GVO: 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.
GVO
Largest movements
- Cash +€24,899
up €24,899 (+69.7%), from €35,725 to €60,624
mainly Net result for the year (+€27,100) and Deferred charges and accrued income (+€5,679)
- Receivables within one year +€9,774
up €9,774 (+26.8%), from €36,536 to €46,310
of which Trade receivables: +€11,274
- Deferred charges and accrued income -€5,679
down €5,679 (-81.0%), from €7,013 to €1,334
- Financial fixed assets +€2,029
up €2,029 (+5.1%), from €39,439 to €41,467
- Tangible fixed assets -€1,844
down €1,844 (-36.9%), from €4,996 to €3,152
of which Furniture and vehicles: -€1,685
- Reserves +€19,000
up €19,000 (+21.3%), from €89,120 to €108,120
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Tax, wage and social debts +€1,960
up €1,960 (+18.7%), from €10,498 to €12,458
- Gross operating margin +€14,851
up €14,851 (+51.8%), from €28,647 to €43,498
- Taxes +€4,980
up €4,980 (+64.0%), from €7,783 to €12,763
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 | €123,709 | €152,887 | +€29,179 | +23.6% |
| Fixed assets | 21/28 | €44,435 | €44,620 | +€185 | +0.4% |
| Tangible fixed assets | 22/27 | €4,996 | €3,152 | -€1,844 | -36.9% |
| Plant, machinery and equipment | 23 | €159 | €0 | -€159 | -100% |
| Furniture and vehicles | 24 | €4,837 | €3,152 | -€1,685 | -34.8% |
| Financial fixed assets | 28 | €39,439 | €41,467 | +€2,029 | +5.1% |
| Current assets | 29/58 | €79,274 | €108,268 | +€28,994 | +36.6% |
| Amounts receivable within one year | 40/41 | €36,536 | €46,310 | +€9,774 | +26.8% |
| Trade receivables | 40 | €11,959 | €23,232 | +€11,274 | +94.3% |
| Other amounts receivable | 41 | €24,578 | €23,078 | -€1,500 | -6.1% |
| Cash at bank and in hand | 54/58 | €35,725 | €60,624 | +€24,899 | +69.7% |
| Deferred charges and accrued income | 490/1 | €7,013 | €1,334 | -€5,679 | -81.0% |
| Total equity and liabilities | 10/49 | €123,709 | €152,887 | +€29,179 | +23.6% |
| Equity | 10/15 | €105,115 | €130,415 | +€25,300 | +24.1% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €89,120 | €108,120 | +€19,000 | +21.3% |
| Distributable reserves | 133 | €89,120 | €108,120 | +€19,000 | +21.3% |
| Profit (loss) carried forward | 14 | €3,595 | €3,695 | +€100 | +2.8% |
| Amounts payable | 17/49 | €18,594 | €22,472 | +€3,878 | +20.9% |
| Amounts payable within one year | 42/48 | €16,941 | €19,678 | +€2,737 | +16.2% |
| Trade debts | 44 | €68 | €420 | +€352 | +519% |
| Suppliers | 440/4 | €68 | €420 | +€352 | +519% |
| Taxes, remuneration and social security | 45 | €10,498 | €12,458 | +€1,960 | +18.7% |
| Taxes | 450/3 | €10,498 | €12,458 | +€1,960 | +18.7% |
| Other amounts payable | 47/48 | €6,375 | €6,800 | +€425 | +6.7% |
| Accrued charges and deferred income | 492/3 | €1,653 | €2,795 | +€1,142 | +69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,183 | €1,844 | -€339 | -15.5% |
| Other operating charges | 640/8 | €2,280 | €2,432 | +€152 | +6.7% |
| Gross operating margin | 9900 | €28,647 | €43,498 | +€14,851 | +51.8% |
| Operating profit (loss) | 9901 | €24,184 | €39,222 | +€15,039 | +62.2% |
| Financial income | 75/76B | €721 | €713 | -€8 | -1.1% |
| Recurring financial income | 75 | €721 | €713 | -€8 | -1.1% |
| Financial charges | 65/66B | €68 | €72 | +€4 | +5.9% |
| Recurring financial charges | 65 | €68 | €72 | +€4 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €24,836 | €39,863 | +€15,027 | +60.5% |
| Income taxes | 67/77 | €7,783 | €12,763 | +€4,980 | +64.0% |
| Profit (loss) for the period | 9904 | €17,053 | €27,100 | +€10,047 | +58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,053 | €27,100 | +€10,047 | +58.9% |
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 27 October 2026 via checked.be.