GVH group: 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 group
Largest movements
- Tangible fixed assets -€9,961
down €9,961 (-82.8%), from €12,033 to €2,072
- Stocks and contracts -€5,113
no longer reported in 2025 (was €5,113)
- Receivables within one year -€2,336
down €2,336 (-25.4%), from €9,181 to €6,846
- Cash +€1,375
up €1,375 (+90.9%), from €1,512 to €2,887
mainly Investment in fixed assets (net) (+€9,496) and Stocks and contracts (+€5,113)
- Intangible fixed assets -€628
down €628 (-44.4%), from €1,413 to €785
- Other debts -€13,491
down €13,491 (-64.3%), from €20,969 to €7,478
- Profit (loss) carried forward -€5,149
down €5,149 (-28.2%), from -€18,258 to -€23,407
- Tax, wage and social debts +€2,030
up €2,030 (+234%), from €868 to €2,898
- Gross operating margin -€6,549
down €6,549 (-89.4%), from €7,323 to €773
- Financial charges +€3,377
up €3,377 (+2,104%), from €161 to €3,537
of which Non-recurring financial charges: +€3,293
- Depreciation -€3,335
down €3,335 (-75.3%), from €4,428 to €1,093
- Other operating charges +€405
up €405 (+45.7%), from €887 to €1,292
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 | €29,499 | €12,640 | -€16,859 | -57.2% |
| Fixed assets | 21/28 | €13,446 | €2,857 | -€10,589 | -78.8% |
| Intangible fixed assets | 21 | €1,413 | €785 | -€628 | -44.4% |
| Tangible fixed assets | 22/27 | €12,033 | €2,072 | -€9,961 | -82.8% |
| Furniture and vehicles | 24 | €12,033 | €2,072 | -€9,961 | -82.8% |
| Current assets | 29/58 | €16,053 | €9,783 | -€6,270 | -39.1% |
| Stocks and contracts in progress | 3 | €5,113 | - | -€5,113 | |
| Stocks | 30/36 | €5,113 | - | -€5,113 | |
| Amounts receivable within one year | 40/41 | €9,181 | €6,846 | -€2,336 | -25.4% |
| Trade receivables | 40 | €9,181 | €6,846 | -€2,336 | -25.4% |
| Cash at bank and in hand | 54/58 | €1,512 | €2,887 | +€1,375 | +90.9% |
| Deferred charges and accrued income | 490/1 | €246 | €50 | -€197 | -79.8% |
| Total equity and liabilities | 10/49 | €29,499 | €12,640 | -€16,859 | -57.2% |
| Equity | 10/15 | €7,202 | €2,053 | -€5,149 | -71.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,860 | €6,860 | = | 0.0% |
| Distributable reserves | 133 | €6,860 | €6,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,258 | -€23,407 | -€5,149 | -28.2% |
| Amounts payable | 17/49 | €22,297 | €10,587 | -€11,710 | -52.5% |
| Amounts payable within one year | 42/48 | €22,297 | €10,587 | -€11,710 | -52.5% |
| Trade debts | 44 | €460 | €211 | -€249 | -54.2% |
| Suppliers | 440/4 | €460 | €211 | -€249 | -54.2% |
| Taxes, remuneration and social security | 45 | €868 | €2,898 | +€2,030 | +234% |
| Taxes | 450/3 | €868 | €2,898 | +€2,030 | +234% |
| Other amounts payable | 47/48 | €20,969 | €7,478 | -€13,491 | -64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,428 | €1,093 | -€3,335 | -75.3% |
| Other operating charges | 640/8 | €887 | €1,292 | +€405 | +45.7% |
| Gross operating margin | 9900 | €7,323 | €773 | -€6,549 | -89.4% |
| Operating profit (loss) | 9901 | €2,008 | -€1,611 | -€3,619 | |
| Financial charges | 65/66B | €161 | €3,537 | +€3,377 | +2,104% |
| Recurring financial charges | 65 | €161 | €245 | +€84 | +52.5% |
| Non-recurring financial charges | 66B | - | €3,293 | +€3,293 | |
| Profit (loss) for the period before taxes | 9903 | €1,847 | -€5,149 | -€6,996 | |
| Profit (loss) for the period | 9904 | €1,847 | -€5,149 | -€6,996 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,847 | -€5,149 | -€6,996 |
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 27 October 2026 via checked.be.