GADV: 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.
GADV
Largest movements
- Tangible fixed assets -€58,483
down €58,483 (-8.3%), from €700,926 to €642,443
of which Other tangible fixed assets: -€49,783
- Receivables within one year -€18,906
down €18,906 (-17.5%), from €107,934 to €89,028
of which Other amounts receivable: -€11,712
- Profit (loss) carried forward -€58,215
down €58,215 (-133%), from -€43,851 to -€102,066
- Other debts -€32,126
down €32,126 (-7.4%), from €433,388 to €401,262
- Financial charges -€47,153
down €47,153 (-96.8%), from €48,722 to €1,569
- Gross operating margin -€9,400
down €9,400 (-47.5%), from €19,787 to €10,387
- Taxes -€6,675
down €6,675 (-96.9%), from €6,890 to €215
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 | €825,085 | €745,995 | -€79,090 | -9.6% |
| Fixed assets | 21/28 | €706,926 | €648,443 | -€58,483 | -8.3% |
| Tangible fixed assets | 22/27 | €700,926 | €642,443 | -€58,483 | -8.3% |
| Plant, machinery and equipment | 23 | €3,811 | €3,416 | -€395 | -10.4% |
| Furniture and vehicles | 24 | €18,584 | €10,280 | -€8,304 | -44.7% |
| Other tangible fixed assets | 26 | €678,530 | €628,747 | -€49,783 | -7.3% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €118,159 | €97,552 | -€20,607 | -17.4% |
| Amounts receivable within one year | 40/41 | €107,934 | €89,028 | -€18,906 | -17.5% |
| Trade receivables | 40 | €14,878 | €7,684 | -€7,194 | -48.4% |
| Other amounts receivable | 41 | €93,056 | €81,344 | -€11,712 | -12.6% |
| Cash at bank and in hand | 54/58 | €3,872 | €2,144 | -€1,728 | -44.6% |
| Deferred charges and accrued income | 490/1 | €6,353 | €6,380 | +€27 | +0.4% |
| Total equity and liabilities | 10/49 | €825,085 | €745,995 | -€79,090 | -9.6% |
| Equity | 10/15 | €375,703 | €317,488 | -€58,215 | -15.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €407,154 | €407,154 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €407,154 | €407,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,851 | -€102,066 | -€58,215 | -133% |
| Amounts payable | 17/49 | €449,382 | €428,507 | -€20,875 | -4.6% |
| Amounts payable within one year | 42/48 | €449,382 | €428,507 | -€20,875 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | €5,055 | +€5,055 | |
| Financial debts | 43 | €906 | €2,756 | +€1,851 | +204% |
| Credit institutions | 430/8 | €906 | €2,756 | +€1,851 | +204% |
| Trade debts | 44 | €13,803 | €18,696 | +€4,893 | +35.4% |
| Suppliers | 440/4 | €13,803 | €18,696 | +€4,893 | +35.4% |
| Taxes, remuneration and social security | 45 | €1,285 | €737 | -€548 | -42.6% |
| Taxes | 450/3 | €1,285 | €737 | -€548 | -42.6% |
| Other amounts payable | 47/48 | €433,388 | €401,262 | -€32,126 | -7.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,767 | €0 | -€8,767 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,871 | €59,755 | -€117 | -0.2% |
| Other operating charges | 640/8 | €7,076 | €7,065 | -€11 | -0.1% |
| Gross operating margin | 9900 | €19,787 | €10,387 | -€9,400 | -47.5% |
| Operating profit (loss) | 9901 | -€47,159 | -€56,433 | -€9,273 | -19.7% |
| Financial income | 75/76B | €1 | €2 | +€1 | +154% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +154% |
| Financial charges | 65/66B | €48,722 | €1,569 | -€47,153 | -96.8% |
| Recurring financial charges | 65 | €48,722 | €1,569 | -€47,153 | -96.8% |
| Profit (loss) for the period before taxes | 9903 | -€95,880 | -€58,000 | +€37,880 | +39.5% |
| Income taxes | 67/77 | €6,890 | €215 | -€6,675 | -96.9% |
| Profit (loss) for the period | 9904 | -€102,770 | -€58,215 | +€44,555 | +43.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€102,770 | -€58,215 | +€44,555 | +43.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.