GAVERMAT: 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.
GAVERMAT
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€241,384
down €241,384 (-19.2%), from €1.3m to €1.0m
mainly Current investments (-€400,000) and Contributions, distributions and other (-€243,692)
- Receivables within one year -€80,222
down €80,222 (-44.0%), from €182,417 to €102,195
of which Trade receivables: -€62,866
- Reserves +€93,451
up €93,451 (+4.3%), from €2.2m to €2.3m
of which Distributable reserves: +€93,451
- Trade debts +€39,704
up €39,704 (+70.8%), from €56,056 to €95,760
- Other debts -€37,375
down €37,375 (-9.9%), from €378,450 to €341,075
- Staff costs +€38,080
up €38,080 (+8.0%), from €476,222 to €514,302
- Gross operating margin +€33,480
up €33,480 (+3.5%), from €969,730 to €1.0m
- Financial income -€13,904
down €13,904 (-16.7%), from €83,252 to €69,348
- Depreciation +€11,784
up €11,784 (+18.7%), from €62,869 to €74,653
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 | €2,951,451 | €3,051,614 | +€100,163 | +3.4% |
| Fixed assets | 21/28 | €542,280 | €563,911 | +€21,631 | +4.0% |
| Tangible fixed assets | 22/27 | €307,280 | €328,911 | +€21,631 | +7.0% |
| Plant, machinery and equipment | 23 | €41,708 | €28,034 | -€13,674 | -32.8% |
| Furniture and vehicles | 24 | €9,183 | €75,432 | +€66,249 | +721% |
| Other tangible fixed assets | 26 | €256,389 | €225,445 | -€30,944 | -12.1% |
| Financial fixed assets | 28 | €235,000 | €235,000 | = | 0.0% |
| Current assets | 29/58 | €2,409,171 | €2,487,704 | +€78,532 | +3.3% |
| Stocks and contracts in progress | 3 | €967,213 | €969,794 | +€2,580 | +0.3% |
| Stocks | 30/36 | €967,213 | €969,794 | +€2,580 | +0.3% |
| Amounts receivable within one year | 40/41 | €182,417 | €102,195 | -€80,222 | -44.0% |
| Trade receivables | 40 | €162,096 | €99,231 | -€62,866 | -38.8% |
| Other amounts receivable | 41 | €20,321 | €2,964 | -€17,356 | -85.4% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €1,256,541 | €1,015,156 | -€241,384 | -19.2% |
| Deferred charges and accrued income | 490/1 | €3,000 | €559 | -€2,442 | -81.4% |
| Total equity and liabilities | 10/49 | €2,951,451 | €3,051,614 | +€100,163 | +3.4% |
| Equity | 10/15 | €2,183,354 | €2,276,805 | +€93,451 | +4.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,164,804 | €2,258,255 | +€93,451 | +4.3% |
| Tax-exempt reserves | 132 | €13,622 | €13,622 | = | 0.0% |
| Distributable reserves | 133 | €2,151,182 | €2,244,633 | +€93,451 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €768,097 | €774,809 | +€6,712 | +0.9% |
| Amounts payable after more than one year | 17 | €235,000 | €235,000 | = | 0.0% |
| Other amounts payable | 178/9 | €235,000 | €235,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €533,097 | €539,809 | +€6,712 | +1.3% |
| Trade debts | 44 | €56,056 | €95,760 | +€39,704 | +70.8% |
| Suppliers | 440/4 | €56,056 | €95,760 | +€39,704 | +70.8% |
| Taxes, remuneration and social security | 45 | €98,591 | €102,975 | +€4,384 | +4.4% |
| Taxes | 450/3 | €51,703 | €34,507 | -€17,196 | -33.3% |
| Remuneration and social security | 454/9 | €46,888 | €68,467 | +€21,580 | +46.0% |
| Other amounts payable | 47/48 | €378,450 | €341,075 | -€37,375 | -9.9% |
| Remuneration, social security and pensions | 62 | €476,222 | €514,302 | +€38,080 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,869 | €74,653 | +€11,784 | +18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,919 | €10,803 | +€2,884 | +36.4% |
| Gross operating margin | 9900 | €969,730 | €1,003,210 | +€33,480 | +3.5% |
| Operating profit (loss) | 9901 | €422,720 | €403,452 | -€19,267 | -4.6% |
| Financial income | 75/76B | €83,252 | €69,348 | -€13,904 | -16.7% |
| Recurring financial income | 75 | €83,252 | €69,348 | -€13,904 | -16.7% |
| Financial charges | 65/66B | €20,325 | €17,890 | -€2,435 | -12.0% |
| Recurring financial charges | 65 | €20,325 | €17,890 | -€2,435 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €485,646 | €454,910 | -€30,736 | -6.3% |
| Income taxes | 67/77 | €124,196 | €117,767 | -€6,429 | -5.2% |
| Profit (loss) for the period | 9904 | €361,450 | €337,143 | -€24,307 | -6.7% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €361,450 | €337,143 | -€24,307 | -6.7% |
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 23 October 2026 via checked.be.