GVDC: 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.
GVDC
Largest movements
- Cash -€27,278
down €27,278 (-38.6%), from €70,591 to €43,313
mainly Debts after one year (-€54,071) and Tax, wage and social debts (-€25,776)
- Tangible fixed assets -€11,010
down €11,010 (-27.9%), from €39,432 to €28,422
of which Furniture and vehicles: -€10,184
- Reserves +€63,000
up €63,000 (+44.8%), from €140,500 to €203,500
- Debts after one year -€54,071
down €54,071 (-29.8%), from €181,206 to €127,134
- Tax, wage and social debts -€25,776
down €25,776 (-65.7%), from €39,254 to €13,478
of which Taxes: -€25,776
- Trade debts -€9,601
down €9,601 (-98.7%), from €9,729 to €128
- Other debts -€8,544
down €8,544 (-17.3%), from €49,301 to €40,757
- Taxes +€10,391
up €10,391 (+52.9%), from €19,650 to €30,041
- Gross operating margin -€2,613
down €2,613 (-2.2%), from €116,329 to €113,716
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 | €508,138 | €474,164 | -€33,975 | -6.7% |
| Fixed assets | 21/28 | €420,432 | €409,422 | -€11,010 | -2.6% |
| Tangible fixed assets | 22/27 | €39,432 | €28,422 | -€11,010 | -27.9% |
| Furniture and vehicles | 24 | €31,222 | €21,038 | -€10,184 | -32.6% |
| Other tangible fixed assets | 26 | €8,211 | €7,385 | -€826 | -10.1% |
| Financial fixed assets | 28 | €381,000 | €381,000 | = | 0.0% |
| Current assets | 29/58 | €87,706 | €64,741 | -€22,964 | -26.2% |
| Amounts receivable within one year | 40/41 | €17,115 | €20,000 | +€2,885 | +16.9% |
| Trade receivables | 40 | €1,615 | €0 | -€1,615 | -100% |
| Other amounts receivable | 41 | €15,500 | €20,000 | +€4,500 | +29.0% |
| Cash at bank and in hand | 54/58 | €70,591 | €43,313 | -€27,278 | -38.6% |
| Deferred charges and accrued income | 490/1 | €0 | €1,428 | +€1,428 | |
| Total equity and liabilities | 10/49 | €508,138 | €474,164 | -€33,975 | -6.7% |
| Equity | 10/15 | €176,046 | €238,595 | +€62,549 | +35.5% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €140,500 | €203,500 | +€63,000 | +44.8% |
| Distributable reserves | 133 | €140,500 | €203,500 | +€63,000 | +44.8% |
| Profit (loss) carried forward | 14 | €546 | €95 | -€451 | -82.6% |
| Amounts payable | 17/49 | €332,093 | €235,569 | -€96,524 | -29.1% |
| Amounts payable after more than one year | 17 | €181,206 | €127,134 | -€54,071 | -29.8% |
| Financial debts | 170/4 | €181,206 | €127,134 | -€54,071 | -29.8% |
| Amounts payable within one year | 42/48 | €150,887 | €108,434 | -€42,453 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €52,602 | €54,071 | +€1,469 | +2.8% |
| Trade debts | 44 | €9,729 | €128 | -€9,601 | -98.7% |
| Suppliers | 440/4 | €9,729 | €128 | -€9,601 | -98.7% |
| Taxes, remuneration and social security | 45 | €39,254 | €13,478 | -€25,776 | -65.7% |
| Taxes | 450/3 | €39,254 | €13,478 | -€25,776 | -65.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €49,301 | €40,757 | -€8,544 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,236 | €11,010 | +€774 | +7.6% |
| Other operating charges | 640/8 | €141 | €672 | +€531 | +378% |
| Gross operating margin | 9900 | €116,329 | €113,716 | -€2,613 | -2.2% |
| Operating profit (loss) | 9901 | €105,953 | €102,034 | -€3,919 | -3.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €10,497 | €9,443 | -€1,053 | -10.0% |
| Recurring financial charges | 65 | €10,497 | €9,443 | -€1,053 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €95,457 | €92,591 | -€2,866 | -3.0% |
| Income taxes | 67/77 | €19,650 | €30,041 | +€10,391 | +52.9% |
| Profit (loss) for the period | 9904 | €75,807 | €62,549 | -€13,258 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €75,807 | €62,549 | -€13,258 | -17.5% |
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 23 October 2026 via checked.be.