GAVLENO: 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.
GAVLENO
Largest movements
- Cash +€21,143
up €21,143 (+78.3%), from €27,010 to €48,153
mainly Net result for the year (+€31,236) and Depreciation (+€2,946)
- Tangible fixed assets +€13,751
up €13,751 (+375.0%), from €3,667 to €17,419
of which Land and buildings: +€13,851
- Receivables within one year +€1,210
up €1,210 (+10.0%), from €12,100 to €13,310
- Reserves +€31,236
up €31,236 (+120.7%), from €25,888 to €57,123
- Tax, wage and social debts +€2,839
up €2,839 (+20.9%), from €13,591 to €16,430
- Trade debts +€2,499
up €2,499 (+232.9%), from €1,073 to €3,571
- Gross operating margin +€13,420
up €13,420 (+38.3%), from €35,043 to €48,463
- Taxes +€5,314
up €5,314 (+67.7%), from €7,851 to €13,165
- Depreciation +€2,295
up €2,295 (+352.1%), from €652 to €2,946
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 | €43,051 | €79,624 | +€36,573 | +85.0% |
| Fixed assets | 21/28 | €3,667 | €17,419 | +€13,751 | +375.0% |
| Tangible fixed assets | 22/27 | €3,667 | €17,419 | +€13,751 | +375.0% |
| Land and buildings | 22 | - | €13,851 | +€13,851 | |
| Furniture and vehicles | 24 | €3,667 | €3,568 | -€100 | -2.7% |
| Current assets | 29/58 | €39,384 | €62,206 | +€22,822 | +57.9% |
| Amounts receivable within one year | 40/41 | €12,100 | €13,310 | +€1,210 | +10.0% |
| Trade receivables | 40 | €12,100 | €13,310 | +€1,210 | +10.0% |
| Cash at bank and in hand | 54/58 | €27,010 | €48,153 | +€21,143 | +78.3% |
| Deferred charges and accrued income | 490/1 | €274 | €743 | +€468 | +170.8% |
| Total equity and liabilities | 10/49 | €43,051 | €79,624 | +€36,573 | +85.0% |
| Equity | 10/15 | €28,388 | €59,623 | +€31,236 | +110.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €25,888 | €57,123 | +€31,236 | +120.7% |
| Distributable reserves | 133 | €25,888 | €57,123 | +€31,236 | +120.7% |
| Amounts payable | 17/49 | €14,664 | €20,001 | +€5,337 | +36.4% |
| Amounts payable within one year | 42/48 | €14,664 | €20,001 | +€5,337 | +36.4% |
| Trade debts | 44 | €1,073 | €3,571 | +€2,499 | +232.9% |
| Suppliers | 440/4 | €1,073 | €3,571 | +€2,499 | +232.9% |
| Taxes, remuneration and social security | 45 | €13,591 | €16,430 | +€2,839 | +20.9% |
| Taxes | 450/3 | €13,591 | €16,430 | +€2,839 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €652 | €2,946 | +€2,295 | +352.1% |
| Other operating charges | 640/8 | €618 | €1,075 | +€458 | +74.1% |
| Gross operating margin | 9900 | €35,043 | €48,463 | +€13,420 | +38.3% |
| Operating profit (loss) | 9901 | €33,774 | €44,441 | +€10,668 | +31.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €35 | €40 | +€5 | +14.5% |
| Recurring financial charges | 65 | €35 | €40 | +€5 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €33,739 | €44,401 | +€10,662 | +31.6% |
| Income taxes | 67/77 | €7,851 | €13,165 | +€5,314 | +67.7% |
| Profit (loss) for the period | 9904 | €25,888 | €31,236 | +€5,348 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,888 | €31,236 | +€5,348 | +20.7% |
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 8 October 2026 via checked.be.