GV Management: 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 Management
Largest movements
- Receivables within one year +€204,502
up €204,502 (+814%), from €25,111 to €229,613
of which Trade receivables: +€195,930
- Receivables after one year +€89,401
up €89,401 (+65.9%), from €135,599 to €225,000
- Cash -€61,692
down €61,692 (-47.1%), from €130,976 to €69,285
mainly Receivables within one year (-€204,502) and Receivables after one year (-€89,401)
- Reserves +€195,810
up €195,810 (+99.5%), from €196,784 to €392,594
of which Distributable reserves: +€195,810
- Tax, wage and social debts +€55,861
up €55,861 (+105%), from €53,120 to €108,981
of which Taxes: +€52,861
- Other debts -€18,482
down €18,482 (-61.0%), from €30,301 to €11,818
- Financial income +€3,879
up €3,879 (+582%), from €667 to €4,546
- Gross operating margin -€3,846
down €3,846 (-1.5%), from €255,243 to €251,397
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 | €292,653 | €524,289 | +€231,635 | +79.2% |
| Current assets | 29/58 | €292,653 | €524,289 | +€231,635 | +79.2% |
| Amounts receivable after more than one year | 29 | €135,599 | €225,000 | +€89,401 | +65.9% |
| Other amounts receivable | 291 | €135,599 | €225,000 | +€89,401 | +65.9% |
| Amounts receivable within one year | 40/41 | €25,111 | €229,613 | +€204,502 | +814% |
| Trade receivables | 40 | €20,270 | €216,200 | +€195,930 | +967% |
| Other amounts receivable | 41 | €4,841 | €13,413 | +€8,572 | +177% |
| Cash at bank and in hand | 54/58 | €130,976 | €69,285 | -€61,692 | -47.1% |
| Deferred charges and accrued income | 490/1 | €967 | €391 | -€576 | -59.5% |
| Total equity and liabilities | 10/49 | €292,653 | €524,289 | +€231,635 | +79.2% |
| Equity | 10/15 | €201,784 | €397,594 | +€195,810 | +97.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €196,784 | €392,594 | +€195,810 | +99.5% |
| Tax-exempt reserves | 132 | €96,830 | €96,830 | = | 0.0% |
| Distributable reserves | 133 | €99,954 | €295,764 | +€195,810 | +196% |
| Amounts payable | 17/49 | €90,869 | €126,694 | +€35,825 | +39.4% |
| Amounts payable within one year | 42/48 | €90,869 | €126,694 | +€35,825 | +39.4% |
| Trade debts | 44 | €7,449 | €5,896 | -€1,553 | -20.9% |
| Suppliers | 440/4 | €7,449 | €5,896 | -€1,553 | -20.9% |
| Taxes, remuneration and social security | 45 | €53,120 | €108,981 | +€55,861 | +105% |
| Taxes | 450/3 | €53,120 | €105,981 | +€52,861 | +99.5% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €30,301 | €11,818 | -€18,482 | -61.0% |
| Other operating charges | 640/8 | €1,020 | €585 | -€435 | -42.6% |
| Gross operating margin | 9900 | €255,243 | €251,397 | -€3,846 | -1.5% |
| Operating profit (loss) | 9901 | €254,223 | €250,811 | -€3,411 | -1.3% |
| Financial income | 75/76B | €667 | €4,546 | +€3,879 | +582% |
| Recurring financial income | 75 | €667 | €4,546 | +€3,879 | +582% |
| Financial charges | 65/66B | €509 | €797 | +€288 | +56.6% |
| Recurring financial charges | 65 | €509 | €797 | +€288 | +56.6% |
| Profit (loss) for the period before taxes | 9903 | €254,381 | €254,561 | +€180 | +0.1% |
| Income taxes | 67/77 | €57,596 | €58,751 | +€1,154 | +2.0% |
| Profit (loss) for the period | 9904 | €196,784 | €195,810 | -€974 | -0.5% |
| Transfer to tax-exempt reserves | 689 | €96,830 | €0 | -€96,830 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €99,954 | €195,810 | +€95,856 | +95.9% |
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.