GVDB: 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.
GVDB
Largest movements
- Financial fixed assets +€3.8m
up €3.8m (+477803.0%), from €800 to €3.8m
- Receivables after one year -€713,054
no longer reported in 2025 (was €713,054)
- Cash +€40,093
up €40,093 (+182.6%), from €21,952 to €62,044
mainly Debts after one year (+€2.4m) and Receivables after one year (+€713,054)
- Debts after one year +€2.4m
up €2.4m (+703.2%), from €334,832 to €2.7m
- Other debts +€486,569
up €486,569 (+13935.6%), from €3,492 to €490,060
- Profit (loss) carried forward +€185,470
up €185,470 (+50.2%), from €369,799 to €555,269
- Current portion of long-term debt +€131,110
new in 2025: €131,110
- Gross operating margin +€26,761
up €26,761 (+12.4%), from €215,087 to €241,848
- Financial income +€25,287
up €25,287 (+221.6%), from €11,409 to €36,696
- Financial charges +€23,217
up €23,217 (+245.4%), from €9,459 to €32,676
of which Financial charges: +€24,072
- Taxes +€6,207
up €6,207 (+12.5%), from €49,594 to €55,800
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 | €764,294 | €3,918,805 | +€3.2m | +412.7% |
| Fixed assets | 21/28 | €7,428 | €3,832,168 | +€3.8m | +51494.0% |
| Tangible fixed assets | 22/27 | €6,628 | €8,944 | +€2,317 | +35.0% |
| Furniture and vehicles | 24 | €6,628 | €4,757 | -€1,870 | -28.2% |
| Other tangible fixed assets | 26 | - | €4,187 | +€4,187 | |
| Financial fixed assets | 28 | €800 | €3,823,224 | +€3.8m | +477803.0% |
| Current assets | 29/58 | €756,866 | €86,637 | -€670,230 | -88.6% |
| Amounts receivable after more than one year | 29 | €713,054 | - | -€713,054 | |
| Trade receivables | 290 | €713,054 | - | -€713,054 | |
| Amounts receivable within one year | 40/41 | €21,657 | €23,000 | +€1,343 | +6.2% |
| Trade receivables | 40 | €21,657 | €18,800 | -€2,857 | -13.2% |
| Other amounts receivable | 41 | - | €4,200 | +€4,200 | |
| Cash at bank and in hand | 54/58 | €21,952 | €62,044 | +€40,093 | +182.6% |
| Deferred charges and accrued income | 490/1 | €204 | €1,593 | +€1,389 | +680.4% |
| Total equity and liabilities | 10/49 | €764,294 | €3,918,805 | +€3.2m | +412.7% |
| Equity | 10/15 | €371,799 | €557,269 | +€185,470 | +49.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €369,799 | €555,269 | +€185,470 | +50.2% |
| Amounts payable | 17/49 | €392,495 | €3,361,536 | +€3.0m | +756.5% |
| Amounts payable after more than one year | 17 | €334,832 | €2,689,225 | +€2.4m | +703.2% |
| Financial debts | 170/4 | €334,832 | €2,689,225 | +€2.4m | +703.2% |
| Amounts payable within one year | 42/48 | €57,663 | €672,311 | +€614,647 | +1065.9% |
| Current portion of amounts payable after more than one year | 42 | - | €131,110 | +€131,110 | |
| Trade debts | 44 | €376 | €986 | +€610 | +162.4% |
| Suppliers | 440/4 | €376 | €986 | +€610 | +162.4% |
| Taxes, remuneration and social security | 45 | €53,796 | €50,154 | -€3,642 | -6.8% |
| Taxes | 450/3 | €53,796 | €50,154 | -€3,642 | -6.8% |
| Other amounts payable | 47/48 | €3,492 | €490,060 | +€486,569 | +13935.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,465 | €2,164 | -€302 | -12.2% |
| Other operating charges | 640/8 | €131 | €2,434 | +€2,303 | +1760.6% |
| Gross operating margin | 9900 | €215,087 | €241,848 | +€26,761 | +12.4% |
| Operating profit (loss) | 9901 | €212,491 | €237,251 | +€24,759 | +11.7% |
| Financial income | 75/76B | €11,409 | €36,696 | +€25,287 | +221.6% |
| Recurring financial income | 75 | €11,409 | €36,696 | +€25,287 | +221.6% |
| Financial charges | 65/66B | €9,459 | €32,676 | +€23,217 | +245.4% |
| Recurring financial charges | 65 | €8,605 | €32,676 | +€24,072 | +279.7% |
| Non-recurring financial charges | 66B | €855 | - | -€855 | |
| Profit (loss) for the period before taxes | 9903 | €214,441 | €241,271 | +€26,829 | +12.5% |
| Income taxes | 67/77 | €49,594 | €55,800 | +€6,207 | +12.5% |
| Profit (loss) for the period | 9904 | €164,848 | €185,470 | +€20,623 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €164,848 | €185,470 | +€20,623 | +12.5% |
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 3 October 2026 via checked.be.