GBVM: 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.
GBVM
Largest movements
- Receivables within one year +€44,033
up €44,033 (+119.5%), from €36,851 to €80,884
of which Other amounts receivable: +€34,830
- Cash -€10,744
down €10,744 (-25.3%), from €42,484 to €31,739
mainly Receivables within one year (-€44,033) and Tax, wage and social debts (-€9,499)
- Reserves +€43,742
up €43,742 (+79.4%), from €55,120 to €98,862
- Tax, wage and social debts -€9,499
down €9,499 (-38.2%), from €24,857 to €15,358
- Gross operating margin +€8,518
up €8,518 (+15.1%), from €56,282 to €64,800
- Taxes +€3,562
up €3,562 (+19.7%), from €18,068 to €21,631
- Financial income +€1,543
up €1,543 (+149.5%), from €1,032 to €2,575
- Depreciation +€698
up €698 (+125.0%), from €558 to €1,256
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 | €89,227 | €123,544 | +€34,317 | +38.5% |
| Fixed assets | 21/28 | €9,893 | €10,921 | +€1,028 | +10.4% |
| Tangible fixed assets | 22/27 | €9,893 | €10,921 | +€1,028 | +10.4% |
| Other tangible fixed assets | 26 | €9,893 | €10,921 | +€1,028 | +10.4% |
| Current assets | 29/58 | €79,334 | €112,623 | +€33,289 | +42.0% |
| Amounts receivable within one year | 40/41 | €36,851 | €80,884 | +€44,033 | +119.5% |
| Trade receivables | 40 | €5,952 | €15,155 | +€9,204 | +154.6% |
| Other amounts receivable | 41 | €30,899 | €65,729 | +€34,830 | +112.7% |
| Cash at bank and in hand | 54/58 | €42,484 | €31,739 | -€10,744 | -25.3% |
| Total equity and liabilities | 10/49 | €89,227 | €123,544 | +€34,317 | +38.5% |
| Equity | 10/15 | €63,120 | €106,862 | +€43,742 | +69.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €55,120 | €98,862 | +€43,742 | +79.4% |
| Distributable reserves | 133 | €55,120 | €98,862 | +€43,742 | +79.4% |
| Amounts payable | 17/49 | €26,107 | €16,682 | -€9,425 | -36.1% |
| Amounts payable within one year | 42/48 | €26,107 | €16,682 | -€9,425 | -36.1% |
| Trade debts | 44 | €1,250 | €1,324 | +€74 | +5.9% |
| Suppliers | 440/4 | €1,250 | €1,324 | +€74 | +5.9% |
| Taxes, remuneration and social security | 45 | €24,857 | €15,358 | -€9,499 | -38.2% |
| Taxes | 450/3 | €24,857 | €15,358 | -€9,499 | -38.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €558 | €1,256 | +€698 | +125.0% |
| Other operating charges | 640/8 | €566 | €726 | +€160 | +28.3% |
| Gross operating margin | 9900 | €56,282 | €64,800 | +€8,518 | +15.1% |
| Operating profit (loss) | 9901 | €55,158 | €62,818 | +€7,660 | +13.9% |
| Financial income | 75/76B | €1,032 | €2,575 | +€1,543 | +149.5% |
| Recurring financial income | 75 | €1,032 | €2,575 | +€1,543 | +149.5% |
| Financial charges | 65/66B | €24 | €21 | -€3 | -12.0% |
| Recurring financial charges | 65 | €24 | €21 | -€3 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €56,166 | €65,373 | +€9,206 | +16.4% |
| Income taxes | 67/77 | €18,068 | €21,631 | +€3,562 | +19.7% |
| Profit (loss) for the period | 9904 | €38,098 | €43,742 | +€5,644 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,098 | €43,742 | +€5,644 | +14.8% |
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 11 October 2026 via checked.be.