GAVI: 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.
GAVI
Largest movements
- Cash -€20,237
down €20,237 (-76.6%), from €26,409 to €6,173
mainly Contributions, distributions and other (-€35,000) and Debts after one year (-€23,249)
- Tangible fixed assets -€17,425
down €17,425 (-36.8%), from €47,398 to €29,973
of which Furniture and vehicles: -€15,134
- Intangible fixed assets -€4,700
down €4,700 (-13.3%), from €35,411 to €30,711
- Deferred charges and accrued income -€2,012
down €2,012 (-82.1%), from €2,451 to €439
- Debts after one year -€23,249
down €23,249 (-74.2%), from €31,315 to €8,066
- Reserves -€14,152
down €14,152 (-32.5%), from €43,585 to €29,433
- Trade debts -€7,082
down €7,082 (-74.8%), from €9,473 to €2,391
- Current portion of long-term debt +€4,483
up €4,483 (+25.2%), from €17,783 to €22,266
- Other debts -€3,718
down €3,718 (-18.9%), from €19,718 to €16,000
- Other operating charges +€4,711
up €4,711 (+1671.6%), from €282 to €4,993
- Depreciation -€4,476
down €4,476 (-29.7%), from €15,071 to €10,595
- Gross operating margin +€2,295
up €2,295 (+5.4%), from €42,763 to €45,058
- Financial charges -€599
down €599 (-15.2%), from €3,939 to €3,340
- Taxes +€533
up €533 (+10.8%), from €4,925 to €5,458
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 | €126,318 | €81,156 | -€45,162 | -35.8% |
| Fixed assets | 21/28 | €82,809 | €60,684 | -€22,125 | -26.7% |
| Intangible fixed assets | 21 | €35,411 | €30,711 | -€4,700 | -13.3% |
| Tangible fixed assets | 22/27 | €47,398 | €29,973 | -€17,425 | -36.8% |
| Plant, machinery and equipment | 23 | €30,012 | €27,721 | -€2,291 | -7.6% |
| Furniture and vehicles | 24 | €17,386 | €2,253 | -€15,134 | -87.0% |
| Current assets | 29/58 | €43,509 | €20,472 | -€23,037 | -52.9% |
| Amounts receivable within one year | 40/41 | €14,649 | €13,860 | -€788 | -5.4% |
| Trade receivables | 40 | €198 | €108 | -€90 | -45.5% |
| Other amounts receivable | 41 | €14,451 | €13,752 | -€698 | -4.8% |
| Cash at bank and in hand | 54/58 | €26,409 | €6,173 | -€20,237 | -76.6% |
| Deferred charges and accrued income | 490/1 | €2,451 | €439 | -€2,012 | -82.1% |
| Total equity and liabilities | 10/49 | €126,318 | €81,156 | -€45,162 | -35.8% |
| Equity | 10/15 | €46,585 | €32,433 | -€14,152 | -30.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €43,585 | €29,433 | -€14,152 | -32.5% |
| Distributable reserves | 133 | €43,585 | €29,433 | -€14,152 | -32.5% |
| Amounts payable | 17/49 | €79,734 | €48,723 | -€31,011 | -38.9% |
| Amounts payable after more than one year | 17 | €31,315 | €8,066 | -€23,249 | -74.2% |
| Financial debts | 170/4 | €31,315 | €8,066 | -€23,249 | -74.2% |
| Amounts payable within one year | 42/48 | €48,419 | €40,657 | -€7,762 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €17,783 | €22,266 | +€4,483 | +25.2% |
| Trade debts | 44 | €9,473 | €2,391 | -€7,082 | -74.8% |
| Suppliers | 440/4 | €9,473 | €2,391 | -€7,082 | -74.8% |
| Taxes, remuneration and social security | 45 | €1,445 | - | -€1,445 | |
| Taxes | 450/3 | €1,445 | - | -€1,445 | |
| Other amounts payable | 47/48 | €19,718 | €16,000 | -€3,718 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,071 | €10,595 | -€4,476 | -29.7% |
| Other operating charges | 640/8 | €282 | €4,993 | +€4,711 | +1671.6% |
| Gross operating margin | 9900 | €42,763 | €45,058 | +€2,295 | +5.4% |
| Operating profit (loss) | 9901 | €27,411 | €29,470 | +€2,059 | +7.5% |
| Financial income | 75/76B | €267 | €176 | -€92 | -34.3% |
| Recurring financial income | 75 | €267 | €176 | -€92 | -34.3% |
| Financial charges | 65/66B | €3,939 | €3,340 | -€599 | -15.2% |
| Recurring financial charges | 65 | €3,939 | €3,340 | -€599 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €23,739 | €26,306 | +€2,567 | +10.8% |
| Income taxes | 67/77 | €4,925 | €5,458 | +€533 | +10.8% |
| Profit (loss) for the period | 9904 | €18,814 | €20,848 | +€2,034 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,814 | €20,848 | +€2,034 | +10.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.