GLVDK: 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.
GLVDK
Largest movements
- Current investments -€489,754
no longer reported in 2025 (was €489,754)
- Cash +€326,389
up €326,389 (+120.8%), from €270,244 to €596,633
mainly Current investments (+€489,754) and Other debts (+€445,560)
- Receivables within one year -€269,063
down €269,063 (-96.0%), from €280,262 to €11,199
of which Other amounts receivable: -€266,038
- Debts after one year -€520,000
no longer reported in 2025 (was €520,000)
- Other debts +€445,560
up €445,560 (+615.8%), from €72,360 to €517,920
- Reserves -€335,197
down €335,197 (-9.7%), from €3.5m to €3.1m
of which Distributable reserves: -€335,197
- Gross operating margin -€111,506
down €111,506 (-52.1%), from €213,973 to €102,468
- Financial income -€87,935
down €87,935 (-43.2%), from €203,551 to €115,616
- Taxes -€42,591
down €42,591 (-49.2%), from €86,632 to €44,041
- Financial charges +€26,554
up €26,554 (+913.5%), from €2,907 to €29,461
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 | €4,738,430 | €4,332,922 | -€405,508 | -8.6% |
| Fixed assets | 21/28 | €3,698,000 | €3,724,921 | +€26,921 | +0.7% |
| Financial fixed assets | 28 | €3,698,000 | €3,724,921 | +€26,921 | +0.7% |
| Current assets | 29/58 | €1,040,430 | €608,001 | -€432,429 | -41.6% |
| Amounts receivable within one year | 40/41 | €280,262 | €11,199 | -€269,063 | -96.0% |
| Trade receivables | 40 | €13,310 | €10,285 | -€3,025 | -22.7% |
| Other amounts receivable | 41 | €266,952 | €914 | -€266,038 | -99.7% |
| Current investments | 50/53 | €489,754 | - | -€489,754 | |
| Cash at bank and in hand | 54/58 | €270,244 | €596,633 | +€326,389 | +120.8% |
| Deferred charges and accrued income | 490/1 | €170 | €170 | = | 0.0% |
| Total equity and liabilities | 10/49 | €4,738,430 | €4,332,922 | -€405,508 | -8.6% |
| Equity | 10/15 | €4,085,808 | €3,750,611 | -€335,197 | -8.2% |
| Contributions | 10/11 | €625,000 | €625,000 | = | 0.0% |
| Capital | 10 | €625,000 | €625,000 | = | 0.0% |
| Issued capital | 100 | €625,000 | €625,000 | = | 0.0% |
| Reserves | 13 | €3,460,808 | €3,125,611 | -€335,197 | -9.7% |
| Non-distributable reserves | 130/1 | €62,500 | €62,500 | = | 0.0% |
| Legal reserve | 130 | €62,500 | €62,500 | = | 0.0% |
| Distributable reserves | 133 | €3,398,308 | €3,063,111 | -€335,197 | -9.9% |
| Amounts payable | 17/49 | €652,623 | €582,312 | -€70,311 | -10.8% |
| Amounts payable after more than one year | 17 | €520,000 | - | -€520,000 | |
| Financial debts | 170/4 | €520,000 | - | -€520,000 | |
| Amounts payable within one year | 42/48 | €115,398 | €582,312 | +€466,913 | +404.6% |
| Trade debts | 44 | €6,190 | - | -€6,190 | |
| Suppliers | 440/4 | €6,190 | - | -€6,190 | |
| Taxes, remuneration and social security | 45 | €36,849 | €64,392 | +€27,543 | +74.7% |
| Taxes | 450/3 | €36,849 | €64,392 | +€27,543 | +74.7% |
| Other amounts payable | 47/48 | €72,360 | €517,920 | +€445,560 | +615.8% |
| Accrued charges and deferred income | 492/3 | €17,224 | - | -€17,224 | |
| Non-recurring operating income | 76A | €122,802 | - | -€122,802 | |
| Other operating charges | 640/8 | €512 | €144 | -€368 | -71.9% |
| Gross operating margin | 9900 | €213,973 | €102,468 | -€111,506 | -52.1% |
| Operating profit (loss) | 9901 | €213,461 | €102,324 | -€111,137 | -52.1% |
| Financial income | 75/76B | €203,551 | €115,616 | -€87,935 | -43.2% |
| Recurring financial income | 75 | €203,551 | €115,616 | -€87,935 | -43.2% |
| Financial charges | 65/66B | €2,907 | €29,461 | +€26,554 | +913.5% |
| Recurring financial charges | 65 | €2,907 | €29,461 | +€26,554 | +913.5% |
| Profit (loss) for the period before taxes | 9903 | €414,105 | €188,479 | -€225,626 | -54.5% |
| Income taxes | 67/77 | €86,632 | €44,041 | -€42,591 | -49.2% |
| Profit (loss) for the period | 9904 | €327,473 | €144,438 | -€183,035 | -55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €327,473 | €144,438 | -€183,035 | -55.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.