GVL Projects: 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 Projects
Largest movements
- Tangible fixed assets +€290,654
up €290,654 (+84.7%), from €343,155 to €633,809
of which Land and buildings: +€349,563
- Stocks and contracts +€34,334
up €34,334, from €0 to €34,334
of which Contracts in progress: +€34,334
- Receivables within one year -€25,438
down €25,438 (-11.0%), from €230,233 to €204,796
of which Trade receivables: -€41,495
- Cash -€16,956
down €16,956 (-9.4%), from €180,321 to €163,365
mainly Investment in fixed assets (net) (-€471,451) and Stocks and contracts (-€34,334)
- Debts after one year +€244,941
up €244,941 (+150%), from €162,834 to €407,776
- Reserves +€33,484
up €33,484 (+8.8%), from €382,590 to €416,074
- Tax, wage and social debts -€16,799
down €16,799 (-32.1%), from €52,359 to €35,561
of which Remuneration and social security: -€8,917
- Trade debts +€10,475
up €10,475 (+11.9%), from €88,376 to €98,851
- Depreciation +€60,548
up €60,548 (+50.4%), from €120,249 to €180,797
- Staff costs +€51,177
up €51,177 (+67.3%), from €76,029 to €127,207
- Gross operating margin +€34,400
up €34,400 (+9.2%), from €375,948 to €410,348
- Taxes -€34,124
down €34,124 (-63.9%), from €53,404 to €19,280
- Write-downs +€25,460
up €25,460, from €0 to €25,460
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 | €753,709 | €1,036,304 | +€282,595 | +37.5% |
| Fixed assets | 21/28 | €343,155 | €633,809 | +€290,654 | +84.7% |
| Tangible fixed assets | 22/27 | €343,155 | €633,809 | +€290,654 | +84.7% |
| Land and buildings | 22 | - | €349,563 | +€349,563 | |
| Plant, machinery and equipment | 23 | €14,592 | €71,701 | +€57,109 | +391% |
| Furniture and vehicles | 24 | €328,563 | €212,546 | -€116,018 | -35.3% |
| Current assets | 29/58 | €410,554 | €402,495 | -€8,059 | -2.0% |
| Stocks and contracts in progress | 3 | €0 | €34,334 | +€34,334 | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | - | €34,334 | +€34,334 | |
| Amounts receivable within one year | 40/41 | €230,233 | €204,796 | -€25,438 | -11.0% |
| Trade receivables | 40 | €207,838 | €166,343 | -€41,495 | -20.0% |
| Other amounts receivable | 41 | €22,395 | €38,452 | +€16,058 | +71.7% |
| Cash at bank and in hand | 54/58 | €180,321 | €163,365 | -€16,956 | -9.4% |
| Total equity and liabilities | 10/49 | €753,709 | €1,036,304 | +€282,595 | +37.5% |
| Equity | 10/15 | €382,690 | €416,174 | +€33,484 | +8.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €382,590 | €416,074 | +€33,484 | +8.8% |
| Distributable reserves | 133 | €382,590 | €416,074 | +€33,484 | +8.8% |
| Amounts payable | 17/49 | €371,019 | €620,130 | +€249,111 | +67.1% |
| Amounts payable after more than one year | 17 | €162,834 | €407,776 | +€244,941 | +150% |
| Financial debts | 170/4 | €162,834 | €407,776 | +€244,941 | +150% |
| Amounts payable within one year | 42/48 | €207,384 | €211,554 | +€4,169 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €50,064 | €59,329 | +€9,265 | +18.5% |
| Trade debts | 44 | €88,376 | €98,851 | +€10,475 | +11.9% |
| Suppliers | 440/4 | €88,376 | €98,851 | +€10,475 | +11.9% |
| Taxes, remuneration and social security | 45 | €52,359 | €35,561 | -€16,799 | -32.1% |
| Taxes | 450/3 | €41,039 | €33,157 | -€7,882 | -19.2% |
| Remuneration and social security | 454/9 | €11,320 | €2,403 | -€8,917 | -78.8% |
| Other amounts payable | 47/48 | €16,585 | €17,813 | +€1,228 | +7.4% |
| Accrued charges and deferred income | 492/3 | €800 | €800 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €76,029 | €127,207 | +€51,177 | +67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,249 | €180,797 | +€60,548 | +50.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €25,460 | +€25,460 | |
| Other operating charges | 640/8 | €6,591 | €6,957 | +€365 | +5.5% |
| Gross operating margin | 9900 | €375,948 | €410,348 | +€34,400 | +9.2% |
| Operating profit (loss) | 9901 | €173,078 | €69,928 | -€103,149 | -59.6% |
| Financial income | 75/76B | €202 | €4,920 | +€4,718 | +2,336% |
| Recurring financial income | 75 | €202 | €4,920 | +€4,718 | +2,336% |
| Financial charges | 65/66B | €9,804 | €22,083 | +€12,279 | +125% |
| Recurring financial charges | 65 | €9,804 | €22,083 | +€12,279 | +125% |
| Profit (loss) for the period before taxes | 9903 | €163,476 | €52,765 | -€110,711 | -67.7% |
| Income taxes | 67/77 | €53,404 | €19,280 | -€34,124 | -63.9% |
| Profit (loss) for the period | 9904 | €110,071 | €33,484 | -€76,587 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €110,071 | €33,484 | -€76,587 | -69.6% |
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 13 October 2026 via checked.be.