GVTM: 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.
GVTM
Largest movements
- Cash +€125
up €125 (+226.7%), from €55 to €180
mainly Other debts (+€650) and Short-term financial debts (+€550)
- Receivables within one year +€68
up €68 (+234.1%), from €29 to €97
- Profit (loss) carried forward -€1,007
down €1,007 (-1.2%), from -€86,755 to -€87,762
- Other debts +€650
up €650 (+10.2%), from €6,397 to €7,047
- Short-term financial debts +€550
new in 2025: €550
- Gross operating margin -€789
new in 2025: -€789
- Financial charges -€114
down €114 (-34.3%), from €333 to €219
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 | €84 | €277 | +€193 | +229.2% |
| Current assets | 29/58 | €84 | €277 | +€193 | +229.2% |
| Amounts receivable within one year | 40/41 | €29 | €97 | +€68 | +234.1% |
| Other amounts receivable | 41 | €29 | €97 | +€68 | +234.1% |
| Cash at bank and in hand | 54/58 | €55 | €180 | +€125 | +226.7% |
| Total equity and liabilities | 10/49 | €84 | €277 | +€193 | +229.2% |
| Equity | 10/15 | -€6,313 | -€7,320 | -€1,007 | -16.0% |
| Contributions | 10/11 | €78,582 | €78,582 | = | 0.0% |
| Outside capital | 11 | €78,582 | €78,582 | = | 0.0% |
| Other | 1109/19 | €78,582 | €78,582 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,755 | -€87,762 | -€1,007 | -1.2% |
| Amounts payable | 17/49 | €6,397 | €7,597 | +€1,200 | +18.8% |
| Amounts payable within one year | 42/48 | €6,397 | €7,597 | +€1,200 | +18.8% |
| Financial debts | 43 | - | €550 | +€550 | |
| Other loans | 439 | - | €550 | +€550 | |
| Other amounts payable | 47/48 | €6,397 | €7,047 | +€650 | +10.2% |
| Gross operating margin | 9900 | - | -€789 | -€789 | |
| Operating profit (loss) | 9901 | - | -€789 | -€789 | |
| Financial charges | 65/66B | €333 | €219 | -€114 | -34.3% |
| Recurring financial charges | 65 | €333 | €219 | -€114 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | -€333 | -€1,007 | -€674 | -202.4% |
| Profit (loss) for the period | 9904 | -€333 | -€1,007 | -€674 | -202.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€333 | -€1,007 | -€674 | -202.4% |
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 2 October 2026 via checked.be.