GVDB: 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.
GVDB
Largest movements
- Tangible fixed assets +€216,094
up €216,094 (+44.5%), from €485,345 to €701,439
of which Land and buildings: +€166,272
- Receivables within one year -€100,249
down €100,249 (-39.2%), from €255,884 to €155,635
of which Other amounts receivable: -€97,363
- Cash -€83,743
down €83,743 (-96.1%), from €87,150 to €3,407
mainly Investment in fixed assets (net) (-€281,865) and Trade debts (-€44,605)
- Financial fixed assets +€13,860
up €13,860 (+4.9%), from €283,787 to €297,647
- Trade debts -€44,605
down €44,605 (-89.4%), from €49,908 to €5,303
- Other debts +€36,853
up €36,853 (+4044.6%), from €911 to €37,764
- Reserves +€32,011
up €32,011 (+5.4%), from €595,884 to €627,895
- Current portion of long-term debt +€24,195
up €24,195 (+79.2%), from €30,556 to €54,751
- Debts after one year -€19,203
down €19,203 (-4.3%), from €444,224 to €425,021
of which Other amounts payable: -€76,600
- Financial income -€294,347
down €294,347 (-73.7%), from €399,500 to €105,153
- Gross operating margin -€86,105
down €86,105 (-74.2%), from €116,030 to €29,925
- Depreciation +€33,211
up €33,211 (+177.6%), from €18,700 to €51,911
- Other operating charges +€23,612
up €23,612 (+655.2%), from €3,604 to €27,216
- Taxes -€9,720
down €9,720 (-96.3%), from €10,089 to €369
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 | €1,139,329 | €1,177,907 | +€38,578 | +3.4% |
| Fixed assets | 21/28 | €769,132 | €999,086 | +€229,954 | +29.9% |
| Tangible fixed assets | 22/27 | €485,345 | €701,439 | +€216,094 | +44.5% |
| Land and buildings | 22 | €413,606 | €579,877 | +€166,272 | +40.2% |
| Plant, machinery and equipment | 23 | €5,662 | €4,129 | -€1,533 | -27.1% |
| Furniture and vehicles | 24 | €66,078 | €117,433 | +€51,355 | +77.7% |
| Financial fixed assets | 28 | €283,787 | €297,647 | +€13,860 | +4.9% |
| Current assets | 29/58 | €370,197 | €178,821 | -€191,375 | -51.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €255,884 | €155,635 | -€100,249 | -39.2% |
| Trade receivables | 40 | €2,886 | €0 | -€2,886 | -100.0% |
| Other amounts receivable | 41 | €252,998 | €155,635 | -€97,363 | -38.5% |
| Cash at bank and in hand | 54/58 | €87,150 | €3,407 | -€83,743 | -96.1% |
| Deferred charges and accrued income | 490/1 | €27,162 | €19,779 | -€7,383 | -27.2% |
| Total equity and liabilities | 10/49 | €1,139,329 | €1,177,907 | +€38,578 | +3.4% |
| Equity | 10/15 | €597,384 | €629,395 | +€32,011 | +5.4% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €595,884 | €627,895 | +€32,011 | +5.4% |
| Distributable reserves | 133 | €595,884 | €627,895 | +€32,011 | +5.4% |
| Amounts payable | 17/49 | €541,945 | €548,512 | +€6,568 | +1.2% |
| Amounts payable after more than one year | 17 | €444,224 | €425,021 | -€19,203 | -4.3% |
| Financial debts | 170/4 | €367,624 | €425,021 | +€57,397 | +15.6% |
| Other amounts payable | 178/9 | €76,600 | €0 | -€76,600 | -100.0% |
| Amounts payable within one year | 42/48 | €91,464 | €122,122 | +€30,658 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €30,556 | €54,751 | +€24,195 | +79.2% |
| Trade debts | 44 | €49,908 | €5,303 | -€44,605 | -89.4% |
| Suppliers | 440/4 | €49,908 | €5,303 | -€44,605 | -89.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,089 | €24,305 | +€14,215 | +140.9% |
| Taxes | 450/3 | €10,089 | €22,291 | +€12,201 | +120.9% |
| Remuneration and social security | 454/9 | - | €2,014 | +€2,014 | |
| Other amounts payable | 47/48 | €911 | €37,764 | +€36,853 | +4044.6% |
| Accrued charges and deferred income | 492/3 | €6,256 | €1,369 | -€4,887 | -78.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,700 | €51,911 | +€33,211 | +177.6% |
| Other operating charges | 640/8 | €3,604 | €27,216 | +€23,612 | +655.2% |
| Gross operating margin | 9900 | €116,030 | €29,925 | -€86,105 | -74.2% |
| Operating profit (loss) | 9901 | €93,726 | -€49,202 | -€142,928 | |
| Financial income | 75/76B | €399,500 | €105,153 | -€294,347 | -73.7% |
| Recurring financial income | 75 | €399,500 | €105,153 | -€294,347 | -73.7% |
| Financial charges | 65/66B | €27,220 | €23,571 | -€3,650 | -13.4% |
| Recurring financial charges | 65 | €27,220 | €23,571 | -€3,650 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €466,006 | €32,380 | -€433,626 | -93.1% |
| Income taxes | 67/77 | €10,089 | €369 | -€9,720 | -96.3% |
| Profit (loss) for the period | 9904 | €455,916 | €32,011 | -€423,906 | -93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €455,916 | €32,011 | -€423,906 | -93.0% |
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 11 October 2026 via checked.be.