GVH CAPITAL: 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.
GVH CAPITAL
Largest movements
- Cash -€30,253
down €30,253 (-17.3%), from €174,782 to €144,529
mainly Net result for the year (-€58,626) and Trade debts (-€4,239)
- Tangible fixed assets -€15,915
down €15,915 (-26.2%), from €60,736 to €44,821
of which Furniture and vehicles: -€15,455
- Receivables within one year -€5,194
down €5,194 (-35.7%), from €14,531 to €9,337
of which Trade receivables: -€5,611
- Profit (loss) carried forward -€58,626
down €58,626 (-27.1%), from €216,662 to €158,036
- Other debts +€11,753
up €11,753 (+44.3%), from €26,545 to €38,298
- Trade debts -€4,239
no longer reported in 2025 (was €4,239)
- Gross operating margin -€29,277
down €29,277, from €18,848 to -€10,429
- Taxes -€2,195
down €2,195 (-79.3%), from €2,769 to €574
- Financial charges -€1,836
down €1,836 (-6.4%), from €28,900 to €27,064
- Depreciation -€377
down €377 (-2.3%), from €16,292 to €15,915
- Other operating charges -€203
down €203 (-4.2%), from €4,847 to €4,644
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 | €262,298 | €211,297 | -€51,002 | -19.4% |
| Fixed assets | 21/28 | €70,736 | €54,821 | -€15,915 | -22.5% |
| Tangible fixed assets | 22/27 | €60,736 | €44,821 | -€15,915 | -26.2% |
| Land and buildings | 22 | €740 | €493 | -€247 | -33.3% |
| Plant, machinery and equipment | 23 | €944 | €730 | -€214 | -22.7% |
| Furniture and vehicles | 24 | €59,052 | €43,598 | -€15,455 | -26.2% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €191,562 | €156,476 | -€35,086 | -18.3% |
| Amounts receivable within one year | 40/41 | €14,531 | €9,337 | -€5,194 | -35.7% |
| Trade receivables | 40 | €14,531 | €8,920 | -€5,611 | -38.6% |
| Other amounts receivable | 41 | - | €416 | +€416 | |
| Cash at bank and in hand | 54/58 | €174,782 | €144,529 | -€30,253 | -17.3% |
| Deferred charges and accrued income | 490/1 | €2,249 | €2,610 | +€361 | +16.1% |
| Total equity and liabilities | 10/49 | €262,298 | €211,297 | -€51,002 | -19.4% |
| Equity | 10/15 | €231,051 | €172,425 | -€58,626 | -25.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,989 | €1,989 | = | 0.0% |
| Tax-exempt reserves | 132 | €129 | €129 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €216,662 | €158,036 | -€58,626 | -27.1% |
| Amounts payable | 17/49 | €31,247 | €38,872 | +€7,625 | +24.4% |
| Amounts payable within one year | 42/48 | €31,247 | €38,872 | +€7,625 | +24.4% |
| Trade debts | 44 | €4,239 | - | -€4,239 | |
| Suppliers | 440/4 | €4,239 | - | -€4,239 | |
| Taxes, remuneration and social security | 45 | €463 | €574 | +€110 | +23.8% |
| Taxes | 450/3 | €463 | €574 | +€110 | +23.8% |
| Other amounts payable | 47/48 | €26,545 | €38,298 | +€11,753 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,292 | €15,915 | -€377 | -2.3% |
| Other operating charges | 640/8 | €4,847 | €4,644 | -€203 | -4.2% |
| Gross operating margin | 9900 | €18,848 | -€10,429 | -€29,277 | |
| Operating profit (loss) | 9901 | -€2,291 | -€30,989 | -€28,698 | -1,253% |
| Financial charges | 65/66B | €28,900 | €27,064 | -€1,836 | -6.4% |
| Recurring financial charges | 65 | €28,900 | €27,064 | -€1,836 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | -€31,191 | -€58,053 | -€26,862 | -86.1% |
| Income taxes | 67/77 | €2,769 | €574 | -€2,195 | -79.3% |
| Profit (loss) for the period | 9904 | -€33,960 | -€58,626 | -€24,667 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,960 | -€58,626 | -€24,667 | -72.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.