GVR: 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.
GVR
Largest movements
- Tangible fixed assets -€11,141
down €11,141 (-24.1%), from €46,179 to €35,037
of which Furniture and vehicles: -€11,141
- Receivables within one year +€8,329
up €8,329 (+56.3%), from €14,786 to €23,115
of which Trade receivables: +€8,393
- Receivables after one year -€7,492
down €7,492 (-10.2%), from €73,598 to €66,106
- Cash -€3,963
down €3,963 (-31.0%), from €12,787 to €8,824
mainly Debts after one year (-€13,844) and Receivables within one year (-€8,329)
- Debts after one year -€13,844
down €13,844 (-37.5%), from €36,894 to €23,050
- Profit (loss) carried forward -€5,526
down €5,526 (-8.2%), from €67,512 to €61,985
- Trade debts +€4,744
up €4,744 (+133%), from €3,554 to €8,298
- Gross operating margin -€15,141
down €15,141 (-61.9%), from €24,461 to €9,320
- Taxes -€1,641
down €1,641 (-91.1%), from €1,801 to €161
- Depreciation +€1,613
up €1,613 (+16.9%), from €9,528 to €11,141
- Financial income -€1,207
no longer reported in 2025 (was €1,207)
- Other operating charges +€785
up €785 (+71.0%), from €1,106 to €1,890
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 | €147,851 | €133,083 | -€14,769 | -10.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €46,179 | €35,037 | -€11,141 | -24.1% |
| Tangible fixed assets | 22/27 | €46,179 | €35,037 | -€11,141 | -24.1% |
| Furniture and vehicles | 24 | €46,179 | €35,037 | -€11,141 | -24.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €101,673 | €98,046 | -€3,627 | -3.6% |
| Amounts receivable after more than one year | 29 | €73,598 | €66,106 | -€7,492 | -10.2% |
| Other amounts receivable | 291 | €73,598 | €66,106 | -€7,492 | -10.2% |
| Amounts receivable within one year | 40/41 | €14,786 | €23,115 | +€8,329 | +56.3% |
| Trade receivables | 40 | €14,722 | €23,115 | +€8,393 | +57.0% |
| Other amounts receivable | 41 | €64 | - | -€64 | |
| Cash at bank and in hand | 54/58 | €12,787 | €8,824 | -€3,963 | -31.0% |
| Deferred charges and accrued income | 490/1 | €502 | - | -€502 | |
| Total equity and liabilities | 10/49 | €147,851 | €133,083 | -€14,769 | -10.0% |
| Equity | 10/15 | €85,572 | €80,045 | -€5,526 | -6.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,512 | €61,985 | -€5,526 | -8.2% |
| Amounts payable | 17/49 | €62,280 | €53,037 | -€9,242 | -14.8% |
| Amounts payable after more than one year | 17 | €36,894 | €23,050 | -€13,844 | -37.5% |
| Financial debts | 170/4 | €36,894 | €23,050 | -€13,844 | -37.5% |
| Amounts payable within one year | 42/48 | €25,385 | €29,987 | +€4,602 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €13,364 | €13,849 | +€486 | +3.6% |
| Trade debts | 44 | €3,554 | €8,298 | +€4,744 | +133% |
| Suppliers | 440/4 | €3,554 | €8,298 | +€4,744 | +133% |
| Taxes, remuneration and social security | 45 | €3,293 | €2,841 | -€452 | -13.7% |
| Taxes | 450/3 | €3,293 | €2,841 | -€452 | -13.7% |
| Other amounts payable | 47/48 | €5,175 | €4,999 | -€176 | -3.4% |
| Non-recurring operating income | 76A | €14,600 | - | -€14,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,528 | €11,141 | +€1,613 | +16.9% |
| Other operating charges | 640/8 | €1,106 | €1,890 | +€785 | +71.0% |
| Gross operating margin | 9900 | €24,461 | €9,320 | -€15,141 | -61.9% |
| Operating profit (loss) | 9901 | €13,827 | -€3,712 | -€17,539 | |
| Financial income | 75/76B | €1,207 | - | -€1,207 | |
| Recurring financial income | 75 | €1,207 | - | -€1,207 | |
| Financial charges | 65/66B | €1,857 | €1,654 | -€203 | -10.9% |
| Recurring financial charges | 65 | €1,857 | €1,654 | -€203 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €13,177 | -€5,366 | -€18,543 | |
| Income taxes | 67/77 | €1,801 | €161 | -€1,641 | -91.1% |
| Profit (loss) for the period | 9904 | €11,376 | -€5,526 | -€16,902 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,376 | -€5,526 | -€16,902 |
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 17 October 2026 via checked.be.