GVW PROJECTS: 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.
GVW PROJECTS
Largest movements
- Cash -€14,955
down €14,955 (-41.8%), from €35,785 to €20,830
mainly Net result for the year (-€21,323) and Tax, wage and social debts (-€7,085)
- Receivables within one year -€6,156
down €6,156 (-23.6%), from €26,117 to €19,961
of which Trade receivables: -€21,875
- Tangible fixed assets -€3,982
down €3,982 (-61.8%), from €6,440 to €2,458
of which Plant, machinery and equipment: -€2,876
- Profit (loss) carried forward -€21,323
new in 2025: -€21,323
- Tax, wage and social debts -€7,085
down €7,085 (-78.8%), from €8,992 to €1,907
of which Taxes: -€4,906
- Short-term financial debts +€3,366
new in 2025: €3,366
- Gross operating margin -€37,769
down €37,769 (-53.7%), from €70,303 to €32,534
- Taxes -€6,201
no longer reported in 2025 (was €6,201)
- Staff costs +€4,701
up €4,701 (+12.5%), from €37,476 to €42,176
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 | €68,883 | €43,800 | -€25,082 | -36.4% |
| Fixed assets | 21/28 | €6,440 | €2,458 | -€3,982 | -61.8% |
| Tangible fixed assets | 22/27 | €6,440 | €2,458 | -€3,982 | -61.8% |
| Plant, machinery and equipment | 23 | €2,876 | - | -€2,876 | |
| Furniture and vehicles | 24 | €3,564 | €2,458 | -€1,106 | -31.0% |
| Current assets | 29/58 | €62,442 | €41,342 | -€21,100 | -33.8% |
| Amounts receivable within one year | 40/41 | €26,117 | €19,961 | -€6,156 | -23.6% |
| Trade receivables | 40 | €23,397 | €1,522 | -€21,875 | -93.5% |
| Other amounts receivable | 41 | €2,721 | €18,440 | +€15,719 | +578% |
| Cash at bank and in hand | 54/58 | €35,785 | €20,830 | -€14,955 | -41.8% |
| Deferred charges and accrued income | 490/1 | €540 | €551 | +€11 | +2.0% |
| Total equity and liabilities | 10/49 | €68,883 | €43,800 | -€25,082 | -36.4% |
| Equity | 10/15 | €58,793 | €37,470 | -€21,323 | -36.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Capital | 10 | €2,500 | €2,500 | = | 0.0% |
| Issued capital | 100 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €56,293 | €56,293 | = | 0.0% |
| Distributable reserves | 133 | €56,293 | €56,293 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,323 | -€21,323 | |
| Amounts payable | 17/49 | €10,090 | €6,331 | -€3,759 | -37.3% |
| Amounts payable within one year | 42/48 | €10,090 | €6,331 | -€3,759 | -37.3% |
| Financial debts | 43 | - | €3,366 | +€3,366 | |
| Other loans | 439 | - | €3,366 | +€3,366 | |
| Trade debts | 44 | €1,098 | €1,058 | -€39 | -3.6% |
| Suppliers | 440/4 | €1,098 | €1,058 | -€39 | -3.6% |
| Taxes, remuneration and social security | 45 | €8,992 | €1,907 | -€7,085 | -78.8% |
| Taxes | 450/3 | €6,303 | €1,397 | -€4,906 | -77.8% |
| Remuneration and social security | 454/9 | €2,689 | €510 | -€2,179 | -81.0% |
| Remuneration, social security and pensions | 62 | €37,476 | €42,176 | +€4,701 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,268 | €3,982 | -€286 | -6.7% |
| Other operating charges | 640/8 | €5,001 | €4,907 | -€94 | -1.9% |
| Gross operating margin | 9900 | €70,303 | €32,534 | -€37,769 | -53.7% |
| Operating profit (loss) | 9901 | €23,558 | -€18,532 | -€42,090 | |
| Financial income | 75/76B | €0 | €193 | +€193 | +963,550% |
| Recurring financial income | 75 | €0 | €193 | +€193 | +963,550% |
| Financial charges | 65/66B | €3,385 | €2,984 | -€401 | -11.8% |
| Recurring financial charges | 65 | €3,385 | €2,984 | -€401 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €20,173 | -€21,323 | -€41,497 | |
| Income taxes | 67/77 | €6,201 | - | -€6,201 | |
| Profit (loss) for the period | 9904 | €13,973 | -€21,323 | -€35,296 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,973 | -€21,323 | -€35,296 |
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 14 October 2026 via checked.be.