GVR-coating: 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-coating
Largest movements
- Receivables within one year -€14,410
down €14,410 (-66.4%), from €21,707 to €7,297
of which Trade receivables: -€12,818
- Cash +€4,979
up €4,979 (+24.7%), from €20,197 to €25,177
mainly Receivables within one year (+€14,410) and Net result for the year (+€8,348)
- Deferred charges and accrued income +€1,977
up €1,977 (+328%), from €603 to €2,580
- Other debts -€9,012
down €9,012 (-51.9%), from €17,359 to €8,348
- Trade debts +€4,014
up €4,014 (+167%), from €2,402 to €6,416
- Tax, wage and social debts -€2,210
down €2,210 (-39.7%), from €5,572 to €3,361
of which Taxes: -€2,533
- Gross operating margin -€6,143
down €6,143 (-26.7%), from €23,033 to €16,890
- Staff costs +€3,890
new in 2025: €3,890
- Taxes -€2,533
down €2,533 (-45.5%), from €5,572 to €3,039
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 | €43,883 | €36,674 | -€7,208 | -16.4% |
| Fixed assets | 21/28 | €1,376 | €1,620 | +€244 | +17.8% |
| Tangible fixed assets | 22/27 | €1,376 | €1,620 | +€244 | +17.8% |
| Plant, machinery and equipment | 23 | €1,376 | €1,620 | +€244 | +17.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €42,507 | €35,054 | -€7,453 | -17.5% |
| Amounts receivable within one year | 40/41 | €21,707 | €7,297 | -€14,410 | -66.4% |
| Trade receivables | 40 | €19,637 | €6,819 | -€12,818 | -65.3% |
| Other amounts receivable | 41 | €2,070 | €478 | -€1,592 | -76.9% |
| Cash at bank and in hand | 54/58 | €20,197 | €25,177 | +€4,979 | +24.7% |
| Deferred charges and accrued income | 490/1 | €603 | €2,580 | +€1,977 | +328% |
| Total equity and liabilities | 10/49 | €43,883 | €36,674 | -€7,208 | -16.4% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,333 | €18,124 | -€7,208 | -28.5% |
| Amounts payable within one year | 42/48 | €25,333 | €18,124 | -€7,208 | -28.5% |
| Trade debts | 44 | €2,402 | €6,416 | +€4,014 | +167% |
| Suppliers | 440/4 | €2,402 | €6,416 | +€4,014 | +167% |
| Taxes, remuneration and social security | 45 | €5,572 | €3,361 | -€2,210 | -39.7% |
| Taxes | 450/3 | €5,572 | €3,039 | -€2,533 | -45.5% |
| Remuneration and social security | 454/9 | - | €322 | +€322 | |
| Other amounts payable | 47/48 | €17,359 | €8,348 | -€9,012 | -51.9% |
| Remuneration, social security and pensions | 62 | - | €3,890 | +€3,890 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €702 | €820 | +€118 | +16.8% |
| Other operating charges | 640/8 | €788 | €607 | -€180 | -22.9% |
| Non-recurring operating charges | 66A | - | €158 | +€158 | |
| Gross operating margin | 9900 | €23,033 | €16,890 | -€6,143 | -26.7% |
| Operating profit (loss) | 9901 | €21,543 | €11,415 | -€10,129 | -47.0% |
| Financial income | 75/76B | €58 | €42 | -€16 | -27.0% |
| Recurring financial income | 75 | €58 | €42 | -€16 | -27.0% |
| Financial charges | 65/66B | €74 | €70 | -€3 | -4.2% |
| Recurring financial charges | 65 | €74 | €70 | -€3 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €21,528 | €11,386 | -€10,141 | -47.1% |
| Income taxes | 67/77 | €5,572 | €3,039 | -€2,533 | -45.5% |
| Profit (loss) for the period | 9904 | €15,956 | €8,348 | -€7,608 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,956 | €8,348 | -€7,608 | -47.7% |
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.