GV² PROJECTS: 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.
GV² PROJECTS
Largest movements
- Tangible fixed assets -€16,526
down €16,526 (-26.3%), from €62,885 to €46,359
of which Furniture and vehicles: -€15,018
- Cash -€13,283
down €13,283 (-62.3%), from €21,319 to €8,035
mainly Contributions, distributions and other (-€168,647) and Debts after one year (-€60,278)
- Other debts +€97,740
up €97,740 (+135.1%), from €72,364 to €170,105
- Reserves -€68,288
down €68,288 (-100.0%), from €68,288 to €0
- Debts after one year -€60,278
down €60,278 (-24.4%), from €246,691 to €186,412
- Gross operating margin +€87,213
up €87,213 (+126.3%), from €69,069 to €156,282
- Financial income -€50,127
down €50,127 (-100.0%), from €50,127 to €1
- Taxes +€22,939
up €22,939 (+202.0%), from €11,355 to €34,295
- Financial charges -€3,540
down €3,540 (-46.2%), from €7,670 to €4,129
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 | €464,540 | €434,761 | -€29,780 | -6.4% |
| Fixed assets | 21/28 | €424,385 | €407,859 | -€16,526 | -3.9% |
| Tangible fixed assets | 22/27 | €62,885 | €46,359 | -€16,526 | -26.3% |
| Plant, machinery and equipment | 23 | €118 | €0 | -€118 | -100.0% |
| Furniture and vehicles | 24 | €57,563 | €42,545 | -€15,018 | -26.1% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €5,204 | €3,814 | -€1,390 | -26.7% |
| Financial fixed assets | 28 | €361,500 | €361,500 | = | 0.0% |
| Current assets | 29/58 | €40,156 | €26,902 | -€13,254 | -33.0% |
| Amounts receivable within one year | 40/41 | €16,738 | €16,565 | -€173 | -1.0% |
| Trade receivables | 40 | €16,093 | €16,565 | +€472 | +2.9% |
| Other amounts receivable | 41 | €645 | €0 | -€645 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,319 | €8,035 | -€13,283 | -62.3% |
| Deferred charges and accrued income | 490/1 | €2,099 | €2,302 | +€202 | +9.6% |
| Total equity and liabilities | 10/49 | €464,540 | €434,761 | -€29,780 | -6.4% |
| Equity | 10/15 | €69,288 | €1,000 | -€68,288 | -98.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €68,288 | €0 | -€68,288 | -100.0% |
| Distributable reserves | 133 | €68,288 | €0 | -€68,288 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €395,253 | €433,761 | +€38,508 | +9.7% |
| Amounts payable after more than one year | 17 | €246,691 | €186,412 | -€60,278 | -24.4% |
| Financial debts | 170/4 | €246,691 | €186,412 | -€60,278 | -24.4% |
| Amounts payable within one year | 42/48 | €147,362 | €246,453 | +€99,091 | +67.2% |
| Current portion of amounts payable after more than one year | 42 | €60,278 | €60,278 | = | 0.0% |
| Trade debts | 44 | €4,073 | €4,266 | +€193 | +4.7% |
| Suppliers | 440/4 | €4,073 | €4,266 | +€193 | +4.7% |
| Taxes, remuneration and social security | 45 | €10,645 | €11,804 | +€1,158 | +10.9% |
| Taxes | 450/3 | €7,779 | €8,924 | +€1,145 | +14.7% |
| Remuneration and social security | 454/9 | €2,866 | €2,880 | +€13 | +0.5% |
| Other amounts payable | 47/48 | €72,364 | €170,105 | +€97,740 | +135.1% |
| Accrued charges and deferred income | 492/3 | €1,200 | €895 | -€305 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,772 | €16,526 | -€246 | -1.5% |
| Other operating charges | 640/8 | €594 | €974 | +€380 | +64.0% |
| Non-recurring operating charges | 66A | €1,956 | €0 | -€1,956 | -100.0% |
| Gross operating margin | 9900 | €69,069 | €156,282 | +€87,213 | +126.3% |
| Operating profit (loss) | 9901 | €49,747 | €138,783 | +€89,036 | +179.0% |
| Financial income | 75/76B | €50,127 | €1 | -€50,127 | -100.0% |
| Recurring financial income | 75 | €50,127 | €1 | -€50,127 | -100.0% |
| Financial charges | 65/66B | €7,670 | €4,129 | -€3,540 | -46.2% |
| Recurring financial charges | 65 | €7,670 | €4,129 | -€3,540 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €92,205 | €134,654 | +€42,450 | +46.0% |
| Income taxes | 67/77 | €11,355 | €34,295 | +€22,939 | +202.0% |
| Profit (loss) for the period | 9904 | €80,849 | €100,359 | +€19,510 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €80,849 | €100,359 | +€19,510 | +24.1% |
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 9 October 2026 via checked.be.