GVN: 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.
GVN
Largest movements
- Receivables after one year -€80,822
no longer reported in 2025 (was €80,822)
- Current investments +€75,859
new in 2025: €75,859
- Cash -€39,077
down €39,077 (-39.1%), from €100,029 to €60,952
mainly Contributions, distributions and other (-€99,792) and Current investments (-€75,859)
- Tangible fixed assets -€15,619
down €15,619 (-56.4%), from €27,699 to €12,080
of which Furniture and vehicles: -€15,590
- Receivables within one year -€6,312
down €6,312 (-17.3%), from €36,511 to €30,199
of which Trade receivables: -€7,652
- Reserves -€80,184
down €80,184 (-43.9%), from €182,720 to €102,536
- Other debts +€32,555
up €32,555 (+256.9%), from €12,670 to €45,225
- Tax, wage and social debts -€12,227
down €12,227 (-56.4%), from €21,681 to €9,455
- Accrued charges and deferred income -€2,762
down €2,762 (-15.2%), from €18,150 to €15,387
- Trade debts -€2,590
down €2,590 (-65.6%), from €3,946 to €1,356
- Financial charges +€11,396
up €11,396 (+2771.1%), from €411 to €11,807
of which Financial charges: +€8,055
- Financial income +€6,729
up €6,729 (+266.3%), from €2,527 to €9,257
- Gross operating margin -€1,427
down €1,427 (-2.8%), from €51,547 to €50,120
- Taxes +€592
up €592 (+5.6%), from €10,475 to €11,066
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 | €245,472 | €180,263 | -€65,209 | -26.6% |
| Fixed assets | 21/28 | €27,699 | €12,080 | -€15,619 | -56.4% |
| Tangible fixed assets | 22/27 | €27,699 | €12,080 | -€15,619 | -56.4% |
| Plant, machinery and equipment | 23 | €4,004 | €3,976 | -€28 | -0.7% |
| Furniture and vehicles | 24 | €23,694 | €8,104 | -€15,590 | -65.8% |
| Current assets | 29/58 | €217,773 | €168,183 | -€49,590 | -22.8% |
| Amounts receivable after more than one year | 29 | €80,822 | - | -€80,822 | |
| Other amounts receivable | 291 | €80,822 | - | -€80,822 | |
| Amounts receivable within one year | 40/41 | €36,511 | €30,199 | -€6,312 | -17.3% |
| Trade receivables | 40 | €36,511 | €28,859 | -€7,652 | -21.0% |
| Other amounts receivable | 41 | - | €1,340 | +€1,340 | |
| Current investments | 50/53 | - | €75,859 | +€75,859 | |
| Cash at bank and in hand | 54/58 | €100,029 | €60,952 | -€39,077 | -39.1% |
| Deferred charges and accrued income | 490/1 | €411 | €1,172 | +€761 | +185.0% |
| Total equity and liabilities | 10/49 | €245,472 | €180,263 | -€65,209 | -26.6% |
| Equity | 10/15 | €189,024 | €108,840 | -€80,184 | -42.4% |
| Contributions | 10/11 | €6,304 | €6,304 | = | 0.0% |
| Reserves | 13 | €182,720 | €102,536 | -€80,184 | -43.9% |
| Distributable reserves | 133 | €182,720 | €102,536 | -€80,184 | -43.9% |
| Amounts payable | 17/49 | €56,448 | €71,423 | +€14,975 | +26.5% |
| Amounts payable within one year | 42/48 | €38,298 | €56,035 | +€17,738 | +46.3% |
| Trade debts | 44 | €3,946 | €1,356 | -€2,590 | -65.6% |
| Suppliers | 440/4 | €3,946 | €1,356 | -€2,590 | -65.6% |
| Taxes, remuneration and social security | 45 | €21,681 | €9,455 | -€12,227 | -56.4% |
| Taxes | 450/3 | €21,681 | €9,455 | -€12,227 | -56.4% |
| Other amounts payable | 47/48 | €12,670 | €45,225 | +€32,555 | +256.9% |
| Accrued charges and deferred income | 492/3 | €18,150 | €15,387 | -€2,762 | -15.2% |
| Non-recurring operating income | 76A | €250 | - | -€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,402 | €16,141 | -€261 | -1.6% |
| Other operating charges | 640/8 | €923 | €755 | -€168 | -18.2% |
| Gross operating margin | 9900 | €51,547 | €50,120 | -€1,427 | -2.8% |
| Operating profit (loss) | 9901 | €34,223 | €33,225 | -€998 | -2.9% |
| Financial income | 75/76B | €2,527 | €9,257 | +€6,729 | +266.3% |
| Recurring financial income | 75 | €2,527 | €9,257 | +€6,729 | +266.3% |
| Financial charges | 65/66B | €411 | €11,807 | +€11,396 | +2771.1% |
| Recurring financial charges | 65 | €411 | €8,466 | +€8,055 | +1958.6% |
| Non-recurring financial charges | 66B | - | €3,341 | +€3,341 | |
| Profit (loss) for the period before taxes | 9903 | €36,339 | €30,674 | -€5,665 | -15.6% |
| Income taxes | 67/77 | €10,475 | €11,066 | +€592 | +5.6% |
| Profit (loss) for the period | 9904 | €25,864 | €19,608 | -€6,256 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,864 | €19,608 | -€6,256 | -24.2% |
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 2 October 2026 via checked.be.