GVI: 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.
GVI
Largest movements
- Receivables within one year +€13,263
up €13,263 (+15.5%), from €85,637 to €98,900
of which Other amounts receivable: +€22,375
- Cash +€2,659
up €2,659 (+35.5%), from €7,493 to €10,152
mainly Net result for the year (+€11,248) and Depreciation (+€3,925)
- Deferred charges and accrued income -€1,519
down €1,519 (-75.2%), from €2,020 to €501
- Tangible fixed assets -€1,141
down €1,141 (-28.1%), from €4,059 to €2,918
- Reserves +€46,276
up €46,276 (+4,778%), from €969 to €47,244
of which Distributable reserves: +€46,276
- Profit (loss) carried forward -€35,028
down €35,028 (-73.7%), from €47,537 to €12,509
- Trade debts +€2,577
up €2,577 (+76.8%), from €3,355 to €5,931
- Current portion of long-term debt -€1,491
no longer reported in 2025 (was €1,491)
- Gross operating margin -€38,701
down €38,701 (-62.5%), from €61,908 to €23,206
- Taxes -€13,245
down €13,245 (-64.2%), from €20,626 to €7,381
- Depreciation -€1,713
down €1,713 (-30.4%), from €5,638 to €3,925
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 | €99,210 | €112,472 | +€13,262 | +13.4% |
| Fixed assets | 21/28 | €4,059 | €2,918 | -€1,141 | -28.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,059 | €2,918 | -€1,141 | -28.1% |
| Furniture and vehicles | 24 | €4,059 | €2,918 | -€1,141 | -28.1% |
| Current assets | 29/58 | €95,151 | €109,554 | +€14,403 | +15.1% |
| Amounts receivable within one year | 40/41 | €85,637 | €98,900 | +€13,263 | +15.5% |
| Trade receivables | 40 | €14,827 | €5,715 | -€9,112 | -61.5% |
| Other amounts receivable | 41 | €70,811 | €93,186 | +€22,375 | +31.6% |
| Cash at bank and in hand | 54/58 | €7,493 | €10,152 | +€2,659 | +35.5% |
| Deferred charges and accrued income | 490/1 | €2,020 | €501 | -€1,519 | -75.2% |
| Total equity and liabilities | 10/49 | €99,210 | €112,472 | +€13,262 | +13.4% |
| Equity | 10/15 | €67,105 | €78,353 | +€11,248 | +16.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €969 | €47,244 | +€46,276 | +4,778% |
| Non-distributable reserves | 130/1 | €969 | €969 | = | 0.0% |
| Reserves not available under the articles | 1311 | €969 | €969 | = | 0.0% |
| Distributable reserves | 133 | - | €46,276 | +€46,276 | |
| Profit (loss) carried forward | 14 | €47,537 | €12,509 | -€35,028 | -73.7% |
| Amounts payable | 17/49 | €32,104 | €34,119 | +€2,014 | +6.3% |
| Amounts payable within one year | 42/48 | €32,104 | €34,119 | +€2,014 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €1,491 | - | -€1,491 | |
| Trade debts | 44 | €3,355 | €5,931 | +€2,577 | +76.8% |
| Suppliers | 440/4 | €3,355 | €5,931 | +€2,577 | +76.8% |
| Taxes, remuneration and social security | 45 | €27,259 | €28,187 | +€929 | +3.4% |
| Taxes | 450/3 | €27,259 | €28,187 | +€929 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,638 | €3,925 | -€1,713 | -30.4% |
| Other operating charges | 640/8 | €442 | €424 | -€17 | -3.9% |
| Gross operating margin | 9900 | €61,908 | €23,206 | -€38,701 | -62.5% |
| Operating profit (loss) | 9901 | €55,828 | €18,857 | -€36,971 | -66.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -94.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -94.7% |
| Financial charges | 65/66B | €174 | €228 | +€54 | +30.9% |
| Recurring financial charges | 65 | €174 | €228 | +€54 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €55,654 | €18,629 | -€37,025 | -66.5% |
| Income taxes | 67/77 | €20,626 | €7,381 | -€13,245 | -64.2% |
| Profit (loss) for the period | 9904 | €35,028 | €11,248 | -€23,780 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,028 | €11,248 | -€23,780 | -67.9% |
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 17 October 2026 via checked.be.