GVDS: 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.
GVDS
Largest movements
- Receivables within one year +€36,957
up €36,957 (+145.5%), from €25,396 to €62,354
of which Other amounts receivable: +€29,823
- Cash -€35,166
down €35,166 (-61.6%), from €57,048 to €21,883
mainly Contributions, distributions and other (-€70,826) and Receivables within one year (-€36,957)
- Tangible fixed assets -€13,389
down €13,389 (-30.0%), from €44,570 to €31,181
of which Furniture and vehicles: -€13,389
- Reserves -€25,940
down €25,940 (-100.0%), from €25,940 to €0
- Other debts +€22,862
up €22,862 (+42.9%), from €53,311 to €76,172
- Debts after one year -€11,634
down €11,634 (-41.8%), from €27,848 to €16,214
- Accrued charges and deferred income +€1,978
new in 2025: €1,978
- Tax, wage and social debts +€1,513
up €1,513 (+29.8%), from €5,070 to €6,583
- Gross operating margin +€24,752
up €24,752 (+47.2%), from €52,413 to €77,164
- Taxes +€4,143
up €4,143 (+53.7%), from €7,713 to €11,856
- Financial income -€2,026
down €2,026 (-76.5%), from €2,649 to €623
- Financial charges +€1,464
up €1,464 (+77.9%), from €1,881 to €3,345
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 | €127,765 | €115,938 | -€11,828 | -9.3% |
| Fixed assets | 21/28 | €44,570 | €31,181 | -€13,389 | -30.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €44,570 | €31,181 | -€13,389 | -30.0% |
| Furniture and vehicles | 24 | €44,570 | €31,181 | -€13,389 | -30.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €83,195 | €84,756 | +€1,562 | +1.9% |
| Amounts receivable within one year | 40/41 | €25,396 | €62,354 | +€36,957 | +145.5% |
| Trade receivables | 40 | €3,605 | €10,739 | +€7,134 | +197.9% |
| Other amounts receivable | 41 | €21,792 | €51,615 | +€29,823 | +136.9% |
| Cash at bank and in hand | 54/58 | €57,048 | €21,883 | -€35,166 | -61.6% |
| Deferred charges and accrued income | 490/1 | €750 | €520 | -€230 | -30.6% |
| Total equity and liabilities | 10/49 | €127,765 | €115,938 | -€11,828 | -9.3% |
| Equity | 10/15 | €27,940 | €2,000 | -€25,940 | -92.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €25,940 | €0 | -€25,940 | -100.0% |
| Distributable reserves | 133 | €25,940 | €0 | -€25,940 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,825 | €113,938 | +€14,112 | +14.1% |
| Amounts payable after more than one year | 17 | €27,848 | €16,214 | -€11,634 | -41.8% |
| Financial debts | 170/4 | €27,848 | €16,214 | -€11,634 | -41.8% |
| Amounts payable within one year | 42/48 | €71,977 | €95,745 | +€23,768 | +33.0% |
| Current portion of amounts payable after more than one year | 42 | €11,506 | €11,634 | +€128 | +1.1% |
| Trade debts | 44 | €2,091 | €1,356 | -€735 | -35.2% |
| Suppliers | 440/4 | €2,091 | €1,356 | -€735 | -35.2% |
| Taxes, remuneration and social security | 45 | €5,070 | €6,583 | +€1,513 | +29.8% |
| Taxes | 450/3 | €5,070 | €6,583 | +€1,513 | +29.8% |
| Other amounts payable | 47/48 | €53,311 | €76,172 | +€22,862 | +42.9% |
| Accrued charges and deferred income | 492/3 | - | €1,978 | +€1,978 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,687 | €13,389 | -€298 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,506 | €3,506 | = | 0.0% |
| Other operating charges | 640/8 | €669 | €805 | +€135 | +20.2% |
| Gross operating margin | 9900 | €52,413 | €77,164 | +€24,752 | +47.2% |
| Operating profit (loss) | 9901 | €34,551 | €59,465 | +€24,914 | +72.1% |
| Financial income | 75/76B | €2,649 | €623 | -€2,026 | -76.5% |
| Recurring financial income | 75 | €2,649 | €623 | -€2,026 | -76.5% |
| Financial charges | 65/66B | €1,881 | €3,345 | +€1,464 | +77.9% |
| Recurring financial charges | 65 | €1,881 | €3,345 | +€1,464 | +77.9% |
| Profit (loss) for the period before taxes | 9903 | €35,319 | €56,742 | +€21,424 | +60.7% |
| Income taxes | 67/77 | €7,713 | €11,856 | +€4,143 | +53.7% |
| Profit (loss) for the period | 9904 | €27,606 | €44,887 | +€17,281 | +62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,606 | €44,887 | +€17,281 | +62.6% |
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 1 October 2026 via checked.be.