GLVB: 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.
GLVB
Largest movements
- Cash -€35,773
down €35,773 (-98.0%), from €36,488 to €714
mainly Other debts (-€17,352) and Net result for the year (-€14,065)
- Receivables within one year +€2,250
up €2,250 (+1.9%), from €115,751 to €118,001
of which Trade receivables: +€2,004
- Other debts -€17,352
down €17,352 (-29.6%), from €58,529 to €41,177
- Profit (loss) carried forward -€14,065
down €14,065, from €198 to -€13,867
- Tax, wage and social debts -€3,948
no longer reported in 2025 (was €3,948)
- Trade debts +€2,764
up €2,764 (+99.6%), from €2,776 to €5,540
- Gross operating margin -€15,790
down €15,790, from €2,862 to -€12,928
- Taxes -€858
down €858 (-99.8%), from €859 to €2
- Depreciation +€222
up €222 (+52.6%), from €421 to €643
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 | €162,621 | €130,019 | -€32,601 | -20.0% |
| Fixed assets | 21/28 | €382 | €1,304 | +€922 | +241% |
| Tangible fixed assets | 22/27 | €382 | €1,304 | +€922 | +241% |
| Plant, machinery and equipment | 23 | - | €1,304 | +€1,304 | |
| Furniture and vehicles | 24 | €382 | - | -€382 | |
| Current assets | 29/58 | €162,238 | €128,715 | -€33,523 | -20.7% |
| Amounts receivable within one year | 40/41 | €115,751 | €118,001 | +€2,250 | +1.9% |
| Trade receivables | 40 | €115,751 | €117,755 | +€2,004 | +1.7% |
| Other amounts receivable | 41 | - | €246 | +€246 | |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,488 | €714 | -€35,773 | -98.0% |
| Total equity and liabilities | 10/49 | €162,621 | €130,019 | -€32,601 | -20.0% |
| Equity | 10/15 | €97,368 | €83,302 | -€14,065 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,570 | €78,570 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €76,710 | €76,710 | = | 0.0% |
| Profit (loss) carried forward | 14 | €198 | -€13,867 | -€14,065 | |
| Amounts payable | 17/49 | €65,253 | €46,717 | -€18,536 | -28.4% |
| Amounts payable within one year | 42/48 | €65,253 | €46,717 | -€18,536 | -28.4% |
| Trade debts | 44 | €2,776 | €5,540 | +€2,764 | +99.6% |
| Suppliers | 440/4 | €2,776 | €5,540 | +€2,764 | +99.6% |
| Taxes, remuneration and social security | 45 | €3,948 | - | -€3,948 | |
| Taxes | 450/3 | €3,948 | - | -€3,948 | |
| Other amounts payable | 47/48 | €58,529 | €41,177 | -€17,352 | -29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €421 | €643 | +€222 | +52.6% |
| Other operating charges | 640/8 | €393 | €400 | +€7 | +1.7% |
| Gross operating margin | 9900 | €2,862 | -€12,928 | -€15,790 | |
| Operating profit (loss) | 9901 | €2,047 | -€13,971 | -€16,018 | |
| Financial charges | 65/66B | €45 | €93 | +€47 | +105% |
| Recurring financial charges | 65 | €45 | €93 | +€47 | +105% |
| Profit (loss) for the period before taxes | 9903 | €2,002 | -€14,064 | -€16,066 | |
| Income taxes | 67/77 | €859 | €2 | -€858 | -99.8% |
| Profit (loss) for the period | 9904 | €1,143 | -€14,065 | -€15,208 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,143 | -€14,065 | -€15,208 |
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 19 October 2026 via checked.be.