneration and social security | 45 | €11,919 | €12,047 | +€128 | +1.1% |
| Taxes | 450/3 | €11,919 | €12,047 | +€128 | +1.1% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,779 | €47,139 | -€37,640 | -44.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €56 | - | -€56 | |
| Other operating charges | 640/8 | €2,299 | €4,380 | +€2,081 | +90.5% |
| Gross operating margin | 9900 | €195,776 | €179,243 | -€16,533 | -8.4% |
| Operating profit (loss) | 9901 | €108,642 | €127,724 | +€19,082 | +17.6% |
| Financial income | 75/76B | €11,067 | €3,991 | -€7,076 | -63.9% |
| Recurring financial income | 75 | €11,067 | €3,991 | -€7,076 | -63.9% |
| Financial charges | 65/66B | €1,579 | €4,932 | +€3,354 | +212% |
| Recurring financial charges | 65 | €1,579 | €4,932 | +€3,354 | +212% |
| Profit (loss) for the period before taxes | 9903 | €118,130 | €126,783 | +€8,653 | +7.3% |
| Income taxes | 67/77 | €35,295 | €37,885 | +€2,590 | +7.3% |
| Profit (loss) for the period | 9904 | €82,835 | €88,898 | +€6,062 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,835 | €88,898 | +€6,062 | +7.3% |
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 15 October 2026 via checked.be.