GVB en C°: 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.
GVB en C°
Largest movements
- Stocks and contracts -€33,035
down €33,035 (-18.7%), from €176,421 to €143,386
- Tangible fixed assets +€30,596
up €30,596 (+10.3%), from €297,930 to €328,526
of which Land and buildings: +€30,037
- Cash -€26,356
down €26,356 (-97.7%), from €26,982 to €626
mainly Investment in fixed assets (net) (-€78,825) and Net result for the year (-€41,862)
- Receivables within one year -€14,787
down €14,787 (-72.0%), from €20,539 to €5,753
of which Trade receivables: -€13,675
- Profit (loss) carried forward -€41,862
down €41,862 (-4.7%), from -€890,067 to -€931,929
- Trade debts -€5,792
down €5,792 (-14.9%), from €38,822 to €33,030
- Gross operating margin -€38,920
down €38,920 (-67.1%), from €57,967 to €19,047
- Depreciation +€2,271
up €2,271 (+4.9%), from €45,957 to €48,229
- Other operating charges +€1,093
up €1,093 (+16.0%), from €6,814 to €7,907
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 | €530,756 | €484,012 | -€46,745 | -8.8% |
| Fixed assets | 21/28 | €299,305 | €329,901 | +€30,596 | +10.2% |
| Tangible fixed assets | 22/27 | €297,930 | €328,526 | +€30,596 | +10.3% |
| Land and buildings | 22 | €295,592 | €325,629 | +€30,037 | +10.2% |
| Plant, machinery and equipment | 23 | €2,338 | €2,897 | +€559 | +23.9% |
| Financial fixed assets | 28 | €1,375 | €1,375 | = | 0.0% |
| Current assets | 29/58 | €231,452 | €154,111 | -€77,341 | -33.4% |
| Stocks and contracts in progress | 3 | €176,421 | €143,386 | -€33,035 | -18.7% |
| Stocks | 30/36 | €176,421 | €143,386 | -€33,035 | -18.7% |
| Amounts receivable within one year | 40/41 | €20,539 | €5,753 | -€14,787 | -72.0% |
| Trade receivables | 40 | €18,704 | €5,029 | -€13,675 | -73.1% |
| Other amounts receivable | 41 | €1,836 | €724 | -€1,112 | -60.6% |
| Cash at bank and in hand | 54/58 | €26,982 | €626 | -€26,356 | -97.7% |
| Deferred charges and accrued income | 490/1 | €7,509 | €4,346 | -€3,163 | -42.1% |
| Total equity and liabilities | 10/49 | €530,756 | €484,012 | -€46,745 | -8.8% |
| Equity | 10/15 | -€749,567 | -€791,429 | -€41,862 | -5.6% |
| Contributions | 10/11 | €140,500 | €140,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€890,067 | -€931,929 | -€41,862 | -4.7% |
| Amounts payable | 17/49 | €1,280,323 | €1,275,441 | -€4,883 | -0.4% |
| Amounts payable after more than one year | 17 | €857,000 | €857,800 | +€800 | +0.1% |
| Financial debts | 170/4 | €857,000 | €857,800 | +€800 | +0.1% |
| Amounts payable within one year | 42/48 | €422,753 | €417,056 | -€5,698 | -1.3% |
| Trade debts | 44 | €38,822 | €33,030 | -€5,792 | -14.9% |
| Suppliers | 440/4 | €38,822 | €33,030 | -€5,792 | -14.9% |
| Taxes, remuneration and social security | 45 | €1,617 | €1,561 | -€56 | -3.4% |
| Taxes | 450/3 | €1,617 | €1,561 | -€56 | -3.4% |
| Other amounts payable | 47/48 | €382,315 | €382,465 | +€150 | 0.0% |
| Accrued charges and deferred income | 492/3 | €570 | €585 | +€15 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,957 | €48,229 | +€2,271 | +4.9% |
| Other operating charges | 640/8 | €6,814 | €7,907 | +€1,093 | +16.0% |
| Gross operating margin | 9900 | €57,967 | €19,047 | -€38,920 | -67.1% |
| Operating profit (loss) | 9901 | €5,195 | -€37,089 | -€42,284 | |
| Financial income | 75/76B | €318 | €369 | +€51 | +16.1% |
| Recurring financial income | 75 | €318 | €369 | +€51 | +16.1% |
| Financial charges | 65/66B | €5,204 | €5,142 | -€62 | -1.2% |
| Recurring financial charges | 65 | €5,204 | €5,142 | -€62 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €309 | -€41,862 | -€42,171 | |
| Profit (loss) for the period | 9904 | €309 | -€41,862 | -€42,171 | |
| Profit (loss) for the period to be appropriated | 9905 | €309 | -€41,862 | -€42,171 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.