GVT WORKS: what changed
GVT WORKS
Largest movements
- Tangible fixed assets +€30,929
up €30,929 (+14.1%), from €218,767 to €249,696
of which Leasing and similar rights: +€41,573
- Receivables within one year +€22,410
up €22,410 (+46.7%), from €47,978 to €70,389
of which Trade receivables: +€23,797
- Cash -€10,170
down €10,170 (-31.0%), from €32,824 to €22,654
mainly Investment in fixed assets (net) (-€68,436) and Receivables within one year (-€22,410)
- Reserves +€25,540
up €25,540 (+71.8%), from €35,592 to €61,132
- Debts after one year +€20,329
up €20,329 (+18.0%), from €112,996 to €133,325
- Current portion of long-term debt +€9,006
up €9,006 (+98.0%), from €9,193 to €18,199
- Accrued charges and deferred income -€8,650
down €8,650 (-53.2%), from €16,254 to €7,604
- Trade debts -€3,986
down €3,986 (-19.3%), from €20,610 to €16,625
- Gross operating margin +€19,420
up €19,420 (+27.6%), from €70,450 to €89,870
- Depreciation +€11,302
up €11,302 (+43.1%), from €26,205 to €37,508
- Taxes +€1,973
up €1,973 (+22.9%), from €8,599 to €10,572
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 | €299,865 | €343,536 | +€43,671 | +14.6% |
| Fixed assets | 21/28 | €218,767 | €249,696 | +€30,929 | +14.1% |
| Tangible fixed assets | 22/27 | €218,767 | €249,696 | +€30,929 | +14.1% |
| Land and buildings | 22 | €151,639 | €148,860 | -€2,780 | -1.8% |
| Plant, machinery and equipment | 23 | €41,846 | €43,510 | +€1,664 | +4.0% |
| Furniture and vehicles | 24 | €25,282 | €15,753 | -€9,529 | -37.7% |
| Leasing and similar rights | 25 | - | €41,573 | +€41,573 | |
| Current assets | 29/58 | €81,098 | €93,841 | +€12,742 | +15.7% |
| Amounts receivable within one year | 40/41 | €47,978 | €70,389 | +€22,410 | +46.7% |
| Trade receivables | 40 | €33,070 | €56,867 | +€23,797 | +72.0% |
| Other amounts receivable | 41 | €14,908 | €13,522 | -€1,386 | -9.3% |
| Cash at bank and in hand | 54/58 | €32,824 | €22,654 | -€10,170 | -31.0% |
| Deferred charges and accrued income | 490/1 | €296 | €798 | +€502 | +169% |
| Total equity and liabilities | 10/49 | €299,865 | €343,536 | +€43,671 | +14.6% |
| Equity | 10/15 | €40,592 | €66,132 | +€25,540 | +62.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,592 | €61,132 | +€25,540 | +71.8% |
| Distributable reserves | 133 | €35,592 | €61,132 | +€25,540 | +71.8% |
| Amounts payable | 17/49 | €259,273 | €277,404 | +€18,131 | +7.0% |
| Amounts payable after more than one year | 17 | €112,996 | €133,325 | +€20,329 | +18.0% |
| Financial debts | 170/4 | €112,996 | €133,325 | +€20,329 | +18.0% |
| Amounts payable within one year | 42/48 | €130,023 | €136,475 | +€6,452 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €9,193 | €18,199 | +€9,006 | +98.0% |
| Trade debts | 44 | €20,610 | €16,625 | -€3,986 | -19.3% |
| Suppliers | 440/4 | €20,610 | €16,625 | -€3,986 | -19.3% |
| Taxes, remuneration and social security | 45 | €0 | €2,572 | +€2,572 | |
| Taxes | 450/3 | €0 | €2,572 | +€2,572 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €100,220 | €99,080 | -€1,140 | -1.1% |
| Accrued charges and deferred income | 492/3 | €16,254 | €7,604 | -€8,650 | -53.2% |
| Remuneration, social security and pensions | 62 | €812 | €759 | -€53 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,205 | €37,508 | +€11,302 | +43.1% |
| Other operating charges | 640/8 | €1,506 | €2,254 | +€749 | +49.7% |
| Gross operating margin | 9900 | €70,450 | €89,870 | +€19,420 | +27.6% |
| Operating profit (loss) | 9901 | €41,928 | €49,350 | +€7,422 | +17.7% |
| Financial income | 75/76B | €0 | €612 | +€612 | +873,757% |
| Recurring financial income | 75 | €0 | €612 | +€612 | +873,757% |
| Financial charges | 65/66B | €14,068 | €13,850 | -€218 | -1.6% |
| Recurring financial charges | 65 | €14,068 | €13,850 | -€218 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €27,859 | €36,112 | +€8,252 | +29.6% |
| Income taxes | 67/77 | €8,599 | €10,572 | +€1,973 | +22.9% |
| Profit (loss) for the period | 9904 | €19,261 | €25,540 | +€6,279 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,261 | €25,540 | +€6,279 | +32.6% |
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 4 November 2026 via checked.be.