GVR: what changed
GVR
Largest movements
- Tangible fixed assets -€11,141
down €11,141 (-24.1%), from €46,179 to €35,037
of which Furniture and vehicles: -€11,141
- Receivables within one year +€8,329
up €8,329 (+56.3%), from €14,786 to €23,115
of which Trade receivables: +€8,393
- Receivables after one year -€7,492
down €7,492 (-10.2%), from €73,598 to €66,106
- Cash -€3,963
down €3,963 (-31.0%), from €12,787 to €8,824
mainly Debts after one year (-€13,844) and Receivables within one year (-€8,329)
- Debts after one year -€13,844
down €13,844 (-37.5%), from €36,894 to €23,050
- Profit (loss) carried forward -€5,526
down €5,526 (-8.2%), from €67,512 to €61,985
- Trade debts +€4,744
up €4,744 (+133%), from €3,554 to €8,298
- Gross operating margin -€15,141
down €15,141 (-61.9%), from €24,461 to €9,320
- Taxes -€1,641
down €1,641 (-91.1%), from €1,801 to €161
- Depreciation +€1,613
up €1,613 (+16.9%), from €9,528 to €11,141
- Financial income -€1,207
no longer reported in 2025 (was €1,207)
- Other operating charges +€785
up €785 (+71.0%), from €1,106 to €1,890
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,851 | €133,083 | -€14,769 | -10.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €46,179 | €35,037 | -€11,141 | -24.1% |
| Tangible fixed assets | 22/27 | €46,179 | €35,037 | -€11,141 | -24.1% |
| Furniture and vehicles | 24 | €46,179 | €35,037 | -€11,141 | -24.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €101,673 | €98,046 | -€3,627 | -3.6% |
| Amounts receivable after more than one year | 29 | €73,598 | €66,106 | -€7,492 | -10.2% |
| Other amounts receivable | 291 | €73,598 | €66,106 | -€7,492 | -10.2% |
| Amounts receivable within one year | 40/41 | €14,786 | €23,115 | +€8,329 | +56.3% |
| Trade receivables | 40 | €14,722 | €23,115 | +€8,393 | +57.0% |
| Other amounts receivable | 41 | €64 | - | -€64 | |
| Cash at bank and in hand | 54/58 | €12,787 | €8,824 | -€3,963 | -31.0% |
| Deferred charges and accrued income | 490/1 | €502 | - | -€502 | |
| Total equity and liabilities | 10/49 | €147,851 | €133,083 | -€14,769 | -10.0% |
| Equity | 10/15 | €85,572 | €80,045 | -€5,526 | -6.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 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% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,512 | €61,985 | -€5,526 | -8.2% |
| Amounts payable | 17/49 | €62,280 | €53,037 | -€9,242 | -14.8% |
| Amounts payable after more than one year | 17 | €36,894 | €23,050 | -€13,844 | -37.5% |
| Financial debts | 170/4 | €36,894 | €23,050 | -€13,844 | -37.5% |
| Amounts payable within one year | 42/48 | €25,385 | €29,987 | +€4,602 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €13,364 | €13,849 | +€486 | +3.6% |
| Trade debts | 44 | €3,554 | €8,298 | +€4,744 | +133% |
| Suppliers | 440/4 | €3,554 | €8,298 | +€4,744 | +133% |
| Taxes, remuneration and social security | 45 | €3,293 | €2,841 | -€452 | -13.7% |
| Taxes | 450/3 | €3,293 | €2,841 | -€452 | -13.7% |
| Other amounts payable | 47/48 | €5,175 | €4,999 | -€176 | -3.4% |
| Non-recurring operating income | 76A | €14,600 | - | -€14,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,528 | €11,141 | +€1,613 | +16.9% |
| Other operating charges | 640/8 | €1,106 | €1,890 | +€785 | +71.0% |
| Gross operating margin | 9900 | €24,461 | €9,320 | -€15,141 | -61.9% |
| Operating profit (loss) | 9901 | €13,827 | -€3,712 | -€17,539 | |
| Financial income | 75/76B | €1,207 | - | -€1,207 | |
| Recurring financial income | 75 | €1,207 | - | -€1,207 | |
| Financial charges | 65/66B | €1,857 | €1,654 | -€203 | -10.9% |
| Recurring financial charges | 65 | €1,857 | €1,654 | -€203 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €13,177 | -€5,366 | -€18,543 | |
| Income taxes | 67/77 | €1,801 | €161 | -€1,641 | -91.1% |
| Profit (loss) for the period | 9904 | €11,376 | -€5,526 | -€16,902 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,376 | -€5,526 | -€16,902 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.