GGE VTM: 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.
GGE VTM
Largest movements
- Tangible fixed assets +€564,296
up €564,296 (+832%), from €67,807 to €632,103
of which Other tangible fixed assets: +€492,975
- Receivables within one year -€36,638
down €36,638 (-46.0%), from €79,592 to €42,954
of which Trade receivables: -€37,460
- Stocks and contracts +€20,775
up €20,775 (+12.9%), from €160,643 to €181,418
- Cash -€19,793
down €19,793 (-68.0%), from €29,120 to €9,327
mainly Investment in fixed assets (net) (-€595,134) and Stocks and contracts (-€20,775)
- Debts after one year +€404,805
up €404,805 (+4,042%), from €10,016 to €414,821
- Trade debts +€78,297
up €78,297 (+3,362%), from €2,329 to €80,626
- Current portion of long-term debt +€30,779
up €30,779 (+169%), from €18,172 to €48,951
- Tax, wage and social debts -€19,871
down €19,871 (-41.8%), from €47,580 to €27,709
of which Taxes: -€34,634
- Reserves +€13,900
up €13,900 (+13.6%), from €101,860 to €115,760
of which Distributable reserves: +€13,900
- Gross operating margin +€59,971
up €59,971 (+62.1%), from €96,590 to €156,561
- Staff costs +€33,687
up €33,687 (+124%), from €27,120 to €60,807
- Taxes -€19,445
down €19,445, from €19,136 to -€309
- Depreciation +€17,875
up €17,875 (+156%), from €11,463 to €29,338
- Financial charges +€12,644
up €12,644 (+211%), from €5,985 to €18,629
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 | €341,686 | €871,103 | +€529,417 | +155% |
| Fixed assets | 21/28 | €67,843 | €633,639 | +€565,796 | +834% |
| Tangible fixed assets | 22/27 | €67,807 | €632,103 | +€564,296 | +832% |
| Land and buildings | 22 | €2,707 | €2,251 | -€456 | -16.8% |
| Plant, machinery and equipment | 23 | €36,049 | €108,214 | +€72,165 | +200% |
| Furniture and vehicles | 24 | €4,067 | €2,559 | -€1,508 | -37.1% |
| Other tangible fixed assets | 26 | €24,984 | €517,959 | +€492,975 | +1,973% |
| Assets under construction and advance payments | 27 | - | €1,120 | +€1,120 | |
| Financial fixed assets | 28 | €36 | €1,536 | +€1,500 | +4,167% |
| Current assets | 29/58 | €273,843 | €237,464 | -€36,379 | -13.3% |
| Stocks and contracts in progress | 3 | €160,643 | €181,418 | +€20,775 | +12.9% |
| Stocks | 30/36 | €160,643 | €181,418 | +€20,775 | +12.9% |
| Amounts receivable within one year | 40/41 | €79,592 | €42,954 | -€36,638 | -46.0% |
| Trade receivables | 40 | €79,592 | €42,132 | -€37,460 | -47.1% |
| Other amounts receivable | 41 | - | €822 | +€822 | |
| Cash at bank and in hand | 54/58 | €29,120 | €9,327 | -€19,793 | -68.0% |
| Deferred charges and accrued income | 490/1 | €4,488 | €3,765 | -€723 | -16.1% |
| Total equity and liabilities | 10/49 | €341,686 | €871,103 | +€529,417 | +155% |
| Equity | 10/15 | €257,160 | €271,154 | +€13,994 | +5.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €101,860 | €115,760 | +€13,900 | +13.6% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €86,860 | €100,760 | +€13,900 | +16.0% |
| Profit (loss) carried forward | 14 | €149,100 | €149,194 | +€94 | +0.1% |
| Amounts payable | 17/49 | €84,526 | €599,949 | +€515,423 | +610% |
| Amounts payable after more than one year | 17 | €10,016 | €414,821 | +€404,805 | +4,042% |
| Financial debts | 170/4 | €10,016 | €414,821 | +€404,805 | +4,042% |
| Amounts payable within one year | 42/48 | €73,316 | €172,887 | +€99,571 | +136% |
| Current portion of amounts payable after more than one year | 42 | €18,172 | €48,951 | +€30,779 | +169% |
| Trade debts | 44 | €2,329 | €80,626 | +€78,297 | +3,362% |
| Suppliers | 440/4 | €2,329 | €80,626 | +€78,297 | +3,362% |
| Taxes, remuneration and social security | 45 | €47,580 | €27,709 | -€19,871 | -41.8% |
| Taxes | 450/3 | €43,335 | €8,701 | -€34,634 | -79.9% |
| Remuneration and social security | 454/9 | €4,245 | €19,008 | +€14,763 | +348% |
| Other amounts payable | 47/48 | €5,235 | €15,601 | +€10,366 | +198% |
| Accrued charges and deferred income | 492/3 | €1,194 | €12,241 | +€11,047 | +925% |
| Remuneration, social security and pensions | 62 | €27,120 | €60,807 | +€33,687 | +124% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,463 | €29,338 | +€17,875 | +156% |
| Other operating charges | 640/8 | €1,106 | €2,705 | +€1,599 | +145% |
| Non-recurring operating charges | 66A | - | €35,925 | +€35,925 | |
| Gross operating margin | 9900 | €96,590 | €156,561 | +€59,971 | +62.1% |
| Operating profit (loss) | 9901 | €56,901 | €27,786 | -€29,115 | -51.2% |
| Financial income | 75/76B | €4,376 | €4,528 | +€152 | +3.5% |
| Recurring financial income | 75 | €4,376 | €4,528 | +€152 | +3.5% |
| Financial charges | 65/66B | €5,985 | €18,629 | +€12,644 | +211% |
| Recurring financial charges | 65 | €5,985 | €18,629 | +€12,644 | +211% |
| Profit (loss) for the period before taxes | 9903 | €55,292 | €13,685 | -€41,607 | -75.2% |
| Income taxes | 67/77 | €19,136 | -€309 | -€19,445 | |
| Profit (loss) for the period | 9904 | €36,156 | €13,994 | -€22,162 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,156 | €13,994 | -€22,162 | -61.3% |
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 17 October 2026 via checked.be.