GVer2: 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.
GVer2
Largest movements
- Current investments +€131,776
new in 2025: €131,776
- Cash -€85,450
down €85,450 (-38.2%), from €223,548 to €138,098
mainly Current investments (-€131,776) and Investment in fixed assets (net) (-€3,762)
- Tangible fixed assets -€12,070
down €12,070 (-18.8%), from €64,158 to €52,088
of which Furniture and vehicles: -€11,654
- Receivables within one year -€7,852
down €7,852 (-45.5%), from €17,239 to €9,387
of which Trade receivables: -€4,425
- Reserves +€19,609
up €19,609 (+7.0%), from €279,670 to €299,279
of which Distributable reserves: +€19,609
- Depreciation +€10,530
up €10,530 (+198.6%), from €5,302 to €15,832
- Gross operating margin +€5,485
up €5,485 (+13.4%), from €40,820 to €46,305
- Taxes -€1,965
down €1,965 (-16.2%), from €12,136 to €10,170
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 | €306,824 | €333,391 | +€26,566 | +8.7% |
| Fixed assets | 21/28 | €64,198 | €52,128 | -€12,070 | -18.8% |
| Tangible fixed assets | 22/27 | €64,158 | €52,088 | -€12,070 | -18.8% |
| Plant, machinery and equipment | 23 | €2,011 | €1,595 | -€416 | -20.7% |
| Furniture and vehicles | 24 | €62,146 | €50,493 | -€11,654 | -18.8% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €242,627 | €281,263 | +€38,636 | +15.9% |
| Amounts receivable within one year | 40/41 | €17,239 | €9,387 | -€7,852 | -45.5% |
| Trade receivables | 40 | €13,812 | €9,387 | -€4,425 | -32.0% |
| Other amounts receivable | 41 | €3,426 | - | -€3,426 | |
| Current investments | 50/53 | - | €131,776 | +€131,776 | |
| Cash at bank and in hand | 54/58 | €223,548 | €138,098 | -€85,450 | -38.2% |
| Deferred charges and accrued income | 490/1 | €1,840 | €2,003 | +€163 | +8.9% |
| Total equity and liabilities | 10/49 | €306,824 | €333,391 | +€26,566 | +8.7% |
| Equity | 10/15 | €298,270 | €317,879 | +€19,609 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €279,670 | €299,279 | +€19,609 | +7.0% |
| Non-distributable reserves | 130/1 | €2,182 | €2,182 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,182 | €2,182 | = | 0.0% |
| Distributable reserves | 133 | €277,488 | €297,096 | +€19,609 | +7.1% |
| Amounts payable | 17/49 | €8,555 | €15,512 | +€6,958 | +81.3% |
| Amounts payable within one year | 42/48 | €8,555 | €15,512 | +€6,958 | +81.3% |
| Trade debts | 44 | €1,203 | €3,358 | +€2,155 | +179.1% |
| Suppliers | 440/4 | €1,203 | €3,358 | +€2,155 | +179.1% |
| Taxes, remuneration and social security | 45 | €3,136 | €4,711 | +€1,575 | +50.2% |
| Taxes | 450/3 | €3,136 | €4,711 | +€1,575 | +50.2% |
| Other amounts payable | 47/48 | €4,215 | €7,443 | +€3,228 | +76.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,302 | €15,832 | +€10,530 | +198.6% |
| Other operating charges | 640/8 | €505 | €598 | +€92 | +18.3% |
| Gross operating margin | 9900 | €40,820 | €46,305 | +€5,485 | +13.4% |
| Operating profit (loss) | 9901 | €35,013 | €29,875 | -€5,138 | -14.7% |
| Financial charges | 65/66B | €39 | €96 | +€57 | +146.4% |
| Recurring financial charges | 65 | €39 | €96 | +€57 | +146.4% |
| Profit (loss) for the period before taxes | 9903 | €34,974 | €29,779 | -€5,195 | -14.9% |
| Income taxes | 67/77 | €12,136 | €10,170 | -€1,965 | -16.2% |
| Profit (loss) for the period | 9904 | €22,838 | €19,609 | -€3,229 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,838 | €19,609 | -€3,229 | -14.1% |
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 5 October 2026 via checked.be.