GAVADO: what changed
Two fiscal 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.
GAVADO
Largest movements
- Tangible fixed assets +€489,357
up €489,357 (+82.6%), from €592,621 to €1.1m
of which Land and buildings: +€492,895
- Cash -€296,796
down €296,796 (-92.3%), from €321,684 to €24,888
mainly Investment in fixed assets (net) (-€548,354) and Other debts (-€222,806)
- Debts after one year +€432,916
up €432,916 (+158.1%), from €273,825 to €706,742
- Other debts -€222,806
down €222,806 (-95.9%), from €232,385 to €9,578
- Current portion of long-term debt +€25,223
up €25,223 (+89.5%), from €28,183 to €53,407
- Reserves -€22,606
down €22,606 (-6.9%), from €329,035 to €306,429
of which Distributable reserves: -€15,717
- Tax, wage and social debts -€19,941
down €19,941 (-58.3%), from €34,197 to €14,256
- Gross operating margin -€299,083
down €299,083 (-78.9%), from €379,290 to €80,207
- Depreciation +€30,099
up €30,099 (+104.2%), from €28,898 to €58,997
- Financial charges +€19,604
up €19,604 (+156.0%), from €12,569 to €32,172
- Taxes +€11,379
up €11,379, from -€5,209 to €6,170
- Other operating charges -€8,427
down €8,427 (-49.8%), from €16,912 to €8,485
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.
Cash bridge derived
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 | €1,017,585 | €1,209,908 | +€192,323 | +18.9% |
| Fixed assets | 21/28 | €592,621 | €1,081,977 | +€489,357 | +82.6% |
| Tangible fixed assets | 22/27 | €592,621 | €1,081,977 | +€489,357 | +82.6% |
| Land and buildings | 22 | €525,501 | €1,018,396 | +€492,895 | +93.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €67,120 | €63,581 | -€3,538 | -5.3% |
| Current assets | 29/58 | €424,964 | €127,930 | -€297,034 | -69.9% |
| Amounts receivable within one year | 40/41 | €98,692 | €97,426 | -€1,267 | -1.3% |
| Trade receivables | 40 | €83,868 | €97,426 | +€13,557 | +16.2% |
| Other amounts receivable | 41 | €14,824 | €0 | -€14,824 | -100.0% |
| Cash at bank and in hand | 54/58 | €321,684 | €24,888 | -€296,796 | -92.3% |
| Deferred charges and accrued income | 490/1 | €4,588 | €5,617 | +€1,029 | +22.4% |
| Total equity and liabilities | 10/49 | €1,017,585 | €1,209,908 | +€192,323 | +18.9% |
| Equity | 10/15 | €359,035 | €336,429 | -€22,606 | -6.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €329,035 | €306,429 | -€22,606 | -6.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €193,475 | €186,586 | -€6,889 | -3.6% |
| Distributable reserves | 133 | €135,560 | €119,843 | -€15,717 | -11.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €62,096 | €59,799 | -€2,296 | -3.7% |
| Deferred taxes | 168 | €62,096 | €59,799 | -€2,296 | -3.7% |
| Amounts payable | 17/49 | €596,454 | €813,680 | +€217,226 | +36.4% |
| Amounts payable after more than one year | 17 | €273,825 | €706,742 | +€432,916 | +158.1% |
| Financial debts | 170/4 | €273,825 | €706,742 | +€432,916 | +158.1% |
| Amounts payable within one year | 42/48 | €322,629 | €89,305 | -€233,324 | -72.3% |
| Current portion of amounts payable after more than one year | 42 | €28,183 | €53,407 | +€25,223 | +89.5% |
| Financial debts | 43 | €501 | €909 | +€408 | +81.5% |
| Credit institutions | 430/8 | €501 | €909 | +€408 | +81.5% |
| Trade debts | 44 | €27,363 | €11,156 | -€16,207 | -59.2% |
| Suppliers | 440/4 | €27,363 | €11,156 | -€16,207 | -59.2% |
| Taxes, remuneration and social security | 45 | €34,197 | €14,256 | -€19,941 | -58.3% |
| Taxes | 450/3 | €34,197 | €14,256 | -€19,941 | -58.3% |
| Other amounts payable | 47/48 | €232,385 | €9,578 | -€222,806 | -95.9% |
| Accrued charges and deferred income | 492/3 | - | €17,633 | +€17,633 | |
| Non-recurring operating income | 76A | €312,664 | €0 | -€312,664 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,898 | €58,997 | +€30,099 | +104.2% |
| Other operating charges | 640/8 | €16,912 | €8,485 | -€8,427 | -49.8% |
| Non-recurring operating charges | 66A | €15,482 | €0 | -€15,482 | -100.0% |
| Gross operating margin | 9900 | €379,290 | €80,207 | -€299,083 | -78.9% |
| Operating profit (loss) | 9901 | €317,998 | €12,725 | -€305,273 | -96.0% |
| Financial income | 75/76B | €4,237 | €715 | -€3,522 | -83.1% |
| Recurring financial income | 75 | €4,237 | €715 | -€3,522 | -83.1% |
| Financial charges | 65/66B | €12,569 | €32,172 | +€19,604 | +156.0% |
| Recurring financial charges | 65 | €12,569 | €32,172 | +€19,604 | +156.0% |
| Profit (loss) for the period before taxes | 9903 | €309,667 | -€18,732 | -€328,399 | |
| Transfer from deferred taxes | 780 | €1,610 | €2,296 | +€687 | +42.7% |
| Transfer to deferred taxes | 680 | €63,705 | €0 | -€63,705 | -100.0% |
| Income taxes | 67/77 | -€5,209 | €6,170 | +€11,379 | |
| Profit (loss) for the period | 9904 | €252,780 | -€22,606 | -€275,386 | |
| Transfer from tax-exempt reserves | 789 | €4,829 | €6,889 | +€2,061 | +42.7% |
| Transfer to tax-exempt reserves | 689 | €191,116 | €0 | -€191,116 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,493 | -€15,717 | -€82,210 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.