GVA Advisory: what changed
Two fiscal 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.
GVA Advisory
Largest movements
- Financial fixed assets -€283,610
down €283,610 (-14.0%), from €2.0m to €1.7m
- Provisions -€2.0m
no longer reported in 2025 (was €2.0m)
- Debts after one year +€2.0m
up €2.0m (+201.2%), from €986,059 to €3.0m
- Profit (loss) carried forward -€265,075
down €265,075 (-35.3%), from €751,804 to €486,729
- Financial charges +€162,496
up €162,496 (+132.6%), from €122,514 to €285,010
of which Non-recurring financial charges: +€283,610
- Gross operating margin -€99,707
down €99,707 (-73.5%), from €135,597 to €35,890
- Write-downs -€12,000
no longer reported in 2025 (was €12,000)
- Provisions +€7,321
no longer reported in 2025 (was -€7,321)
- Taxes +€7,025
new in 2025: €7,025
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 | €3,759,805 | €3,485,679 | -€274,126 | -7.3% |
| Fixed assets | 21/28 | €2,044,906 | €1,753,630 | -€291,276 | -14.2% |
| Tangible fixed assets | 22/27 | €13,107 | €5,441 | -€7,666 | -58.5% |
| Other tangible fixed assets | 26 | €13,107 | €5,441 | -€7,666 | -58.5% |
| Financial fixed assets | 28 | €2,031,799 | €1,748,189 | -€283,610 | -14.0% |
| Current assets | 29/58 | €1,714,900 | €1,732,050 | +€17,150 | +1.0% |
| Amounts receivable within one year | 40/41 | €1,714,627 | €1,732,019 | +€17,392 | +1.0% |
| Trade receivables | 40 | €145,087 | €180,000 | +€34,913 | +24.1% |
| Other amounts receivable | 41 | €1,569,540 | €1,552,019 | -€17,521 | -1.1% |
| Cash at bank and in hand | 54/58 | €272 | €31 | -€242 | -88.8% |
| Total equity and liabilities | 10/49 | €3,759,805 | €3,485,679 | -€274,126 | -7.3% |
| Equity | 10/15 | €770,404 | €505,329 | -€265,075 | -34.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €751,804 | €486,729 | -€265,075 | -35.3% |
| Provisions and deferred taxes | 16 | €1,992,679 | - | -€2.0m | |
| Provisions for liabilities and charges | 160/5 | €1,992,679 | - | -€2.0m | |
| Other liabilities and charges | 164/5 | €1,992,679 | - | -€2.0m | |
| Amounts payable | 17/49 | €996,722 | €2,980,351 | +€2.0m | +199.0% |
| Amounts payable after more than one year | 17 | €986,059 | €2,969,753 | +€2.0m | +201.2% |
| Other amounts payable | 178/9 | €986,059 | €2,969,753 | +€2.0m | +201.2% |
| Amounts payable within one year | 42/48 | €10,663 | €10,598 | -€66 | -0.6% |
| Trade debts | 44 | €8,240 | €1,150 | -€7,091 | -86.1% |
| Suppliers | 440/4 | €8,240 | €1,150 | -€7,091 | -86.1% |
| Taxes, remuneration and social security | 45 | €2,423 | €9,448 | +€7,025 | +289.9% |
| Taxes | 450/3 | €2,423 | €9,448 | +€7,025 | +289.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,577 | €7,666 | +€89 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,000 | - | -€12,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,321 | - | +€7,321 | |
| Other operating charges | 640/8 | - | €1,265 | +€1,265 | |
| Gross operating margin | 9900 | €135,597 | €35,890 | -€99,707 | -73.5% |
| Operating profit (loss) | 9901 | €123,341 | €26,960 | -€96,381 | -78.1% |
| Financial charges | 65/66B | €122,514 | €285,010 | +€162,496 | +132.6% |
| Recurring financial charges | 65 | €122,514 | €1,400 | -€121,114 | -98.9% |
| Non-recurring financial charges | 66B | - | €283,610 | +€283,610 | |
| Profit (loss) for the period before taxes | 9903 | €827 | -€258,050 | -€258,877 | |
| Income taxes | 67/77 | - | €7,025 | +€7,025 | |
| Profit (loss) for the period | 9904 | €827 | -€265,075 | -€265,902 | |
| Profit (loss) for the period to be appropriated | 9905 | €827 | -€265,075 | -€265,902 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.