GVF VIN: 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.
GVF VIN
Largest movements
- Stocks and contracts +€77,740
up €77,740 (+28.8%), from €269,954 to €347,694
- Cash -€12,616
down €12,616 (-20.4%), from €61,779 to €49,162
mainly Stocks and contracts (-€77,740) and Investment in fixed assets (net) (-€11,055)
- Receivables within one year -€11,052
down €11,052 (-2.9%), from €387,606 to €376,554
of which Trade receivables: -€47,630
- Tangible fixed assets -€9,999
down €9,999 (-18.0%), from €55,429 to €45,430
of which Land and buildings: -€6,614
- Trade debts +€30,838
up €30,838 (+19.5%), from €158,110 to €188,948
- Debts after one year +€8,546
up €8,546 (+15.3%), from €56,021 to €64,567
- Other operating charges +€81,993
up €81,993 (+2,534%), from €3,236 to €85,229
- Gross operating margin -€64,326
down €64,326 (-31.5%), from €204,238 to €139,912
- Taxes -€20,518
down €20,518 (-81.9%), from €25,048 to €4,530
- Staff costs -€14,610
down €14,610 (-82.1%), from €17,804 to €3,193
- Financial charges +€7,913
up €7,913 (+53.8%), from €14,717 to €22,630
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 | €779,479 | €825,941 | +€46,463 | +6.0% |
| Fixed assets | 21/28 | €55,429 | €45,430 | -€9,999 | -18.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €55,429 | €45,430 | -€9,999 | -18.0% |
| Land and buildings | 22 | €17,548 | €10,934 | -€6,614 | -37.7% |
| Plant, machinery and equipment | 23 | €5,849 | €8,709 | +€2,860 | +48.9% |
| Furniture and vehicles | 24 | €27,863 | €23,258 | -€4,605 | -16.5% |
| Other tangible fixed assets | 26 | €4,169 | €2,529 | -€1,640 | -39.3% |
| Current assets | 29/58 | €724,050 | €780,511 | +€56,461 | +7.8% |
| Stocks and contracts in progress | 3 | €269,954 | €347,694 | +€77,740 | +28.8% |
| Stocks | 30/36 | €269,954 | €347,694 | +€77,740 | +28.8% |
| Amounts receivable within one year | 40/41 | €387,606 | €376,554 | -€11,052 | -2.9% |
| Trade receivables | 40 | €347,105 | €299,475 | -€47,630 | -13.7% |
| Other amounts receivable | 41 | €40,501 | €77,079 | +€36,578 | +90.3% |
| Cash at bank and in hand | 54/58 | €61,779 | €49,162 | -€12,616 | -20.4% |
| Deferred charges and accrued income | 490/1 | €4,711 | €7,101 | +€2,390 | +50.7% |
| Total equity and liabilities | 10/49 | €779,479 | €825,941 | +€46,463 | +6.0% |
| Equity | 10/15 | €308,540 | €315,821 | +€7,281 | +2.4% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €273,500 | €280,500 | +€7,000 | +2.6% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Distributable reserves | 133 | €270,000 | €277,000 | +€7,000 | +2.6% |
| Profit (loss) carried forward | 14 | €40 | €321 | +€281 | +711% |
| Amounts payable | 17/49 | €470,939 | €510,121 | +€39,181 | +8.3% |
| Amounts payable after more than one year | 17 | €56,021 | €64,567 | +€8,546 | +15.3% |
| Financial debts | 170/4 | €56,021 | €64,567 | +€8,546 | +15.3% |
| Amounts payable within one year | 42/48 | €414,919 | €440,271 | +€25,352 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €6,989 | €7,272 | +€283 | +4.1% |
| Financial debts | 43 | €183,306 | €183,585 | +€279 | +0.2% |
| Credit institutions | 430/8 | €175,000 | €175,131 | +€131 | +0.1% |
| Other loans | 439 | €8,306 | €8,455 | +€149 | +1.8% |
| Trade debts | 44 | €158,110 | €188,948 | +€30,838 | +19.5% |
| Suppliers | 440/4 | €158,110 | €188,948 | +€30,838 | +19.5% |
| Advances received on contracts in progress | 46 | - | €5,543 | +€5,543 | |
| Taxes, remuneration and social security | 45 | €6,791 | €1,205 | -€5,587 | -82.3% |
| Taxes | 450/3 | €6,017 | €1,120 | -€4,898 | -81.4% |
| Remuneration and social security | 454/9 | €774 | €85 | -€689 | -89.0% |
| Other amounts payable | 47/48 | €59,723 | €53,718 | -€6,005 | -10.1% |
| Accrued charges and deferred income | 492/3 | €0 | €5,283 | +€5,283 | |
| Non-recurring operating income | 76A | €20,638 | €482 | -€20,155 | -97.7% |
| Remuneration, social security and pensions | 62 | €17,804 | €3,193 | -€14,610 | -82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,555 | €21,054 | -€1,501 | -6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €540 | +€540 | |
| Other operating charges | 640/8 | €3,236 | €85,229 | +€81,993 | +2,534% |
| Gross operating margin | 9900 | €204,238 | €139,912 | -€64,326 | -31.5% |
| Operating profit (loss) | 9901 | €160,644 | €29,896 | -€130,748 | -81.4% |
| Financial income | 75/76B | €4,982 | €4,545 | -€436 | -8.8% |
| Recurring financial income | 75 | €4,982 | €4,545 | -€436 | -8.8% |
| Financial charges | 65/66B | €14,717 | €22,630 | +€7,913 | +53.8% |
| Recurring financial charges | 65 | €14,717 | €22,630 | +€7,913 | +53.8% |
| Profit (loss) for the period before taxes | 9903 | €150,908 | €11,811 | -€139,097 | -92.2% |
| Income taxes | 67/77 | €25,048 | €4,530 | -€20,518 | -81.9% |
| Profit (loss) for the period | 9904 | €125,860 | €7,281 | -€118,579 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | €125,860 | €7,281 | -€118,579 | -94.2% |
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 25 October 2026 via checked.be.