GVA PROJECT: 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.
GVA PROJECT
Largest movements
- Receivables within one year +€32,294
up €32,294 (+57.1%), from €56,507 to €88,801
of which Other amounts receivable: +€34,865
- Tangible fixed assets +€2,168
up €2,168 (+164%), from €1,322 to €3,490
of which Furniture and vehicles: +€2,021
- Tax, wage and social debts +€162,383
up €162,383 (+425%), from €38,201 to €200,584
of which Remuneration and social security: +€103,222
- Profit (loss) carried forward -€140,504
new in 2025: -€140,504
- Trade debts +€13,510
up €13,510, from €0 to €13,510
- Staff costs +€143,370
up €143,370 (+138,068%), from €104 to €143,474
- Gross operating margin +€103,072
up €103,072, from -€6,448 to €96,623
- Taxes +€60,343
up €60,343 (+23,458%), from €257 to €60,600
- Financial charges +€29,444
up €29,444 (+9,237%), from €319 to €29,763
- Other operating charges +€5,596
up €5,596 (+3,298%), from €170 to €5,765
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 | €63,304 | €98,693 | +€35,390 | +55.9% |
| Fixed assets | 21/28 | €1,322 | €3,490 | +€2,168 | +164% |
| Tangible fixed assets | 22/27 | €1,322 | €3,490 | +€2,168 | +164% |
| Plant, machinery and equipment | 23 | €1,322 | €1,469 | +€147 | +11.1% |
| Furniture and vehicles | 24 | - | €2,021 | +€2,021 | |
| Current assets | 29/58 | €61,981 | €95,203 | +€33,222 | +53.6% |
| Amounts receivable within one year | 40/41 | €56,507 | €88,801 | +€32,294 | +57.1% |
| Trade receivables | 40 | €2,831 | €261 | -€2,571 | -90.8% |
| Other amounts receivable | 41 | €53,676 | €88,540 | +€34,865 | +65.0% |
| Cash at bank and in hand | 54/58 | €5,429 | €6,402 | +€973 | +17.9% |
| Deferred charges and accrued income | 490/1 | €45 | - | -€45 | |
| Total equity and liabilities | 10/49 | €63,304 | €98,693 | +€35,390 | +55.9% |
| Equity | 10/15 | €25,103 | -€115,401 | -€140,504 | |
| Contributions | 10/11 | €4,020 | €4,020 | = | 0.0% |
| Reserves | 13 | €21,083 | €21,083 | = | 0.0% |
| Distributable reserves | 133 | €21,083 | €21,083 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€140,504 | -€140,504 | |
| Amounts payable | 17/49 | €38,201 | €214,094 | +€175,894 | +460% |
| Amounts payable within one year | 42/48 | €38,201 | €214,094 | +€175,894 | +460% |
| Trade debts | 44 | €0 | €13,510 | +€13,510 | |
| Suppliers | 440/4 | €0 | €13,510 | +€13,510 | |
| Taxes, remuneration and social security | 45 | €38,201 | €200,584 | +€162,383 | +425% |
| Taxes | 450/3 | €31,145 | €90,306 | +€59,161 | +190% |
| Remuneration and social security | 454/9 | €7,056 | €110,278 | +€103,222 | +1,463% |
| Remuneration, social security and pensions | 62 | €104 | €143,474 | +€143,370 | +138,068% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €955 | €1,260 | +€305 | +32.0% |
| Other operating charges | 640/8 | €170 | €5,765 | +€5,596 | +3,298% |
| Gross operating margin | 9900 | -€6,448 | €96,623 | +€103,072 | |
| Operating profit (loss) | 9901 | -€7,677 | -€53,876 | -€46,199 | -602% |
| Financial income | 75/76B | - | €3,735 | +€3,735 | |
| Recurring financial income | 75 | - | €3,735 | +€3,735 | |
| Financial charges | 65/66B | €319 | €29,763 | +€29,444 | +9,237% |
| Recurring financial charges | 65 | €319 | €29,763 | +€29,444 | +9,237% |
| Profit (loss) for the period before taxes | 9903 | -€7,996 | -€79,904 | -€71,908 | -899% |
| Income taxes | 67/77 | €257 | €60,600 | +€60,343 | +23,458% |
| Profit (loss) for the period | 9904 | -€8,253 | -€140,504 | -€132,251 | -1,602% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,253 | -€140,504 | -€132,251 | -1,602% |
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.