GAVINA: 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.
GAVINA
Largest movements
- Receivables within one year -€411,607
down €411,607 (-99.5%), from €413,841 to €2,234
of which Other amounts receivable: -€406,811
- Cash -€41,910
down €41,910 (-95.0%), from €44,107 to €2,197
mainly Other debts (-€400,000) and Contributions, distributions and other (-€95,000)
- Other debts -€400,000
no longer reported in 2025 (was €400,000)
- Profit (loss) carried forward -€58,457
down €58,457 (-22.9%), from €254,889 to €196,432
- Gross operating margin -€67,027
down €67,027 (-74.2%), from €90,344 to €23,317
- Financial charges -€40,711
down €40,711, from €9,982 to -€30,729
- Financial income +€6,326
up €6,326 (+229.6%), from €2,755 to €9,081
- Taxes -€4,386
down €4,386 (-25.5%), from €17,189 to €12,803
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 | €1,102,793 | €644,769 | -€458,024 | -41.5% |
| Fixed assets | 21/28 | €644,845 | €634,398 | -€10,447 | -1.6% |
| Tangible fixed assets | 22/27 | €644,845 | €634,398 | -€10,447 | -1.6% |
| Land and buildings | 22 | €154,845 | €144,398 | -€10,447 | -6.7% |
| Other tangible fixed assets | 26 | €490,000 | €490,000 | = | 0.0% |
| Current assets | 29/58 | €457,948 | €10,371 | -€447,577 | -97.7% |
| Amounts receivable within one year | 40/41 | €413,841 | €2,234 | -€411,607 | -99.5% |
| Trade receivables | 40 | €7,030 | €2,234 | -€4,796 | -68.2% |
| Other amounts receivable | 41 | €406,811 | - | -€406,811 | |
| Cash at bank and in hand | 54/58 | €44,107 | €2,197 | -€41,910 | -95.0% |
| Deferred charges and accrued income | 490/1 | - | €5,940 | +€5,940 | |
| Total equity and liabilities | 10/49 | €1,102,793 | €644,769 | -€458,024 | -41.5% |
| Equity | 10/15 | €698,736 | €635,373 | -€63,363 | -9.1% |
| Contributions | 10/11 | €344,027 | €344,027 | = | 0.0% |
| Capital | 10 | €344,027 | €344,027 | = | 0.0% |
| Issued capital | 100 | €344,027 | €344,027 | = | 0.0% |
| Reserves | 13 | €99,820 | €94,914 | -€4,906 | -4.9% |
| Non-distributable reserves | 130/1 | €34,403 | €34,403 | = | 0.0% |
| Legal reserve | 130 | €34,403 | €34,403 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,417 | €60,511 | -€4,906 | -7.5% |
| Profit (loss) carried forward | 14 | €254,889 | €196,432 | -€58,457 | -22.9% |
| Amounts payable | 17/49 | €404,057 | €9,396 | -€394,661 | -97.7% |
| Amounts payable within one year | 42/48 | €404,057 | €9,396 | -€394,661 | -97.7% |
| Trade debts | 44 | €4,057 | €7,074 | +€3,017 | +74.4% |
| Suppliers | 440/4 | €4,057 | €7,074 | +€3,017 | +74.4% |
| Taxes, remuneration and social security | 45 | - | €2,322 | +€2,322 | |
| Taxes | 450/3 | - | €2,322 | +€2,322 | |
| Other amounts payable | 47/48 | €400,000 | - | -€400,000 | |
| Non-recurring operating income | 76A | €71,178 | - | -€71,178 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,447 | €10,447 | = | 0.0% |
| Other operating charges | 640/8 | €8,822 | €8,240 | -€582 | -6.6% |
| Gross operating margin | 9900 | €90,344 | €23,317 | -€67,027 | -74.2% |
| Operating profit (loss) | 9901 | €71,075 | €4,630 | -€66,445 | -93.5% |
| Financial income | 75/76B | €2,755 | €9,081 | +€6,326 | +229.6% |
| Recurring financial income | 75 | €2,755 | €9,081 | +€6,326 | +229.6% |
| Financial charges | 65/66B | €9,982 | -€30,729 | -€40,711 | |
| Recurring financial charges | 65 | €9,982 | -€30,729 | -€40,711 | |
| Profit (loss) for the period before taxes | 9903 | €63,848 | €44,440 | -€19,408 | -30.4% |
| Income taxes | 67/77 | €17,189 | €12,803 | -€4,386 | -25.5% |
| Profit (loss) for the period | 9904 | €46,659 | €31,637 | -€15,022 | -32.2% |
| Transfer from tax-exempt reserves | 789 | €4,906 | €4,906 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,565 | €36,543 | -€15,022 | -29.1% |
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 11 October 2026 via checked.be.