GVD Projects: 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 Projects
Largest movements
- Stocks and contracts +€188,257
up €188,257 (+55.5%), from €339,167 to €527,425
- Cash +€70,908
up €70,908 (+99.3%), from €71,438 to €142,346
mainly Net result for the year (+€80,571) and Tax, wage and social debts (+€70,429)
- Receivables within one year -€51,494
no longer reported in 2025 (was €51,494)
of which Trade receivables: -€50,000
- Financial fixed assets -€25,000
no longer reported in 2025 (was €25,000)
- Tax, wage and social debts +€70,429
new in 2025: €70,429
- Other debts +€63,750
up €63,750 (+578%), from €11,024 to €74,774
- Trade debts +€42,921
up €42,921 (+575%), from €7,465 to €50,387
- Gross operating margin +€112,176
up €112,176, from -€4,548 to €107,628
- Taxes +€19,109
new in 2025: €19,109
- Financial charges +€5,596
up €5,596 (+335%), from €1,668 to €7,264
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
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 | €487,099 | €669,771 | +€182,672 | +37.5% |
| Fixed assets | 21/28 | €25,000 | - | -€25,000 | |
| Financial fixed assets | 28 | €25,000 | - | -€25,000 | |
| Current assets | 29/58 | €462,099 | €669,771 | +€207,672 | +44.9% |
| Stocks and contracts in progress | 3 | €339,167 | €527,425 | +€188,257 | +55.5% |
| Stocks | 30/36 | €339,167 | €527,425 | +€188,257 | +55.5% |
| Amounts receivable within one year | 40/41 | €51,494 | - | -€51,494 | |
| Trade receivables | 40 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 41 | €1,494 | - | -€1,494 | |
| Cash at bank and in hand | 54/58 | €71,438 | €142,346 | +€70,908 | +99.3% |
| Total equity and liabilities | 10/49 | €487,099 | €669,771 | +€182,672 | +37.5% |
| Equity | 10/15 | €94,828 | €100,399 | +€5,571 | +5.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,172 | €399 | +€5,571 | |
| Amounts payable | 17/49 | €392,271 | €569,372 | +€177,101 | +45.1% |
| Amounts payable after more than one year | 17 | €373,781 | €373,781 | = | 0.0% |
| Financial debts | 170/4 | €373,781 | €373,781 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,490 | €195,590 | +€177,101 | +958% |
| Trade debts | 44 | €7,465 | €50,387 | +€42,921 | +575% |
| Suppliers | 440/4 | €7,465 | €50,387 | +€42,921 | +575% |
| Taxes, remuneration and social security | 45 | - | €70,429 | +€70,429 | |
| Taxes | 450/3 | - | €70,429 | +€70,429 | |
| Other amounts payable | 47/48 | €11,024 | €74,774 | +€63,750 | +578% |
| Other operating charges | 640/8 | €1,363 | €683 | -€680 | -49.9% |
| Gross operating margin | 9900 | -€4,548 | €107,628 | +€112,176 | |
| Operating profit (loss) | 9901 | -€5,911 | €106,945 | +€112,856 | |
| Financial charges | 65/66B | €1,668 | €7,264 | +€5,596 | +335% |
| Recurring financial charges | 65 | €1,668 | €7,264 | +€5,596 | +335% |
| Profit (loss) for the period before taxes | 9903 | -€7,579 | €99,681 | +€107,260 | |
| Income taxes | 67/77 | - | €19,109 | +€19,109 | |
| Profit (loss) for the period | 9904 | -€7,579 | €80,571 | +€88,151 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,579 | €80,571 | +€88,151 |
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 19 October 2026 via checked.be.