GVR - SERVICE: what changed
GVR - SERVICE
Largest movements
- Cash -€77,451
down €77,451 (-92.3%), from €83,955 to €6,504
mainly Investment in fixed assets (net) (-€167,008) and Trade debts (-€84,301)
- Receivables within one year -€77,034
down €77,034 (-45.8%), from €168,118 to €91,084
of which Trade receivables: -€71,189
- Current investments -€73,710
no longer reported in 2025 (was €73,710)
- Tangible fixed assets +€23,732
up €23,732 (+1.3%), from €1.8m to €1.8m
of which Other tangible fixed assets: +€81,792
- Trade debts -€84,301
down €84,301 (-59.0%), from €142,845 to €58,543
- Reserves +€70,286
up €70,286 (+9.8%), from €714,681 to €784,967
of which Distributable reserves: +€91,708
- Other debts -€70,177
down €70,177 (-97.5%), from €72,000 to €1,823
- Debts after one year -€69,997
down €69,997 (-7.8%), from €897,028 to €827,031
- Tax, wage and social debts -€55,398
down €55,398 (-63.7%), from €87,004 to €31,607
of which Remuneration and social security: -€31,252
- Gross operating margin -€197,804
down €197,804 (-24.3%), from €812,428 to €614,624
- Staff costs -€63,781
down €63,781 (-15.6%), from €408,085 to €344,305
- Taxes -€47,904
down €47,904 (-46.6%), from €102,898 to €54,994
- Financial income +€16,226
up €16,226 (+1,435%), from €1,130 to €17,356
- Depreciation +€15,567
up €15,567 (+12.2%), from €127,708 to €143,275
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,193,943 | €1,996,094 | -€197,848 | -9.0% |
| Fixed assets | 21/28 | €1,822,206 | €1,845,938 | +€23,732 | +1.3% |
| Tangible fixed assets | 22/27 | €1,822,206 | €1,845,938 | +€23,732 | +1.3% |
| Land and buildings | 22 | €1,570,813 | €1,549,968 | -€20,845 | -1.3% |
| Plant, machinery and equipment | 23 | €34,838 | €26,969 | -€7,869 | -22.6% |
| Furniture and vehicles | 24 | €140,739 | €111,393 | -€29,346 | -20.9% |
| Other tangible fixed assets | 26 | €75,816 | €157,608 | +€81,792 | +108% |
| Current assets | 29/58 | €371,737 | €150,156 | -€221,581 | -59.6% |
| Stocks and contracts in progress | 3 | €45,000 | €45,000 | = | 0.0% |
| Stocks | 30/36 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €168,118 | €91,084 | -€77,034 | -45.8% |
| Trade receivables | 40 | €130,678 | €59,489 | -€71,189 | -54.5% |
| Other amounts receivable | 41 | €37,440 | €31,595 | -€5,845 | -15.6% |
| Current investments | 50/53 | €73,710 | - | -€73,710 | |
| Cash at bank and in hand | 54/58 | €83,955 | €6,504 | -€77,451 | -92.3% |
| Deferred charges and accrued income | 490/1 | €953 | €7,568 | +€6,615 | +694% |
| Total equity and liabilities | 10/49 | €2,193,943 | €1,996,094 | -€197,848 | -9.0% |
| Equity | 10/15 | €727,081 | €797,367 | +€70,286 | +9.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €714,681 | €784,967 | +€70,286 | +9.8% |
| Tax-exempt reserves | 132 | €357,325 | €335,903 | -€21,422 | -6.0% |
| Distributable reserves | 133 | €357,356 | €449,064 | +€91,708 | +25.7% |
| Provisions and deferred taxes | 16 | €119,108 | €111,968 | -€7,141 | -6.0% |
| Deferred taxes | 168 | €119,108 | €111,968 | -€7,141 | -6.0% |
| Amounts payable | 17/49 | €1,347,753 | €1,086,759 | -€260,993 | -19.4% |
| Amounts payable after more than one year | 17 | €897,028 | €827,031 | -€69,997 | -7.8% |
| Financial debts | 170/4 | €897,028 | €827,031 | -€69,997 | -7.8% |
| Amounts payable within one year | 42/48 | €450,725 | €256,822 | -€193,903 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €148,876 | €137,281 | -€11,595 | -7.8% |
| Financial debts | 43 | - | €27,567 | +€27,567 | |
| Credit institutions | 430/8 | - | €27,567 | +€27,567 | |
| Trade debts | 44 | €142,845 | €58,543 | -€84,301 | -59.0% |
| Suppliers | 440/4 | €142,845 | €58,543 | -€84,301 | -59.0% |
| Taxes, remuneration and social security | 45 | €87,004 | €31,607 | -€55,398 | -63.7% |
| Taxes | 450/3 | €24,145 | - | -€24,145 | |
| Remuneration and social security | 454/9 | €62,859 | €31,607 | -€31,252 | -49.7% |
| Other amounts payable | 47/48 | €72,000 | €1,823 | -€70,177 | -97.5% |
| Accrued charges and deferred income | 492/3 | - | €2,906 | +€2,906 | |
| Non-recurring operating income | 76A | €6,612 | €3,655 | -€2,957 | -44.7% |
| Remuneration, social security and pensions | 62 | €408,085 | €344,305 | -€63,781 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,708 | €143,275 | +€15,567 | +12.2% |
| Other operating charges | 640/8 | €11,159 | €9,273 | -€1,886 | -16.9% |
| Gross operating margin | 9900 | €812,428 | €614,624 | -€197,804 | -24.3% |
| Operating profit (loss) | 9901 | €265,475 | €117,771 | -€147,704 | -55.6% |
| Financial income | 75/76B | €1,130 | €17,356 | +€16,226 | +1,435% |
| Recurring financial income | 75 | €1,130 | €17,356 | +€16,226 | +1,435% |
| Financial charges | 65/66B | €15,594 | €16,987 | +€1,394 | +8.9% |
| Recurring financial charges | 65 | €15,594 | €16,987 | +€1,394 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €251,012 | €118,140 | -€132,872 | -52.9% |
| Transfer from deferred taxes | 780 | €11,954 | €7,141 | -€4,813 | -40.3% |
| Income taxes | 67/77 | €102,898 | €54,994 | -€47,904 | -46.6% |
| Profit (loss) for the period | 9904 | €160,067 | €70,286 | -€89,781 | -56.1% |
| Transfer from tax-exempt reserves | 789 | €35,861 | €21,422 | -€14,438 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €195,928 | €91,708 | -€104,220 | -53.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.