GAVANTI: 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.
GAVANTI
Largest movements
- Receivables within one year -€254,440
down €254,440 (-95.1%), from €267,614 to €13,174
of which Other amounts receivable: -€226,567
- Stocks and contracts -€13,502
down €13,502 (-2.0%), from €680,246 to €666,744
- Trade debts -€131,023
down €131,023 (-58.3%), from €224,629 to €93,605
- Debts after one year -€91,000
down €91,000 (-32.1%), from €283,804 to €192,804
- Tax, wage and social debts -€37,652
down €37,652 (-67.2%), from €56,009 to €18,357
of which Taxes: -€32,328
- Other debts -€37,534
down €37,534 (-11.1%), from €338,585 to €301,051
- Profit (loss) carried forward +€17,341
up €17,341 (+61.2%), from -€28,327 to -€10,985
- Gross operating margin -€85,382
down €85,382 (-30.0%), from €285,028 to €199,645
- Financial charges -€3,193
down €3,193 (-33.0%), from €9,686 to €6,493
- Taxes +€3,128
new in 2025: €3,128
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 | €976,861 | €705,256 | -€271,605 | -27.8% |
| Fixed assets | 21/28 | €26,842 | €23,756 | -€3,086 | -11.5% |
| Tangible fixed assets | 22/27 | €26,842 | €23,756 | -€3,086 | -11.5% |
| Other tangible fixed assets | 26 | €26,842 | €23,756 | -€3,086 | -11.5% |
| Current assets | 29/58 | €950,020 | €681,501 | -€268,519 | -28.3% |
| Stocks and contracts in progress | 3 | €680,246 | €666,744 | -€13,502 | -2.0% |
| Stocks | 30/36 | €680,246 | €666,744 | -€13,502 | -2.0% |
| Amounts receivable within one year | 40/41 | €267,614 | €13,174 | -€254,440 | -95.1% |
| Trade receivables | 40 | €27,872 | - | -€27,872 | |
| Other amounts receivable | 41 | €239,742 | €13,174 | -€226,567 | -94.5% |
| Cash at bank and in hand | 54/58 | €1,326 | €1,583 | +€257 | +19.4% |
| Deferred charges and accrued income | 490/1 | €834 | - | -€834 | |
| Total equity and liabilities | 10/49 | €976,861 | €705,256 | -€271,605 | -27.8% |
| Equity | 10/15 | €52,913 | €70,254 | +€17,341 | +32.8% |
| Contributions | 10/11 | €35,945 | €35,945 | = | 0.0% |
| Reserves | 13 | €45,294 | €45,294 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,594 | €3,594 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,594 | €3,594 | = | 0.0% |
| Distributable reserves | 133 | €41,700 | €41,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,327 | -€10,985 | +€17,341 | +61.2% |
| Amounts payable | 17/49 | €923,949 | €635,002 | -€288,946 | -31.3% |
| Amounts payable after more than one year | 17 | €283,804 | €192,804 | -€91,000 | -32.1% |
| Financial debts | 170/4 | €283,804 | €192,804 | -€91,000 | -32.1% |
| Amounts payable within one year | 42/48 | €640,144 | €442,159 | -€197,985 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €5,031 | €5,264 | +€232 | +4.6% |
| Financial debts | 43 | €15,890 | €23,881 | +€7,991 | +50.3% |
| Credit institutions | 430/8 | €15,890 | €23,881 | +€7,991 | +50.3% |
| Trade debts | 44 | €224,629 | €93,605 | -€131,023 | -58.3% |
| Suppliers | 440/4 | €224,629 | €93,605 | -€131,023 | -58.3% |
| Taxes, remuneration and social security | 45 | €56,009 | €18,357 | -€37,652 | -67.2% |
| Taxes | 450/3 | €35,438 | €3,109 | -€32,328 | -91.2% |
| Remuneration and social security | 454/9 | €20,572 | €15,248 | -€5,323 | -25.9% |
| Other amounts payable | 47/48 | €338,585 | €301,051 | -€37,534 | -11.1% |
| Accrued charges and deferred income | 492/3 | - | €39 | +€39 | |
| Non-recurring operating income | 76A | €130,976 | €800 | -€130,176 | -99.4% |
| Remuneration, social security and pensions | 62 | €167,835 | €168,450 | +€615 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,286 | €3,086 | +€800 | +35.0% |
| Other operating charges | 640/8 | €1,570 | €3,673 | +€2,103 | +134% |
| Non-recurring operating charges | 66A | €91,354 | €174 | -€91,180 | -99.8% |
| Gross operating margin | 9900 | €285,028 | €199,645 | -€85,382 | -30.0% |
| Operating profit (loss) | 9901 | €21,983 | €24,263 | +€2,280 | +10.4% |
| Financial income | 75/76B | €1,689 | €2,701 | +€1,012 | +59.9% |
| Recurring financial income | 75 | €1,689 | €2,701 | +€1,012 | +59.9% |
| Financial charges | 65/66B | €9,686 | €6,493 | -€3,193 | -33.0% |
| Recurring financial charges | 65 | €9,686 | €6,493 | -€3,193 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €13,985 | €20,470 | +€6,485 | +46.4% |
| Income taxes | 67/77 | - | €3,128 | +€3,128 | |
| Profit (loss) for the period | 9904 | €13,985 | €17,341 | +€3,356 | +24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,985 | €17,341 | +€3,356 | +24.0% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.