GVP RACON: 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.
GVP RACON
Largest movements
- Tangible fixed assets +€46,696
up €46,696 (+2,055%), from €2,272 to €48,969
of which Furniture and vehicles: +€47,108
- Receivables within one year +€7,664
up €7,664 (+68.5%), from €11,186 to €18,850
of which Trade receivables: +€8,436
- Cash +€5,522
up €5,522 (+119%), from €4,659 to €10,181
mainly Trade debts (+€50,686) and Net result for the year (+€7,837)
- Trade debts +€50,686
up €50,686 (+6,275%), from €808 to €51,494
- Reserves +€7,837
up €7,837 (+42.0%), from €18,648 to €26,485
- Gross operating margin -€15,907
down €15,907 (-52.8%), from €30,107 to €14,201
- Taxes -€3,079
down €3,079 (-53.6%), from €5,749 to €2,670
- Other operating charges -€2,143
down €2,143 (-53.8%), from €3,981 to €1,838
- Depreciation +€1,051
up €1,051 (+439%), from €239 to €1,290
- Financial charges -€914
down €914 (-61.3%), from €1,491 to €577
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 | €28,666 | €88,577 | +€59,911 | +209% |
| Fixed assets | 21/28 | €2,272 | €48,969 | +€46,696 | +2,055% |
| Tangible fixed assets | 22/27 | €2,272 | €48,969 | +€46,696 | +2,055% |
| Plant, machinery and equipment | 23 | €1,165 | €753 | -€411 | -35.3% |
| Furniture and vehicles | 24 | €1,107 | €48,215 | +€47,108 | +4,254% |
| Current assets | 29/58 | €26,394 | €39,608 | +€13,214 | +50.1% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,186 | €18,850 | +€7,664 | +68.5% |
| Trade receivables | 40 | €8,832 | €17,268 | +€8,436 | +95.5% |
| Other amounts receivable | 41 | €2,354 | €1,582 | -€772 | -32.8% |
| Cash at bank and in hand | 54/58 | €4,659 | €10,181 | +€5,522 | +119% |
| Deferred charges and accrued income | 490/1 | €549 | €577 | +€29 | +5.2% |
| Total equity and liabilities | 10/49 | €28,666 | €88,577 | +€59,911 | +209% |
| Equity | 10/15 | €26,148 | €33,985 | +€7,837 | +30.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €18,648 | €26,485 | +€7,837 | +42.0% |
| Distributable reserves | 133 | €18,648 | €26,485 | +€7,837 | +42.0% |
| Amounts payable | 17/49 | €2,518 | €54,592 | +€52,074 | +2,068% |
| Amounts payable within one year | 42/48 | €2,518 | €54,592 | +€52,074 | +2,068% |
| Trade debts | 44 | €808 | €51,494 | +€50,686 | +6,275% |
| Suppliers | 440/4 | €808 | €51,494 | +€50,686 | +6,275% |
| Taxes, remuneration and social security | 45 | €1,588 | €2,153 | +€565 | +35.6% |
| Taxes | 450/3 | €478 | €785 | +€307 | +64.3% |
| Remuneration and social security | 454/9 | €1,110 | €1,368 | +€257 | +23.2% |
| Other amounts payable | 47/48 | €122 | €945 | +€823 | +672% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239 | €1,290 | +€1,051 | +439% |
| Other operating charges | 640/8 | €3,981 | €1,838 | -€2,143 | -53.8% |
| Gross operating margin | 9900 | €30,107 | €14,201 | -€15,907 | -52.8% |
| Operating profit (loss) | 9901 | €25,887 | €11,072 | -€14,815 | -57.2% |
| Financial income | 75/76B | €0 | €11 | +€11 | +11,280% |
| Recurring financial income | 75 | €0 | €11 | +€11 | +11,280% |
| Financial charges | 65/66B | €1,491 | €577 | -€914 | -61.3% |
| Recurring financial charges | 65 | €1,491 | €577 | -€914 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | €24,396 | €10,507 | -€13,889 | -56.9% |
| Income taxes | 67/77 | €5,749 | €2,670 | -€3,079 | -53.6% |
| Profit (loss) for the period | 9904 | €18,648 | €7,837 | -€10,811 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,648 | €7,837 | -€10,811 | -58.0% |
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 30 October 2026 via checked.be.