GAVI: 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.
GAVI
Largest movements
- Cash -€55,569
down €55,569 (-86.3%), from €64,368 to €8,799
mainly Net result for the year (-€170,619) and Investment in fixed assets (net) (-€80,136)
- Receivables within one year -€34,857
down €34,857 (-37.9%), from €91,937 to €57,080
of which Trade receivables: -€24,982
- Tangible fixed assets +€19,845
up €19,845 (+3.3%), from €603,466 to €623,312
of which Land and buildings: +€98,135
- Profit (loss) carried forward -€170,619
down €170,619, from €77,888 to -€92,730
- Revaluation surpluses +€104,400
new in 2025: €104,400
- Debts after one year -€24,726
down €24,726 (-6.4%), from €385,762 to €361,036
- Tax, wage and social debts +€17,272
up €17,272 (+14.3%), from €121,109 to €138,380
of which Remuneration and social security: +€65,548
- Current portion of long-term debt +€9,834
up €9,834 (+14.3%), from €68,984 to €78,818
- Staff costs +€143,045
up €143,045 (+79.8%), from €179,253 to €322,298
- Gross operating margin +€135,055
up €135,055 (+55.6%), from €242,960 to €378,016
- Financial charges +€48,453
up €48,453 (+189%), from €25,694 to €74,147
of which Non-recurring financial charges: +€33,000
- Other operating charges +€40,137
up €40,137 (+106%), from €37,775 to €77,912
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 | €759,772 | €689,191 | -€70,581 | -9.3% |
| Fixed assets | 21/28 | €603,466 | €623,312 | +€19,845 | +3.3% |
| Tangible fixed assets | 22/27 | €603,466 | €623,312 | +€19,845 | +3.3% |
| Land and buildings | 22 | €333,431 | €431,566 | +€98,135 | +29.4% |
| Plant, machinery and equipment | 23 | €3,902 | €3,423 | -€478 | -12.3% |
| Furniture and vehicles | 24 | €139,909 | €81,769 | -€58,140 | -41.6% |
| Leasing and similar rights | 25 | €126,225 | €106,554 | -€19,671 | -15.6% |
| Current assets | 29/58 | €156,306 | €65,879 | -€90,426 | -57.9% |
| Amounts receivable within one year | 40/41 | €91,937 | €57,080 | -€34,857 | -37.9% |
| Trade receivables | 40 | €72,173 | €47,191 | -€24,982 | -34.6% |
| Other amounts receivable | 41 | €19,764 | €9,889 | -€9,875 | -50.0% |
| Cash at bank and in hand | 54/58 | €64,368 | €8,799 | -€55,569 | -86.3% |
| Total equity and liabilities | 10/49 | €759,772 | €689,191 | -€70,581 | -9.3% |
| Equity | 10/15 | €97,888 | €31,670 | -€66,219 | -67.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €104,400 | +€104,400 | |
| Profit (loss) carried forward | 14 | €77,888 | -€92,730 | -€170,619 | |
| Amounts payable | 17/49 | €661,884 | €657,521 | -€4,362 | -0.7% |
| Amounts payable after more than one year | 17 | €385,762 | €361,036 | -€24,726 | -6.4% |
| Financial debts | 170/4 | €385,762 | €361,036 | -€24,726 | -6.4% |
| Amounts payable within one year | 42/48 | €276,122 | €296,485 | +€20,363 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €68,984 | €78,818 | +€9,834 | +14.3% |
| Trade debts | 44 | €71,818 | €66,902 | -€4,917 | -6.8% |
| Suppliers | 440/4 | €71,818 | €66,902 | -€4,917 | -6.8% |
| Taxes, remuneration and social security | 45 | €121,109 | €138,380 | +€17,272 | +14.3% |
| Taxes | 450/3 | €79,408 | €31,131 | -€48,277 | -60.8% |
| Remuneration and social security | 454/9 | €41,701 | €107,249 | +€65,548 | +157% |
| Other amounts payable | 47/48 | €14,211 | €12,385 | -€1,825 | -12.8% |
| Non-recurring operating income | 76A | €2,000 | €17,836 | +€15,836 | +792% |
| Remuneration, social security and pensions | 62 | €179,253 | €322,298 | +€143,045 | +79.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,956 | €60,291 | -€2,665 | -4.2% |
| Other operating charges | 640/8 | €37,775 | €77,912 | +€40,137 | +106% |
| Non-recurring operating charges | 66A | - | €14,500 | +€14,500 | |
| Gross operating margin | 9900 | €242,960 | €378,016 | +€135,055 | +55.6% |
| Operating profit (loss) | 9901 | -€37,024 | -€96,985 | -€59,962 | -162% |
| Financial income | 75/76B | €1,058 | €453 | -€605 | -57.2% |
| Recurring financial income | 75 | €1,058 | €453 | -€605 | -57.2% |
| Financial charges | 65/66B | €25,694 | €74,147 | +€48,453 | +189% |
| Recurring financial charges | 65 | €25,694 | €41,147 | +€15,453 | +60.1% |
| Non-recurring financial charges | 66B | - | €33,000 | +€33,000 | |
| Profit (loss) for the period before taxes | 9903 | -€61,659 | -€170,680 | -€109,020 | -177% |
| Income taxes | 67/77 | €501 | -€61 | -€562 | |
| Profit (loss) for the period | 9904 | -€62,160 | -€170,619 | -€108,458 | -174% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,160 | -€170,619 | -€108,458 | -174% |
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 13 October 2026 via checked.be.