GEVA: 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.
GEVA
Largest movements
- Current investments +€500,000
up €500,000 (+448.3%), from €111,533 to €611,533
- Cash -€361,339
down €361,339 (-55.0%), from €657,251 to €295,911
mainly Current investments (-€500,000) and Investment in fixed assets (net) (-€136,268)
- Receivables within one year +€54,608
up €54,608 (+47.9%), from €113,938 to €168,546
of which Other amounts receivable: +€29,567
- Stocks and contracts -€44,542
down €44,542 (-9.4%), from €474,082 to €429,540
- Reserves +€137,278
up €137,278 (+12.1%), from €1.1m to €1.3m
of which Distributable reserves: +€137,278
- Trade debts +€54,570
up €54,570 (+119.6%), from €45,614 to €100,184
- Gross operating margin -€308,462
down €308,462 (-47.4%), from €651,389 to €342,927
- Taxes -€103,089
down €103,089 (-61.7%), from €166,979 to €63,889
- Depreciation +€26,656
up €26,656 (+26.9%), from €99,002 to €125,658
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 | €1,715,970 | €1,892,392 | +€176,422 | +10.3% |
| Fixed assets | 21/28 | €356,633 | €367,242 | +€10,610 | +3.0% |
| Tangible fixed assets | 22/27 | €356,633 | €367,242 | +€10,610 | +3.0% |
| Land and buildings | 22 | €185,532 | €151,151 | -€34,381 | -18.5% |
| Plant, machinery and equipment | 23 | €108,638 | €169,999 | +€61,361 | +56.5% |
| Furniture and vehicles | 24 | €62,463 | €46,092 | -€16,371 | -26.2% |
| Current assets | 29/58 | €1,359,337 | €1,525,150 | +€165,812 | +12.2% |
| Stocks and contracts in progress | 3 | €474,082 | €429,540 | -€44,542 | -9.4% |
| Stocks | 30/36 | €474,082 | €429,540 | -€44,542 | -9.4% |
| Amounts receivable within one year | 40/41 | €113,938 | €168,546 | +€54,608 | +47.9% |
| Trade receivables | 40 | €113,324 | €138,365 | +€25,041 | +22.1% |
| Other amounts receivable | 41 | €614 | €30,181 | +€29,567 | +4811.6% |
| Current investments | 50/53 | €111,533 | €611,533 | +€500,000 | +448.3% |
| Cash at bank and in hand | 54/58 | €657,251 | €295,911 | -€361,339 | -55.0% |
| Deferred charges and accrued income | 490/1 | €2,533 | €19,618 | +€17,086 | +674.7% |
| Total equity and liabilities | 10/49 | €1,715,970 | €1,892,392 | +€176,422 | +10.3% |
| Equity | 10/15 | €1,367,107 | €1,499,960 | +€132,854 | +9.7% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €1,130,836 | €1,268,114 | +€137,278 | +12.1% |
| Non-distributable reserves | 130/1 | €15,330 | €15,330 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,330 | €15,330 | = | 0.0% |
| Distributable reserves | 133 | €1,115,507 | €1,252,784 | +€137,278 | +12.3% |
| Investment grants | 15 | €11,271 | €6,846 | -€4,424 | -39.3% |
| Provisions and deferred taxes | 16 | €836 | €435 | -€402 | -48.0% |
| Deferred taxes | 168 | €836 | €435 | -€402 | -48.0% |
| Amounts payable | 17/49 | €348,027 | €391,997 | +€43,970 | +12.6% |
| Amounts payable after more than one year | 17 | €4,167 | €0 | -€4,167 | -100.0% |
| Financial debts | 170/4 | €4,167 | €0 | -€4,167 | -100.0% |
| Amounts payable within one year | 42/48 | €343,043 | €391,997 | +€48,954 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €4,167 | -€5,833 | -58.3% |
| Trade debts | 44 | €45,614 | €100,184 | +€54,570 | +119.6% |
| Suppliers | 440/4 | €45,614 | €100,184 | +€54,570 | +119.6% |
| Taxes, remuneration and social security | 45 | €54,222 | €47,366 | -€6,856 | -12.6% |
| Taxes | 450/3 | €54,222 | €46,661 | -€7,561 | -13.9% |
| Remuneration and social security | 454/9 | - | €705 | +€705 | |
| Other amounts payable | 47/48 | €233,207 | €240,280 | +€7,073 | +3.0% |
| Accrued charges and deferred income | 492/3 | €817 | €0 | -€817 | -100.0% |
| Non-recurring operating income | 76A | €12,000 | €17,500 | +€5,500 | +45.8% |
| Remuneration, social security and pensions | 62 | - | €1,565 | +€1,565 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,002 | €125,658 | +€26,656 | +26.9% |
| Other operating charges | 640/8 | €7,956 | €8,181 | +€225 | +2.8% |
| Gross operating margin | 9900 | €651,389 | €342,927 | -€308,462 | -47.4% |
| Operating profit (loss) | 9901 | €544,431 | €207,522 | -€336,909 | -61.9% |
| Financial income | 75/76B | €9,469 | €11,176 | +€1,707 | +18.0% |
| Recurring financial income | 75 | €9,469 | €11,176 | +€1,707 | +18.0% |
| Financial charges | 65/66B | €21,495 | €17,933 | -€3,562 | -16.6% |
| Recurring financial charges | 65 | €21,495 | €17,933 | -€3,562 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €532,405 | €200,765 | -€331,640 | -62.3% |
| Transfer from deferred taxes | 780 | €403 | €402 | -€1 | -0.2% |
| Income taxes | 67/77 | €166,979 | €63,889 | -€103,089 | -61.7% |
| Profit (loss) for the period | 9904 | €365,829 | €137,278 | -€228,551 | -62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €365,829 | €137,278 | -€228,551 | -62.5% |
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 7 October 2026 via checked.be.