GVDW: 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.
GVDW
Largest movements
- Current investments +€231,584
new in 2025: €231,584
- Cash -€159,788
down €159,788 (-43.2%), from €369,986 to €210,198
mainly Current investments (-€231,584) and Contributions, distributions and other (-€37,574)
- Tangible fixed assets -€14,763
down €14,763 (-17.6%), from €83,912 to €69,148
of which Plant, machinery and equipment: -€11,587
- Reserves +€97,426
up €97,426 (+30.3%), from €321,944 to €419,370
of which Distributable reserves: +€97,426
- Other debts -€34,704
down €34,704 (-48.0%), from €72,278 to €37,574
- Trade debts -€12,101
down €12,101 (-43.4%), from €27,898 to €15,798
- Tax, wage and social debts +€7,576
up €7,576 (+33.5%), from €22,588 to €30,164
of which Taxes: +€12,543
- Gross operating margin +€41,399
up €41,399 (+13.9%), from €298,518 to €339,917
- Taxes +€12,631
up €12,631 (+26.7%), from €47,379 to €60,010
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 | €462,686 | €518,622 | +€55,936 | +12.1% |
| Fixed assets | 21/28 | €83,912 | €69,148 | -€14,763 | -17.6% |
| Tangible fixed assets | 22/27 | €83,912 | €69,148 | -€14,763 | -17.6% |
| Land and buildings | 22 | €14,823 | €11,646 | -€3,176 | -21.4% |
| Plant, machinery and equipment | 23 | €69,089 | €57,502 | -€11,587 | -16.8% |
| Current assets | 29/58 | €378,774 | €449,474 | +€70,699 | +18.7% |
| Amounts receivable within one year | 40/41 | €3,334 | €2,901 | -€433 | -13.0% |
| Trade receivables | 40 | €3,334 | €157 | -€3,176 | -95.3% |
| Other amounts receivable | 41 | - | €2,744 | +€2,744 | |
| Current investments | 50/53 | - | €231,584 | +€231,584 | |
| Cash at bank and in hand | 54/58 | €369,986 | €210,198 | -€159,788 | -43.2% |
| Deferred charges and accrued income | 490/1 | €5,455 | €4,791 | -€664 | -12.2% |
| Total equity and liabilities | 10/49 | €462,686 | €518,622 | +€55,936 | +12.1% |
| Equity | 10/15 | €337,171 | €435,087 | +€97,915 | +29.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €321,944 | €419,370 | +€97,426 | +30.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €320,089 | €417,515 | +€97,426 | +30.4% |
| Profit (loss) carried forward | 14 | €227 | €717 | +€489 | +215% |
| Amounts payable | 17/49 | €125,515 | €83,535 | -€41,980 | -33.4% |
| Amounts payable within one year | 42/48 | €122,764 | €83,535 | -€39,229 | -32.0% |
| Trade debts | 44 | €27,898 | €15,798 | -€12,101 | -43.4% |
| Suppliers | 440/4 | €27,898 | €15,798 | -€12,101 | -43.4% |
| Taxes, remuneration and social security | 45 | €22,588 | €30,164 | +€7,576 | +33.5% |
| Taxes | 450/3 | €9,118 | €21,661 | +€12,543 | +138% |
| Remuneration and social security | 454/9 | €13,470 | €8,503 | -€4,967 | -36.9% |
| Other amounts payable | 47/48 | €72,278 | €37,574 | -€34,704 | -48.0% |
| Accrued charges and deferred income | 492/3 | €2,751 | - | -€2,751 | |
| Remuneration, social security and pensions | 62 | €114,212 | €114,475 | +€264 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,394 | €29,870 | +€2,477 | +9.0% |
| Other operating charges | 640/8 | €621 | €709 | +€89 | +14.3% |
| Gross operating margin | 9900 | €298,518 | €339,917 | +€41,399 | +13.9% |
| Operating profit (loss) | 9901 | €156,292 | €194,862 | +€38,570 | +24.7% |
| Financial income | 75/76B | €915 | €1,164 | +€249 | +27.2% |
| Recurring financial income | 75 | €915 | €1,164 | +€249 | +27.2% |
| Financial charges | 65/66B | €608 | €526 | -€82 | -13.4% |
| Recurring financial charges | 65 | €608 | €526 | -€82 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €156,599 | €195,499 | +€38,901 | +24.8% |
| Income taxes | 67/77 | €47,379 | €60,010 | +€12,631 | +26.7% |
| Profit (loss) for the period | 9904 | €109,220 | €135,489 | +€26,270 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,220 | €135,489 | +€26,270 | +24.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.