GVGC: 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.
GVGC
Largest movements
- Receivables within one year -€78,644
down €78,644 (-100%), from €78,644 to €0
of which Trade receivables: -€67,800
- Tangible fixed assets +€68,363
up €68,363 (+4,947%), from €1,382 to €69,745
of which Furniture and vehicles: +€68,967
- Cash -€9,210
down €9,210 (-9.6%), from €95,671 to €86,462
mainly Investment in fixed assets (net) (-€86,208) and Contributions, distributions and other (-€71,314)
- Other debts -€35,045
down €35,045 (-34.3%), from €102,279 to €67,234
- Reserves +€28,537
up €28,537 (+115%), from €24,771 to €53,307
of which Distributable reserves: +€28,537
- Profit (loss) carried forward -€21,314
down €21,314 (-100%), from €21,314 to €0
- Tax, wage and social debts +€5,293
up €5,293 (+42.4%), from €12,483 to €17,776
- Gross operating margin +€42,692
up €42,692 (+54.1%), from €78,846 to €121,538
- Depreciation +€17,270
up €17,270 (+3,006%), from €575 to €17,845
- Taxes +€8,635
up €8,635 (+53.6%), from €16,105 to €24,739
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 | €179,493 | €158,593 | -€20,900 | -11.6% |
| Fixed assets | 21/28 | €1,407 | €69,770 | +€68,363 | +4,859% |
| Tangible fixed assets | 22/27 | €1,382 | €69,745 | +€68,363 | +4,947% |
| Plant, machinery and equipment | 23 | €549 | €302 | -€248 | -45.1% |
| Furniture and vehicles | 24 | - | €68,967 | +€68,967 | |
| Other tangible fixed assets | 26 | €833 | €477 | -€355 | -42.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €178,086 | €88,822 | -€89,263 | -50.1% |
| Amounts receivable within one year | 40/41 | €78,644 | €0 | -€78,644 | -100% |
| Trade receivables | 40 | €67,800 | €0 | -€67,800 | -100% |
| Other amounts receivable | 41 | €10,845 | €0 | -€10,845 | -100% |
| Cash at bank and in hand | 54/58 | €95,671 | €86,462 | -€9,210 | -9.6% |
| Deferred charges and accrued income | 490/1 | €3,770 | €2,361 | -€1,409 | -37.4% |
| Total equity and liabilities | 10/49 | €179,493 | €158,593 | -€20,900 | -11.6% |
| Equity | 10/15 | €64,684 | €71,907 | +€7,223 | +11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,771 | €53,307 | +€28,537 | +115% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,911 | €22,911 | = | 0.0% |
| Distributable reserves | 133 | - | €28,537 | +€28,537 | |
| Profit (loss) carried forward | 14 | €21,314 | €0 | -€21,314 | -100% |
| Amounts payable | 17/49 | €114,809 | €86,686 | -€28,123 | -24.5% |
| Amounts payable within one year | 42/48 | €114,809 | €86,686 | -€28,123 | -24.5% |
| Trade debts | 44 | €46 | €1,676 | +€1,629 | +3,506% |
| Suppliers | 440/4 | €46 | €1,676 | +€1,629 | +3,506% |
| Taxes, remuneration and social security | 45 | €12,483 | €17,776 | +€5,293 | +42.4% |
| Taxes | 450/3 | €12,483 | €17,776 | +€5,293 | +42.4% |
| Other amounts payable | 47/48 | €102,279 | €67,234 | -€35,045 | -34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €575 | €17,845 | +€17,270 | +3,006% |
| Other operating charges | 640/8 | €820 | €259 | -€561 | -68.4% |
| Gross operating margin | 9900 | €78,846 | €121,538 | +€42,692 | +54.1% |
| Operating profit (loss) | 9901 | €77,452 | €103,434 | +€25,983 | +33.5% |
| Financial income | 75/76B | - | €34 | +€34 | |
| Recurring financial income | 75 | - | €34 | +€34 | |
| Financial charges | 65/66B | €136 | €193 | +€57 | +42.0% |
| Recurring financial charges | 65 | €136 | €193 | +€57 | +42.0% |
| Profit (loss) for the period before taxes | 9903 | €77,316 | €103,276 | +€25,960 | +33.6% |
| Income taxes | 67/77 | €16,105 | €24,739 | +€8,635 | +53.6% |
| Profit (loss) for the period | 9904 | €61,211 | €78,537 | +€17,325 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,211 | €78,537 | +€17,325 | +28.3% |
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 17 October 2026 via checked.be.