GVM PROJECTS: 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 PROJECTS
Largest movements
- Cash +€81,809
up €81,809 (+134.5%), from €60,841 to €142,650
mainly Net result for the year (+€82,715) and Tax, wage and social debts (+€23,078)
- Receivables within one year +€26,368
up €26,368 (+158.6%), from €16,631 to €42,999
of which Other amounts receivable: +€16,967
- Deferred charges and accrued income +€1,912
new in 2025: €1,912
- Reserves +€82,715
up €82,715 (+130.1%), from €63,561 to €146,275
- Tax, wage and social debts +€23,078
up €23,078 (+232.6%), from €9,920 to €32,998
- Other debts +€2,275
new in 2025: €2,275
- Gross operating margin +€24,156
up €24,156 (+29.4%), from €82,045 to €106,201
- Taxes +€4,866
up €4,866 (+29.4%), from €16,528 to €21,394
- Depreciation -€1,481
down €1,481 (-65.6%), from €2,258 to €777
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 | €79,441 | €188,972 | +€109,531 | +137.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,969 | €1,411 | -€558 | -28.4% |
| Tangible fixed assets | 22/27 | €1,969 | €1,411 | -€558 | -28.4% |
| Furniture and vehicles | 24 | €1,969 | €1,411 | -€558 | -28.4% |
| Current assets | 29/58 | €77,472 | €187,561 | +€110,089 | +142.1% |
| Amounts receivable within one year | 40/41 | €16,631 | €42,999 | +€26,368 | +158.6% |
| Trade receivables | 40 | €10,598 | €19,999 | +€9,402 | +88.7% |
| Other amounts receivable | 41 | €6,033 | €23,000 | +€16,967 | +281.2% |
| Cash at bank and in hand | 54/58 | €60,841 | €142,650 | +€81,809 | +134.5% |
| Deferred charges and accrued income | 490/1 | - | €1,912 | +€1,912 | |
| Total equity and liabilities | 10/49 | €79,441 | €188,972 | +€109,531 | +137.9% |
| Equity | 10/15 | €68,561 | €151,275 | +€82,715 | +120.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €63,561 | €146,275 | +€82,715 | +130.1% |
| Distributable reserves | 133 | €63,561 | €146,275 | +€82,715 | +130.1% |
| Amounts payable | 17/49 | €10,880 | €37,697 | +€26,816 | +246.5% |
| Amounts payable within one year | 42/48 | €10,880 | €37,697 | +€26,816 | +246.5% |
| Trade debts | 44 | €960 | €2,424 | +€1,464 | +152.5% |
| Suppliers | 440/4 | €960 | €2,424 | +€1,464 | +152.5% |
| Taxes, remuneration and social security | 45 | €9,920 | €32,998 | +€23,078 | +232.6% |
| Taxes | 450/3 | €9,920 | €32,998 | +€23,078 | +232.6% |
| Other amounts payable | 47/48 | - | €2,275 | +€2,275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,258 | €777 | -€1,481 | -65.6% |
| Other operating charges | 640/8 | - | €144 | +€144 | |
| Non-recurring operating charges | 66A | - | €1,054 | +€1,054 | |
| Gross operating margin | 9900 | €82,045 | €106,201 | +€24,156 | +29.4% |
| Operating profit (loss) | 9901 | €79,786 | €104,226 | +€24,440 | +30.6% |
| Financial income | 75/76B | €417 | €77 | -€340 | -81.6% |
| Recurring financial income | 75 | €417 | €77 | -€340 | -81.6% |
| Financial charges | 65/66B | €115 | €195 | +€80 | +69.8% |
| Recurring financial charges | 65 | €115 | €195 | +€80 | +69.8% |
| Profit (loss) for the period before taxes | 9903 | €80,088 | €104,108 | +€24,020 | +30.0% |
| Income taxes | 67/77 | €16,528 | €21,394 | +€4,866 | +29.4% |
| Profit (loss) for the period | 9904 | €63,561 | €82,715 | +€19,154 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,561 | €82,715 | +€19,154 | +30.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.