GVIS: 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.
What changed
GVIS
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€16,175
2024 · -€18,439+€2,265
Equity
€1.7m
2024 · €1.7m-€16,175
Cash
€3,019
2024 · €1,048+€1,971
Balance sheet total
€1.8m
2024 · €1.7m+€74,813
Largest movements
Assets
- Receivables after one year +€75,000
new in 2025: €75,000
- Tangible fixed assets -€35,600
down €35,600 (-2.8%), from €1.3m to €1.2m
of which Land and buildings: -€35,257
- Receivables within one year +€33,272
up €33,272 (+54.6%), from €60,887 to €94,160
of which Other amounts receivable: +€49,654
Equity and liabilities
- Debts after one year +€83,654
new in 2025: €83,654
Income statement
- Gross operating margin +€4,084
up €4,084 (+18.0%), from €22,719 to €26,803
- Financial charges +€3,794
up €3,794 (+392.9%), from €966 to €4,759
- Financial income +€2,468
up €2,468 (+333508.1%), from €1 to €2,469
- Depreciation +€288
up €288 (+0.8%), from €36,001 to €36,289
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.
Result 2024
-€18,439
Gross operating margin
+€4,084
Depreciation
-€288
Other operating charges
-€206
Financial income
+€2,468
Financial charges
-€3,794
Result 2025
-€16,175
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.
From operations
-€90,669
Investment
-€689
Financing
+€93,329
Cash 2024
€1,048
From operations (derived)
-€90,669
Net result for the year
-€16,175
Depreciation
+€36,289
Receivables after one year
-€75,000
Receivables within one year
-€33,272
Smaller working-capital items
-€350
Trade debts
-€5,433
Tax, wage and social debts
+€1,260
Accrued charges and deferred income
+€2,011
Investment (derived)
-€689
Investment in fixed assets (net)
-€689
Financing
+€93,329
Debts after one year
+€83,654
Current portion of long-term debt
+€8,677
Short-term financial debts
+€998
Cash 2025
€3,019
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,749,762 | €1,824,575 | +€74,813 | +4.3% |
| Fixed assets | 21/28 | €1,670,835 | €1,635,235 | -€35,600 | -2.1% |
| Tangible fixed assets | 22/27 | €1,280,477 | €1,244,876 | -€35,600 | -2.8% |
| Land and buildings | 22 | €1,273,871 | €1,238,614 | -€35,257 | -2.8% |
| Plant, machinery and equipment | 23 | €6,606 | €5,780 | -€826 | -12.5% |
| Furniture and vehicles | 24 | - | €483 | +€483 | |
| Financial fixed assets | 28 | €390,358 | €390,358 | = | 0.0% |
| Current assets | 29/58 | €78,927 | €189,341 | +€110,413 | +139.9% |
| Amounts receivable after more than one year | 29 | - | €75,000 | +€75,000 | |
| Other amounts receivable | 291 | - | €75,000 | +€75,000 | |
| Amounts receivable within one year | 40/41 | €60,887 | €94,160 | +€33,272 | +54.6% |
| Trade receivables | 40 | €16,382 | €0 | -€16,382 | -100.0% |
| Other amounts receivable | 41 | €44,506 | €94,160 | +€49,654 | +111.6% |
| Current investments | 50/53 | €16,345 | €16,345 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,048 | €3,019 | +€1,971 | +188.1% |
| Deferred charges and accrued income | 490/1 | €647 | €816 | +€170 | +26.2% |
| Total equity and liabilities | 10/49 | €1,749,762 | €1,824,575 | +€74,813 | +4.3% |
| Equity | 10/15 | €1,732,906 | €1,716,732 | -€16,175 | -0.9% |
| Contributions | 10/11 | €371,937 | €371,937 | = | 0.0% |
| Reserves | 13 | €1,158,985 | €1,158,985 | = | 0.0% |
| Distributable reserves | 133 | €1,158,985 | €1,158,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | €201,984 | €185,809 | -€16,175 | -8.0% |
| Amounts payable | 17/49 | €16,856 | €107,843 | +€90,987 | +539.8% |
| Amounts payable after more than one year | 17 | - | €83,654 | +€83,654 | |
| Financial debts | 170/4 | - | €83,654 | +€83,654 | |
| Amounts payable within one year | 42/48 | €16,044 | €21,366 | +€5,322 | +33.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,677 | +€8,677 | |
| Financial debts | 43 | - | €998 | +€998 | |
| Credit institutions | 430/8 | - | €998 | +€998 | |
| Trade debts | 44 | €11,168 | €5,735 | -€5,433 | -48.6% |
| Suppliers | 440/4 | €11,168 | €5,735 | -€5,433 | -48.6% |
| Advances received on contracts in progress | 46 | €180 | €0 | -€180 | -100.0% |
| Taxes, remuneration and social security | 45 | - | €1,260 | +€1,260 | |
| Taxes | 450/3 | - | €1,260 | +€1,260 | |
| Other amounts payable | 47/48 | €4,696 | €4,696 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €812 | €2,823 | +€2,011 | +247.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,001 | €36,289 | +€288 | +0.8% |
| Other operating charges | 640/8 | €4,192 | €4,398 | +€206 | +4.9% |
| Gross operating margin | 9900 | €22,719 | €26,803 | +€4,084 | +18.0% |
| Operating profit (loss) | 9901 | -€17,474 | -€13,884 | +€3,590 | +20.5% |
| Financial income | 75/76B | €1 | €2,469 | +€2,468 | +333508.1% |
| Recurring financial income | 75 | €1 | €2,469 | +€2,468 | +333508.1% |
| Financial charges | 65/66B | €966 | €4,759 | +€3,794 | +392.9% |
| Recurring financial charges | 65 | €966 | €4,759 | +€3,794 | +392.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,439 | -€16,175 | +€2,265 | +12.3% |
| Profit (loss) for the period | 9904 | -€18,439 | -€16,175 | +€2,265 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,439 | -€16,175 | +€2,265 | +12.3% |
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 12 October 2026 via checked.be.