GVBF: 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.
GVBF
Largest movements
- Receivables within one year +€29,436
up €29,436 (+162.2%), from €18,153 to €47,588
of which Other amounts receivable: +€29,399
- Tangible fixed assets -€15,228
down €15,228 (-22.2%), from €68,705 to €53,478
of which Furniture and vehicles: -€8,001
- Current investments -€13,555
down €13,555 (-21.9%), from €62,000 to €48,445
- Cash +€10,141
up €10,141 (+15.9%), from €63,590 to €73,732
mainly Net result for the year (+€29,940) and Depreciation (+€17,683)
- Reserves +€29,940
up €29,940 (+17.8%), from €167,777 to €197,717
- Debts after one year -€15,602
no longer reported in 2025 (was €15,602)
- Tax, wage and social debts -€2,382
down €2,382 (-22.0%), from €10,824 to €8,442
- Gross operating margin -€6,872
down €6,872 (-10.6%), from €64,854 to €57,981
- Taxes -€1,400
down €1,400 (-10.7%), from €13,100 to €11,700
- Financial income +€1,326
up €1,326 (+67.8%), from €1,957 to €3,283
- Financial charges -€1,017
down €1,017 (-69.9%), from €1,455 to €438
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 | €214,566 | €225,258 | +€10,692 | +5.0% |
| Fixed assets | 21/28 | €70,180 | €54,847 | -€15,333 | -21.8% |
| Intangible fixed assets | 21 | €205 | €100 | -€105 | -51.3% |
| Tangible fixed assets | 22/27 | €68,705 | €53,478 | -€15,228 | -22.2% |
| Land and buildings | 22 | €26,963 | €20,209 | -€6,753 | -25.0% |
| Plant, machinery and equipment | 23 | €1,960 | €1,391 | -€569 | -29.0% |
| Furniture and vehicles | 24 | €32,040 | €24,039 | -€8,001 | -25.0% |
| Other tangible fixed assets | 26 | €7,743 | €7,838 | +€95 | +1.2% |
| Financial fixed assets | 28 | €1,270 | €1,270 | = | 0.0% |
| Current assets | 29/58 | €144,386 | €170,411 | +€26,025 | +18.0% |
| Amounts receivable within one year | 40/41 | €18,153 | €47,588 | +€29,436 | +162.2% |
| Trade receivables | 40 | €18,153 | €18,189 | +€37 | +0.2% |
| Other amounts receivable | 41 | - | €29,399 | +€29,399 | |
| Current investments | 50/53 | €62,000 | €48,445 | -€13,555 | -21.9% |
| Cash at bank and in hand | 54/58 | €63,590 | €73,732 | +€10,141 | +15.9% |
| Deferred charges and accrued income | 490/1 | €643 | €646 | +€3 | +0.5% |
| Total equity and liabilities | 10/49 | €214,566 | €225,258 | +€10,692 | +5.0% |
| Equity | 10/15 | €186,377 | €216,317 | +€29,940 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €167,777 | €197,717 | +€29,940 | +17.8% |
| Distributable reserves | 133 | €167,777 | €197,717 | +€29,940 | +17.8% |
| Amounts payable | 17/49 | €28,189 | €8,941 | -€19,248 | -68.3% |
| Amounts payable after more than one year | 17 | €15,602 | - | -€15,602 | |
| Other amounts payable | 178/9 | €15,602 | - | -€15,602 | |
| Amounts payable within one year | 42/48 | €11,370 | €8,941 | -€2,429 | -21.4% |
| Trade debts | 44 | €546 | €499 | -€47 | -8.5% |
| Suppliers | 440/4 | €546 | €499 | -€47 | -8.5% |
| Taxes, remuneration and social security | 45 | €10,824 | €8,442 | -€2,382 | -22.0% |
| Taxes | 450/3 | €10,824 | €8,442 | -€2,382 | -22.0% |
| Accrued charges and deferred income | 492/3 | €1,217 | - | -€1,217 | |
| Non-recurring operating income | 76A | €3,822 | - | -€3,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,299 | €17,683 | +€384 | +2.2% |
| Other operating charges | 640/8 | €1,335 | €1,504 | +€169 | +12.7% |
| Gross operating margin | 9900 | €64,854 | €57,981 | -€6,872 | -10.6% |
| Operating profit (loss) | 9901 | €46,220 | €38,794 | -€7,425 | -16.1% |
| Financial income | 75/76B | €1,957 | €3,283 | +€1,326 | +67.8% |
| Recurring financial income | 75 | €1,957 | €3,283 | +€1,326 | +67.8% |
| Financial charges | 65/66B | €1,455 | €438 | -€1,017 | -69.9% |
| Recurring financial charges | 65 | €1,455 | €438 | -€1,017 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | €46,721 | €41,640 | -€5,081 | -10.9% |
| Income taxes | 67/77 | €13,100 | €11,700 | -€1,400 | -10.7% |
| Profit (loss) for the period | 9904 | €33,621 | €29,940 | -€3,681 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,621 | €29,940 | -€3,681 | -10.9% |
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 7 October 2026 via checked.be.