GV-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.
GV-Projects
Largest movements
- Receivables within one year -€10,430
down €10,430 (-19.9%), from €52,349 to €41,919
of which Other amounts receivable: -€7,790
- Deferred charges and accrued income +€2,334
up €2,334 (+425%), from €549 to €2,882
- Cash -€1,996
down €1,996 (-100%), from €1,996 to €0
mainly Other debts (-€23,445) and Contributions, distributions and other (-€13,000)
- Other debts -€23,445
down €23,445 (-86.3%), from €27,179 to €3,733
- Short-term financial debts +€13,626
up €13,626, from €0 to €13,626
- Profit (loss) carried forward -€12,339
down €12,339 (-100%), from €12,339 to €0
- Reserves +€4,319
new in 2025: €4,319
- Tax, wage and social debts +€4,272
up €4,272 (+33.9%), from €12,583 to €16,855
- Gross operating margin -€12,407
down €12,407 (-55.8%), from €22,238 to €9,831
- Other operating charges -€10,862
down €10,862 (-98.1%), from €11,076 to €214
- Taxes -€1,951
down €1,951 (-46.3%), from €4,218 to €2,267
- Financial income +€1,407
up €1,407 (+256%), from €549 to €1,956
- Financial charges +€1,307
up €1,307 (+51.6%), from €2,534 to €3,841
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 | €54,965 | €44,802 | -€10,164 | -18.5% |
| Fixed assets | 21/28 | €71 | €0 | -€71 | -100% |
| Tangible fixed assets | 22/27 | €71 | €0 | -€71 | -100% |
| Plant, machinery and equipment | 23 | €71 | €0 | -€71 | -100% |
| Current assets | 29/58 | €54,894 | €44,802 | -€10,092 | -18.4% |
| Amounts receivable within one year | 40/41 | €52,349 | €41,919 | -€10,430 | -19.9% |
| Trade receivables | 40 | €10,209 | €7,570 | -€2,639 | -25.9% |
| Other amounts receivable | 41 | €42,140 | €34,349 | -€7,790 | -18.5% |
| Cash at bank and in hand | 54/58 | €1,996 | €0 | -€1,996 | -100% |
| Deferred charges and accrued income | 490/1 | €549 | €2,882 | +€2,334 | +425% |
| Total equity and liabilities | 10/49 | €54,965 | €44,802 | -€10,164 | -18.5% |
| Equity | 10/15 | €12,459 | €4,439 | -€8,021 | -64.4% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | - | €4,319 | +€4,319 | |
| Distributable reserves | 133 | - | €4,319 | +€4,319 | |
| Profit (loss) carried forward | 14 | €12,339 | €0 | -€12,339 | -100% |
| Amounts payable | 17/49 | €42,506 | €40,363 | -€2,143 | -5.0% |
| Amounts payable after more than one year | 17 | €0 | €0 | = | |
| Financial debts | 170/4 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €42,506 | €40,363 | -€2,143 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €399 | €0 | -€399 | -100% |
| Financial debts | 43 | €0 | €13,626 | +€13,626 | |
| Credit institutions | 430/8 | €0 | €13,626 | +€13,626 | |
| Trade debts | 44 | €2,345 | €6,149 | +€3,804 | +162% |
| Suppliers | 440/4 | €2,345 | €6,149 | +€3,804 | +162% |
| Taxes, remuneration and social security | 45 | €12,583 | €16,855 | +€4,272 | +33.9% |
| Taxes | 450/3 | €12,583 | €16,855 | +€4,272 | +33.9% |
| Other amounts payable | 47/48 | €27,179 | €3,733 | -€23,445 | -86.3% |
| Remuneration, social security and pensions | 62 | - | €415 | +€415 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102 | €71 | -€31 | -30.1% |
| Other operating charges | 640/8 | €11,076 | €214 | -€10,862 | -98.1% |
| Gross operating margin | 9900 | €22,238 | €9,831 | -€12,407 | -55.8% |
| Operating profit (loss) | 9901 | €11,060 | €9,131 | -€1,929 | -17.4% |
| Financial income | 75/76B | €549 | €1,956 | +€1,407 | +256% |
| Recurring financial income | 75 | €549 | €1,956 | +€1,407 | +256% |
| Financial charges | 65/66B | €2,534 | €3,841 | +€1,307 | +51.6% |
| Recurring financial charges | 65 | €2,534 | €3,841 | +€1,307 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €9,076 | €7,246 | -€1,829 | -20.2% |
| Income taxes | 67/77 | €4,218 | €2,267 | -€1,951 | -46.3% |
| Profit (loss) for the period | 9904 | €4,857 | €4,979 | +€122 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,857 | €4,979 | +€122 | +2.5% |
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.