NBV GVE: 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.
NBV GVE
Largest movements
- Cash -€3.4m
down €3.4m (-81.8%), from €4.1m to €746,239
mainly Trade debts (-€3.4m) and Current investments (-€811,313)
- Current investments +€811,313
up €811,313 (+165%), from €491,000 to €1.3m
- Tangible fixed assets -€227,618
down €227,618 (-36.8%), from €618,067 to €390,449
of which Other tangible fixed assets: -€131,181
- Receivables within one year -€153,353
down €153,353 (-62.4%), from €245,814 to €92,461
of which Trade receivables: -€212,095
- Trade debts -€3.4m
down €3.4m (-100.0%), from €3.4m to €1,472
- Reserves +€425,643
up €425,643 (+36.4%), from €1.2m to €1.6m
of which Distributable reserves: +€425,643
- Other debts +€123,288
up €123,288 (+25.1%), from €491,083 to €614,371
- Gross operating margin +€836,322
up €836,322 (+102%), from €820,515 to €1.7m
- Taxes +€364,659
up €364,659 (+314%), from €116,140 to €480,799
- Staff costs -€275,077
down €275,077 (-72.1%), from €381,684 to €106,608
- Depreciation -€35,473
down €35,473 (-55.2%), from €64,247 to €28,775
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 | €5,462,978 | €2,544,581 | -€2.9m | -53.4% |
| Fixed assets | 21/28 | €618,067 | €390,449 | -€227,618 | -36.8% |
| Tangible fixed assets | 22/27 | €618,067 | €390,449 | -€227,618 | -36.8% |
| Land and buildings | 22 | €419,224 | €390,449 | -€28,775 | -6.9% |
| Plant, machinery and equipment | 23 | €6,424 | €0 | -€6,424 | -100% |
| Furniture and vehicles | 24 | €61,238 | €0 | -€61,238 | -100% |
| Other tangible fixed assets | 26 | €131,181 | €0 | -€131,181 | -100% |
| Current assets | 29/58 | €4,844,911 | €2,154,131 | -€2.7m | -55.5% |
| Amounts receivable within one year | 40/41 | €245,814 | €92,461 | -€153,353 | -62.4% |
| Trade receivables | 40 | €212,095 | €0 | -€212,095 | -100% |
| Other amounts receivable | 41 | €33,719 | €92,461 | +€58,742 | +174% |
| Current investments | 50/53 | €491,000 | €1,302,313 | +€811,313 | +165% |
| Cash at bank and in hand | 54/58 | €4,099,124 | €746,239 | -€3.4m | -81.8% |
| Deferred charges and accrued income | 490/1 | €8,972 | €13,119 | +€4,147 | +46.2% |
| Total equity and liabilities | 10/49 | €5,462,978 | €2,544,581 | -€2.9m | -53.4% |
| Equity | 10/15 | €1,180,661 | €1,606,304 | +€425,643 | +36.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,168,261 | €1,593,904 | +€425,643 | +36.4% |
| Tax-exempt reserves | 132 | €142 | €142 | = | 0.0% |
| Distributable reserves | 133 | €1,168,120 | €1,593,763 | +€425,643 | +36.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,282,316 | €938,276 | -€3.3m | -78.1% |
| Amounts payable after more than one year | 17 | €199,472 | €164,512 | -€34,960 | -17.5% |
| Financial debts | 170/4 | €199,472 | €164,512 | -€34,960 | -17.5% |
| Amounts payable within one year | 42/48 | €4,082,844 | €773,764 | -€3.3m | -81.0% |
| Current portion of amounts payable after more than one year | 42 | €34,632 | €34,960 | +€328 | +0.9% |
| Trade debts | 44 | €3,443,597 | €1,472 | -€3.4m | -100.0% |
| Suppliers | 440/4 | €3,443,597 | €1,472 | -€3.4m | -100.0% |
| Taxes, remuneration and social security | 45 | €113,532 | €122,961 | +€9,429 | +8.3% |
| Taxes | 450/3 | €46,717 | €122,961 | +€76,244 | +163% |
| Remuneration and social security | 454/9 | €66,815 | €0 | -€66,815 | -100% |
| Other amounts payable | 47/48 | €491,083 | €614,371 | +€123,288 | +25.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €1,212,894 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €381,684 | €106,608 | -€275,077 | -72.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,247 | €28,775 | -€35,473 | -55.2% |
| Other operating charges | 640/8 | €13,252 | €9,994 | -€3,257 | -24.6% |
| Gross operating margin | 9900 | €820,515 | €1,656,838 | +€836,322 | +102% |
| Operating profit (loss) | 9901 | €361,332 | €1,511,461 | +€1.2m | +318% |
| Financial income | 75/76B | €17,318 | €13,861 | -€3,457 | -20.0% |
| Recurring financial income | 75 | €17,318 | €13,861 | -€3,457 | -20.0% |
| Financial charges | 65/66B | €5,978 | €4,636 | -€1,342 | -22.4% |
| Recurring financial charges | 65 | €5,978 | €4,636 | -€1,342 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €372,672 | €1,520,686 | +€1.1m | +308% |
| Income taxes | 67/77 | €116,140 | €480,799 | +€364,659 | +314% |
| Profit (loss) for the period | 9904 | €256,532 | €1,039,886 | +€783,354 | +305% |
| Profit (loss) for the period to be appropriated | 9905 | €256,532 | €1,039,886 | +€783,354 | +305% |
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 24 October 2026 via checked.be.