GVM: what changed
Two fiscal 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.
GVM
Largest movements
- Receivables after one year +€189,790
up €189,790 (+13.5%), from €1.4m to €1.6m
- Cash +€80,868
up €80,868 (+23.2%), from €348,897 to €429,765
mainly Net result for the year (+€289,350) and Other debts (+€250,993)
- Financial fixed assets +€37,500
up €37,500 (+4.5%), from €840,664 to €878,164
- Other debts +€250,993
up €250,993 (+172.6%), from €145,382 to €396,375
- Profit (loss) carried forward +€79,350
up €79,350 (+3.4%), from €2.4m to €2.4m
- Debts after one year -€34,496
down €34,496 (-16.3%), from €211,877 to €177,380
- Financial income -€129,169
down €129,169 (-30.4%), from €425,103 to €295,933
- Taxes +€6,239
up €6,239 (+43.5%), from €14,353 to €20,592
- Gross operating margin -€5,613
down €5,613 (-13.6%), from €41,344 to €35,731
- Other operating charges +€2,180
up €2,180 (+162.4%), from €1,342 to €3,522
- Financial charges -€865
down €865 (-12.3%), from €7,041 to €6,176
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,781,448 | €3,082,158 | +€300,710 | +10.8% |
| Fixed assets | 21/28 | €865,102 | €890,577 | +€25,475 | +2.9% |
| Tangible fixed assets | 22/27 | €24,437 | €12,413 | -€12,025 | -49.2% |
| Plant, machinery and equipment | 23 | €976 | €682 | -€294 | -30.1% |
| Furniture and vehicles | 24 | €23,461 | €11,731 | -€11,731 | -50.0% |
| Financial fixed assets | 28 | €840,664 | €878,164 | +€37,500 | +4.5% |
| Current assets | 29/58 | €1,916,346 | €2,191,581 | +€275,235 | +14.4% |
| Amounts receivable after more than one year | 29 | €1,407,356 | €1,597,147 | +€189,790 | +13.5% |
| Other amounts receivable | 291 | €1,407,356 | €1,597,147 | +€189,790 | +13.5% |
| Amounts receivable within one year | 40/41 | €27,653 | €30,210 | +€2,557 | +9.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €27,653 | €30,210 | +€2,557 | +9.2% |
| Current investments | 50/53 | €127,404 | €127,404 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €348,897 | €429,765 | +€80,868 | +23.2% |
| Deferred charges and accrued income | 490/1 | €5,036 | €7,056 | +€2,020 | +40.1% |
| Total equity and liabilities | 10/49 | €2,781,448 | €3,082,158 | +€300,710 | +10.8% |
| Equity | 10/15 | €2,384,974 | €2,464,323 | +€79,350 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,364,514 | €2,443,863 | +€79,350 | +3.4% |
| Amounts payable | 17/49 | €396,474 | €617,835 | +€221,360 | +55.8% |
| Amounts payable after more than one year | 17 | €211,877 | €177,380 | -€34,496 | -16.3% |
| Financial debts | 170/4 | €211,877 | €177,380 | -€34,496 | -16.3% |
| Amounts payable within one year | 42/48 | €184,598 | €440,454 | +€255,857 | +138.6% |
| Current portion of amounts payable after more than one year | 42 | €33,846 | €33,846 | = | 0.0% |
| Trade debts | 44 | €2,639 | €2,956 | +€317 | +12.0% |
| Suppliers | 440/4 | €2,639 | €2,956 | +€317 | +12.0% |
| Taxes, remuneration and social security | 45 | €2,730 | €7,277 | +€4,547 | +166.5% |
| Taxes | 450/3 | €2,730 | €7,277 | +€4,547 | +166.5% |
| Other amounts payable | 47/48 | €145,382 | €396,375 | +€250,993 | +172.6% |
| Non-recurring operating income | 76A | €14,151 | €0 | -€14,151 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,025 | €12,025 | = | 0.0% |
| Other operating charges | 640/8 | €1,342 | €3,522 | +€2,180 | +162.4% |
| Gross operating margin | 9900 | €41,344 | €35,731 | -€5,613 | -13.6% |
| Operating profit (loss) | 9901 | €27,977 | €20,184 | -€7,793 | -27.9% |
| Financial income | 75/76B | €425,103 | €295,933 | -€129,169 | -30.4% |
| Recurring financial income | 75 | €425,103 | €295,933 | -€129,169 | -30.4% |
| Financial charges | 65/66B | €7,041 | €6,176 | -€865 | -12.3% |
| Recurring financial charges | 65 | €7,041 | €6,176 | -€865 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €446,039 | €309,942 | -€136,097 | -30.5% |
| Income taxes | 67/77 | €14,353 | €20,592 | +€6,239 | +43.5% |
| Profit (loss) for the period | 9904 | €431,686 | €289,350 | -€142,336 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €431,686 | €289,350 | -€142,336 | -33.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.