GMVET: 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.
GMVET
Largest movements
- Receivables within one year -€20,601
down €20,601 (-10.3%), from €200,654 to €180,053
of which Trade receivables: -€38,121
- Tangible fixed assets -€12,239
down €12,239 (-27.6%), from €44,371 to €32,132
of which Furniture and vehicles: -€10,124
- Cash +€11,168
up €11,168 (+68.4%), from €16,331 to €27,499
mainly Receivables within one year (+€20,601) and Net result for the year (+€15,555)
- Reserves -€17,945
down €17,945 (-10.6%), from €170,013 to €152,068
of which Distributable reserves: -€17,945
- Debts after one year -€8,759
down €8,759 (-33.1%), from €26,476 to €17,717
- Other operating charges -€3,038
down €3,038 (-70.9%), from €4,284 to €1,246
- Depreciation -€2,403
down €2,403 (-16.4%), from €14,642 to €12,239
- Taxes -€1,104
down €1,104 (-11.6%), from €9,537 to €8,434
- Gross operating margin +€859
up €859 (+2.3%), from €38,039 to €38,898
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 | €264,844 | €244,445 | -€20,399 | -7.7% |
| Fixed assets | 21/28 | €44,421 | €32,182 | -€12,239 | -27.6% |
| Tangible fixed assets | 22/27 | €44,371 | €32,132 | -€12,239 | -27.6% |
| Land and buildings | 22 | €1,612 | €1,196 | -€416 | -25.8% |
| Plant, machinery and equipment | 23 | €5,025 | €3,326 | -€1,699 | -33.8% |
| Furniture and vehicles | 24 | €37,734 | €27,609 | -€10,124 | -26.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €220,424 | €212,264 | -€8,160 | -3.7% |
| Amounts receivable within one year | 40/41 | €200,654 | €180,053 | -€20,601 | -10.3% |
| Trade receivables | 40 | €184,973 | €146,853 | -€38,121 | -20.6% |
| Other amounts receivable | 41 | €15,681 | €33,200 | +€17,519 | +112% |
| Cash at bank and in hand | 54/58 | €16,331 | €27,499 | +€11,168 | +68.4% |
| Deferred charges and accrued income | 490/1 | €3,438 | €4,711 | +€1,273 | +37.0% |
| Total equity and liabilities | 10/49 | €264,844 | €244,445 | -€20,399 | -7.7% |
| Equity | 10/15 | €216,718 | €198,772 | -€17,945 | -8.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €170,013 | €152,068 | -€17,945 | -10.6% |
| 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 | €168,153 | €150,208 | -€17,945 | -10.7% |
| Profit (loss) carried forward | 14 | €40,504 | €40,504 | = | 0.0% |
| Amounts payable | 17/49 | €48,127 | €45,673 | -€2,454 | -5.1% |
| Amounts payable after more than one year | 17 | €26,476 | €17,717 | -€8,759 | -33.1% |
| Financial debts | 170/4 | €26,476 | €17,717 | -€8,759 | -33.1% |
| Amounts payable within one year | 42/48 | €21,651 | €27,956 | +€6,306 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €9,126 | €10,794 | +€1,668 | +18.3% |
| Trade debts | 44 | €2,855 | €4,766 | +€1,911 | +66.9% |
| Suppliers | 440/4 | €2,855 | €4,766 | +€1,911 | +66.9% |
| Taxes, remuneration and social security | 45 | €9,669 | €10,570 | +€901 | +9.3% |
| Taxes | 450/3 | €7,628 | €9,360 | +€1,732 | +22.7% |
| Remuneration and social security | 454/9 | €2,041 | €1,210 | -€830 | -40.7% |
| Other amounts payable | 47/48 | - | €1,826 | +€1,826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,642 | €12,239 | -€2,403 | -16.4% |
| Other operating charges | 640/8 | €4,284 | €1,246 | -€3,038 | -70.9% |
| Gross operating margin | 9900 | €38,039 | €38,898 | +€859 | +2.3% |
| Operating profit (loss) | 9901 | €19,113 | €25,413 | +€6,300 | +33.0% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.5% |
| Financial charges | 65/66B | €1,686 | €1,424 | -€262 | -15.5% |
| Recurring financial charges | 65 | €1,686 | €1,424 | -€262 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €17,429 | €23,989 | +€6,560 | +37.6% |
| Income taxes | 67/77 | €9,537 | €8,434 | -€1,104 | -11.6% |
| Profit (loss) for the period | 9904 | €7,892 | €15,555 | +€7,664 | +97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,892 | €15,555 | +€7,664 | +97.1% |
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 14 October 2026 via checked.be.