GVB: 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.
GVB
Largest movements
- Tangible fixed assets -€24,882
down €24,882 (-44.4%), from €56,040 to €31,158
of which Land and buildings: -€13,569
- Receivables within one year +€9,009
up €9,009, from €0 to €9,009
of which Trade receivables: +€5,000
- Cash -€2,716
down €2,716 (-56.1%), from €4,843 to €2,127
mainly Net result for the year (-€9,722) and Receivables within one year (-€9,009)
- Deferred charges and accrued income -€1,527
down €1,527 (-8.1%), from €18,933 to €17,406
- Profit (loss) carried forward -€9,722
down €9,722, from €1,416 to -€8,305
- Debts after one year -€4,902
down €4,902 (-32.1%), from €15,280 to €10,378
- Other debts -€4,624
no longer reported in 2025 (was €4,624)
- Tax, wage and social debts -€3,451
down €3,451 (-96.1%), from €3,592 to €141
- Trade debts +€1,952
up €1,952 (+121.7%), from €1,603 to €3,554
- Staff costs +€21,936
new in 2025: €21,936
- Gross operating margin +€20,513
up €20,513 (+125.1%), from €16,398 to €36,911
- Depreciation +€6,432
up €6,432 (+41.8%), from €15,400 to €21,831
- Taxes -€675
down €675 (-82.7%), from €816 to €141
- Other operating charges -€575
down €575 (-23.3%), from €2,474 to €1,898
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 | €79,816 | €59,701 | -€20,116 | -25.2% |
| Fixed assets | 21/28 | €56,040 | €31,158 | -€24,882 | -44.4% |
| Tangible fixed assets | 22/27 | €56,040 | €31,158 | -€24,882 | -44.4% |
| Land and buildings | 22 | €13,569 | - | -€13,569 | |
| Furniture and vehicles | 24 | €42,471 | €31,158 | -€11,313 | -26.6% |
| Current assets | 29/58 | €23,776 | €28,542 | +€4,766 | +20.0% |
| Amounts receivable within one year | 40/41 | €0 | €9,009 | +€9,009 | |
| Trade receivables | 40 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | €0 | €4,009 | +€4,009 | |
| Cash at bank and in hand | 54/58 | €4,843 | €2,127 | -€2,716 | -56.1% |
| Deferred charges and accrued income | 490/1 | €18,933 | €17,406 | -€1,527 | -8.1% |
| Total equity and liabilities | 10/49 | €79,816 | €59,701 | -€20,116 | -25.2% |
| Equity | 10/15 | €49,998 | €40,276 | -€9,722 | -19.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €42,381 | €42,381 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €40,521 | €40,521 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,416 | -€8,305 | -€9,722 | |
| Amounts payable | 17/49 | €29,819 | €19,425 | -€10,394 | -34.9% |
| Amounts payable after more than one year | 17 | €15,280 | €10,378 | -€4,902 | -32.1% |
| Financial debts | 170/4 | €15,280 | €10,378 | -€4,902 | -32.1% |
| Amounts payable within one year | 42/48 | €14,539 | €8,597 | -€5,942 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | €4,720 | €4,902 | +€182 | +3.8% |
| Trade debts | 44 | €1,603 | €3,554 | +€1,952 | +121.7% |
| Suppliers | 440/4 | €1,603 | €3,554 | +€1,952 | +121.7% |
| Taxes, remuneration and social security | 45 | €3,592 | €141 | -€3,451 | -96.1% |
| Taxes | 450/3 | €3,592 | €141 | -€3,451 | -96.1% |
| Other amounts payable | 47/48 | €4,624 | - | -€4,624 | |
| Accrued charges and deferred income | 492/3 | - | €450 | +€450 | |
| Remuneration, social security and pensions | 62 | - | €21,936 | +€21,936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,400 | €21,831 | +€6,432 | +41.8% |
| Other operating charges | 640/8 | €2,474 | €1,898 | -€575 | -23.3% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €16,398 | €36,911 | +€20,513 | +125.1% |
| Operating profit (loss) | 9901 | -€1,476 | -€8,818 | -€7,342 | -497.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €210 | €763 | +€553 | +263.0% |
| Recurring financial charges | 65 | €210 | €763 | +€553 | +263.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,686 | -€9,581 | -€7,895 | -468.3% |
| Income taxes | 67/77 | €816 | €141 | -€675 | -82.7% |
| Profit (loss) for the period | 9904 | -€2,502 | -€9,722 | -€7,220 | -288.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,502 | -€9,722 | -€7,220 | -288.6% |
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 6 October 2026 via checked.be.