GVGM: 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.
GVGM
Largest movements
- Receivables after one year +€150,000
up €150,000 (+60.0%), from €250,000 to €400,000
- Cash +€20,831
up €20,831 (+770%), from €2,704 to €23,535
mainly Debts after one year (+€152,500) and Accrued charges and deferred income (+€12,944)
- Reserves +€166,450
up €166,450 (+107%), from €155,000 to €321,450
of which Distributable reserves: +€166,450
- Profit (loss) carried forward -€156,219
no longer reported in 2025 (was €156,219)
- Debts after one year +€152,500
up €152,500 (+19.8%), from €769,000 to €921,500
of which Other amounts payable: +€162,500
- Other operating charges -€12,309
down €12,309 (-80.9%), from €15,216 to €2,908
- Depreciation -€9,332
no longer reported in 2025 (was €9,332)
- Gross operating margin +€9,305
up €9,305 (+47.1%), from €19,756 to €29,060
- Financial charges -€4,967
down €4,967 (-12.6%), from €39,285 to €34,318
- Financial income -€1,102
down €1,102 (-5.7%), from €19,498 to €18,396
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 | €1,372,483 | €1,549,958 | +€177,475 | +12.9% |
| Fixed assets | 21/28 | €12,446 | €12,446 | = | 0.0% |
| Tangible fixed assets | 22/27 | €12,446 | €12,446 | = | 0.0% |
| Plant, machinery and equipment | 23 | €12,446 | €12,446 | = | 0.0% |
| Current assets | 29/58 | €1,360,037 | €1,537,512 | +€177,475 | +13.0% |
| Amounts receivable after more than one year | 29 | €250,000 | €400,000 | +€150,000 | +60.0% |
| Other amounts receivable | 291 | €250,000 | €400,000 | +€150,000 | +60.0% |
| Stocks and contracts in progress | 3 | €963,741 | €963,741 | = | 0.0% |
| Stocks | 30/36 | €963,741 | €963,741 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €121,300 | €130,860 | +€9,560 | +7.9% |
| Trade receivables | 40 | €21,300 | - | -€21,300 | |
| Other amounts receivable | 41 | €100,000 | €130,860 | +€30,860 | +30.9% |
| Cash at bank and in hand | 54/58 | €2,704 | €23,535 | +€20,831 | +770% |
| Deferred charges and accrued income | 490/1 | €22,292 | €19,375 | -€2,917 | -13.1% |
| Total equity and liabilities | 10/49 | €1,372,483 | €1,549,958 | +€177,475 | +12.9% |
| Equity | 10/15 | €561,219 | €571,450 | +€10,231 | +1.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Contributions outside capital | 11 | €250,000 | €250,000 | = | 0.0% |
| Other | 1109/19 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €155,000 | €321,450 | +€166,450 | +107% |
| Tax-exempt reserves | 132 | €155,000 | €155,000 | = | 0.0% |
| Distributable reserves | 133 | - | €166,450 | +€166,450 | |
| Profit (loss) carried forward | 14 | €156,219 | - | -€156,219 | |
| Amounts payable | 17/49 | €811,264 | €978,508 | +€167,244 | +20.6% |
| Amounts payable after more than one year | 17 | €769,000 | €921,500 | +€152,500 | +19.8% |
| Financial debts | 170/4 | €520,000 | €510,000 | -€10,000 | -1.9% |
| Other amounts payable | 178/9 | €249,000 | €411,500 | +€162,500 | +65.3% |
| Amounts payable within one year | 42/48 | €7,200 | €9,000 | +€1,800 | +25.0% |
| Other amounts payable | 47/48 | €7,200 | €9,000 | +€1,800 | +25.0% |
| Accrued charges and deferred income | 492/3 | €35,064 | €48,008 | +€12,944 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,332 | - | -€9,332 | |
| Other operating charges | 640/8 | €15,216 | €2,908 | -€12,309 | -80.9% |
| Gross operating margin | 9900 | €19,756 | €29,060 | +€9,305 | +47.1% |
| Operating profit (loss) | 9901 | -€4,793 | €26,152 | +€30,946 | |
| Financial income | 75/76B | €19,498 | €18,396 | -€1,102 | -5.7% |
| Recurring financial income | 75 | €19,498 | €18,396 | -€1,102 | -5.7% |
| Financial charges | 65/66B | €39,285 | €34,318 | -€4,967 | -12.6% |
| Recurring financial charges | 65 | €39,285 | €34,318 | -€4,967 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | -€24,579 | €10,231 | +€34,810 | |
| Profit (loss) for the period | 9904 | -€24,579 | €10,231 | +€34,810 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,579 | €10,231 | +€34,810 |
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 16 October 2026 via checked.be.