GVLC: 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.
GVLC
Largest movements
- Current investments +€191,519
up €191,519 (+14.1%), from €1.4m to €1.6m
- Tangible fixed assets -€153,270
down €153,270 (-4.6%), from €3.3m to €3.2m
of which Land and buildings: -€151,000
- Cash +€136,374
up €136,374 (+158.0%), from €86,298 to €222,672
mainly Net result for the year (+€185,872) and Depreciation (+€154,145)
- Reserves +€185,872
up €185,872 (+43.5%), from €427,509 to €613,381
- Financial income -€96,122
down €96,122 (-68.1%), from €141,170 to €45,049
- Gross operating margin -€8,863
down €8,863 (-2.0%), from €433,124 to €424,261
- Taxes -€5,013
down €5,013 (-9.0%), from €55,693 to €50,679
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 | €4,829,946 | €5,029,704 | +€199,757 | +4.1% |
| Fixed assets | 21/28 | €3,317,598 | €3,164,328 | -€153,270 | -4.6% |
| Tangible fixed assets | 22/27 | €3,317,598 | €3,164,328 | -€153,270 | -4.6% |
| Land and buildings | 22 | €3,310,224 | €3,159,224 | -€151,000 | -4.6% |
| Plant, machinery and equipment | 23 | €819 | €948 | +€129 | +15.7% |
| Furniture and vehicles | 24 | €6,555 | €4,156 | -€2,399 | -36.6% |
| Current assets | 29/58 | €1,512,348 | €1,865,376 | +€353,028 | +23.3% |
| Amounts receivable within one year | 40/41 | €55,846 | €80,912 | +€25,066 | +44.9% |
| Trade receivables | 40 | €53,027 | €69,926 | +€16,899 | +31.9% |
| Other amounts receivable | 41 | €2,819 | €10,986 | +€8,167 | +289.7% |
| Current investments | 50/53 | €1,362,369 | €1,553,888 | +€191,519 | +14.1% |
| Cash at bank and in hand | 54/58 | €86,298 | €222,672 | +€136,374 | +158.0% |
| Deferred charges and accrued income | 490/1 | €7,836 | €7,904 | +€67 | +0.9% |
| Total equity and liabilities | 10/49 | €4,829,946 | €5,029,704 | +€199,757 | +4.1% |
| Equity | 10/15 | €437,509 | €623,381 | +€185,872 | +42.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €427,509 | €613,381 | +€185,872 | +43.5% |
| Distributable reserves | 133 | €427,509 | €613,381 | +€185,872 | +43.5% |
| Amounts payable | 17/49 | €4,392,437 | €4,406,322 | +€13,885 | +0.3% |
| Amounts payable after more than one year | 17 | €4,318,945 | €4,318,945 | = | 0.0% |
| Financial debts | 170/4 | €4,318,945 | €4,318,945 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,812 | €55,605 | +€12,793 | +29.9% |
| Trade debts | 44 | €10,180 | €13,924 | +€3,744 | +36.8% |
| Suppliers | 440/4 | €10,180 | €13,924 | +€3,744 | +36.8% |
| Taxes, remuneration and social security | 45 | €26,025 | €24,207 | -€1,818 | -7.0% |
| Taxes | 450/3 | €26,025 | €24,207 | -€1,818 | -7.0% |
| Other amounts payable | 47/48 | €6,607 | €17,475 | +€10,868 | +164.5% |
| Accrued charges and deferred income | 492/3 | €30,681 | €31,772 | +€1,092 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,436 | €154,145 | -€290 | -0.2% |
| Other operating charges | 640/8 | €33,857 | €37,167 | +€3,309 | +9.8% |
| Gross operating margin | 9900 | €433,124 | €424,261 | -€8,863 | -2.0% |
| Operating profit (loss) | 9901 | €244,831 | €232,949 | -€11,882 | -4.9% |
| Financial income | 75/76B | €141,170 | €45,049 | -€96,122 | -68.1% |
| Recurring financial income | 75 | €141,170 | €45,049 | -€96,122 | -68.1% |
| Financial charges | 65/66B | €41,522 | €41,446 | -€76 | -0.2% |
| Recurring financial charges | 65 | €41,522 | €41,446 | -€76 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €344,479 | €236,551 | -€107,927 | -31.3% |
| Income taxes | 67/77 | €55,693 | €50,679 | -€5,013 | -9.0% |
| Profit (loss) for the period | 9904 | €288,786 | €185,872 | -€102,914 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €288,786 | €185,872 | -€102,914 | -35.6% |
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 11 October 2026 via checked.be.