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
- Tangible fixed assets -€1.2m
down €1.2m (-93.4%), from €1.3m to €84,651
of which Plant, machinery and equipment: -€856,540
- Cash -€199,487
down €199,487 (-94.6%), from €210,829 to €11,342
mainly Debts after one year (-€827,673) and Current portion of long-term debt (-€300,118)
- Stocks and contracts -€105,398
no longer reported in 2025 (was €105,398)
- Receivables within one year -€57,343
down €57,343 (-15.3%), from €374,979 to €317,635
of which Trade receivables: -€46,679
- Debts after one year -€827,673
down €827,673 (-77.7%), from €1.1m to €237,826
- Current portion of long-term debt -€300,118
down €300,118 (-94.0%), from €319,347 to €19,230
- Trade debts -€163,647
down €163,647 (-95.5%), from €171,303 to €7,655
- Reserves -€130,000
down €130,000 (-24.5%), from €529,817 to €399,817
of which Distributable reserves: -€68,233
- Profit (loss) carried forward -€80,940
down €80,940, from €867 to -€80,073
- Gross operating margin -€709,557
down €709,557, from €698,951 to -€10,606
- Staff costs -€290,959
down €290,959 (-99.3%), from €293,060 to €2,101
- Depreciation -€273,908
down €273,908 (-85.3%), from €321,102 to €47,194
- Financial charges -€19,724
down €19,724 (-53.2%), from €37,093 to €17,369
- Taxes -€10,430
no longer reported in 2025 (was €10,430)
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 | €2,274,284 | €704,036 | -€1.6m | -69.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,578,347 | €375,059 | -€1.2m | -76.2% |
| Intangible fixed assets | 21 | €304,237 | €290,408 | -€13,829 | -4.5% |
| Tangible fixed assets | 22/27 | €1,274,109 | €84,651 | -€1.2m | -93.4% |
| Land and buildings | 22 | €118,016 | €84,651 | -€33,365 | -28.3% |
| Plant, machinery and equipment | 23 | €856,540 | €0 | -€856,540 | -100.0% |
| Furniture and vehicles | 24 | €299,553 | - | -€299,553 | |
| Current assets | 29/58 | €695,937 | €328,977 | -€366,960 | -52.7% |
| Stocks and contracts in progress | 3 | €105,398 | - | -€105,398 | |
| Stocks | 30/36 | €105,398 | - | -€105,398 | |
| Amounts receivable within one year | 40/41 | €374,979 | €317,635 | -€57,343 | -15.3% |
| Trade receivables | 40 | €354,193 | €307,515 | -€46,679 | -13.2% |
| Other amounts receivable | 41 | €20,785 | €10,121 | -€10,665 | -51.3% |
| Cash at bank and in hand | 54/58 | €210,829 | €11,342 | -€199,487 | -94.6% |
| Deferred charges and accrued income | 490/1 | €4,732 | - | -€4,732 | |
| Total equity and liabilities | 10/49 | €2,274,284 | €704,036 | -€1.6m | -69.0% |
| Equity | 10/15 | €593,897 | €382,957 | -€210,940 | -35.5% |
| Contributions | 10/11 | €63,213 | €63,213 | = | 0.0% |
| Capital | 10 | €63,213 | €63,213 | = | 0.0% |
| Issued capital | 100 | €63,213 | €63,213 | = | 0.0% |
| Reserves | 13 | €529,817 | €399,817 | -€130,000 | -24.5% |
| Non-distributable reserves | 130/1 | €68,088 | €6,321 | -€61,767 | -90.7% |
| Legal reserve | 130 | €6,321 | €6,321 | = | 0.0% |
| Other | 1319 | €61,767 | - | -€61,767 | |
| Tax-exempt reserves | 132 | €9,150 | €9,150 | = | 0.0% |
| Distributable reserves | 133 | €452,579 | €384,345 | -€68,233 | -15.1% |
| Profit (loss) carried forward | 14 | €867 | -€80,073 | -€80,940 | |
| Amounts payable | 17/49 | €1,680,387 | €321,079 | -€1.4m | -80.9% |
| Amounts payable after more than one year | 17 | €1,065,498 | €237,826 | -€827,673 | -77.7% |
| Financial debts | 170/4 | €1,065,498 | €237,826 | -€827,673 | -77.7% |
| Amounts payable within one year | 42/48 | €614,889 | €83,254 | -€531,635 | -86.5% |
| Current portion of amounts payable after more than one year | 42 | €319,347 | €19,230 | -€300,118 | -94.0% |
| Trade debts | 44 | €171,303 | €7,655 | -€163,647 | -95.5% |
| Suppliers | 440/4 | €171,303 | €7,655 | -€163,647 | -95.5% |
| Taxes, remuneration and social security | 45 | €45,854 | €10,350 | -€35,504 | -77.4% |
| Taxes | 450/3 | €10,785 | €10,350 | -€435 | -4.0% |
| Remuneration and social security | 454/9 | €35,069 | - | -€35,069 | |
| Other amounts payable | 47/48 | €78,384 | €46,018 | -€32,366 | -41.3% |
| Remuneration, social security and pensions | 62 | €293,060 | €2,101 | -€290,959 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €321,102 | €47,194 | -€273,908 | -85.3% |
| Other operating charges | 640/8 | €5,971 | €4,492 | -€1,478 | -24.8% |
| Gross operating margin | 9900 | €698,951 | -€10,606 | -€709,557 | |
| Operating profit (loss) | 9901 | €78,818 | -€64,394 | -€143,212 | |
| Financial income | 75/76B | €423 | €823 | +€400 | +94.6% |
| Recurring financial income | 75 | €423 | €823 | +€400 | +94.6% |
| Financial charges | 65/66B | €37,093 | €17,369 | -€19,724 | -53.2% |
| Recurring financial charges | 65 | €37,093 | €17,369 | -€19,724 | -53.2% |
| Profit (loss) for the period before taxes | 9903 | €42,148 | -€80,940 | -€123,088 | |
| Income taxes | 67/77 | €10,430 | - | -€10,430 | |
| Profit (loss) for the period | 9904 | €31,718 | -€80,940 | -€112,658 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,718 | -€80,940 | -€112,658 |
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.