GVD CONCEPT: 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.
GVD CONCEPT
Largest movements
- Receivables within one year +€64,470
up €64,470 (+361%), from €17,845 to €82,315
of which Trade receivables: +€61,159
- Tangible fixed assets +€2,332
up €2,332 (+59.5%), from €3,922 to €6,254
of which Furniture and vehicles: +€2,499
- Deferred charges and accrued income -€916
down €916 (-79.8%), from €1,148 to €232
- Trade debts +€59,773
up €59,773 (+360%), from €16,617 to €76,390
of which Suppliers: +€57,943
- Profit (loss) carried forward +€12,908
up €12,908 (+81.2%), from -€15,897 to -€2,989
- Tax, wage and social debts +€4,933
up €4,933 (+2,517%), from €196 to €5,129
of which Remuneration and social security: +€5,129
- Short-term financial debts -€4,416
down €4,416 (-33.7%), from €13,107 to €8,691
- Other debts -€4,236
no longer reported in 2025 (was €4,236)
- Gross operating margin +€41,964
up €41,964, from -€20,130 to €21,834
- Taxes +€5,307
new in 2025: €5,307
- Other operating charges -€1,342
down €1,342 (-75.6%), from €1,776 to €434
- Financial charges +€351
up €351 (+23.2%), from €1,514 to €1,865
- Depreciation +€250
up €250 (+23.4%), from €1,070 to €1,320
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,915 | €90,801 | +€65,886 | +264% |
| Fixed assets | 21/28 | €3,922 | €6,254 | +€2,332 | +59.5% |
| Tangible fixed assets | 22/27 | €3,922 | €6,254 | +€2,332 | +59.5% |
| Plant, machinery and equipment | 23 | €1,033 | €866 | -€167 | -16.2% |
| Furniture and vehicles | 24 | €2,889 | €5,388 | +€2,499 | +86.5% |
| Current assets | 29/58 | €20,993 | €84,547 | +€63,554 | +303% |
| Stocks and contracts in progress | 3 | €2,000 | €2,000 | = | 0.0% |
| Stocks | 30/36 | €2,000 | €2,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,845 | €82,315 | +€64,470 | +361% |
| Trade receivables | 40 | €17,845 | €79,004 | +€61,159 | +343% |
| Other amounts receivable | 41 | - | €3,311 | +€3,311 | |
| Deferred charges and accrued income | 490/1 | €1,148 | €232 | -€916 | -79.8% |
| Total equity and liabilities | 10/49 | €24,915 | €90,801 | +€65,886 | +264% |
| Equity | 10/15 | -€13,897 | -€989 | +€12,908 | +92.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,897 | -€2,989 | +€12,908 | +81.2% |
| Amounts payable | 17/49 | €38,812 | €91,790 | +€52,978 | +136% |
| Amounts payable within one year | 42/48 | €38,812 | €91,790 | +€52,978 | +136% |
| Current portion of amounts payable after more than one year | 42 | €4,656 | €1,580 | -€3,076 | -66.1% |
| Financial debts | 43 | €13,107 | €8,691 | -€4,416 | -33.7% |
| Credit institutions | 430/8 | €13,107 | €8,691 | -€4,416 | -33.7% |
| Trade debts | 44 | €16,617 | €76,390 | +€59,773 | +360% |
| Suppliers | 440/4 | €6,617 | €64,560 | +€57,943 | +876% |
| Bills of exchange payable | 441 | €10,000 | €11,830 | +€1,830 | +18.3% |
| Taxes, remuneration and social security | 45 | €196 | €5,129 | +€4,933 | +2,517% |
| Taxes | 450/3 | €196 | - | -€196 | |
| Remuneration and social security | 454/9 | - | €5,129 | +€5,129 | |
| Other amounts payable | 47/48 | €4,236 | - | -€4,236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,070 | €1,320 | +€250 | +23.4% |
| Other operating charges | 640/8 | €1,776 | €434 | -€1,342 | -75.6% |
| Gross operating margin | 9900 | -€20,130 | €21,834 | +€41,964 | |
| Operating profit (loss) | 9901 | -€22,976 | €20,080 | +€43,056 | |
| Financial charges | 65/66B | €1,514 | €1,865 | +€351 | +23.2% |
| Recurring financial charges | 65 | €1,514 | €1,865 | +€351 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | -€24,490 | €18,215 | +€42,705 | |
| Income taxes | 67/77 | - | €5,307 | +€5,307 | |
| Profit (loss) for the period | 9904 | -€24,490 | €12,908 | +€37,398 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,490 | €12,908 | +€37,398 |
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 15 October 2026 via checked.be.