GVL: 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.
GVL
Largest movements
- Cash -€11,339
down €11,339 (-59.5%), from €19,069 to €7,730
mainly Contributions, distributions and other (-€16,879) and Investment in fixed assets (net) (-€14,944)
- Tangible fixed assets +€9,495
up €9,495 (+43.5%), from €21,842 to €31,336
of which Other tangible fixed assets: +€11,817
- Receivables within one year +€3,498
up €3,498 (+59.7%), from €5,861 to €9,358
of which Trade receivables: +€6,306
- Deferred charges and accrued income -€1,285
down €1,285 (-51.6%), from €2,491 to €1,207
- Reserves -€4,386
down €4,386 (-15.1%), from €28,985 to €24,599
- Tax, wage and social debts +€3,783
up €3,783 (+212%), from €1,784 to €5,567
- Debts after one year +€731
up €731 (+7.3%), from €9,980 to €10,711
- Gross operating margin +€13,863
up €13,863 (+107%), from €12,914 to €26,776
- Taxes +€5,183
up €5,183 (+398%), from €1,303 to €6,485
- Financial charges -€486
down €486 (-22.2%), from €2,191 to €1,705
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 | €49,263 | €49,632 | +€368 | +0.7% |
| Fixed assets | 21/28 | €21,842 | €31,336 | +€9,495 | +43.5% |
| Tangible fixed assets | 22/27 | €21,842 | €31,336 | +€9,495 | +43.5% |
| Plant, machinery and equipment | 23 | €1,091 | €940 | -€151 | -13.9% |
| Furniture and vehicles | 24 | €12,001 | €9,831 | -€2,171 | -18.1% |
| Other tangible fixed assets | 26 | €8,749 | €20,566 | +€11,817 | +135% |
| Current assets | 29/58 | €27,421 | €18,295 | -€9,126 | -33.3% |
| Amounts receivable within one year | 40/41 | €5,861 | €9,358 | +€3,498 | +59.7% |
| Trade receivables | 40 | €1,355 | €7,661 | +€6,306 | +465% |
| Other amounts receivable | 41 | €4,506 | €1,697 | -€2,808 | -62.3% |
| Cash at bank and in hand | 54/58 | €19,069 | €7,730 | -€11,339 | -59.5% |
| Deferred charges and accrued income | 490/1 | €2,491 | €1,207 | -€1,285 | -51.6% |
| Total equity and liabilities | 10/49 | €49,263 | €49,632 | +€368 | +0.7% |
| Equity | 10/15 | €35,185 | €30,799 | -€4,386 | -12.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,985 | €24,599 | -€4,386 | -15.1% |
| Distributable reserves | 133 | €28,985 | €24,599 | -€4,386 | -15.1% |
| Amounts payable | 17/49 | €14,078 | €18,832 | +€4,754 | +33.8% |
| Amounts payable after more than one year | 17 | €9,980 | €10,711 | +€731 | +7.3% |
| Other amounts payable | 178/9 | €9,980 | €10,711 | +€731 | +7.3% |
| Amounts payable within one year | 42/48 | €4,098 | €8,121 | +€4,024 | +98.2% |
| Trade debts | 44 | €2,313 | €2,554 | +€241 | +10.4% |
| Suppliers | 440/4 | €2,313 | €2,554 | +€241 | +10.4% |
| Taxes, remuneration and social security | 45 | €1,784 | €5,567 | +€3,783 | +212% |
| Taxes | 450/3 | €1,784 | €5,567 | +€3,783 | +212% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,464 | €5,449 | -€15 | -0.3% |
| Other operating charges | 640/8 | €666 | €644 | -€22 | -3.3% |
| Gross operating margin | 9900 | €12,914 | €26,776 | +€13,863 | +107% |
| Operating profit (loss) | 9901 | €6,784 | €20,683 | +€13,899 | +205% |
| Financial charges | 65/66B | €2,191 | €1,705 | -€486 | -22.2% |
| Recurring financial charges | 65 | €2,191 | €1,705 | -€486 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €4,593 | €18,978 | +€14,385 | +313% |
| Income taxes | 67/77 | €1,303 | €6,485 | +€5,183 | +398% |
| Profit (loss) for the period | 9904 | €3,290 | €12,493 | +€9,203 | +280% |
| Profit (loss) for the period to be appropriated | 9905 | €3,290 | €12,493 | +€9,203 | +280% |
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 23 October 2026 via checked.be.