GVR Construct: what changed
Two fiscal 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 Construct
Largest movements
- Financial fixed assets +€592,327
up €592,327 (+197442.4%), from €300 to €592,627
- Cash +€20,127
up €20,127 (+33.6%), from €59,901 to €80,027
mainly Debts after one year (+€491,992) and Other debts (+€109,170)
- Debts after one year +€491,992
new in 2025: €491,992
- Other debts +€109,170
up €109,170, from €0 to €109,170
- Reserves -€67,361
down €67,361 (-57.0%), from €118,121 to €50,759
- Current portion of long-term debt +€51,169
new in 2025: €51,169
- Trade debts +€14,852
up €14,852 (+598.2%), from €2,483 to €17,335
- Gross operating margin +€39,299
up €39,299 (+103.5%), from €37,972 to €77,272
- Financial charges +€22,952
up €22,952 (+6153.1%), from €373 to €23,325
- Taxes +€5,538
up €5,538 (+66.8%), from €8,291 to €13,829
- Financial income +€1,911
up €1,911 (+1543.3%), from €124 to €2,035
- Other operating charges +€1,494
up €1,494 (+199.7%), from €748 to €2,242
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.
Cash bridge derived
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 | €127,074 | €731,138 | +€604,065 | +475.4% |
| Fixed assets | 21/28 | €6,121 | €596,005 | +€589,884 | +9636.5% |
| Tangible fixed assets | 22/27 | €5,821 | €3,378 | -€2,443 | -42.0% |
| Furniture and vehicles | 24 | €5,821 | €3,378 | -€2,443 | -42.0% |
| Financial fixed assets | 28 | €300 | €592,627 | +€592,327 | +197442.4% |
| Current assets | 29/58 | €120,952 | €135,133 | +€14,181 | +11.7% |
| Amounts receivable within one year | 40/41 | €60,694 | €54,847 | -€5,848 | -9.6% |
| Trade receivables | 40 | €48,400 | €0 | -€48,400 | -100.0% |
| Other amounts receivable | 41 | €12,294 | €54,847 | +€42,552 | +346.1% |
| Cash at bank and in hand | 54/58 | €59,901 | €80,027 | +€20,127 | +33.6% |
| Deferred charges and accrued income | 490/1 | €357 | €259 | -€98 | -27.5% |
| Total equity and liabilities | 10/49 | €127,074 | €731,138 | +€604,065 | +475.4% |
| Equity | 10/15 | €120,621 | €53,259 | -€67,361 | -55.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €118,121 | €50,759 | -€67,361 | -57.0% |
| Distributable reserves | 133 | €118,121 | €50,759 | -€67,361 | -57.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,453 | €677,879 | +€671,426 | +10404.9% |
| Amounts payable after more than one year | 17 | - | €491,992 | +€491,992 | |
| Financial debts | 170/4 | - | €491,992 | +€491,992 | |
| Amounts payable within one year | 42/48 | €6,453 | €185,888 | +€179,435 | +2780.7% |
| Current portion of amounts payable after more than one year | 42 | - | €51,169 | +€51,169 | |
| Trade debts | 44 | €2,483 | €17,335 | +€14,852 | +598.2% |
| Suppliers | 440/4 | €2,483 | €17,335 | +€14,852 | +598.2% |
| Taxes, remuneration and social security | 45 | €3,970 | €8,214 | +€4,243 | +106.9% |
| Taxes | 450/3 | €3,970 | €8,214 | +€4,243 | +106.9% |
| Other amounts payable | 47/48 | €0 | €109,170 | +€109,170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,283 | €2,443 | +€160 | +7.0% |
| Other operating charges | 640/8 | €748 | €2,242 | +€1,494 | +199.7% |
| Gross operating margin | 9900 | €37,972 | €77,272 | +€39,299 | +103.5% |
| Operating profit (loss) | 9901 | €34,942 | €72,587 | +€37,645 | +107.7% |
| Financial income | 75/76B | €124 | €2,035 | +€1,911 | +1543.3% |
| Recurring financial income | 75 | €124 | €2,035 | +€1,911 | +1543.3% |
| Financial charges | 65/66B | €373 | €23,325 | +€22,952 | +6153.1% |
| Recurring financial charges | 65 | €373 | €23,325 | +€22,952 | +6153.1% |
| Profit (loss) for the period before taxes | 9903 | €34,692 | €51,296 | +€16,604 | +47.9% |
| Income taxes | 67/77 | €8,291 | €13,829 | +€5,538 | +66.8% |
| Profit (loss) for the period | 9904 | €26,401 | €37,467 | +€11,066 | +41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,401 | €37,467 | +€11,066 | +41.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.