GVDH PROJECTS: 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.
GVDH PROJECTS
Largest movements
- Cash -€60,546
down €60,546 (-73.1%), from €82,872 to €22,326
mainly Tax, wage and social debts (-€58,927) and Trade debts (-€7,898)
- Receivables within one year -€10,477
down €10,477 (-2.1%), from €501,189 to €490,711
- Tax, wage and social debts -€58,927
down €58,927 (-98.3%), from €59,945 to €1,019
- Trade debts -€7,898
down €7,898 (-90.8%), from €8,694 to €796
- Other operating charges -€62,439
down €62,439 (-99.8%), from €62,549 to €110
- Gross operating margin -€3,633
down €3,633, from €2,277 to -€1,357
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 | €584,585 | €513,113 | -€71,472 | -12.2% |
| Fixed assets | 21/28 | €524 | €75 | -€449 | -85.7% |
| Tangible fixed assets | 22/27 | €524 | €75 | -€449 | -85.7% |
| Furniture and vehicles | 24 | €524 | €75 | -€449 | -85.7% |
| Current assets | 29/58 | €584,061 | €513,038 | -€71,023 | -12.2% |
| Amounts receivable within one year | 40/41 | €501,189 | €490,711 | -€10,477 | -2.1% |
| Other amounts receivable | 41 | €501,189 | €490,711 | -€10,477 | -2.1% |
| Cash at bank and in hand | 54/58 | €82,872 | €22,326 | -€60,546 | -73.1% |
| Total equity and liabilities | 10/49 | €584,585 | €513,113 | -€71,472 | -12.2% |
| Equity | 10/15 | €515,946 | €511,299 | -€4,648 | -0.9% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €37,327 | €37,327 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,632 | €4,632 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,632 | €4,632 | = | 0.0% |
| Distributable reserves | 133 | €32,695 | €32,695 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,380 | -€126,028 | -€4,648 | -3.8% |
| Amounts payable | 17/49 | €68,639 | €1,814 | -€66,825 | -97.4% |
| Amounts payable within one year | 42/48 | €68,639 | €1,814 | -€66,825 | -97.4% |
| Trade debts | 44 | €8,694 | €796 | -€7,898 | -90.8% |
| Suppliers | 440/4 | €8,694 | €796 | -€7,898 | -90.8% |
| Taxes, remuneration and social security | 45 | €59,945 | €1,019 | -€58,927 | -98.3% |
| Taxes | 450/3 | €59,945 | €1,019 | -€58,927 | -98.3% |
| Non-recurring operating income | 76A | €400 | - | -€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €449 | €449 | = | 0.0% |
| Other operating charges | 640/8 | €62,549 | €110 | -€62,439 | -99.8% |
| Gross operating margin | 9900 | €2,277 | -€1,357 | -€3,633 | |
| Operating profit (loss) | 9901 | -€60,722 | -€1,916 | +€58,806 | +96.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,733 | €2,732 | -€1 | 0.0% |
| Recurring financial charges | 65 | €2,733 | €2,732 | -€1 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,454 | -€4,648 | +€58,807 | +92.7% |
| Profit (loss) for the period | 9904 | -€63,454 | -€4,648 | +€58,807 | +92.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,454 | -€4,648 | +€58,807 | +92.7% |
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 16 October 2026 via checked.be.