GVANHOYE: 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.
GVANHOYE
Largest movements
- Cash -€25,878
down €25,878 (-19.9%), from €129,779 to €103,901
mainly Contributions, distributions and other (-€523,765) and Receivables within one year (-€6,130)
- Reserves -€502,588
down €502,588 (-22.1%), from €2.3m to €1.8m
- Other debts +€489,808
up €489,808 (+773%), from €63,346 to €553,154
- Gross operating margin -€31,425
down €31,425, from €7,547 to -€23,877
- Financial income +€12,229
up €12,229 (+27.7%), from €44,073 to €56,302
- Taxes -€1,740
down €1,740 (-43.8%), from €3,974 to €2,235
- Financial charges -€881
down €881 (-15.4%), from €5,716 to €4,835
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 | €2,359,577 | €2,343,613 | -€15,964 | -0.7% |
| Fixed assets | 21/28 | €8,632 | €6,736 | -€1,896 | -22.0% |
| Tangible fixed assets | 22/27 | €8,632 | €6,736 | -€1,896 | -22.0% |
| Plant, machinery and equipment | 23 | €2,715 | €3,074 | +€359 | +13.2% |
| Furniture and vehicles | 24 | €5,917 | €3,662 | -€2,255 | -38.1% |
| Current assets | 29/58 | €2,350,945 | €2,336,877 | -€14,068 | -0.6% |
| Amounts receivable within one year | 40/41 | €23,546 | €29,677 | +€6,130 | +26.0% |
| Trade receivables | 40 | €9,443 | €3,180 | -€6,263 | -66.3% |
| Other amounts receivable | 41 | €14,103 | €26,497 | +€12,394 | +87.9% |
| Current investments | 50/53 | €2,197,619 | €2,202,633 | +€5,013 | +0.2% |
| Cash at bank and in hand | 54/58 | €129,779 | €103,901 | -€25,878 | -19.9% |
| Deferred charges and accrued income | 490/1 | - | €667 | +€667 | |
| Total equity and liabilities | 10/49 | €2,359,577 | €2,343,613 | -€15,964 | -0.7% |
| Equity | 10/15 | €2,291,368 | €1,788,780 | -€502,588 | -21.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,278,968 | €1,776,380 | -€502,588 | -22.1% |
| Distributable reserves | 133 | €2,278,968 | €1,776,380 | -€502,588 | -22.1% |
| Amounts payable | 17/49 | €68,209 | €554,833 | +€486,624 | +713% |
| Amounts payable within one year | 42/48 | €66,489 | €554,833 | +€488,344 | +734% |
| Trade debts | 44 | €675 | - | -€675 | |
| Suppliers | 440/4 | €675 | - | -€675 | |
| Taxes, remuneration and social security | 45 | €2,468 | €1,679 | -€789 | -32.0% |
| Taxes | 450/3 | €2,468 | €1,679 | -€789 | -32.0% |
| Other amounts payable | 47/48 | €63,346 | €553,154 | +€489,808 | +773% |
| Accrued charges and deferred income | 492/3 | €1,720 | - | -€1,720 | |
| Non-recurring operating income | 76A | €3,960 | - | -€3,960 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,094 | €2,952 | -€142 | -4.6% |
| Other operating charges | 640/8 | €1,239 | €1,225 | -€13 | -1.1% |
| Gross operating margin | 9900 | €7,547 | -€23,877 | -€31,425 | |
| Operating profit (loss) | 9901 | €3,215 | -€28,054 | -€31,269 | |
| Financial income | 75/76B | €44,073 | €56,302 | +€12,229 | +27.7% |
| Recurring financial income | 75 | €44,073 | €56,302 | +€12,229 | +27.7% |
| Financial charges | 65/66B | €5,716 | €4,835 | -€881 | -15.4% |
| Recurring financial charges | 65 | €5,716 | €4,835 | -€881 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €41,572 | €23,412 | -€18,160 | -43.7% |
| Income taxes | 67/77 | €3,974 | €2,235 | -€1,740 | -43.8% |
| Profit (loss) for the period | 9904 | €37,598 | €21,177 | -€16,420 | -43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,598 | €21,177 | -€16,420 | -43.7% |
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 20 October 2026 via checked.be.