GVS20: what changed
GVS20
Largest movements
- Receivables within one year +€15,190
up €15,190 (+77.3%), from €19,653 to €34,843
of which Trade receivables: +€15,262
- Cash -€8,720
down €8,720 (-73.6%), from €11,850 to €3,130
mainly Receivables within one year (-€15,190) and Trade debts (-€5)
- Tax, wage and social debts +€4,323
up €4,323 (+72.3%), from €5,980 to €10,303
of which Taxes: +€4,079
- Profit (loss) carried forward +€1,537
up €1,537, from -€1,537 to €0
- Reserves +€399
up €399 (+16.2%), from €2,460 to €2,859
- Gross operating margin -€4,553
down €4,553 (-9.7%), from €46,813 to €42,261
- Staff costs -€521
down €521 (-1.3%), from €39,553 to €39,032
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 | €31,770 | €38,073 | +€6,303 | +19.8% |
| Fixed assets | 21/28 | €100 | €100 | = | 0.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €31,670 | €37,973 | +€6,303 | +19.9% |
| Amounts receivable within one year | 40/41 | €19,653 | €34,843 | +€15,190 | +77.3% |
| Trade receivables | 40 | €19,441 | €34,703 | +€15,262 | +78.5% |
| Other amounts receivable | 41 | €212 | €140 | -€72 | -34.1% |
| Cash at bank and in hand | 54/58 | €11,850 | €3,130 | -€8,720 | -73.6% |
| Deferred charges and accrued income | 490/1 | €167 | €0 | -€167 | -100% |
| Total equity and liabilities | 10/49 | €31,770 | €38,073 | +€6,303 | +19.8% |
| Equity | 10/15 | €25,523 | €27,459 | +€1,937 | +7.6% |
| Contributions | 10/11 | €24,600 | €24,600 | = | 0.0% |
| Reserves | 13 | €2,460 | €2,859 | +€399 | +16.2% |
| Distributable reserves | 133 | €2,460 | €2,859 | +€399 | +16.2% |
| Profit (loss) carried forward | 14 | -€1,537 | €0 | +€1,537 | |
| Amounts payable | 17/49 | €6,247 | €10,614 | +€4,367 | +69.9% |
| Amounts payable within one year | 42/48 | €6,247 | €10,614 | +€4,367 | +69.9% |
| Trade debts | 44 | €267 | €262 | -€5 | -2.0% |
| Suppliers | 440/4 | €267 | €262 | -€5 | -2.0% |
| Taxes, remuneration and social security | 45 | €5,980 | €10,303 | +€4,323 | +72.3% |
| Taxes | 450/3 | €708 | €4,788 | +€4,079 | +576% |
| Remuneration and social security | 454/9 | €5,271 | €5,515 | +€244 | +4.6% |
| Other amounts payable | 47/48 | - | €49 | +€49 | |
| Remuneration, social security and pensions | 62 | €39,553 | €39,032 | -€521 | -1.3% |
| Other operating charges | 640/8 | €658 | €528 | -€131 | -19.8% |
| Gross operating margin | 9900 | €46,813 | €42,261 | -€4,553 | -9.7% |
| Operating profit (loss) | 9901 | €6,602 | €2,701 | -€3,901 | -59.1% |
| Financial charges | 65/66B | €59 | €59 | +€1 | +1.5% |
| Recurring financial charges | 65 | €59 | €59 | +€1 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €6,544 | €2,642 | -€3,902 | -59.6% |
| Income taxes | 67/77 | €708 | €705 | -€3 | -0.5% |
| Profit (loss) for the period | 9904 | €5,835 | €1,937 | -€3,899 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,835 | €1,937 | -€3,899 | -66.8% |
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.