Davy Gorselé Advocaat: 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.
Davy Gorselé Advocaat
Largest movements
- Cash +€7.0m
up €7.0m (+567%), from €1.2m to €8.2m
mainly Current investments (+€6.9m) and Net result for the year (+€957,770)
- Current investments -€6.9m
down €6.9m (-99.7%), from €6.9m to €19,537
- Receivables after one year +€779,150
up €779,150 (+27.9%), from €2.8m to €3.6m
- Reserves +€957,770
up €957,770 (+9.3%), from €10.3m to €11.3m
- Debts after one year -€224,516
down €224,516 (-16.7%), from €1.3m to €1.1m
- Financial income +€846,058
up €846,058 (+334%), from €253,105 to €1.1m
- Taxes +€109,408
up €109,408 (+158%), from €69,336 to €178,744
- Financial charges +€77,280
up €77,280 (+1,949%), from €3,966 to €81,246
- Gross operating margin +€49,779
up €49,779 (+34.3%), from €145,181 to €194,960
- Other operating charges +€7,854
up €7,854 (+172%), from €4,574 to €12,428
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 | €12,324,942 | €13,133,047 | +€808,105 | +6.6% |
| Fixed assets | 21/28 | €1,259,044 | €1,245,858 | -€13,186 | -1.0% |
| Tangible fixed assets | 22/27 | €984,707 | €920,771 | -€63,936 | -6.5% |
| Land and buildings | 22 | €753,926 | €699,038 | -€54,888 | -7.3% |
| Plant, machinery and equipment | 23 | €2,426 | €1,671 | -€756 | -31.1% |
| Furniture and vehicles | 24 | €228,355 | €220,062 | -€8,293 | -3.6% |
| Financial fixed assets | 28 | €274,337 | €325,087 | +€50,750 | +18.5% |
| Current assets | 29/58 | €11,065,898 | €11,887,189 | +€821,291 | +7.4% |
| Amounts receivable after more than one year | 29 | €2,788,850 | €3,568,000 | +€779,150 | +27.9% |
| Other amounts receivable | 291 | €2,788,850 | €3,568,000 | +€779,150 | +27.9% |
| Amounts receivable within one year | 40/41 | €151,382 | €43,804 | -€107,578 | -71.1% |
| Trade receivables | 40 | €29,686 | €29,494 | -€193 | -0.6% |
| Other amounts receivable | 41 | €121,695 | €14,310 | -€107,385 | -88.2% |
| Current investments | 50/53 | €6,880,255 | €19,537 | -€6.9m | -99.7% |
| Cash at bank and in hand | 54/58 | €1,235,337 | €8,239,152 | +€7.0m | +567% |
| Deferred charges and accrued income | 490/1 | €10,074 | €16,696 | +€6,621 | +65.7% |
| Total equity and liabilities | 10/49 | €12,324,942 | €13,133,047 | +€808,105 | +6.6% |
| Equity | 10/15 | €10,332,836 | €11,290,606 | +€957,770 | +9.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €10,320,436 | €11,278,206 | +€957,770 | +9.3% |
| Distributable reserves | 133 | €10,320,436 | €11,278,206 | +€957,770 | +9.3% |
| Amounts payable | 17/49 | €1,992,106 | €1,842,441 | -€149,665 | -7.5% |
| Amounts payable after more than one year | 17 | €1,341,501 | €1,116,986 | -€224,516 | -16.7% |
| Financial debts | 170/4 | €1,341,501 | €1,116,986 | -€224,516 | -16.7% |
| Amounts payable within one year | 42/48 | €649,637 | €721,834 | +€72,197 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €240,818 | €243,129 | +€2,311 | +1.0% |
| Trade debts | 44 | €3,418 | €31,811 | +€28,392 | +831% |
| Suppliers | 440/4 | €3,418 | €31,811 | +€28,392 | +831% |
| Advances received on contracts in progress | 46 | - | €3,885 | +€3,885 | |
| Taxes, remuneration and social security | 45 | €56,290 | €186,864 | +€130,574 | +232% |
| Taxes | 450/3 | €54,190 | €184,764 | +€130,574 | +241% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | = | 0.0% |
| Other amounts payable | 47/48 | €349,111 | €256,145 | -€92,966 | -26.6% |
| Accrued charges and deferred income | 492/3 | €968 | €3,621 | +€2,653 | +274% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,078 | €63,936 | -€142 | -0.2% |
| Other operating charges | 640/8 | €4,574 | €12,428 | +€7,854 | +172% |
| Gross operating margin | 9900 | €145,181 | €194,960 | +€49,779 | +34.3% |
| Operating profit (loss) | 9901 | €76,529 | €118,596 | +€42,067 | +55.0% |
| Financial income | 75/76B | €253,105 | €1,099,164 | +€846,058 | +334% |
| Recurring financial income | 75 | €253,105 | €1,099,164 | +€846,058 | +334% |
| Financial charges | 65/66B | €3,966 | €81,246 | +€77,280 | +1,949% |
| Recurring financial charges | 65 | €3,966 | €81,246 | +€77,280 | +1,949% |
| Profit (loss) for the period before taxes | 9903 | €325,669 | €1,136,514 | +€810,846 | +249% |
| Income taxes | 67/77 | €69,336 | €178,744 | +€109,408 | +158% |
| Profit (loss) for the period | 9904 | €256,333 | €957,770 | +€701,437 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €256,333 | €957,770 | +€701,437 | +274% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.