GVKDR: 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.
GVKDR
Largest movements
- Receivables within one year -€16,179
down €16,179 (-27.9%), from €58,080 to €41,901
of which Trade receivables: -€37,510
- Cash -€14,443
down €14,443 (-33.7%), from €42,903 to €28,460
mainly Contributions, distributions and other (-€29,508) and Investment in fixed assets (net) (-€23,743)
- Tangible fixed assets +€7,621
up €7,621 (+5.3%), from €143,969 to €151,590
of which Land and buildings: +€15,748
- Debts after one year -€16,118
down €16,118 (-33.1%), from €48,753 to €32,635
- Trade debts -€13,861
down €13,861 (-82.2%), from €16,872 to €3,011
- Reserves +€13,177
up €13,177 (+11.8%), from €111,716 to €124,894
- Tax, wage and social debts -€11,401
down €11,401 (-40.3%), from €28,285 to €16,883
- Other debts +€6,264
up €6,264 (+112%), from €5,617 to €11,881
- Gross operating margin -€32,363
down €32,363 (-28.6%), from €113,010 to €80,648
- Taxes -€10,594
down €10,594 (-38.8%), from €27,269 to €16,675
- Financial charges +€1,636
up €1,636 (+55.9%), from €2,926 to €4,562
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 | €248,098 | €225,227 | -€22,872 | -9.2% |
| Fixed assets | 21/28 | €143,969 | €151,590 | +€7,621 | +5.3% |
| Tangible fixed assets | 22/27 | €143,969 | €151,590 | +€7,621 | +5.3% |
| Land and buildings | 22 | €113,216 | €128,964 | +€15,748 | +13.9% |
| Plant, machinery and equipment | 23 | €1,101 | €850 | -€251 | -22.8% |
| Furniture and vehicles | 24 | €897 | €681 | -€215 | -24.0% |
| Leasing and similar rights | 25 | €28,756 | €21,095 | -€7,661 | -26.6% |
| Current assets | 29/58 | €104,129 | €73,637 | -€30,492 | -29.3% |
| Amounts receivable within one year | 40/41 | €58,080 | €41,901 | -€16,179 | -27.9% |
| Trade receivables | 40 | €58,080 | €20,570 | -€37,510 | -64.6% |
| Other amounts receivable | 41 | - | €21,331 | +€21,331 | |
| Cash at bank and in hand | 54/58 | €42,903 | €28,460 | -€14,443 | -33.7% |
| Deferred charges and accrued income | 490/1 | €3,146 | €3,276 | +€130 | +4.1% |
| Total equity and liabilities | 10/49 | €248,098 | €225,227 | -€22,872 | -9.2% |
| Equity | 10/15 | €132,371 | €144,715 | +€12,344 | +9.3% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €111,716 | €124,894 | +€13,177 | +11.8% |
| Distributable reserves | 133 | €111,716 | €124,894 | +€13,177 | +11.8% |
| Profit (loss) carried forward | 14 | €6,394 | €5,561 | -€833 | -13.0% |
| Amounts payable | 17/49 | €115,728 | €80,512 | -€35,216 | -30.4% |
| Amounts payable after more than one year | 17 | €48,753 | €32,635 | -€16,118 | -33.1% |
| Financial debts | 170/4 | €48,753 | €32,635 | -€16,118 | -33.1% |
| Amounts payable within one year | 42/48 | €66,975 | €47,877 | -€19,097 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €16,201 | €16,102 | -€100 | -0.6% |
| Trade debts | 44 | €16,872 | €3,011 | -€13,861 | -82.2% |
| Suppliers | 440/4 | €16,872 | €3,011 | -€13,861 | -82.2% |
| Taxes, remuneration and social security | 45 | €28,285 | €16,883 | -€11,401 | -40.3% |
| Taxes | 450/3 | €28,285 | €16,883 | -€11,401 | -40.3% |
| Other amounts payable | 47/48 | €5,617 | €11,881 | +€6,264 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,633 | €16,122 | +€489 | +3.1% |
| Other operating charges | 640/8 | €1,612 | €1,607 | -€5 | -0.3% |
| Gross operating margin | 9900 | €113,010 | €80,648 | -€32,363 | -28.6% |
| Operating profit (loss) | 9901 | €95,765 | €62,919 | -€32,846 | -34.3% |
| Financial income | 75/76B | €71 | €170 | +€99 | +140% |
| Recurring financial income | 75 | €71 | €170 | +€99 | +140% |
| Financial charges | 65/66B | €2,926 | €4,562 | +€1,636 | +55.9% |
| Recurring financial charges | 65 | €2,926 | €4,562 | +€1,636 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | €92,910 | €58,528 | -€34,382 | -37.0% |
| Income taxes | 67/77 | €27,269 | €16,675 | -€10,594 | -38.8% |
| Profit (loss) for the period | 9904 | €65,641 | €41,853 | -€23,788 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,641 | €41,853 | -€23,788 | -36.2% |
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 19 October 2026 via checked.be.