GVO MANAGEMENT: 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.
GVO MANAGEMENT
Largest movements
- Receivables within one year +€71,857
up €71,857 (+165%), from €43,450 to €115,307
of which Other amounts receivable: +€70,949
- Current investments -€55,000
down €55,000 (-11.5%), from €480,000 to €425,000
- Cash -€16,372
down €16,372 (-48.1%), from €34,054 to €17,682
mainly Receivables within one year (-€71,857) and Other debts (-€33,982)
- Reserves +€46,127
up €46,127 (+9.7%), from €473,156 to €519,283
of which Distributable reserves: +€46,127
- Other debts -€33,982
down €33,982 (-57.0%), from €59,600 to €25,617
- Trade debts -€26,704
down €26,704 (-99.6%), from €26,801 to €97
- Tax, wage and social debts +€11,079
up €11,079 (+138%), from €8,003 to €19,082
- Gross operating margin +€29,123
up €29,123 (+82.2%), from €35,434 to €64,557
- Taxes +€11,488
up €11,488 (+85.0%), from €13,521 to €25,009
- Financial income +€1,717
up €1,717 (+19.1%), from €9,003 to €10,720
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €733,560 | €730,079 | -€3,481 | -0.5% |
| Fixed assets | 21/28 | €161,406 | €164,139 | +€2,733 | +1.7% |
| Tangible fixed assets | 22/27 | €11,406 | €14,139 | +€2,733 | +24.0% |
| Land and buildings | 22 | €8,930 | €7,411 | -€1,519 | -17.0% |
| Plant, machinery and equipment | 23 | €1,888 | €1,679 | -€209 | -11.1% |
| Furniture and vehicles | 24 | €589 | €5,049 | +€4,460 | +757% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €572,154 | €565,940 | -€6,215 | -1.1% |
| Amounts receivable after more than one year | 29 | €14,650 | €7,950 | -€6,700 | -45.7% |
| Trade receivables | 290 | €14,650 | €7,950 | -€6,700 | -45.7% |
| Amounts receivable within one year | 40/41 | €43,450 | €115,307 | +€71,857 | +165% |
| Trade receivables | 40 | €22,273 | €23,182 | +€909 | +4.1% |
| Other amounts receivable | 41 | €21,177 | €92,125 | +€70,949 | +335% |
| Current investments | 50/53 | €480,000 | €425,000 | -€55,000 | -11.5% |
| Cash at bank and in hand | 54/58 | €34,054 | €17,682 | -€16,372 | -48.1% |
| Total equity and liabilities | 10/49 | €733,560 | €730,079 | -€3,481 | -0.5% |
| Equity | 10/15 | €639,156 | €685,283 | +€46,127 | +7.2% |
| Contributions | 10/11 | €166,000 | €166,000 | = | 0.0% |
| Reserves | 13 | €473,156 | €519,283 | +€46,127 | +9.7% |
| Non-distributable reserves | 130/1 | €7,691 | €7,691 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,691 | €7,691 | = | 0.0% |
| Distributable reserves | 133 | €465,465 | €511,592 | +€46,127 | +9.9% |
| Amounts payable | 17/49 | €94,404 | €44,796 | -€49,608 | -52.5% |
| Amounts payable within one year | 42/48 | €94,404 | €44,796 | -€49,608 | -52.5% |
| Trade debts | 44 | €26,801 | €97 | -€26,704 | -99.6% |
| Suppliers | 440/4 | €26,801 | €97 | -€26,704 | -99.6% |
| Taxes, remuneration and social security | 45 | €8,003 | €19,082 | +€11,079 | +138% |
| Taxes | 450/3 | €8,003 | €19,082 | +€11,079 | +138% |
| Other amounts payable | 47/48 | €59,600 | €25,617 | -€33,982 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,257 | €3,815 | +€558 | +17.1% |
| Other operating charges | 640/8 | €276 | €279 | +€4 | +1.3% |
| Gross operating margin | 9900 | €35,434 | €64,557 | +€29,123 | +82.2% |
| Operating profit (loss) | 9901 | €31,901 | €60,463 | +€28,561 | +89.5% |
| Financial income | 75/76B | €9,003 | €10,720 | +€1,717 | +19.1% |
| Recurring financial income | 75 | €9,003 | €10,720 | +€1,717 | +19.1% |
| Financial charges | 65/66B | €73 | €47 | -€26 | -35.4% |
| Recurring financial charges | 65 | €73 | €47 | -€26 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €40,832 | €71,136 | +€30,304 | +74.2% |
| Income taxes | 67/77 | €13,521 | €25,009 | +€11,488 | +85.0% |
| Profit (loss) for the period | 9904 | €27,311 | €46,127 | +€18,816 | +68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,311 | €46,127 | +€18,816 | +68.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.