GVDC Management: 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 Management
Largest movements
- Tangible fixed assets +€17,787
new in 2025: €17,787
of which Furniture and vehicles: +€12,872
- Current investments -€14,000
down €14,000 (-100%), from €14,000 to €0
- Cash -€12,013
down €12,013 (-10.6%), from €113,271 to €101,258
mainly Contributions, distributions and other (-€100,078) and Investment in fixed assets (net) (-€19,898)
- Receivables within one year +€3,980
up €3,980 (+52.0%), from €7,648 to €11,628
of which Other amounts receivable: +€3,750
- Other debts +€46,920
up €46,920 (+489%), from €9,600 to €56,520
- Reserves -€43,113
down €43,113 (-43.1%), from €100,078 to €56,965
- Tax, wage and social debts -€8,431
down €8,431 (-29.6%), from €28,512 to €20,082
- Gross operating margin +€28,573
up €28,573 (+60.0%), from €47,591 to €76,165
- Taxes +€4,513
up €4,513 (+40.2%), from €11,223 to €15,736
- Depreciation +€2,111
new in 2025: €2,111
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 | €143,452 | €139,612 | -€3,840 | -2.7% |
| Fixed assets | 21/28 | - | €17,787 | +€17,787 | |
| Tangible fixed assets | 22/27 | - | €17,787 | +€17,787 | |
| Furniture and vehicles | 24 | - | €12,872 | +€12,872 | |
| Other tangible fixed assets | 26 | - | €4,915 | +€4,915 | |
| Current assets | 29/58 | €143,452 | €121,825 | -€21,627 | -15.1% |
| Amounts receivable within one year | 40/41 | €7,648 | €11,628 | +€3,980 | +52.0% |
| Trade receivables | 40 | €0 | €230 | +€230 | |
| Other amounts receivable | 41 | €7,648 | €11,398 | +€3,750 | +49.0% |
| Current investments | 50/53 | €14,000 | €0 | -€14,000 | -100% |
| Cash at bank and in hand | 54/58 | €113,271 | €101,258 | -€12,013 | -10.6% |
| Deferred charges and accrued income | 490/1 | €8,533 | €8,940 | +€407 | +4.8% |
| Total equity and liabilities | 10/49 | €143,452 | €139,612 | -€3,840 | -2.7% |
| Equity | 10/15 | €101,078 | €57,965 | -€43,113 | -42.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100,078 | €56,965 | -€43,113 | -43.1% |
| Distributable reserves | 133 | €100,078 | €56,965 | -€43,113 | -43.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,374 | €81,647 | +€39,273 | +92.7% |
| Amounts payable within one year | 42/48 | €42,374 | €81,647 | +€39,273 | +92.7% |
| Trade debts | 44 | €4,261 | €5,045 | +€784 | +18.4% |
| Suppliers | 440/4 | €4,261 | €5,045 | +€784 | +18.4% |
| Taxes, remuneration and social security | 45 | €28,512 | €20,082 | -€8,431 | -29.6% |
| Taxes | 450/3 | €28,512 | €20,082 | -€8,431 | -29.6% |
| Other amounts payable | 47/48 | €9,600 | €56,520 | +€46,920 | +489% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,111 | +€2,111 | |
| Other operating charges | 640/8 | €735 | €1,008 | +€273 | +37.2% |
| Gross operating margin | 9900 | €47,591 | €76,165 | +€28,573 | +60.0% |
| Operating profit (loss) | 9901 | €46,857 | €73,046 | +€26,190 | +55.9% |
| Financial income | 75/76B | €2,022 | €1,891 | -€132 | -6.5% |
| Recurring financial income | 75 | €2,022 | €1,891 | -€132 | -6.5% |
| Financial charges | 65/66B | €2,700 | €2,236 | -€464 | -17.2% |
| Recurring financial charges | 65 | €2,700 | €2,236 | -€464 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €46,179 | €72,702 | +€26,522 | +57.4% |
| Income taxes | 67/77 | €11,223 | €15,736 | +€4,513 | +40.2% |
| Profit (loss) for the period | 9904 | €34,957 | €56,965 | +€22,009 | +63.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,957 | €56,965 | +€22,009 | +63.0% |
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 14 October 2026 via checked.be.