GCV Management: what changed
Two fiscal 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 Management
Largest movements
- Cash +€383,240
up €383,240 (+688.4%), from €55,673 to €438,913
mainly Net result for the year (+€454,423) and Investment in fixed assets (net) (+€366,732)
- Financial fixed assets -€366,732
down €366,732 (-43.2%), from €849,900 to €483,168
- Receivables within one year +€137,900
up €137,900 (+1139.7%), from €12,100 to €150,000
of which Other amounts receivable: +€150,000
- Reserves +€454,400
up €454,400 (+108.2%), from €420,000 to €874,400
- Debts after one year -€300,000
no longer reported in 2025 (was €300,000)
- Tax, wage and social debts +€41,106
up €41,106 (+1299.3%), from €3,164 to €44,270
- Trade debts -€29,184
down €29,184 (-99.4%), from €29,373 to €189
- Financial income +€504,879
new in 2025: €504,879
of which Non-recurring financial income: +€382,518
- Taxes +€45,414
up €45,414 (+172086.4%), from €26 to €45,440
- Gross operating margin -€20,997
down €20,997 (-68.1%), from €30,851 to €9,854
- Financial charges -€10,706
down €10,706 (-43.9%), from €24,416 to €13,709
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 | €917,673 | €1,072,081 | +€154,408 | +16.8% |
| Fixed assets | 21/28 | €849,900 | €483,168 | -€366,732 | -43.2% |
| Financial fixed assets | 28 | €849,900 | €483,168 | -€366,732 | -43.2% |
| Current assets | 29/58 | €67,773 | €588,913 | +€521,140 | +769.0% |
| Amounts receivable within one year | 40/41 | €12,100 | €150,000 | +€137,900 | +1139.7% |
| Trade receivables | 40 | €12,100 | - | -€12,100 | |
| Other amounts receivable | 41 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €55,673 | €438,913 | +€383,240 | +688.4% |
| Total equity and liabilities | 10/49 | €917,673 | €1,072,081 | +€154,408 | +16.8% |
| Equity | 10/15 | €572,640 | €1,027,063 | +€454,423 | +79.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €420,000 | €874,400 | +€454,400 | +108.2% |
| Distributable reserves | 133 | €420,000 | €874,400 | +€454,400 | +108.2% |
| Profit (loss) carried forward | 14 | €2,640 | €2,663 | +€23 | +0.9% |
| Amounts payable | 17/49 | €345,032 | €45,018 | -€300,015 | -87.0% |
| Amounts payable after more than one year | 17 | €300,000 | - | -€300,000 | |
| Financial debts | 170/4 | €300,000 | - | -€300,000 | |
| Amounts payable within one year | 42/48 | €37,787 | €44,459 | +€6,672 | +17.7% |
| Trade debts | 44 | €29,373 | €189 | -€29,184 | -99.4% |
| Suppliers | 440/4 | €29,373 | €189 | -€29,184 | -99.4% |
| Taxes, remuneration and social security | 45 | €3,164 | €44,270 | +€41,106 | +1299.3% |
| Taxes | 450/3 | €3,164 | €44,270 | +€41,106 | +1299.3% |
| Other amounts payable | 47/48 | €5,250 | - | -€5,250 | |
| Accrued charges and deferred income | 492/3 | €7,246 | €559 | -€6,687 | -92.3% |
| Other operating charges | 640/8 | €1,175 | €1,161 | -€14 | -1.2% |
| Gross operating margin | 9900 | €30,851 | €9,854 | -€20,997 | -68.1% |
| Operating profit (loss) | 9901 | €29,677 | €8,693 | -€20,983 | -70.7% |
| Financial income | 75/76B | - | €504,879 | +€504,879 | |
| Recurring financial income | 75 | - | €122,360 | +€122,360 | |
| Non-recurring financial income | 76B | - | €382,518 | +€382,518 | |
| Financial charges | 65/66B | €24,416 | €13,709 | -€10,706 | -43.9% |
| Recurring financial charges | 65 | €24,416 | €13,709 | -€10,706 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €5,261 | €499,863 | +€494,602 | +9401.9% |
| Income taxes | 67/77 | €26 | €45,440 | +€45,414 | +172086.4% |
| Profit (loss) for the period | 9904 | €5,234 | €454,423 | +€449,188 | +8581.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,234 | €454,423 | +€449,188 | +8581.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.