GVG: 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.
GVG
Largest movements
- Receivables within one year -€38,206
down €38,206 (-39.8%), from €95,917 to €57,711
of which Trade receivables: -€37,262
- Cash +€24,405
up €24,405 (+272.3%), from €8,961 to €33,366
mainly Receivables within one year (+€38,206) and Other debts (+€34,049)
- Tangible fixed assets -€14,741
down €14,741 (-35.0%), from €42,153 to €27,411
of which Furniture and vehicles: -€11,977
- Reserves -€50,459
down €50,459 (-99.8%), from €50,545 to €86
- Other debts +€34,049
up €34,049 (+86.2%), from €39,509 to €73,558
- Debts after one year -€12,674
down €12,674 (-100.0%), from €12,674 to €0
- Gross operating margin +€4,587
up €4,587 (+8.0%), from €57,375 to €61,963
- Taxes +€3,444
up €3,444 (+39.9%), from €8,623 to €12,067
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 | €147,211 | €118,673 | -€28,538 | -19.4% |
| Fixed assets | 21/28 | €42,153 | €27,411 | -€14,741 | -35.0% |
| Tangible fixed assets | 22/27 | €42,153 | €27,411 | -€14,741 | -35.0% |
| Land and buildings | 22 | €5,286 | €2,988 | -€2,298 | -43.5% |
| Plant, machinery and equipment | 23 | €1,424 | €958 | -€466 | -32.7% |
| Furniture and vehicles | 24 | €35,442 | €23,465 | -€11,977 | -33.8% |
| Current assets | 29/58 | €105,058 | €91,262 | -€13,796 | -13.1% |
| Amounts receivable within one year | 40/41 | €95,917 | €57,711 | -€38,206 | -39.8% |
| Trade receivables | 40 | €93,069 | €55,807 | -€37,262 | -40.0% |
| Other amounts receivable | 41 | €2,848 | €1,904 | -€944 | -33.1% |
| Cash at bank and in hand | 54/58 | €8,961 | €33,366 | +€24,405 | +272.3% |
| Deferred charges and accrued income | 490/1 | €180 | €184 | +€5 | +2.7% |
| Total equity and liabilities | 10/49 | €147,211 | €118,673 | -€28,538 | -19.4% |
| Equity | 10/15 | €69,145 | €18,686 | -€50,459 | -73.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,545 | €86 | -€50,459 | -99.8% |
| Distributable reserves | 133 | €50,545 | €86 | -€50,459 | -99.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €78,066 | €99,987 | +€21,921 | +28.1% |
| Amounts payable after more than one year | 17 | €12,674 | €0 | -€12,674 | -100.0% |
| Financial debts | 170/4 | €12,674 | €0 | -€12,674 | -100.0% |
| Amounts payable within one year | 42/48 | €65,392 | €99,987 | +€34,595 | +52.9% |
| Current portion of amounts payable after more than one year | 42 | €12,248 | €12,674 | +€425 | +3.5% |
| Trade debts | 44 | €2,128 | €1,373 | -€754 | -35.5% |
| Suppliers | 440/4 | €2,128 | €1,373 | -€754 | -35.5% |
| Taxes, remuneration and social security | 45 | €11,507 | €12,382 | +€875 | +7.6% |
| Taxes | 450/3 | €11,507 | €12,382 | +€875 | +7.6% |
| Other amounts payable | 47/48 | €39,509 | €73,558 | +€34,049 | +86.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,867 | €14,741 | -€126 | -0.8% |
| Other operating charges | 640/8 | €688 | €1,001 | +€312 | +45.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €57,375 | €61,963 | +€4,587 | +8.0% |
| Operating profit (loss) | 9901 | €41,820 | €46,221 | +€4,401 | +10.5% |
| Financial income | 75/76B | €149 | €102 | -€47 | -31.3% |
| Recurring financial income | 75 | €149 | €102 | -€47 | -31.3% |
| Financial charges | 65/66B | €1,176 | €770 | -€406 | -34.5% |
| Recurring financial charges | 65 | €1,176 | €770 | -€406 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €40,793 | €45,553 | +€4,760 | +11.7% |
| Income taxes | 67/77 | €8,623 | €12,067 | +€3,444 | +39.9% |
| Profit (loss) for the period | 9904 | €32,170 | €33,486 | +€1,316 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,170 | €33,486 | +€1,316 | +4.1% |
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 1 October 2026 via checked.be.