GTV: 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.
GTV
Largest movements
- Receivables within one year +€231,290
up €231,290 (+49.7%), from €465,695 to €696,985
of which Other amounts receivable: +€400,000
- Cash -€210,597
down €210,597 (-30.6%), from €688,091 to €477,494
mainly Contributions, distributions and other (-€1,000,000) and Receivables within one year (-€231,290)
- Stocks and contracts +€46,363
up €46,363 (+9.7%), from €476,499 to €522,862
- Other debts +€1,000,000
up €1,000,000 (+94063.6%), from €1,063 to €1.0m
- Reserves -€796,068
down €796,068 (-71.9%), from €1.1m to €311,418
of which Distributable reserves: -€796,068
- Trade debts -€148,775
down €148,775 (-54.6%), from €272,640 to €123,865
- Tax, wage and social debts +€31,782
up €31,782 (+15.8%), from €201,053 to €232,835
of which Taxes: +€20,496
- Short-term financial debts -€26,732
down €26,732 (-48.8%), from €54,766 to €28,035
- Gross operating margin -€323,297
down €323,297 (-27.4%), from €1.2m to €857,926
- Taxes -€99,670
down €99,670 (-57.6%), from €172,931 to €73,262
- Staff costs +€50,381
up €50,381 (+9.8%), from €514,520 to €564,900
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 | €1,651,764 | €1,709,517 | +€57,753 | +3.5% |
| Fixed assets | 21/28 | €20,533 | €10,570 | -€9,963 | -48.5% |
| Tangible fixed assets | 22/27 | €20,533 | €10,570 | -€9,963 | -48.5% |
| Plant, machinery and equipment | 23 | €6,300 | €4,355 | -€1,945 | -30.9% |
| Furniture and vehicles | 24 | €14,233 | €6,215 | -€8,017 | -56.3% |
| Current assets | 29/58 | €1,631,231 | €1,698,947 | +€67,716 | +4.2% |
| Stocks and contracts in progress | 3 | €476,499 | €522,862 | +€46,363 | +9.7% |
| Stocks | 30/36 | €476,499 | €522,862 | +€46,363 | +9.7% |
| Amounts receivable within one year | 40/41 | €465,695 | €696,985 | +€231,290 | +49.7% |
| Trade receivables | 40 | €465,695 | €296,985 | -€168,710 | -36.2% |
| Other amounts receivable | 41 | €0 | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €688,091 | €477,494 | -€210,597 | -30.6% |
| Deferred charges and accrued income | 490/1 | €946 | €1,606 | +€660 | +69.7% |
| Total equity and liabilities | 10/49 | €1,651,764 | €1,709,517 | +€57,753 | +3.5% |
| Equity | 10/15 | €1,113,687 | €317,618 | -€796,068 | -71.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,107,487 | €311,418 | -€796,068 | -71.9% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €1,105,587 | €309,518 | -€796,068 | -72.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €538,077 | €1,391,899 | +€853,821 | +158.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €538,077 | €1,385,797 | +€847,720 | +157.5% |
| Current portion of amounts payable after more than one year | 42 | €8,556 | €0 | -€8,556 | -100.0% |
| Financial debts | 43 | €54,766 | €28,035 | -€26,732 | -48.8% |
| Credit institutions | 430/8 | €54,766 | €28,035 | -€26,732 | -48.8% |
| Trade debts | 44 | €272,640 | €123,865 | -€148,775 | -54.6% |
| Suppliers | 440/4 | €272,640 | €123,865 | -€148,775 | -54.6% |
| Taxes, remuneration and social security | 45 | €201,053 | €232,835 | +€31,782 | +15.8% |
| Taxes | 450/3 | €120,888 | €141,384 | +€20,496 | +17.0% |
| Remuneration and social security | 454/9 | €80,165 | €91,451 | +€11,286 | +14.1% |
| Other amounts payable | 47/48 | €1,063 | €1,001,063 | +€1,000,000 | +94063.6% |
| Accrued charges and deferred income | 492/3 | - | €6,101 | +€6,101 | |
| Remuneration, social security and pensions | 62 | €514,520 | €564,900 | +€50,381 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,713 | €9,963 | +€250 | +2.6% |
| Other operating charges | 640/8 | €3,934 | €3,125 | -€810 | -20.6% |
| Gross operating margin | 9900 | €1,181,223 | €857,926 | -€323,297 | -27.4% |
| Operating profit (loss) | 9901 | €653,056 | €279,938 | -€373,117 | -57.1% |
| Financial income | 75/76B | €5,711 | €4,668 | -€1,042 | -18.3% |
| Recurring financial income | 75 | €5,711 | €4,668 | -€1,042 | -18.3% |
| Financial charges | 65/66B | €5,579 | €7,413 | +€1,834 | +32.9% |
| Recurring financial charges | 65 | €5,579 | €7,413 | +€1,834 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €653,188 | €277,193 | -€375,994 | -57.6% |
| Income taxes | 67/77 | €172,931 | €73,262 | -€99,670 | -57.6% |
| Profit (loss) for the period | 9904 | €480,256 | €203,932 | -€276,324 | -57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €480,256 | €203,932 | -€276,324 | -57.5% |
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 9 October 2026 via checked.be.