GVI: what changed
Two fiscal 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
- Cash +€303,316
up €303,316 (+284.6%), from €106,567 to €409,883
mainly Depreciation (+€201,748) and Other debts (+€158,976)
- Stocks and contracts +€165,171
up €165,171 (+48.7%), from €338,881 to €504,052
of which Contracts in progress: +€176,065
- Tangible fixed assets -€153,766
down €153,766 (-10.6%), from €1.4m to €1.3m
- Receivables within one year +€51,834
up €51,834 (+26.5%), from €195,594 to €247,429
of which Trade receivables: +€93,120
- Other debts +€158,976
up €158,976 (+16.2%), from €978,326 to €1.1m
- Current portion of long-term debt +€151,206
up €151,206 (+1144.8%), from €13,208 to €164,414
- Debts after one year +€37,597
up €37,597 (+3.0%), from €1.3m to €1.3m
- Gross operating margin -€128,795
down €128,795 (-27.8%), from €463,128 to €334,333
- Staff costs -€59,133
down €59,133 (-42.9%), from €137,814 to €78,680
- Financial income +€16,357
up €16,357 (+111.8%), from €14,631 to €30,988
- Financial charges +€11,171
up €11,171 (+376.0%), from €2,971 to €14,142
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.
Cash bridge derived
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 | €3,093,668 | €3,459,934 | +€366,266 | +11.8% |
| Fixed assets | 21/28 | €1,448,737 | €1,294,836 | -€153,901 | -10.6% |
| Tangible fixed assets | 22/27 | €1,448,552 | €1,294,786 | -€153,766 | -10.6% |
| Land and buildings | 22 | €522,583 | €451,447 | -€71,136 | -13.6% |
| Plant, machinery and equipment | 23 | €265,414 | €224,125 | -€41,289 | -15.6% |
| Furniture and vehicles | 24 | €11,976 | €6,654 | -€5,322 | -44.4% |
| Leasing and similar rights | 25 | €23,299 | €18,270 | -€5,029 | -21.6% |
| Other tangible fixed assets | 26 | €625,280 | €594,290 | -€30,990 | -5.0% |
| Financial fixed assets | 28 | €185 | €50 | -€135 | -73.0% |
| Current assets | 29/58 | €1,644,931 | €2,165,098 | +€520,167 | +31.6% |
| Stocks and contracts in progress | 3 | €338,881 | €504,052 | +€165,171 | +48.7% |
| Stocks | 30/36 | €129,095 | €118,201 | -€10,894 | -8.4% |
| Contracts in progress | 37 | €209,786 | €385,851 | +€176,065 | +83.9% |
| Amounts receivable within one year | 40/41 | €195,594 | €247,429 | +€51,834 | +26.5% |
| Trade receivables | 40 | €146,309 | €239,429 | +€93,120 | +63.6% |
| Other amounts receivable | 41 | €49,285 | €8,000 | -€41,285 | -83.8% |
| Current investments | 50/53 | €1,000,000 | €1,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €106,567 | €409,883 | +€303,316 | +284.6% |
| Deferred charges and accrued income | 490/1 | €3,889 | €3,734 | -€154 | -4.0% |
| Total equity and liabilities | 10/49 | €3,093,668 | €3,459,934 | +€366,266 | +11.8% |
| Equity | 10/15 | €719,596 | €747,235 | +€27,639 | +3.8% |
| Contributions | 10/11 | €1,062,000 | €1,062,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€342,404 | -€314,765 | +€27,639 | +8.1% |
| Amounts payable | 17/49 | €2,374,072 | €2,712,699 | +€338,627 | +14.3% |
| Amounts payable after more than one year | 17 | €1,256,702 | €1,294,299 | +€37,597 | +3.0% |
| Financial debts | 170/4 | €1,256,702 | €1,294,299 | +€37,597 | +3.0% |
| Amounts payable within one year | 42/48 | €1,117,370 | €1,418,400 | +€301,030 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €13,208 | €164,414 | +€151,206 | +1144.8% |
| Trade debts | 44 | €111,337 | €95,197 | -€16,141 | -14.5% |
| Suppliers | 440/4 | €111,337 | €95,197 | -€16,141 | -14.5% |
| Taxes, remuneration and social security | 45 | €14,499 | €21,487 | +€6,988 | +48.2% |
| Taxes | 450/3 | €1,793 | €13,008 | +€11,215 | +625.5% |
| Remuneration and social security | 454/9 | €12,706 | €8,479 | -€4,227 | -33.3% |
| Other amounts payable | 47/48 | €978,326 | €1,137,302 | +€158,976 | +16.2% |
| Non-recurring operating income | 76A | €99,929 | - | -€99,929 | |
| Remuneration, social security and pensions | 62 | €137,814 | €78,680 | -€59,133 | -42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,833 | €201,748 | +€3,915 | +2.0% |
| Other operating charges | 640/8 | €38,801 | €42,853 | +€4,052 | +10.4% |
| Gross operating margin | 9900 | €463,128 | €334,333 | -€128,795 | -27.8% |
| Operating profit (loss) | 9901 | €88,680 | €11,052 | -€77,628 | -87.5% |
| Financial income | 75/76B | €14,631 | €30,988 | +€16,357 | +111.8% |
| Recurring financial income | 75 | €14,631 | €30,988 | +€16,357 | +111.8% |
| Financial charges | 65/66B | €2,971 | €14,142 | +€11,171 | +376.0% |
| Recurring financial charges | 65 | €2,971 | €14,142 | +€11,171 | +376.0% |
| Profit (loss) for the period before taxes | 9903 | €100,340 | €27,898 | -€72,443 | -72.2% |
| Income taxes | 67/77 | €329 | €258 | -€70 | -21.4% |
| Profit (loss) for the period | 9904 | €100,011 | €27,639 | -€72,372 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €100,011 | €27,639 | -€72,372 | -72.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.