GVD SERVICES: 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.
GVD SERVICES
Largest movements
- Financial fixed assets +€45,000
up €45,000 (+37.5%), from €120,000 to €165,000
- Cash +€35,907
up €35,907 (+56.0%), from €64,127 to €100,034
mainly Net result for the year (+€80,913) and Receivables within one year (+€35,220)
- Receivables within one year -€35,220
down €35,220 (-19.8%), from €177,483 to €142,264
of which Trade receivables: -€80,220
- Receivables after one year -€15,360
down €15,360 (-41.0%), from €37,500 to €22,140
- Reserves +€80,913
up €80,913 (+17.8%), from €455,738 to €536,651
- Other debts -€73,972
down €73,972 (-93.5%), from €79,127 to €5,155
- Tax, wage and social debts +€17,265
up €17,265 (+113.1%), from €15,261 to €32,526
- Gross operating margin +€7,898
up €7,898 (+6.9%), from €114,468 to €122,366
- Taxes +€6,585
up €6,585 (+21.0%), from €31,358 to €37,943
- Depreciation +€2,673
up €2,673 (+58.6%), from €4,564 to €7,236
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 | €560,449 | €585,834 | +€25,386 | +4.5% |
| Fixed assets | 21/28 | €135,437 | €174,726 | +€39,289 | +29.0% |
| Tangible fixed assets | 22/27 | €15,437 | €9,726 | -€5,711 | -37.0% |
| Furniture and vehicles | 24 | €10,755 | €5,577 | -€5,177 | -48.1% |
| Other tangible fixed assets | 26 | €4,682 | €4,148 | -€534 | -11.4% |
| Financial fixed assets | 28 | €120,000 | €165,000 | +€45,000 | +37.5% |
| Current assets | 29/58 | €425,012 | €411,109 | -€13,904 | -3.3% |
| Amounts receivable after more than one year | 29 | €37,500 | €22,140 | -€15,360 | -41.0% |
| Other amounts receivable | 291 | €37,500 | €22,140 | -€15,360 | -41.0% |
| Amounts receivable within one year | 40/41 | €177,483 | €142,264 | -€35,220 | -19.8% |
| Trade receivables | 40 | €102,483 | €22,264 | -€80,220 | -78.3% |
| Other amounts receivable | 41 | €75,000 | €120,000 | +€45,000 | +60.0% |
| Current investments | 50/53 | €142,569 | €143,193 | +€623 | +0.4% |
| Cash at bank and in hand | 54/58 | €64,127 | €100,034 | +€35,907 | +56.0% |
| Deferred charges and accrued income | 490/1 | €3,332 | €3,478 | +€146 | +4.4% |
| Total equity and liabilities | 10/49 | €560,449 | €585,834 | +€25,386 | +4.5% |
| Equity | 10/15 | €461,938 | €542,851 | +€80,913 | +17.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €455,738 | €536,651 | +€80,913 | +17.8% |
| Distributable reserves | 133 | €455,738 | €536,651 | +€80,913 | +17.8% |
| Amounts payable | 17/49 | €98,511 | €42,983 | -€55,527 | -56.4% |
| Amounts payable within one year | 42/48 | €98,511 | €41,689 | -€56,822 | -57.7% |
| Trade debts | 44 | €4,123 | €4,008 | -€115 | -2.8% |
| Suppliers | 440/4 | €4,123 | €4,008 | -€115 | -2.8% |
| Taxes, remuneration and social security | 45 | €15,261 | €32,526 | +€17,265 | +113.1% |
| Taxes | 450/3 | €15,261 | €32,526 | +€17,265 | +113.1% |
| Other amounts payable | 47/48 | €79,127 | €5,155 | -€73,972 | -93.5% |
| Accrued charges and deferred income | 492/3 | - | €1,294 | +€1,294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,564 | €7,236 | +€2,673 | +58.6% |
| Other operating charges | 640/8 | €866 | €825 | -€41 | -4.7% |
| Gross operating margin | 9900 | €114,468 | €122,366 | +€7,898 | +6.9% |
| Operating profit (loss) | 9901 | €109,038 | €114,304 | +€5,266 | +4.8% |
| Financial income | 75/76B | €6,451 | €6,035 | -€416 | -6.5% |
| Recurring financial income | 75 | €6,451 | €6,035 | -€416 | -6.5% |
| Financial charges | 65/66B | €2,668 | €1,483 | -€1,186 | -44.4% |
| Recurring financial charges | 65 | €2,668 | €1,483 | -€1,186 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | €112,821 | €118,856 | +€6,035 | +5.3% |
| Income taxes | 67/77 | €31,358 | €37,943 | +€6,585 | +21.0% |
| Profit (loss) for the period | 9904 | €81,462 | €80,913 | -€549 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,462 | €80,913 | -€549 | -0.7% |
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 4 October 2026 via checked.be.