GVD MANAGEMENT: 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.
What changed
GVD MANAGEMENT
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€85,486
2024 · €79,793+€5,693
Equity
€613,508
2024 · €728,022-€114,514
Cash
€55,804
2024 · €55,659+€145
Balance sheet total
€963,991
2024 · €974,989-€10,999
Largest movements
Assets
- Financial fixed assets -€20,000
down €20,000 (-34.8%), from €57,500 to €37,500
Equity and liabilities
- Other debts +€172,175
up €172,175 (+310.5%), from €55,458 to €227,633
- Reserves -€114,514
down €114,514 (-20.2%), from €565,702 to €451,189
- Debts after one year -€57,992
down €57,992 (-53.3%), from €108,822 to €50,830
Income statement
- Financial income +€9,901
up €9,901 (+194.1%), from €5,101 to €15,002
- Depreciation +€1,489
up €1,489 (+5.0%), from €29,926 to €31,416
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.
Result 2024
€79,793
Gross operating margin
+€246
Depreciation
-€1,489
Other operating charges
-€953
Other operating items
-€500
Financial income
+€9,901
Financial charges
-€1,003
Taxes
-€509
Result 2025
€85,486
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.
From operations
+€276,961
Investment
-€16,398
Financing
-€260,419
Cash 2024
€55,659
From operations (derived)
+€276,961
Net result for the year
+€85,486
Depreciation
+€31,416
Receivables within one year
-€786
Deferred charges and accrued income
-€3,088
Trade debts
-€534
Tax, wage and social debts
-€8,057
Other debts
+€172,175
Accrued charges and deferred income
+€349
Investment (derived)
-€16,398
Investment in fixed assets (net)
-€16,604
Current investments
+€206
Financing
-€260,419
Debts after one year
-€57,992
Current portion of long-term debt
-€2,427
Contributions, distributions and other
-€200,000
Cash 2025
€55,804
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €974,989 | €963,991 | -€10,999 | -1.1% |
| Fixed assets | 21/28 | €796,260 | €781,448 | -€14,812 | -1.9% |
| Tangible fixed assets | 22/27 | €738,760 | €743,948 | +€5,188 | +0.7% |
| Land and buildings | 22 | €715,512 | €693,812 | -€21,700 | -3.0% |
| Plant, machinery and equipment | 23 | €3,669 | €3,276 | -€393 | -10.7% |
| Furniture and vehicles | 24 | €19,579 | €46,860 | +€27,281 | +139.3% |
| Financial fixed assets | 28 | €57,500 | €37,500 | -€20,000 | -34.8% |
| Current assets | 29/58 | €178,730 | €182,543 | +€3,813 | +2.1% |
| Amounts receivable within one year | 40/41 | €22,034 | €22,821 | +€786 | +3.6% |
| Trade receivables | 40 | €22,034 | €22,821 | +€786 | +3.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €100,206 | €100,000 | -€206 | -0.2% |
| Cash at bank and in hand | 54/58 | €55,659 | €55,804 | +€145 | +0.3% |
| Deferred charges and accrued income | 490/1 | €830 | €3,918 | +€3,088 | +372.1% |
| Total equity and liabilities | 10/49 | €974,989 | €963,991 | -€10,999 | -1.1% |
| Equity | 10/15 | €728,022 | €613,508 | -€114,514 | -15.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €565,702 | €451,189 | -€114,514 | -20.2% |
| Distributable reserves | 133 | €565,702 | €451,189 | -€114,514 | -20.2% |
| Profit (loss) carried forward | 14 | €132,319 | €132,319 | = | 0.0% |
| Amounts payable | 17/49 | €246,968 | €350,482 | +€103,515 | +41.9% |
| Amounts payable after more than one year | 17 | €108,822 | €50,830 | -€57,992 | -53.3% |
| Financial debts | 170/4 | €108,822 | €50,830 | -€57,992 | -53.3% |
| Amounts payable within one year | 42/48 | €134,980 | €296,137 | +€161,157 | +119.4% |
| Current portion of amounts payable after more than one year | 42 | €60,419 | €57,992 | -€2,427 | -4.0% |
| Trade debts | 44 | €983 | €449 | -€534 | -54.3% |
| Suppliers | 440/4 | €983 | €449 | -€534 | -54.3% |
| Taxes, remuneration and social security | 45 | €18,120 | €10,064 | -€8,057 | -44.5% |
| Taxes | 450/3 | €15,139 | €10,064 | -€5,076 | -33.5% |
| Remuneration and social security | 454/9 | €2,981 | €0 | -€2,981 | -100.0% |
| Other amounts payable | 47/48 | €55,458 | €227,633 | +€172,175 | +310.5% |
| Accrued charges and deferred income | 492/3 | €3,166 | €3,515 | +€349 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,926 | €31,416 | +€1,489 | +5.0% |
| Other operating charges | 640/8 | €2,506 | €3,459 | +€953 | +38.0% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €145,304 | €145,550 | +€246 | +0.2% |
| Operating profit (loss) | 9901 | €112,871 | €110,175 | -€2,696 | -2.4% |
| Financial income | 75/76B | €5,101 | €15,002 | +€9,901 | +194.1% |
| Recurring financial income | 75 | €5,101 | €15,002 | +€9,901 | +194.1% |
| Financial charges | 65/66B | €6,499 | €7,501 | +€1,003 | +15.4% |
| Recurring financial charges | 65 | €6,499 | €7,501 | +€1,003 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €111,474 | €117,676 | +€6,202 | +5.6% |
| Income taxes | 67/77 | €31,681 | €32,190 | +€509 | +1.6% |
| Profit (loss) for the period | 9904 | €79,793 | €85,486 | +€5,693 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,793 | €85,486 | +€5,693 | +7.1% |
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 8 October 2026 via checked.be.