GAVIBEO: 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.
What changed
GAVIBEO
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€24,763
2025 · €22,589+€2,174
Equity
€310,018
2025 · €309,854+€164
Cash
€83,784
2025 · €52,839+€30,945
Balance sheet total
€623,860
2025 · €633,029-€9,169
Largest movements
Assets
- Tangible fixed assets -€34,659
down €34,659 (-6.1%), from €569,082 to €534,423
of which Land and buildings: -€22,692
- Cash +€30,945
up €30,945 (+58.6%), from €52,839 to €83,784
mainly Depreciation (+€34,660) and Net result for the year (+€24,763)
Equity and liabilities
- Debts after one year -€35,824
down €35,824 (-14.6%), from €244,700 to €208,876
- Other debts +€24,601
new in 2026: €24,601
Income statement
- Depreciation -€2,364
down €2,364 (-6.4%), from €37,024 to €34,660
From the 2025 result to the 2026 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.
Result 2025
€22,589
Gross operating margin
+€292
Depreciation
+€2,364
Other operating charges
-€316
Financial income
+€52
Financial charges
+€474
Taxes
-€86
Deferred taxes and other
-€606
Result 2026
€24,763
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€90,871
Investment
-€1
Financing
-€59,925
Cash 2025
€52,839
From operations (derived)
+€90,871
Net result for the year
+€24,763
Depreciation
+€34,660
Receivables within one year
+€1,831
Deferred charges and accrued income
+€3,624
Provisions
-€1,718
Trade debts
+€2,503
Tax, wage and social debts
+€512
Other debts
+€24,601
Accrued charges and deferred income
+€95
Investment (derived)
-€1
Investment in fixed assets (net)
-€1
Financing
-€59,925
Debts after one year
-€35,824
Current portion of long-term debt
+€498
Contributions, distributions and other
-€24,599
Cash 2026
€83,784
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €633,029 | €623,860 | -€9,169 | -1.4% |
| Fixed assets | 21/28 | €569,082 | €534,423 | -€34,659 | -6.1% |
| Tangible fixed assets | 22/27 | €569,082 | €534,423 | -€34,659 | -6.1% |
| Land and buildings | 22 | €515,608 | €492,916 | -€22,692 | -4.4% |
| Other tangible fixed assets | 26 | €53,474 | €41,507 | -€11,967 | -22.4% |
| Current assets | 29/58 | €63,947 | €89,437 | +€25,490 | +39.9% |
| Amounts receivable within one year | 40/41 | €6,947 | €5,116 | -€1,831 | -26.4% |
| Trade receivables | 40 | €5,994 | €5,116 | -€878 | -14.6% |
| Other amounts receivable | 41 | €953 | - | -€953 | |
| Cash at bank and in hand | 54/58 | €52,839 | €83,784 | +€30,945 | +58.6% |
| Deferred charges and accrued income | 490/1 | €4,161 | €537 | -€3,624 | -87.1% |
| Total equity and liabilities | 10/49 | €633,029 | €623,860 | -€9,169 | -1.4% |
| Equity | 10/15 | €309,854 | €310,018 | +€164 | +0.1% |
| Contributions | 10/11 | €43,456 | €43,457 | +€1 | 0.0% |
| Reserves | 13 | €134,766 | €134,929 | +€163 | +0.1% |
| Tax-exempt reserves | 132 | €61,614 | €58,277 | -€3,337 | -5.4% |
| Distributable reserves | 133 | €73,152 | €76,652 | +€3,500 | +4.8% |
| Profit (loss) carried forward | 14 | €131,632 | €131,632 | = | 0.0% |
| Provisions and deferred taxes | 16 | €31,726 | €30,008 | -€1,718 | -5.4% |
| Deferred taxes | 168 | €31,726 | €30,008 | -€1,718 | -5.4% |
| Amounts payable | 17/49 | €291,449 | €283,834 | -€7,615 | -2.6% |
| Amounts payable after more than one year | 17 | €244,700 | €208,876 | -€35,824 | -14.6% |
| Financial debts | 170/4 | €244,700 | €208,876 | -€35,824 | -14.6% |
| Amounts payable within one year | 42/48 | €41,823 | €69,937 | +€28,114 | +67.2% |
| Current portion of amounts payable after more than one year | 42 | €35,922 | €36,420 | +€498 | +1.4% |
| Trade debts | 44 | €5,901 | €8,404 | +€2,503 | +42.4% |
| Suppliers | 440/4 | €5,901 | €8,404 | +€2,503 | +42.4% |
| Taxes, remuneration and social security | 45 | - | €512 | +€512 | |
| Taxes | 450/3 | - | €512 | +€512 | |
| Other amounts payable | 47/48 | - | €24,601 | +€24,601 | |
| Accrued charges and deferred income | 492/3 | €4,926 | €5,021 | +€95 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,024 | €34,660 | -€2,364 | -6.4% |
| Other operating charges | 640/8 | €10,651 | €10,967 | +€316 | +3.0% |
| Gross operating margin | 9900 | €86,487 | €86,779 | +€292 | +0.3% |
| Operating profit (loss) | 9901 | €38,812 | €41,152 | +€2,340 | +6.0% |
| Financial income | 75/76B | €262 | €314 | +€52 | +19.8% |
| Recurring financial income | 75 | €262 | €314 | +€52 | +19.8% |
| Financial charges | 65/66B | €5,289 | €4,815 | -€474 | -9.0% |
| Recurring financial charges | 65 | €5,289 | €4,815 | -€474 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €33,785 | €36,651 | +€2,866 | +8.5% |
| Transfer from deferred taxes | 780 | €2,324 | €1,718 | -€606 | -26.1% |
| Income taxes | 67/77 | €13,520 | €13,606 | +€86 | +0.6% |
| Profit (loss) for the period | 9904 | €22,589 | €24,763 | +€2,174 | +9.6% |
| Transfer from tax-exempt reserves | 789 | €4,512 | €3,337 | -€1,175 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,101 | €28,100 | +€999 | +3.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.