GVH-IMMO: 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-IMMO
Largest movements
- Receivables within one year +€1.8m
up €1.8m (+1,924%), from €91,010 to €1.8m
of which Trade receivables: +€1.8m
- Stocks and contracts -€1.3m
no longer reported in 2025 (was €1.3m)
- Cash -€59,340
down €59,340 (-89.8%), from €66,107 to €6,768
mainly Receivables within one year (-€1.8m) and Investment in fixed assets (net) (-€31,209)
- Tax, wage and social debts +€196,135
up €196,135 (+406%), from €48,283 to €244,418
- Other debts +€139,236
up €139,236 (+10.7%), from €1.3m to €1.4m
- Short-term financial debts +€60,000
up €60,000 (+100%), from €60,000 to €120,000
- Staff costs +€16,898
up €16,898 (+17.2%), from €98,424 to €115,321
- Gross operating margin +€9,991
up €9,991 (+7.1%), from €141,007 to €150,998
- Depreciation -€9,755
down €9,755 (-30.6%), from €31,901 to €22,146
- Financial charges +€6,643
up €6,643 (+200%), from €3,319 to €9,961
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 | €1,622,309 | €2,010,059 | +€387,749 | +23.9% |
| Fixed assets | 21/28 | €147,451 | €156,515 | +€9,063 | +6.1% |
| Tangible fixed assets | 22/27 | €147,451 | €156,515 | +€9,063 | +6.1% |
| Land and buildings | 22 | €87,788 | €81,334 | -€6,454 | -7.4% |
| Plant, machinery and equipment | 23 | €56,062 | €44,778 | -€11,283 | -20.1% |
| Furniture and vehicles | 24 | €3,602 | €30,402 | +€26,800 | +744% |
| Current assets | 29/58 | €1,474,858 | €1,853,544 | +€378,686 | +25.7% |
| Stocks and contracts in progress | 3 | €1,315,116 | - | -€1.3m | |
| Stocks | 30/36 | €1,315,116 | - | -€1.3m | |
| Amounts receivable within one year | 40/41 | €91,010 | €1,842,120 | +€1.8m | +1,924% |
| Trade receivables | 40 | €88,000 | €1,842,120 | +€1.8m | +1,993% |
| Other amounts receivable | 41 | €3,010 | - | -€3,010 | |
| Cash at bank and in hand | 54/58 | €66,107 | €6,768 | -€59,340 | -89.8% |
| Deferred charges and accrued income | 490/1 | €2,624 | €4,657 | +€2,033 | +77.5% |
| Total equity and liabilities | 10/49 | €1,622,309 | €2,010,059 | +€387,749 | +23.9% |
| Equity | 10/15 | €79,594 | €79,978 | +€384 | +0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,394 | €73,778 | +€384 | +0.5% |
| Amounts payable | 17/49 | €1,542,716 | €1,930,081 | +€387,365 | +25.1% |
| Amounts payable after more than one year | 17 | €108,489 | €92,970 | -€15,519 | -14.3% |
| Financial debts | 170/4 | €108,489 | €92,970 | -€15,519 | -14.3% |
| Amounts payable within one year | 42/48 | €1,434,227 | €1,837,111 | +€402,885 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €17,413 | €15,519 | -€1,894 | -10.9% |
| Financial debts | 43 | €60,000 | €120,000 | +€60,000 | +100% |
| Credit institutions | 430/8 | €60,000 | €120,000 | +€60,000 | +100% |
| Trade debts | 44 | €11,016 | €20,424 | +€9,408 | +85.4% |
| Suppliers | 440/4 | €11,016 | €20,424 | +€9,408 | +85.4% |
| Taxes, remuneration and social security | 45 | €48,283 | €244,418 | +€196,135 | +406% |
| Taxes | 450/3 | €48,283 | €244,418 | +€196,135 | +406% |
| Other amounts payable | 47/48 | €1,297,514 | €1,436,750 | +€139,236 | +10.7% |
| Remuneration, social security and pensions | 62 | €98,424 | €115,321 | +€16,898 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,901 | €22,146 | -€9,755 | -30.6% |
| Other operating charges | 640/8 | €2,935 | €2,685 | -€250 | -8.5% |
| Gross operating margin | 9900 | €141,007 | €150,998 | +€9,991 | +7.1% |
| Operating profit (loss) | 9901 | €7,747 | €10,845 | +€3,099 | +40.0% |
| Financial income | 75/76B | €244 | - | -€244 | |
| Recurring financial income | 75 | €244 | - | -€244 | |
| Financial charges | 65/66B | €3,319 | €9,961 | +€6,643 | +200% |
| Recurring financial charges | 65 | €3,319 | €9,961 | +€6,643 | +200% |
| Profit (loss) for the period before taxes | 9903 | €4,672 | €884 | -€3,788 | -81.1% |
| Income taxes | 67/77 | €1,828 | €500 | -€1,328 | -72.6% |
| Profit (loss) for the period | 9904 | €2,844 | €384 | -€2,460 | -86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,844 | €384 | -€2,460 | -86.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.