GVH PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€10,955
down €10,955 (-52.1%), from €21,009 to €10,054
of which Furniture and vehicles: -€9,702
- Cash -€6,316
down €6,316 (-13.7%), from €45,974 to €39,659
mainly Contributions, distributions and other (-€68,219) and Debts after one year (-€7,469)
- Receivables within one year +€1,677
up €1,677 (+3.2%), from €52,876 to €54,554
of which Trade receivables: +€4,761
- Debts after one year -€7,469
no longer reported in 2025 (was €7,469)
- Tax, wage and social debts -€7,393
down €7,393 (-44.8%), from €16,518 to €9,125
- Profit (loss) carried forward +€5,519
up €5,519 (+8.1%), from €68,189 to €73,708
- Other debts -€4,500
no longer reported in 2025 (was €4,500)
- Gross operating margin +€3,610
up €3,610 (+3.6%), from €100,014 to €103,624
- Taxes +€1,342
up €1,342 (+7.6%), from €17,591 to €18,933
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 | €151,501 | €135,987 | -€15,514 | -10.2% |
| Fixed assets | 21/28 | €21,009 | €10,054 | -€10,955 | -52.1% |
| Tangible fixed assets | 22/27 | €21,009 | €10,054 | -€10,955 | -52.1% |
| Plant, machinery and equipment | 23 | €3,546 | €2,292 | -€1,253 | -35.3% |
| Furniture and vehicles | 24 | €17,463 | €7,762 | -€9,702 | -55.6% |
| Current assets | 29/58 | €130,492 | €125,934 | -€4,559 | -3.5% |
| Amounts receivable after more than one year | 29 | €29,000 | €29,000 | = | 0.0% |
| Other amounts receivable | 291 | €29,000 | €29,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,876 | €54,554 | +€1,677 | +3.2% |
| Trade receivables | 40 | €44,368 | €49,129 | +€4,761 | +10.7% |
| Other amounts receivable | 41 | €8,508 | €5,424 | -€3,084 | -36.2% |
| Cash at bank and in hand | 54/58 | €45,974 | €39,659 | -€6,316 | -13.7% |
| Deferred charges and accrued income | 490/1 | €2,642 | €2,721 | +€80 | +3.0% |
| Total equity and liabilities | 10/49 | €151,501 | €135,987 | -€15,514 | -10.2% |
| Equity | 10/15 | €112,969 | €118,458 | +€5,489 | +4.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €41,780 | €41,750 | -€30 | -0.1% |
| Distributable reserves | 133 | €41,780 | €41,750 | -€30 | -0.1% |
| Profit (loss) carried forward | 14 | €68,189 | €73,708 | +€5,519 | +8.1% |
| Amounts payable | 17/49 | €38,532 | €17,530 | -€21,003 | -54.5% |
| Amounts payable after more than one year | 17 | €7,469 | - | -€7,469 | |
| Financial debts | 170/4 | €7,469 | - | -€7,469 | |
| Amounts payable within one year | 42/48 | €31,063 | €17,530 | -€13,534 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €8,882 | €7,469 | -€1,412 | -15.9% |
| Trade debts | 44 | €1,164 | €935 | -€228 | -19.6% |
| Suppliers | 440/4 | €1,164 | €935 | -€228 | -19.6% |
| Taxes, remuneration and social security | 45 | €16,518 | €9,125 | -€7,393 | -44.8% |
| Taxes | 450/3 | €16,518 | €9,125 | -€7,393 | -44.8% |
| Other amounts payable | 47/48 | €4,500 | - | -€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,889 | €10,955 | +€66 | +0.6% |
| Other operating charges | 640/8 | €580 | €592 | +€12 | +2.1% |
| Gross operating margin | 9900 | €100,014 | €103,624 | +€3,610 | +3.6% |
| Operating profit (loss) | 9901 | €88,545 | €92,078 | +€3,532 | +4.0% |
| Financial income | 75/76B | €1,552 | €893 | -€660 | -42.5% |
| Recurring financial income | 75 | €1,552 | €893 | -€660 | -42.5% |
| Financial charges | 65/66B | €361 | €330 | -€31 | -8.6% |
| Recurring financial charges | 65 | €361 | €330 | -€31 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €89,737 | €92,640 | +€2,904 | +3.2% |
| Income taxes | 67/77 | €17,591 | €18,933 | +€1,342 | +7.6% |
| Profit (loss) for the period | 9904 | €72,146 | €73,708 | +€1,562 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,146 | €73,708 | +€1,562 | +2.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.