GVV: what changed
Two financial 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.
GVV
Largest movements
- Tangible fixed assets +€303,415
up €303,415 (+20.4%), from €1.5m to €1.8m
of which Land and buildings: +€298,288
- Deferred charges and accrued income -€67,500
down €67,500 (-100%), from €67,500 to €0
- Other debts +€319,439
up €319,439 (+254%), from €125,567 to €445,006
- Debts after one year -€71,517
down €71,517 (-4.5%), from €1.6m to €1.5m
- Advances received -€30,000
down €30,000 (-60.0%), from €50,000 to €20,000
- Profit (loss) carried forward +€21,269
up €21,269 (+9.7%), from -€219,750 to -€198,481
- Gross operating margin +€40,619
up €40,619 (+43.3%), from €93,876 to €134,496
- Other operating charges +€38,910
up €38,910 (+720%), from €5,405 to €44,315
- Depreciation -€28,124
down €28,124 (-58.4%), from €48,156 to €20,032
- Financial charges +€7,292
up €7,292 (+17.5%), from €41,587 to €48,879
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.
Derived cash bridge
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 | €1,624,468 | €1,870,436 | +€245,968 | +15.1% |
| Fixed assets | 21/28 | €1,486,500 | €1,789,916 | +€303,415 | +20.4% |
| Tangible fixed assets | 22/27 | €1,486,500 | €1,789,916 | +€303,415 | +20.4% |
| Land and buildings | 22 | €1,476,227 | €1,774,515 | +€298,288 | +20.2% |
| Plant, machinery and equipment | 23 | €10,273 | €15,401 | +€5,128 | +49.9% |
| Current assets | 29/58 | €137,968 | €80,521 | -€57,447 | -41.6% |
| Amounts receivable within one year | 40/41 | €43,440 | €43,268 | -€172 | -0.4% |
| Trade receivables | 40 | €0 | €42,000 | +€42,000 | |
| Other amounts receivable | 41 | €43,440 | €1,268 | -€42,172 | -97.1% |
| Cash at bank and in hand | 54/58 | €27,028 | €37,252 | +€10,224 | +37.8% |
| Deferred charges and accrued income | 490/1 | €67,500 | €0 | -€67,500 | -100% |
| Total equity and liabilities | 10/49 | €1,624,468 | €1,870,436 | +€245,968 | +15.1% |
| Equity | 10/15 | -€216,750 | -€195,481 | +€21,269 | +9.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€219,750 | -€198,481 | +€21,269 | +9.7% |
| Amounts payable | 17/49 | €1,841,219 | €2,065,918 | +€224,699 | +12.2% |
| Amounts payable after more than one year | 17 | €1,594,804 | €1,523,287 | -€71,517 | -4.5% |
| Financial debts | 170/4 | €1,594,804 | €1,523,287 | -€71,517 | -4.5% |
| Amounts payable within one year | 42/48 | €246,415 | €542,631 | +€296,216 | +120% |
| Current portion of amounts payable after more than one year | 42 | €69,432 | €71,517 | +€2,085 | +3.0% |
| Trade debts | 44 | €1,416 | €6,107 | +€4,692 | +331% |
| Suppliers | 440/4 | €1,416 | €6,107 | +€4,692 | +331% |
| Advances received on contracts in progress | 46 | €50,000 | €20,000 | -€30,000 | -60.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €125,567 | €445,006 | +€319,439 | +254% |
| Non-recurring operating income | 76A | - | €29,665 | +€29,665 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,156 | €20,032 | -€28,124 | -58.4% |
| Other operating charges | 640/8 | €5,405 | €44,315 | +€38,910 | +720% |
| Non-recurring operating charges | 66A | €147,695 | €0 | -€147,695 | -100% |
| Gross operating margin | 9900 | €93,876 | €134,496 | +€40,619 | +43.3% |
| Operating profit (loss) | 9901 | -€107,379 | €70,149 | +€177,528 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €41,587 | €48,879 | +€7,292 | +17.5% |
| Recurring financial charges | 65 | €41,587 | €48,879 | +€7,292 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | -€148,966 | €21,269 | +€170,236 | |
| Profit (loss) for the period | 9904 | -€148,966 | €21,269 | +€170,236 | |
| Profit (loss) for the period to be appropriated | 9905 | -€148,966 | €21,269 | +€170,236 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.