GVanco: 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.
GVanco
Largest movements
- Cash +€66,830
up €66,830 (+37.4%), from €178,905 to €245,735
mainly Net result for the year (+€59,823) and Tax, wage and social debts (+€6,133)
- Tangible fixed assets -€6,059
down €6,059 (-87.1%), from €6,955 to €896
- Reserves +€59,823
up €59,823 (+28.7%), from €208,180 to €268,003
- Tax, wage and social debts +€6,133
up €6,133 (+27.2%), from €22,582 to €28,715
of which Taxes: +€6,133
- Current portion of long-term debt -€4,648
down €4,648 (-83.2%), from €5,584 to €936
- Gross operating margin +€7,536
up €7,536 (+8.0%), from €93,941 to €101,477
- Taxes +€2,519
up €2,519 (+9.3%), from €27,181 to €29,700
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 | €308,380 | €369,029 | +€60,649 | +19.7% |
| Fixed assets | 21/28 | €117,355 | €111,296 | -€6,059 | -5.2% |
| Tangible fixed assets | 22/27 | €6,955 | €896 | -€6,059 | -87.1% |
| Furniture and vehicles | 24 | €6,955 | €896 | -€6,059 | -87.1% |
| Financial fixed assets | 28 | €110,400 | €110,400 | = | 0.0% |
| Current assets | 29/58 | €191,025 | €257,732 | +€66,707 | +34.9% |
| Amounts receivable within one year | 40/41 | €11,852 | €11,737 | -€116 | -1.0% |
| Trade receivables | 40 | €11,837 | €11,705 | -€133 | -1.1% |
| Other amounts receivable | 41 | €15 | €32 | +€17 | +111.2% |
| Cash at bank and in hand | 54/58 | €178,905 | €245,735 | +€66,830 | +37.4% |
| Deferred charges and accrued income | 490/1 | €268 | €261 | -€6 | -2.4% |
| Total equity and liabilities | 10/49 | €308,380 | €369,029 | +€60,649 | +19.7% |
| Equity | 10/15 | €209,533 | €269,355 | +€59,823 | +28.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €208,180 | €268,003 | +€59,823 | +28.7% |
| Distributable reserves | 133 | €208,180 | €268,003 | +€59,823 | +28.7% |
| Profit (loss) carried forward | 14 | €853 | €853 | = | 0.0% |
| Amounts payable | 17/49 | €98,847 | €99,674 | +€826 | +0.8% |
| Amounts payable after more than one year | 17 | €8,936 | €8,000 | -€936 | -10.5% |
| Financial debts | 170/4 | €8,936 | €8,000 | -€936 | -10.5% |
| Amounts payable within one year | 42/48 | €89,835 | €91,674 | +€1,839 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €5,584 | €936 | -€4,648 | -83.2% |
| Trade debts | 44 | €77 | €0 | -€77 | -100.0% |
| Suppliers | 440/4 | €77 | €0 | -€77 | -100.0% |
| Taxes, remuneration and social security | 45 | €22,582 | €28,715 | +€6,133 | +27.2% |
| Taxes | 450/3 | €19,482 | €25,615 | +€6,133 | +31.5% |
| Remuneration and social security | 454/9 | €3,100 | €3,100 | = | 0.0% |
| Other amounts payable | 47/48 | €61,592 | €62,023 | +€431 | +0.7% |
| Accrued charges and deferred income | 492/3 | €76 | €0 | -€76 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,059 | €6,059 | = | 0.0% |
| Other operating charges | 640/8 | €827 | €1,025 | +€198 | +24.0% |
| Gross operating margin | 9900 | €93,941 | €101,477 | +€7,536 | +8.0% |
| Operating profit (loss) | 9901 | €87,055 | €94,393 | +€7,338 | +8.4% |
| Financial income | 75/76B | €629 | €557 | -€72 | -11.4% |
| Recurring financial income | 75 | €629 | €557 | -€72 | -11.4% |
| Financial charges | 65/66B | €5,851 | €5,428 | -€423 | -7.2% |
| Recurring financial charges | 65 | €5,851 | €5,428 | -€423 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €81,833 | €89,522 | +€7,689 | +9.4% |
| Income taxes | 67/77 | €27,181 | €29,700 | +€2,519 | +9.3% |
| Profit (loss) for the period | 9904 | €54,652 | €59,823 | +€5,170 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,652 | €59,823 | +€5,170 | +9.5% |
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 2 October 2026 via checked.be.