GV-Line: 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-Line
Largest movements
- Tangible fixed assets +€781,162
up €781,162 (+91.9%), from €849,759 to €1.6m
of which Furniture and vehicles: +€495,453
- Receivables within one year +€115,503
up €115,503 (+12.7%), from €909,567 to €1.0m
of which Trade receivables: +€103,740
- Cash -€111,165
down €111,165 (-50.2%), from €221,279 to €110,114
mainly Investment in fixed assets (net) (-€1.1m) and Contributions, distributions and other (-€125,000)
- Debts after one year +€456,864
up €456,864 (+82.1%), from €556,269 to €1.0m
- Current portion of long-term debt +€181,114
up €181,114 (+86.3%), from €209,866 to €390,980
- Other debts +€126,284
up €126,284 (+539%), from €23,419 to €149,703
- Trade debts +€49,927
up €49,927 (+6.7%), from €745,161 to €795,088
- Gross operating margin +€507,311
up €507,311 (+47.4%), from €1.1m to €1.6m
- Staff costs +€314,366
up €314,366 (+49.1%), from €640,752 to €955,118
- Depreciation +€89,447
up €89,447 (+32.5%), from €275,623 to €365,070
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 | €1,992,916 | €2,792,432 | +€799,516 | +40.1% |
| Fixed assets | 21/28 | €852,923 | €1,631,921 | +€778,998 | +91.3% |
| Intangible fixed assets | 21 | €164 | - | -€164 | |
| Tangible fixed assets | 22/27 | €849,759 | €1,630,921 | +€781,162 | +91.9% |
| Land and buildings | 22 | €776 | €326 | -€450 | -58.0% |
| Plant, machinery and equipment | 23 | €32,481 | €25,590 | -€6,891 | -21.2% |
| Furniture and vehicles | 24 | €44,029 | €539,483 | +€495,453 | +1,125% |
| Leasing and similar rights | 25 | €772,473 | €1,065,523 | +€293,049 | +37.9% |
| Financial fixed assets | 28 | €3,000 | €1,000 | -€2,000 | -66.7% |
| Current assets | 29/58 | €1,139,993 | €1,160,511 | +€20,518 | +1.8% |
| Amounts receivable within one year | 40/41 | €909,567 | €1,025,070 | +€115,503 | +12.7% |
| Trade receivables | 40 | €906,108 | €1,009,848 | +€103,740 | +11.4% |
| Other amounts receivable | 41 | €3,459 | €15,222 | +€11,763 | +340% |
| Cash at bank and in hand | 54/58 | €221,279 | €110,114 | -€111,165 | -50.2% |
| Deferred charges and accrued income | 490/1 | €9,147 | €25,327 | +€16,180 | +177% |
| Total equity and liabilities | 10/49 | €1,992,916 | €2,792,432 | +€799,516 | +40.1% |
| Equity | 10/15 | €316,774 | €325,872 | +€9,098 | +2.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €286,774 | €295,872 | +€9,098 | +3.2% |
| Distributable reserves | 133 | €286,774 | €295,872 | +€9,098 | +3.2% |
| Amounts payable | 17/49 | €1,676,143 | €2,466,560 | +€790,417 | +47.2% |
| Amounts payable after more than one year | 17 | €556,269 | €1,013,133 | +€456,864 | +82.1% |
| Financial debts | 170/4 | €556,269 | €1,013,133 | +€456,864 | +82.1% |
| Amounts payable within one year | 42/48 | €1,119,873 | €1,449,693 | +€329,820 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €209,866 | €390,980 | +€181,114 | +86.3% |
| Trade debts | 44 | €745,161 | €795,088 | +€49,927 | +6.7% |
| Suppliers | 440/4 | €745,161 | €795,088 | +€49,927 | +6.7% |
| Taxes, remuneration and social security | 45 | €141,428 | €113,922 | -€27,506 | -19.4% |
| Taxes | 450/3 | €58,233 | €12,160 | -€46,073 | -79.1% |
| Remuneration and social security | 454/9 | €83,195 | €101,762 | +€18,567 | +22.3% |
| Other amounts payable | 47/48 | €23,419 | €149,703 | +€126,284 | +539% |
| Accrued charges and deferred income | 492/3 | - | €3,734 | +€3,734 | |
| Remuneration, social security and pensions | 62 | €640,752 | €955,118 | +€314,366 | +49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275,623 | €365,070 | +€89,447 | +32.5% |
| Other operating charges | 640/8 | €33,108 | €28,688 | -€4,420 | -13.4% |
| Gross operating margin | 9900 | €1,070,860 | €1,578,171 | +€507,311 | +47.4% |
| Operating profit (loss) | 9901 | €121,378 | €229,296 | +€107,918 | +88.9% |
| Financial income | 75/76B | €21 | €1,229 | +€1,208 | +5,815% |
| Recurring financial income | 75 | €21 | €1,229 | +€1,208 | +5,815% |
| Financial charges | 65/66B | €59,296 | €69,364 | +€10,068 | +17.0% |
| Recurring financial charges | 65 | €59,296 | €69,364 | +€10,068 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €62,103 | €161,161 | +€99,058 | +160% |
| Income taxes | 67/77 | €16,870 | €27,063 | +€10,193 | +60.4% |
| Profit (loss) for the period | 9904 | €45,233 | €134,098 | +€88,866 | +196% |
| Profit (loss) for the period to be appropriated | 9905 | €45,233 | €134,098 | +€88,866 | +196% |
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.