GAVENDING: 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.
GAVENDING
Largest movements
- Tangible fixed assets +€200,441
up €200,441 (+99.6%), from €201,199 to €401,640
of which Plant, machinery and equipment: +€157,487
- Receivables within one year +€178,099
up €178,099 (+146%), from €121,963 to €300,063
of which Trade receivables: +€94,913
- Stocks and contracts -€43,223
down €43,223 (-32.8%), from €131,808 to €88,584
- Cash -€25,144
down €25,144 (-22.6%), from €111,298 to €86,154
mainly Investment in fixed assets (net) (-€291,326) and Receivables within one year (-€178,099)
- Debts after one year +€139,346
up €139,346 (+193%), from €72,117 to €211,463
- Trade debts +€86,986
up €86,986 (+135%), from €64,516 to €151,502
- Other debts +€48,184
up €48,184 (+287%), from €16,816 to €65,000
- Current portion of long-term debt +€26,252
up €26,252 (+58.7%), from €44,692 to €70,944
- Staff costs +€53,700
up €53,700 (+26.3%), from €204,042 to €257,743
- Gross operating margin +€46,261
up €46,261 (+11.8%), from €393,103 to €439,364
- Taxes -€23,072
down €23,072 (-90.2%), from €25,591 to €2,519
- Financial charges +€8,050
up €8,050 (+87.6%), from €9,187 to €17,237
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €609,898 | €923,027 | +€313,129 | +51.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €243,547 | €442,465 | +€198,918 | +81.7% |
| Intangible fixed assets | 21 | €42,285 | €40,762 | -€1,523 | -3.6% |
| Tangible fixed assets | 22/27 | €201,199 | €401,640 | +€200,441 | +99.6% |
| Land and buildings | 22 | €43,660 | €43,395 | -€265 | -0.6% |
| Plant, machinery and equipment | 23 | €155,793 | €313,280 | +€157,487 | +101% |
| Furniture and vehicles | 24 | €1,746 | €3,892 | +€2,145 | +123% |
| Leasing and similar rights | 25 | - | €41,073 | +€41,073 | |
| Financial fixed assets | 28 | €63 | €63 | = | 0.0% |
| Current assets | 29/58 | €366,351 | €480,563 | +€114,211 | +31.2% |
| Stocks and contracts in progress | 3 | €131,808 | €88,584 | -€43,223 | -32.8% |
| Stocks | 30/36 | €131,808 | €88,584 | -€43,223 | -32.8% |
| Amounts receivable within one year | 40/41 | €121,963 | €300,063 | +€178,099 | +146% |
| Trade receivables | 40 | €110,790 | €205,703 | +€94,913 | +85.7% |
| Other amounts receivable | 41 | €11,174 | €94,360 | +€83,186 | +744% |
| Current investments | 50/53 | €729 | - | -€729 | |
| Cash at bank and in hand | 54/58 | €111,298 | €86,154 | -€25,144 | -22.6% |
| Deferred charges and accrued income | 490/1 | €554 | €5,762 | +€5,208 | +940% |
| Total equity and liabilities | 10/49 | €609,898 | €923,027 | +€313,129 | +51.3% |
| Equity | 10/15 | €365,073 | €364,548 | -€525 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €346,473 | €345,948 | -€525 | -0.2% |
| Distributable reserves | 133 | €346,473 | €345,948 | -€525 | -0.2% |
| Amounts payable | 17/49 | €244,825 | €558,479 | +€313,654 | +128% |
| Amounts payable after more than one year | 17 | €72,117 | €211,463 | +€139,346 | +193% |
| Financial debts | 170/4 | €72,117 | €211,463 | +€139,346 | +193% |
| Amounts payable within one year | 42/48 | €171,735 | €346,929 | +€175,194 | +102% |
| Current portion of amounts payable after more than one year | 42 | €44,692 | €70,944 | +€26,252 | +58.7% |
| Financial debts | 43 | - | €8,918 | +€8,918 | |
| Credit institutions | 430/8 | - | €8,918 | +€8,918 | |
| Trade debts | 44 | €64,516 | €151,502 | +€86,986 | +135% |
| Suppliers | 440/4 | €64,516 | €151,502 | +€86,986 | +135% |
| Taxes, remuneration and social security | 45 | €45,710 | €50,565 | +€4,855 | +10.6% |
| Taxes | 450/3 | €17,688 | €17,201 | -€487 | -2.8% |
| Remuneration and social security | 454/9 | €28,022 | €33,364 | +€5,341 | +19.1% |
| Other amounts payable | 47/48 | €16,816 | €65,000 | +€48,184 | +287% |
| Accrued charges and deferred income | 492/3 | €974 | €88 | -€886 | -91.0% |
| Remuneration, social security and pensions | 62 | €204,042 | €257,743 | +€53,700 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,238 | €92,408 | +€4,170 | +4.7% |
| Other operating charges | 640/8 | €6,926 | €6,439 | -€486 | -7.0% |
| Gross operating margin | 9900 | €393,103 | €439,364 | +€46,261 | +11.8% |
| Operating profit (loss) | 9901 | €93,897 | €82,774 | -€11,123 | -11.8% |
| Financial income | 75/76B | €175 | €1,457 | +€1,282 | +734% |
| Recurring financial income | 75 | €175 | €1,457 | +€1,282 | +734% |
| Financial charges | 65/66B | €9,187 | €17,237 | +€8,050 | +87.6% |
| Recurring financial charges | 65 | €9,187 | €17,237 | +€8,050 | +87.6% |
| Profit (loss) for the period before taxes | 9903 | €84,885 | €66,994 | -€17,890 | -21.1% |
| Income taxes | 67/77 | €25,591 | €2,519 | -€23,072 | -90.2% |
| Profit (loss) for the period | 9904 | €59,293 | €64,475 | +€5,182 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €59,293 | €64,475 | +€5,182 | +8.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.