GVO: 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.
What changed
GVO
NACE 82.200, Office administrative, office support and other business support activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€176,916
2024 · €588,731-€411,815
Equity
€3.8m
2024 · €3.6m+€176,563
Cash
€2.0m
2024 · €1.1m+€918,702
Balance sheet total
€7.9m
2024 · €7.6m+€381,015
Largest movements
Assets
- Cash +€918,702
up €918,702 (+85.6%), from €1.1m to €2.0m
mainly Receivables within one year (+€576,269) and Depreciation (+€328,304)
- Receivables within one year -€576,269
down €576,269 (-18.8%), from €3.1m to €2.5m
of which Other amounts receivable: -€400,000
Equity and liabilities
- Reserves +€307,341
up €307,341 (+22.3%), from €1.4m to €1.7m
- Debts within one year +€290,375
up €290,375 (+10.5%), from €2.8m to €3.1m
of which Trade debts: +€339,150
- Profit (loss) carried forward -€130,425
down €130,425 (-6.5%), from €2.0m to €1.9m
- Debts after one year -€83,830
down €83,830 (-7.4%), from €1.1m to €1.1m
Income statement
- Other operating income +€5.0m
new in 2025: €5.0m
- Services and other goods +€3.1m
new in 2025: €3.1m
- Gross operating margin -€2.0m
no longer reported in 2025 (was €2.0m)
- Goods and materials +€128,862
new in 2025: €128,862
- Staff costs +€110,288
up €110,288 (+10.2%), from €1.1m to €1.2m
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.
Result 2024
€588,731
Staff costs
-€110,288
Depreciation
-€17,289
Other operating charges
-€11,033
Other operating items
-€278,765
Financial income
+€4,483
Financial charges
+€3,156
Taxes
-€2,079
Result 2025
€176,916
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.4m
Investment
-€381,566
Financing
-€84,183
Cash 2024
€1.1m
From operations (derived)
+€1.4m
Net result for the year
+€176,916
Depreciation
+€328,304
Stocks and contracts
+€1,585
Receivables within one year
+€576,269
Deferred charges and accrued income
+€13,095
Debts within one year
+€290,375
Accrued charges and deferred income
-€2,093
Investment (derived)
-€381,566
Investment in fixed assets (net)
-€381,566
Financing
-€84,183
Debts after one year
-€83,830
Contributions, distributions and other
-€353
Cash 2025
€2.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,553,002 | €7,934,017 | +€381,015 | +5.0% |
| Fixed assets | 21/28 | €3,287,213 | €3,340,476 | +€53,262 | +1.6% |
| Tangible fixed assets | 22/27 | €3,287,213 | €3,340,476 | +€53,262 | +1.6% |
| Land and buildings | 22 | €2,933,805 | €2,706,822 | -€226,982 | -7.7% |
| Plant, machinery and equipment | 23 | €224,305 | €536,638 | +€312,333 | +139% |
| Furniture and vehicles | 24 | €129,104 | €97,016 | -€32,088 | -24.9% |
| Current assets | 29/58 | €4,265,789 | €4,593,541 | +€327,753 | +7.7% |
| Stocks and contracts in progress | 3 | €8,659 | €7,074 | -€1,585 | -18.3% |
| Stocks | 30/36 | €8,659 | €7,074 | -€1,585 | -18.3% |
| Finished goods | 33 | - | €7,074 | +€7,074 | |
| Amounts receivable within one year | 40/41 | €3,072,315 | €2,496,046 | -€576,269 | -18.8% |
| Trade receivables | 40 | €872,315 | €696,046 | -€176,269 | -20.2% |
| Other amounts receivable | 41 | €2,200,000 | €1,800,000 | -€400,000 | -18.2% |
| Cash at bank and in hand | 54/58 | €1,072,732 | €1,991,433 | +€918,702 | +85.6% |
| Deferred charges and accrued income | 490/1 | €112,083 | €98,988 | -€13,095 | -11.7% |
| Total equity and liabilities | 10/49 | €7,553,002 | €7,934,017 | +€381,015 | +5.0% |
| Equity | 10/15 | €3,647,237 | €3,823,800 | +€176,563 | +4.8% |
| Contributions | 10/11 | €265,871 | €265,871 | = | 0.0% |
| Capital | 10 | €265,871 | €265,871 | = | 0.0% |
| Reserves | 13 | €1,378,343 | €1,685,684 | +€307,341 | +22.3% |
| Profit (loss) carried forward | 14 | €2,002,670 | €1,872,246 | -€130,425 | -6.5% |
| Investment grants | 15 | €353 | €0 | -€353 | -100% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €3,905,765 | €4,110,217 | +€204,452 | +5.2% |
| Amounts payable after more than one year | 17 | €1,133,850 | €1,050,020 | -€83,830 | -7.4% |
| Financial debts | 170/4 | €1,133,850 | €1,050,020 | -€83,830 | -7.4% |
| Credit institutions | 173 | - | €1,050,020 | +€1.1m | |
| Amounts payable within one year | 42/48 | €2,764,685 | €3,055,060 | +€290,375 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €153,000 | €83,830 | -€69,170 | -45.2% |
| Trade debts | 44 | €598,152 | €937,302 | +€339,150 | +56.7% |
| Suppliers | 440/4 | €598,152 | €937,302 | +€339,150 | +56.7% |
| Taxes, remuneration and social security | 45 | €213,532 | €233,927 | +€20,395 | +9.6% |
| Taxes | 450/3 | €22,001 | €27,992 | +€5,991 | +27.2% |
| Remuneration and social security | 454/9 | €191,531 | €205,935 | +€14,404 | +7.5% |
| Accrued charges and deferred income | 492/3 | €7,230 | €5,137 | -€2,093 | -28.9% |
| Operating income | 70/76A | - | €4,963,371 | +€5.0m | |
| Membership fees, donations, legacies and grants | 73 | - | €642 | +€642 | |
| Other operating income | 74 | - | €4,957,276 | +€5.0m | |
| Non-recurring operating income | 76A | €0 | €5,454 | +€5,454 | |
| Operating charges | 60/66A | - | €4,778,809 | +€4.8m | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,903,642 | - | -€2.9m | |
| Goods for resale, raw materials and consumables | 60 | - | €128,862 | +€128,862 | |
| Purchases | 600/8 | - | €128,862 | +€128,862 | |
| Services and other goods | 61 | - | €3,105,375 | +€3.1m | |
| Remuneration, social security and pensions | 62 | €1,083,396 | €1,193,684 | +€110,288 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311,015 | €328,304 | +€17,289 | +5.6% |
| Other operating charges | 640/8 | €11,551 | €22,584 | +€11,033 | +95.5% |
| Non-recurring operating charges | 66A | €25,677 | €0 | -€25,677 | -100% |
| Gross operating margin | 9900 | €1,983,452 | - | -€2.0m | |
| Operating profit (loss) | 9901 | €601,937 | €184,563 | -€417,375 | -69.3% |
| Financial income | 75/76B | €1,202 | €5,685 | +€4,483 | +373% |
| Recurring financial income | 75 | €1,202 | €5,685 | +€4,483 | +373% |
| Income from current assets | 751 | - | €5,685 | +€5,685 | |
| Financial charges | 65/66B | €14,815 | €11,660 | -€3,156 | -21.3% |
| Recurring financial charges | 65 | €14,815 | €11,660 | -€3,156 | -21.3% |
| Debt charges | 650 | - | €9,323 | +€9,323 | |
| Other financial charges | 652/9 | - | €2,337 | +€2,337 | |
| Profit (loss) for the period before taxes | 9903 | €588,324 | €178,588 | -€409,736 | -69.6% |
| Income taxes | 67/77 | -€407 | €1,672 | +€2,079 | |
| Taxes | 670/3 | - | €1,672 | +€1,672 | |
| Profit (loss) for the period | 9904 | €588,731 | €176,916 | -€411,815 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €588,731 | €176,916 | -€411,815 | -69.9% |
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 15 October 2026 via checked.be.