GVG PRODUCTS: 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.
GVG PRODUCTS
Largest movements
- Cash -€28,316
down €28,316 (-45.6%), from €62,068 to €33,752
mainly Investment in fixed assets (net) (-€30,610) and Trade debts (-€10,544)
- Receivables within one year +€7,078
up €7,078 (+20.6%), from €34,421 to €41,499
of which Trade receivables: +€6,280
- Stocks and contracts -€2,393
down €2,393 (-10.0%), from €23,895 to €21,502
- Trade debts -€10,544
down €10,544 (-42.8%), from €24,633 to €14,090
- Reserves -€5,774
down €5,774 (-7.0%), from €82,397 to €76,624
- Tax, wage and social debts -€3,953
down €3,953 (-38.4%), from €10,303 to €6,350
- Other debts -€2,983
down €2,983 (-5.0%), from €60,015 to €57,031
- Depreciation +€3,169
up €3,169 (+11.2%), from €28,275 to €31,444
- Other operating charges +€1,703
up €1,703 (+103%), from €1,657 to €3,359
- Financial charges -€1,194
down €1,194 (-22.7%), from €5,253 to €4,059
- Taxes -€899
down €899 (-39.1%), from €2,300 to €1,401
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 | €201,039 | €176,518 | -€24,521 | -12.2% |
| Fixed assets | 21/28 | €77,656 | €76,822 | -€834 | -1.1% |
| Tangible fixed assets | 22/27 | €77,656 | €76,822 | -€834 | -1.1% |
| Land and buildings | 22 | €1,767 | €1,205 | -€562 | -31.8% |
| Plant, machinery and equipment | 23 | €6,404 | €4,255 | -€2,149 | -33.6% |
| Furniture and vehicles | 24 | €25,553 | €14,556 | -€10,997 | -43.0% |
| Other tangible fixed assets | 26 | €43,932 | €56,805 | +€12,873 | +29.3% |
| Current assets | 29/58 | €123,383 | €99,696 | -€23,687 | -19.2% |
| Stocks and contracts in progress | 3 | €23,895 | €21,502 | -€2,393 | -10.0% |
| Stocks | 30/36 | €23,895 | €21,502 | -€2,393 | -10.0% |
| Amounts receivable within one year | 40/41 | €34,421 | €41,499 | +€7,078 | +20.6% |
| Trade receivables | 40 | €34,421 | €40,700 | +€6,280 | +18.2% |
| Other amounts receivable | 41 | - | €799 | +€799 | |
| Cash at bank and in hand | 54/58 | €62,068 | €33,752 | -€28,316 | -45.6% |
| Deferred charges and accrued income | 490/1 | €3,000 | €2,944 | -€56 | -1.9% |
| Total equity and liabilities | 10/49 | €201,039 | €176,518 | -€24,521 | -12.2% |
| Equity | 10/15 | €100,997 | €95,224 | -€5,774 | -5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,397 | €76,624 | -€5,774 | -7.0% |
| Distributable reserves | 133 | €82,397 | €76,624 | -€5,774 | -7.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €100,042 | €81,294 | -€18,748 | -18.7% |
| Amounts payable within one year | 42/48 | €94,952 | €77,471 | -€17,480 | -18.4% |
| Trade debts | 44 | €24,633 | €14,090 | -€10,544 | -42.8% |
| Suppliers | 440/4 | €24,633 | €14,090 | -€10,544 | -42.8% |
| Taxes, remuneration and social security | 45 | €10,303 | €6,350 | -€3,953 | -38.4% |
| Taxes | 450/3 | €10,303 | €6,350 | -€3,953 | -38.4% |
| Other amounts payable | 47/48 | €60,015 | €57,031 | -€2,983 | -5.0% |
| Accrued charges and deferred income | 492/3 | €5,090 | €3,823 | -€1,267 | -24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,275 | €31,444 | +€3,169 | +11.2% |
| Other operating charges | 640/8 | €1,657 | €3,359 | +€1,703 | +103% |
| Non-recurring operating charges | 66A | €7 | €0 | -€7 | -100% |
| Gross operating margin | 9900 | €43,318 | €43,544 | +€226 | +0.5% |
| Operating profit (loss) | 9901 | €13,380 | €8,741 | -€4,639 | -34.7% |
| Financial income | 75/76B | €12 | €3 | -€9 | -74.2% |
| Recurring financial income | 75 | €12 | €3 | -€9 | -74.2% |
| Financial charges | 65/66B | €5,253 | €4,059 | -€1,194 | -22.7% |
| Recurring financial charges | 65 | €5,253 | €4,059 | -€1,194 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €8,139 | €4,685 | -€3,453 | -42.4% |
| Income taxes | 67/77 | €2,300 | €1,401 | -€899 | -39.1% |
| Profit (loss) for the period | 9904 | €5,838 | €3,284 | -€2,554 | -43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,838 | €3,284 | -€2,554 | -43.7% |
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 29 October 2026 via checked.be.