GAVARO: 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.
GAVARO
Largest movements
- Receivables within one year +€10,489
up €10,489 (+20.9%), from €50,240 to €60,728
- Cash +€3,872
up €3,872 (+42.5%), from €9,119 to €12,990
mainly Net result for the year (+€17,021) and Tax, wage and social debts (+€4,786)
- Tangible fixed assets +€1,161
up €1,161 (+43.6%), from €2,666 to €3,828
of which Furniture and vehicles: +€2,367
- Profit (loss) carried forward +€17,021
up €17,021, from -€5,593 to €11,429
- Tax, wage and social debts +€4,786
up €4,786 (+99.1%), from €4,828 to €9,614
- Trade debts -€4,270
down €4,270 (-45.6%), from €9,355 to €5,086
- Current portion of long-term debt -€2,457
down €2,457 (-82.3%), from €2,984 to €527
- Gross operating margin +€14,639
up €14,639 (+158.9%), from €9,212 to €23,850
- Taxes +€3,860
new in 2025: €3,860
- Other operating charges -€1,454
down €1,454 (-72.3%), from €2,010 to €557
- Financial charges -€995
down €995 (-56.4%), from €1,764 to €770
- Depreciation +€607
up €607 (+50.3%), from €1,206 to €1,813
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 | €74,477 | €89,030 | +€14,553 | +19.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €7,127 | €8,288 | +€1,161 | +16.3% |
| Tangible fixed assets | 22/27 | €2,666 | €3,828 | +€1,161 | +43.6% |
| Plant, machinery and equipment | 23 | €2,666 | €1,460 | -€1,206 | -45.2% |
| Furniture and vehicles | 24 | €0 | €2,367 | +€2,367 | |
| Financial fixed assets | 28 | €4,460 | €4,460 | = | 0.0% |
| Current assets | 29/58 | €67,350 | €80,742 | +€13,392 | +19.9% |
| Stocks and contracts in progress | 3 | €5,735 | €5,213 | -€522 | -9.1% |
| Stocks | 30/36 | €5,735 | €5,213 | -€522 | -9.1% |
| Amounts receivable within one year | 40/41 | €50,240 | €60,728 | +€10,489 | +20.9% |
| Trade receivables | 40 | €50,240 | €60,728 | +€10,489 | +20.9% |
| Cash at bank and in hand | 54/58 | €9,119 | €12,990 | +€3,872 | +42.5% |
| Deferred charges and accrued income | 490/1 | €2,256 | €1,810 | -€446 | -19.8% |
| Total equity and liabilities | 10/49 | €74,477 | €89,030 | +€14,553 | +19.5% |
| Equity | 10/15 | €56,782 | €73,803 | +€17,021 | +30.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €401 | €401 | = | 0.0% |
| Non-distributable reserves | 130/1 | €401 | €401 | = | 0.0% |
| Legal reserve | 130 | €401 | €401 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,593 | €11,429 | +€17,021 | |
| Amounts payable | 17/49 | €17,694 | €15,227 | -€2,468 | -13.9% |
| Amounts payable after more than one year | 17 | €527 | - | -€527 | |
| Financial debts | 170/4 | €527 | - | -€527 | |
| Amounts payable within one year | 42/48 | €17,167 | €15,227 | -€1,941 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €2,984 | €527 | -€2,457 | -82.3% |
| Trade debts | 44 | €9,355 | €5,086 | -€4,270 | -45.6% |
| Suppliers | 440/4 | €9,355 | €5,086 | -€4,270 | -45.6% |
| Taxes, remuneration and social security | 45 | €4,828 | €9,614 | +€4,786 | +99.1% |
| Taxes | 450/3 | €4,828 | €9,614 | +€4,786 | +99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,206 | €1,813 | +€607 | +50.3% |
| Other operating charges | 640/8 | €2,010 | €557 | -€1,454 | -72.3% |
| Gross operating margin | 9900 | €9,212 | €23,850 | +€14,639 | +158.9% |
| Operating profit (loss) | 9901 | €5,996 | €21,481 | +€15,485 | +258.3% |
| Financial income | 75/76B | €183 | €170 | -€13 | -7.1% |
| Recurring financial income | 75 | €183 | €170 | -€13 | -7.1% |
| Financial charges | 65/66B | €1,764 | €770 | -€995 | -56.4% |
| Recurring financial charges | 65 | €1,764 | €770 | -€995 | -56.4% |
| Profit (loss) for the period before taxes | 9903 | €4,415 | €20,881 | +€16,466 | +373.0% |
| Income taxes | 67/77 | - | €3,860 | +€3,860 | |
| Profit (loss) for the period | 9904 | €4,415 | €17,021 | +€12,606 | +285.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,415 | €17,021 | +€12,606 | +285.6% |
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 7 October 2026 via checked.be.