GAVEL VINCENT: 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.
GAVEL VINCENT
Largest movements
- Current investments +€7.8m
up €7.8m (+88.7%), from €8.8m to €16.6m
- Cash -€4.0m
down €4.0m (-77.4%), from €5.2m to €1.2m
mainly Current investments (-€7.8m) and Contributions, distributions and other (-€7.6m)
- Financial fixed assets -€1.5m
down €1.5m (-99.6%), from €1.5m to €6,665
- Receivables within one year -€284,971
down €284,971 (-58.4%), from €487,727 to €202,756
of which Trade receivables: -€293,902
- Tangible fixed assets -€266,544
down €266,544 (-11.3%), from €2.4m to €2.1m
of which Land and buildings: -€257,911
- Other debts +€5.3m
up €5.3m (+52.5%), from €10.0m to €15.3m
- Reserves -€3.7m
down €3.7m (-46.8%), from €7.9m to €4.2m
of which Distributable reserves: -€3.9m
- Financial income -€4.4m
down €4.4m (-61.9%), from €7.1m to €2.7m
of which Financial income: -€5.3m
- Gross operating margin +€1.8m
up €1.8m (+253%), from €711,002 to €2.5m
- Taxes +€424,241
up €424,241 (+459%), from €92,332 to €516,573
- Financial charges +€251,986
up €251,986 (+88.0%), from €286,429 to €538,415
- Depreciation -€52,565
down €52,565 (-30.0%), from €175,179 to €122,615
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 | €18,336,976 | €20,028,385 | +€1.7m | +9.2% |
| Fixed assets | 21/28 | €3,873,163 | €2,090,591 | -€1.8m | -46.0% |
| Tangible fixed assets | 22/27 | €2,350,470 | €2,083,926 | -€266,544 | -11.3% |
| Land and buildings | 22 | €2,319,358 | €2,061,447 | -€257,911 | -11.1% |
| Plant, machinery and equipment | 23 | €14,865 | €16,078 | +€1,213 | +8.2% |
| Furniture and vehicles | 24 | €16,247 | €6,401 | -€9,846 | -60.6% |
| Financial fixed assets | 28 | €1,522,693 | €6,665 | -€1.5m | -99.6% |
| Current assets | 29/58 | €14,463,813 | €17,937,794 | +€3.5m | +24.0% |
| Amounts receivable within one year | 40/41 | €487,727 | €202,756 | -€284,971 | -58.4% |
| Trade receivables | 40 | €461,384 | €167,483 | -€293,902 | -63.7% |
| Other amounts receivable | 41 | €26,343 | €35,273 | +€8,931 | +33.9% |
| Current investments | 50/53 | €8,774,908 | €16,558,703 | +€7.8m | +88.7% |
| Cash at bank and in hand | 54/58 | €5,152,368 | €1,163,391 | -€4.0m | -77.4% |
| Deferred charges and accrued income | 490/1 | €48,810 | €12,944 | -€35,866 | -73.5% |
| Total equity and liabilities | 10/49 | €18,336,976 | €20,028,385 | +€1.7m | +9.2% |
| Equity | 10/15 | €7,866,322 | €4,190,818 | -€3.7m | -46.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €7,853,000 | €4,178,000 | -€3.7m | -46.8% |
| Tax-exempt reserves | 132 | €162,801 | €382,955 | +€220,154 | +135% |
| Distributable reserves | 133 | €7,690,199 | €3,795,045 | -€3.9m | -50.7% |
| Profit (loss) carried forward | 14 | €922 | €418 | -€504 | -54.6% |
| Provisions and deferred taxes | 16 | €53,676 | €127,061 | +€73,384 | +137% |
| Deferred taxes | 168 | €53,676 | €127,061 | +€73,384 | +137% |
| Amounts payable | 17/49 | €10,416,977 | €15,710,506 | +€5.3m | +50.8% |
| Amounts payable within one year | 42/48 | €10,134,519 | €15,415,779 | +€5.3m | +52.1% |
| Financial debts | 43 | €121 | €4,415 | +€4,294 | +3,535% |
| Credit institutions | 430/8 | €121 | €4,415 | +€4,294 | +3,535% |
| Trade debts | 44 | €48,225 | €46,523 | -€1,702 | -3.5% |
| Suppliers | 440/4 | €48,225 | €46,523 | -€1,702 | -3.5% |
| Taxes, remuneration and social security | 45 | €40,751 | €41,270 | +€520 | +1.3% |
| Taxes | 450/3 | €31,730 | €32,767 | +€1,037 | +3.3% |
| Remuneration and social security | 454/9 | €9,021 | €8,503 | -€518 | -5.7% |
| Other amounts payable | 47/48 | €10,045,422 | €15,323,572 | +€5.3m | +52.5% |
| Accrued charges and deferred income | 492/3 | €282,458 | €294,726 | +€12,268 | +4.3% |
| Non-recurring operating income | 76A | - | €355,426 | +€355,426 | |
| Remuneration, social security and pensions | 62 | €77,149 | €37,144 | -€40,005 | -51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,179 | €122,615 | -€52,565 | -30.0% |
| Other operating charges | 640/8 | €20,759 | €20,004 | -€754 | -3.6% |
| Non-recurring operating charges | 66A | - | €2,745 | +€2,745 | |
| Gross operating margin | 9900 | €711,002 | €2,513,057 | +€1.8m | +253% |
| Operating profit (loss) | 9901 | €437,915 | €2,330,548 | +€1.9m | +432% |
| Financial income | 75/76B | €7,139,023 | €2,722,320 | -€4.4m | -61.9% |
| Recurring financial income | 75 | €5,640,107 | €306,859 | -€5.3m | -94.6% |
| Non-recurring financial income | 76B | €1,498,916 | €2,415,461 | +€916,545 | +61.1% |
| Financial charges | 65/66B | €286,429 | €538,415 | +€251,986 | +88.0% |
| Recurring financial charges | 65 | €286,429 | €538,415 | +€251,986 | +88.0% |
| Profit (loss) for the period before taxes | 9903 | €7,290,510 | €4,514,453 | -€2.8m | -38.1% |
| Transfer from deferred taxes | 780 | €4,827 | €11,241 | +€6,414 | +133% |
| Transfer to deferred taxes | 680 | - | €84,625 | +€84,625 | |
| Income taxes | 67/77 | €92,332 | €516,573 | +€424,241 | +459% |
| Profit (loss) for the period | 9904 | €7,203,004 | €3,924,496 | -€3.3m | -45.5% |
| Transfer from tax-exempt reserves | 789 | €14,479 | €33,721 | +€19,242 | +133% |
| Transfer to tax-exempt reserves | 689 | - | €253,875 | +€253,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,217,484 | €3,704,342 | -€3.5m | -48.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.