GV-AT: 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.
GV-AT
Largest movements
- Receivables after one year -€350,000
no longer reported in 2025 (was €350,000)
- Cash +€226,548
up €226,548 (+70.0%), from €323,656 to €550,204
mainly Other debts (+€411,705) and Receivables after one year (+€350,000)
- Receivables within one year -€15,193
down €15,193 (-61.9%), from €24,535 to €9,342
of which Other amounts receivable: -€23,217
- Tangible fixed assets -€11,605
down €11,605 (-37.3%), from €31,075 to €19,470
of which Furniture and vehicles: -€11,346
- Stocks and contracts +€9,940
up €9,940 (+18.2%), from €54,677 to €64,617
- Profit (loss) carried forward -€610,287
down €610,287 (-99.8%), from €611,612 to €1,325
- Other debts +€411,705
new in 2025: €411,705
- Tax, wage and social debts +€66,977
up €66,977 (+48.2%), from €138,851 to €205,828
of which Taxes: +€68,093
- Trade debts -€17,937
down €17,937 (-47.2%), from €37,963 to €20,026
- Gross operating margin +€135,044
up €135,044 (+23.7%), from €570,046 to €705,091
- Taxes +€39,264
up €39,264 (+57.6%), from €68,195 to €107,459
- Financial income -€21,875
no longer reported in 2025 (was €21,875)
- Staff costs +€11,678
up €11,678 (+4.7%), from €246,098 to €257,776
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 | €793,425 | €643,883 | -€149,542 | -18.8% |
| Fixed assets | 21/28 | €31,325 | €19,720 | -€11,605 | -37.0% |
| Tangible fixed assets | 22/27 | €31,075 | €19,470 | -€11,605 | -37.3% |
| Plant, machinery and equipment | 23 | €641 | €382 | -€259 | -40.4% |
| Furniture and vehicles | 24 | €30,434 | €19,088 | -€11,346 | -37.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €762,100 | €624,163 | -€137,936 | -18.1% |
| Amounts receivable after more than one year | 29 | €350,000 | - | -€350,000 | |
| Trade receivables | 290 | €350,000 | - | -€350,000 | |
| Stocks and contracts in progress | 3 | €54,677 | €64,617 | +€9,940 | +18.2% |
| Stocks | 30/36 | €54,677 | €64,617 | +€9,940 | +18.2% |
| Amounts receivable within one year | 40/41 | €24,535 | €9,342 | -€15,193 | -61.9% |
| Trade receivables | 40 | €76 | €8,100 | +€8,024 | +10,503% |
| Other amounts receivable | 41 | €24,459 | €1,242 | -€23,217 | -94.9% |
| Cash at bank and in hand | 54/58 | €323,656 | €550,204 | +€226,548 | +70.0% |
| Deferred charges and accrued income | 490/1 | €9,231 | - | -€9,231 | |
| Total equity and liabilities | 10/49 | €793,425 | €643,883 | -€149,542 | -18.8% |
| Equity | 10/15 | €616,612 | €6,325 | -€610,287 | -99.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €611,612 | €1,325 | -€610,287 | -99.8% |
| Amounts payable | 17/49 | €176,813 | €637,559 | +€460,745 | +261% |
| Amounts payable within one year | 42/48 | €176,813 | €637,559 | +€460,745 | +261% |
| Trade debts | 44 | €37,963 | €20,026 | -€17,937 | -47.2% |
| Suppliers | 440/4 | €37,963 | €20,026 | -€17,937 | -47.2% |
| Taxes, remuneration and social security | 45 | €138,851 | €205,828 | +€66,977 | +48.2% |
| Taxes | 450/3 | €125,068 | €193,162 | +€68,093 | +54.4% |
| Remuneration and social security | 454/9 | €13,782 | €12,666 | -€1,116 | -8.1% |
| Other amounts payable | 47/48 | - | €411,705 | +€411,705 | |
| Remuneration, social security and pensions | 62 | €246,098 | €257,776 | +€11,678 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,273 | €12,513 | +€241 | +2.0% |
| Other operating charges | 640/8 | €3,526 | €4,035 | +€509 | +14.4% |
| Gross operating margin | 9900 | €570,046 | €705,091 | +€135,044 | +23.7% |
| Operating profit (loss) | 9901 | €308,149 | €430,766 | +€122,617 | +39.8% |
| Financial income | 75/76B | €21,875 | - | -€21,875 | |
| Recurring financial income | 75 | €21,875 | - | -€21,875 | |
| Financial charges | 65/66B | €3,578 | €7,594 | +€4,016 | +112% |
| Recurring financial charges | 65 | €3,578 | €7,594 | +€4,016 | +112% |
| Profit (loss) for the period before taxes | 9903 | €326,446 | €423,173 | +€96,726 | +29.6% |
| Income taxes | 67/77 | €68,195 | €107,459 | +€39,264 | +57.6% |
| Profit (loss) for the period | 9904 | €258,251 | €315,713 | +€57,462 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €258,251 | €315,713 | +€57,462 | +22.3% |
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 19 October 2026 via checked.be.