GV-TRADE: 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-TRADE
Largest movements
- Cash +€1.0m
up €1.0m (+591%), from €171,811 to €1.2m
mainly Net result for the year (+€481,182) and Stocks and contracts (+€415,103)
- Stocks and contracts -€415,103
down €415,103 (-84.6%), from €490,529 to €75,426
- Receivables within one year -€198,306
down €198,306 (-40.7%), from €487,025 to €288,719
of which Trade receivables: -€266,364
- Tangible fixed assets +€41,922
up €41,922 (+8.9%), from €470,766 to €512,687
of which Land and buildings: +€27,118
- Deferred charges and accrued income -€23,047
no longer reported in 2025 (was €23,047)
- Reserves +€481,182
up €481,182 (+74.3%), from €647,473 to €1.1m
- Current portion of long-term debt +€160,000
up €160,000 (+743%), from €21,532 to €181,532
- Debts after one year -€122,042
down €122,042 (-28.8%), from €424,149 to €302,107
- Trade debts -€118,067
down €118,067 (-37.6%), from €313,945 to €195,878
- Gross operating margin +€526,755
up €526,755 (+272%), from €194,002 to €720,757
- Taxes +€139,103
up €139,103 (+657%), from €21,163 to €160,265
- Financial charges -€15,839
down €15,839 (-81.5%), from €19,434 to €3,594
- Depreciation +€8,933
up €8,933 (+30.9%), from €28,935 to €37,868
- Other operating charges +€8,488
up €8,488 (+28.9%), from €29,359 to €37,847
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 | €1,644,386 | €2,064,105 | +€419,719 | +25.5% |
| Fixed assets | 21/28 | €471,974 | €513,443 | +€41,468 | +8.8% |
| Intangible fixed assets | 21 | €1,208 | €755 | -€453 | -37.5% |
| Tangible fixed assets | 22/27 | €470,766 | €512,687 | +€41,922 | +8.9% |
| Land and buildings | 22 | €459,538 | €486,656 | +€27,118 | +5.9% |
| Plant, machinery and equipment | 23 | €11,114 | €12,016 | +€902 | +8.1% |
| Furniture and vehicles | 24 | €114 | €14,015 | +€13,902 | +12,213% |
| Current assets | 29/58 | €1,172,412 | €1,550,663 | +€378,251 | +32.3% |
| Stocks and contracts in progress | 3 | €490,529 | €75,426 | -€415,103 | -84.6% |
| Stocks | 30/36 | €490,529 | €75,426 | -€415,103 | -84.6% |
| Amounts receivable within one year | 40/41 | €487,025 | €288,719 | -€198,306 | -40.7% |
| Trade receivables | 40 | €465,313 | €198,949 | -€266,364 | -57.2% |
| Other amounts receivable | 41 | €21,712 | €89,770 | +€68,058 | +313% |
| Cash at bank and in hand | 54/58 | €171,811 | €1,186,518 | +€1.0m | +591% |
| Deferred charges and accrued income | 490/1 | €23,047 | - | -€23,047 | |
| Total equity and liabilities | 10/49 | €1,644,386 | €2,064,105 | +€419,719 | +25.5% |
| Equity | 10/15 | €649,473 | €1,130,655 | +€481,182 | +74.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €647,473 | €1,128,655 | +€481,182 | +74.3% |
| Distributable reserves | 133 | €647,473 | €1,128,655 | +€481,182 | +74.3% |
| Amounts payable | 17/49 | €994,913 | €933,450 | -€61,463 | -6.2% |
| Amounts payable after more than one year | 17 | €424,149 | €302,107 | -€122,042 | -28.8% |
| Financial debts | 170/4 | €424,149 | €302,107 | -€122,042 | -28.8% |
| Amounts payable within one year | 42/48 | €570,764 | €631,343 | +€60,579 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €21,532 | €181,532 | +€160,000 | +743% |
| Financial debts | 43 | €1,993 | €2,006 | +€12 | +0.6% |
| Credit institutions | 430/8 | €1,993 | €2,006 | +€12 | +0.6% |
| Trade debts | 44 | €313,945 | €195,878 | -€118,067 | -37.6% |
| Suppliers | 440/4 | €313,945 | €195,878 | -€118,067 | -37.6% |
| Taxes, remuneration and social security | 45 | €63,073 | €75,104 | +€12,031 | +19.1% |
| Taxes | 450/3 | €63,073 | €75,104 | +€12,031 | +19.1% |
| Other amounts payable | 47/48 | €170,221 | €176,822 | +€6,602 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,935 | €37,868 | +€8,933 | +30.9% |
| Other operating charges | 640/8 | €29,359 | €37,847 | +€8,488 | +28.9% |
| Gross operating margin | 9900 | €194,002 | €720,757 | +€526,755 | +272% |
| Operating profit (loss) | 9901 | €135,709 | €645,042 | +€509,333 | +375% |
| Financial income | 75/76B | €8 | €0 | -€8 | -99.9% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -99.9% |
| Financial charges | 65/66B | €19,434 | €3,594 | -€15,839 | -81.5% |
| Recurring financial charges | 65 | €19,434 | €3,594 | -€15,839 | -81.5% |
| Profit (loss) for the period before taxes | 9903 | €116,284 | €641,448 | +€525,164 | +452% |
| Income taxes | 67/77 | €21,163 | €160,265 | +€139,103 | +657% |
| Profit (loss) for the period | 9904 | €95,121 | €481,182 | +€386,061 | +406% |
| Profit (loss) for the period to be appropriated | 9905 | €95,121 | €481,182 | +€386,061 | +406% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.