GEVAERT: 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.
GEVAERT
Largest movements
- Tangible fixed assets +€120,551
up €120,551 (+397.6%), from €30,322 to €150,873
of which Land and buildings: +€91,598
- Cash -€34,231
down €34,231 (-41.5%), from €82,468 to €48,237
mainly Contributions, distributions and other (-€170,000) and Investment in fixed assets (net) (-€137,444)
- Stocks and contracts +€18,874
up €18,874 (+54.3%), from €34,778 to €53,652
- Receivables within one year -€15,110
down €15,110 (-8.2%), from €184,627 to €169,518
of which Trade receivables: -€33,513
- Trade debts +€42,252
up €42,252 (+3158.5%), from €1,338 to €43,589
- Other debts +€39,730
up €39,730 (+30.5%), from €130,270 to €170,000
- Profit (loss) carried forward +€14,075
up €14,075 (+14.6%), from €96,399 to €110,475
- Debts after one year -€6,360
down €6,360 (-23.7%), from €26,792 to €20,432
- Gross operating margin +€122,524
up €122,524 (+34.8%), from €351,613 to €474,137
- Staff costs +€84,653
up €84,653 (+47.9%), from €176,853 to €261,506
- Write-downs -€22,120
down €22,120 (-100.0%), from €22,120 to €0
- Depreciation +€9,971
up €9,971 (+144.1%), from €6,921 to €16,892
- Other operating charges +€9,045
up €9,045 (+156.8%), from €5,770 to €14,815
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 | €333,785 | €423,870 | +€90,084 | +27.0% |
| Fixed assets | 21/28 | €31,912 | €152,463 | +€120,551 | +377.8% |
| Tangible fixed assets | 22/27 | €30,322 | €150,873 | +€120,551 | +397.6% |
| Land and buildings | 22 | €27,386 | €118,984 | +€91,598 | +334.5% |
| Plant, machinery and equipment | 23 | €680 | €2,059 | +€1,379 | +203.0% |
| Furniture and vehicles | 24 | €2,256 | €29,830 | +€27,573 | +1222.0% |
| Financial fixed assets | 28 | €1,590 | €1,590 | = | 0.0% |
| Current assets | 29/58 | €301,874 | €271,407 | -€30,467 | -10.1% |
| Stocks and contracts in progress | 3 | €34,778 | €53,652 | +€18,874 | +54.3% |
| Stocks | 30/36 | €34,778 | €53,652 | +€18,874 | +54.3% |
| Amounts receivable within one year | 40/41 | €184,627 | €169,518 | -€15,110 | -8.2% |
| Trade receivables | 40 | €153,934 | €120,421 | -€33,513 | -21.8% |
| Other amounts receivable | 41 | €30,694 | €49,097 | +€18,403 | +60.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €82,468 | €48,237 | -€34,231 | -41.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €333,785 | €423,870 | +€90,084 | +27.0% |
| Equity | 10/15 | €163,526 | €177,602 | +€14,075 | +8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,527 | €48,527 | = | 0.0% |
| Distributable reserves | 133 | €48,527 | €48,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,399 | €110,475 | +€14,075 | +14.6% |
| Amounts payable | 17/49 | €170,259 | €246,268 | +€76,009 | +44.6% |
| Amounts payable after more than one year | 17 | €26,792 | €20,432 | -€6,360 | -23.7% |
| Financial debts | 170/4 | €26,792 | €20,432 | -€6,360 | -23.7% |
| Amounts payable within one year | 42/48 | €143,467 | €225,836 | +€82,369 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €6,147 | €6,360 | +€213 | +3.5% |
| Financial debts | 43 | €3,192 | €3,013 | -€179 | -5.6% |
| Credit institutions | 430/8 | €3,192 | €3,013 | -€179 | -5.6% |
| Trade debts | 44 | €1,338 | €43,589 | +€42,252 | +3158.5% |
| Suppliers | 440/4 | €1,338 | €43,589 | +€42,252 | +3158.5% |
| Taxes, remuneration and social security | 45 | €2,520 | €2,874 | +€353 | +14.0% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €2,520 | €2,874 | +€353 | +14.0% |
| Other amounts payable | 47/48 | €130,270 | €170,000 | +€39,730 | +30.5% |
| Non-recurring operating income | 76A | - | €1,653 | +€1,653 | |
| Remuneration, social security and pensions | 62 | €176,853 | €261,506 | +€84,653 | +47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,921 | €16,892 | +€9,971 | +144.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,120 | €0 | -€22,120 | -100.0% |
| Other operating charges | 640/8 | €5,770 | €14,815 | +€9,045 | +156.8% |
| Gross operating margin | 9900 | €351,613 | €474,137 | +€122,524 | +34.8% |
| Operating profit (loss) | 9901 | €139,950 | €180,924 | +€40,974 | +29.3% |
| Financial income | 75/76B | €10,898 | €11,471 | +€573 | +5.3% |
| Recurring financial income | 75 | €10,898 | €11,471 | +€573 | +5.3% |
| Financial charges | 65/66B | €1,438 | €2,488 | +€1,050 | +73.0% |
| Recurring financial charges | 65 | €1,438 | €2,488 | +€1,050 | +73.0% |
| Profit (loss) for the period before taxes | 9903 | €149,409 | €189,906 | +€40,497 | +27.1% |
| Income taxes | 67/77 | €5,624 | €5,831 | +€207 | +3.7% |
| Profit (loss) for the period | 9904 | €143,786 | €184,075 | +€40,290 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €143,786 | €184,075 | +€40,290 | +28.0% |
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.