GBV: 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.
GBV
Largest movements
- Cash -€208,836
down €208,836 (-16.1%), from €1.3m to €1.1m
mainly Contributions, distributions and other (-€189,546) and Receivables after one year (-€167,544)
- Receivables after one year +€167,544
up €167,544 (+26.9%), from €623,483 to €791,027
- Receivables within one year +€68,571
up €68,571 (+44.1%), from €155,363 to €223,935
of which Other amounts receivable: +€41,474
- Current investments +€51,113
up €51,113 (+12.1%), from €420,738 to €471,851
- Other debts +€168,855
up €168,855 (+816.1%), from €20,691 to €189,546
- Reserves -€125,086
down €125,086 (-5.0%), from €2.5m to €2.4m
of which Distributable reserves: -€125,086
- Financial income +€28,848
up €28,848 (+133.0%), from €21,697 to €50,545
- Taxes +€4,139
up €4,139 (+23.4%), from €17,713 to €21,852
- Depreciation +€626
up €626 (+3.4%), from €18,420 to €19,045
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 | €2,548,803 | €2,607,024 | +€58,221 | +2.3% |
| Fixed assets | 21/28 | €40,099 | €21,053 | -€19,045 | -47.5% |
| Tangible fixed assets | 22/27 | €40,099 | €21,053 | -€19,045 | -47.5% |
| Plant, machinery and equipment | 23 | €4,523 | €3,763 | -€760 | -16.8% |
| Furniture and vehicles | 24 | €31,386 | €13,525 | -€17,862 | -56.9% |
| Other tangible fixed assets | 26 | €4,190 | €3,766 | -€424 | -10.1% |
| Current assets | 29/58 | €2,508,704 | €2,585,971 | +€77,267 | +3.1% |
| Amounts receivable after more than one year | 29 | €623,483 | €791,027 | +€167,544 | +26.9% |
| Other amounts receivable | 291 | €623,483 | €791,027 | +€167,544 | +26.9% |
| Amounts receivable within one year | 40/41 | €155,363 | €223,935 | +€68,571 | +44.1% |
| Trade receivables | 40 | €21,365 | €48,462 | +€27,097 | +126.8% |
| Other amounts receivable | 41 | €133,999 | €175,473 | +€41,474 | +31.0% |
| Current investments | 50/53 | €420,738 | €471,851 | +€51,113 | +12.1% |
| Cash at bank and in hand | 54/58 | €1,294,705 | €1,085,870 | -€208,836 | -16.1% |
| Deferred charges and accrued income | 490/1 | €14,414 | €13,288 | -€1,126 | -7.8% |
| Total equity and liabilities | 10/49 | €2,548,803 | €2,607,024 | +€58,221 | +2.3% |
| Equity | 10/15 | €2,515,874 | €2,390,788 | -€125,086 | -5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,509,674 | €2,384,588 | -€125,086 | -5.0% |
| Tax-exempt reserves | 132 | €762 | €762 | = | 0.0% |
| Distributable reserves | 133 | €2,508,912 | €2,383,826 | -€125,086 | -5.0% |
| Amounts payable | 17/49 | €32,929 | €216,236 | +€183,307 | +556.7% |
| Amounts payable within one year | 42/48 | €32,929 | €216,124 | +€183,195 | +556.3% |
| Trade debts | 44 | €4,599 | €5,867 | +€1,267 | +27.6% |
| Suppliers | 440/4 | €4,599 | €5,867 | +€1,267 | +27.6% |
| Taxes, remuneration and social security | 45 | €7,638 | €20,711 | +€13,072 | +171.1% |
| Taxes | 450/3 | €7,638 | €20,711 | +€13,072 | +171.1% |
| Other amounts payable | 47/48 | €20,691 | €189,546 | +€168,855 | +816.1% |
| Accrued charges and deferred income | 492/3 | - | €112 | +€112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,420 | €19,045 | +€626 | +3.4% |
| Other operating charges | 640/8 | €1,334 | €1,482 | +€148 | +11.1% |
| Gross operating margin | 9900 | €58,065 | €58,149 | +€85 | +0.1% |
| Operating profit (loss) | 9901 | €38,311 | €37,622 | -€689 | -1.8% |
| Financial income | 75/76B | €21,697 | €50,545 | +€28,848 | +133.0% |
| Recurring financial income | 75 | €21,697 | €50,545 | +€28,848 | +133.0% |
| Financial charges | 65/66B | €1,513 | €1,854 | +€342 | +22.6% |
| Recurring financial charges | 65 | €1,513 | €1,854 | +€342 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €58,495 | €86,312 | +€27,817 | +47.6% |
| Income taxes | 67/77 | €17,713 | €21,852 | +€4,139 | +23.4% |
| Profit (loss) for the period | 9904 | €40,782 | €64,460 | +€23,678 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,782 | €64,460 | +€23,678 | +58.1% |
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 9 October 2026 via checked.be.