GCV: 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.
GCV
Largest movements
- Receivables within one year +€777,247
up €777,247 (+9033.9%), from €8,604 to €785,851
of which Other amounts receivable: +€777,247
- Cash +€79,860
up €79,860 (+1262.8%), from €6,324 to €86,184
mainly Net result for the year (+€858,329) and Provisions (+€291,708)
- Tangible fixed assets -€38,167
down €38,167 (-100.0%), from €38,167 to €0
- Reserves +€875,125
up €875,125 (+1591.4%), from €54,992 to €930,116
of which Tax-exempt reserves: +€875,125
- Trade debts -€315,144
down €315,144 (-99.6%), from €316,434 to €1,290
- Provisions +€291,708
new in 2025: €291,708
- Profit (loss) carried forward -€16,795
down €16,795 (-3.8%), from -€442,876 to -€459,672
- Tax, wage and social debts -€15,946
down €15,946 (-100.0%), from €15,946 to €0
of which Remuneration and social security: -€15,946
- Gross operating margin +€1.2m
up €1.2m, from -€62,371 to €1.2m
- Staff costs -€100,781
down €100,781 (-73.9%), from €136,449 to €35,668
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 | €57,125 | €872,035 | +€814,910 | +1426.5% |
| Fixed assets | 21/28 | €42,197 | €0 | -€42,197 | -100.0% |
| Intangible fixed assets | 21 | €4,000 | €0 | -€4,000 | -100.0% |
| Tangible fixed assets | 22/27 | €38,167 | €0 | -€38,167 | -100.0% |
| Land and buildings | 22 | €38,167 | €0 | -€38,167 | -100.0% |
| Financial fixed assets | 28 | €30 | €0 | -€30 | -100.0% |
| Current assets | 29/58 | €14,928 | €872,035 | +€857,107 | +5741.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €8,604 | €785,851 | +€777,247 | +9033.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,604 | €785,851 | +€777,247 | +9033.9% |
| Cash at bank and in hand | 54/58 | €6,324 | €86,184 | +€79,860 | +1262.8% |
| Total equity and liabilities | 10/49 | €57,125 | €872,035 | +€814,910 | +1426.5% |
| Equity | 10/15 | -€279,293 | €579,037 | +€858,329 | |
| Contributions | 10/11 | €108,592 | €108,592 | = | 0.0% |
| Reserves | 13 | €54,992 | €930,116 | +€875,125 | +1591.4% |
| Tax-exempt reserves | 132 | - | €875,125 | +€875,125 | |
| Distributable reserves | 133 | €54,992 | €54,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€442,876 | -€459,672 | -€16,795 | -3.8% |
| Provisions and deferred taxes | 16 | - | €291,708 | +€291,708 | |
| Deferred taxes | 168 | - | €291,708 | +€291,708 | |
| Amounts payable | 17/49 | €336,418 | €1,290 | -€335,128 | -99.6% |
| Amounts payable within one year | 42/48 | €336,418 | €1,290 | -€335,128 | -99.6% |
| Trade debts | 44 | €316,434 | €1,290 | -€315,144 | -99.6% |
| Suppliers | 440/4 | €316,434 | €1,290 | -€315,144 | -99.6% |
| Advances received on contracts in progress | 46 | €4,038 | €0 | -€4,038 | -100.0% |
| Taxes, remuneration and social security | 45 | €15,946 | €0 | -€15,946 | -100.0% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €15,946 | €0 | -€15,946 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €1,166,833 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €136,449 | €35,668 | -€100,781 | -73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,000 | €0 | -€1,000 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€160 | €0 | +€160 | |
| Other operating charges | 640/8 | €8,120 | €1,215 | -€6,904 | -85.0% |
| Non-recurring operating charges | 66A | - | €4,000 | +€4,000 | |
| Gross operating margin | 9900 | -€62,371 | €1,180,181 | +€1.2m | |
| Operating profit (loss) | 9901 | -€207,781 | €1,139,298 | +€1.3m | |
| Financial income | 75/76B | €77 | €11,237 | +€11,160 | +14476.0% |
| Recurring financial income | 75 | €77 | €11,237 | +€11,160 | +14476.0% |
| Financial charges | 65/66B | €155 | €497 | +€342 | +221.4% |
| Recurring financial charges | 65 | €155 | €497 | +€342 | +221.4% |
| Profit (loss) for the period before taxes | 9903 | -€207,858 | €1,150,038 | +€1.4m | |
| Transfer to deferred taxes | 680 | - | €291,708 | +€291,708 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€207,858 | €858,329 | +€1.1m | |
| Transfer to tax-exempt reserves | 689 | - | €875,125 | +€875,125 | |
| Profit (loss) for the period to be appropriated | 9905 | -€207,858 | -€16,795 | +€191,063 | +91.9% |
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.