GV ELEC: 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 ELEC
Largest movements
- Receivables within one year -€21,295
down €21,295 (-28.6%), from €74,453 to €53,158
of which Trade receivables: -€20,666
- Cash +€5,675
up €5,675 (+694%), from €818 to €6,493
mainly Receivables within one year (+€21,295) and Depreciation (+€5,367)
- Tangible fixed assets -€5,367
down €5,367 (-54.5%), from €9,847 to €4,480
of which Furniture and vehicles: -€4,714
- Advances received -€27,767
no longer reported in 2025 (was €27,767)
- Other debts -€5,289
down €5,289 (-32.5%), from €16,280 to €10,991
- Tax, wage and social debts +€4,392
up €4,392 (+41.3%), from €10,643 to €15,036
of which Taxes: +€3,555
- Profit (loss) carried forward +€4,357
up €4,357 (+26.4%), from €16,499 to €20,857
- Trade debts +€3,319
up €3,319 (+26.8%), from €12,379 to €15,697
- Staff costs +€25,700
up €25,700 (+244%), from €10,529 to €36,229
- Other operating charges -€6,900
down €6,900 (-98.2%), from €7,027 to €128
- Taxes -€2,754
down €2,754 (-44.9%), from €6,136 to €3,381
- Depreciation -€934
down €934 (-14.8%), from €6,301 to €5,367
- Gross operating margin -€635
down €635 (-1.3%), from €50,179 to €49,544
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 | €85,567 | €64,580 | -€20,987 | -24.5% |
| Fixed assets | 21/28 | €10,297 | €4,930 | -€5,367 | -52.1% |
| Tangible fixed assets | 22/27 | €9,847 | €4,480 | -€5,367 | -54.5% |
| Plant, machinery and equipment | 23 | €1,753 | €1,099 | -€653 | -37.3% |
| Furniture and vehicles | 24 | €8,094 | €3,380 | -€4,714 | -58.2% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €75,271 | €59,651 | -€15,620 | -20.8% |
| Amounts receivable within one year | 40/41 | €74,453 | €53,158 | -€21,295 | -28.6% |
| Trade receivables | 40 | €70,118 | €49,452 | -€20,666 | -29.5% |
| Other amounts receivable | 41 | €4,335 | €3,706 | -€629 | -14.5% |
| Cash at bank and in hand | 54/58 | €818 | €6,493 | +€5,675 | +694% |
| Total equity and liabilities | 10/49 | €85,567 | €64,580 | -€20,987 | -24.5% |
| Equity | 10/15 | €18,499 | €22,857 | +€4,357 | +23.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,499 | €20,857 | +€4,357 | +26.4% |
| Amounts payable | 17/49 | €67,068 | €41,724 | -€25,345 | -37.8% |
| Amounts payable within one year | 42/48 | €67,068 | €41,724 | -€25,345 | -37.8% |
| Trade debts | 44 | €12,379 | €15,697 | +€3,319 | +26.8% |
| Suppliers | 440/4 | €12,379 | €15,697 | +€3,319 | +26.8% |
| Advances received on contracts in progress | 46 | €27,767 | - | -€27,767 | |
| Taxes, remuneration and social security | 45 | €10,643 | €15,036 | +€4,392 | +41.3% |
| Taxes | 450/3 | €6,136 | €9,690 | +€3,555 | +57.9% |
| Remuneration and social security | 454/9 | €4,508 | €5,345 | +€838 | +18.6% |
| Other amounts payable | 47/48 | €16,280 | €10,991 | -€5,289 | -32.5% |
| Remuneration, social security and pensions | 62 | €10,529 | €36,229 | +€25,700 | +244% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,301 | €5,367 | -€934 | -14.8% |
| Other operating charges | 640/8 | €7,027 | €128 | -€6,900 | -98.2% |
| Gross operating margin | 9900 | €50,179 | €49,544 | -€635 | -1.3% |
| Operating profit (loss) | 9901 | €26,321 | €7,820 | -€18,501 | -70.3% |
| Financial income | 75/76B | €47 | €5 | -€42 | -89.9% |
| Recurring financial income | 75 | €47 | €5 | -€42 | -89.9% |
| Financial charges | 65/66B | €347 | €87 | -€260 | -75.0% |
| Recurring financial charges | 65 | €347 | €87 | -€260 | -75.0% |
| Profit (loss) for the period before taxes | 9903 | €26,022 | €7,739 | -€18,283 | -70.3% |
| Income taxes | 67/77 | €6,136 | €3,381 | -€2,754 | -44.9% |
| Profit (loss) for the period | 9904 | €19,886 | €4,357 | -€15,529 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,886 | €4,357 | -€15,529 | -78.1% |
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 18 October 2026 via checked.be.