GEVAERT GRAPHICS: 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.
GEVAERT GRAPHICS
Largest movements
- Receivables within one year -€59,599
down €59,599 (-27.0%), from €220,531 to €160,932
of which Trade receivables: -€54,656
- Tangible fixed assets -€28,157
down €28,157 (-2.8%), from €1.0m to €994,790
of which Land and buildings: -€30,421
- Intangible fixed assets -€24,970
down €24,970 (-10.9%), from €229,254 to €204,283
- Cash +€23,153
up €23,153 (+6.6%), from €351,928 to €375,081
mainly Depreciation (+€103,106) and Receivables within one year (+€59,599)
- Other debts -€49,205
down €49,205 (-9.5%), from €518,851 to €469,646
- Reserves +€46,796
up €46,796 (+4.7%), from €1.0m to €1.0m
of which Distributable reserves: +€51,577
- Trade debts -€26,679
down €26,679 (-22.5%), from €118,608 to €91,928
- Debts after one year -€24,882
down €24,882 (-20.3%), from €122,553 to €97,671
- Tax, wage and social debts -€24,121
down €24,121 (-32.0%), from €75,480 to €51,358
of which Taxes: -€27,837
- Gross operating margin -€150,866
down €150,866 (-26.8%), from €562,536 to €411,670
- Taxes -€46,202
down €46,202 (-61.8%), from €74,768 to €28,566
- Other operating charges -€20,120
down €20,120 (-55.4%), from €36,314 to €16,194
- Financial charges +€13,390
up €13,390 (+50.0%), from €26,807 to €40,197
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.
Derived cash bridge
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 | €1,980,185 | €1,903,204 | -€76,982 | -3.9% |
| Fixed assets | 21/28 | €1,252,374 | €1,199,947 | -€52,427 | -4.2% |
| Intangible fixed assets | 21 | €229,254 | €204,283 | -€24,970 | -10.9% |
| Tangible fixed assets | 22/27 | €1,022,946 | €994,790 | -€28,157 | -2.8% |
| Land and buildings | 22 | €989,884 | €959,463 | -€30,421 | -3.1% |
| Plant, machinery and equipment | 23 | €27,624 | €26,680 | -€943 | -3.4% |
| Furniture and vehicles | 24 | €5,439 | €8,646 | +€3,207 | +59.0% |
| Financial fixed assets | 28 | €174 | €874 | +€700 | +402% |
| Current assets | 29/58 | €727,811 | €703,257 | -€24,555 | -3.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €220,531 | €160,932 | -€59,599 | -27.0% |
| Trade receivables | 40 | €202,937 | €148,281 | -€54,656 | -26.9% |
| Other amounts receivable | 41 | €17,594 | €12,652 | -€4,943 | -28.1% |
| Current investments | 50/53 | €133,192 | €125,827 | -€7,365 | -5.5% |
| Cash at bank and in hand | 54/58 | €351,928 | €375,081 | +€23,153 | +6.6% |
| Deferred charges and accrued income | 490/1 | €22,160 | €41,416 | +€19,256 | +86.9% |
| Total equity and liabilities | 10/49 | €1,980,185 | €1,903,204 | -€76,982 | -3.9% |
| Equity | 10/15 | €1,064,599 | €1,111,395 | +€46,796 | +4.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,002,099 | €1,048,895 | +€46,796 | +4.7% |
| Non-distributable reserves | 130/1 | €32,665 | €32,665 | = | 0.0% |
| Legal reserve | 130 | €32,665 | €32,665 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,895 | €25,115 | -€4,780 | -16.0% |
| Distributable reserves | 133 | €939,539 | €991,116 | +€51,577 | +5.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €30,661 | €16,589 | -€14,073 | -45.9% |
| Deferred taxes | 168 | €30,661 | €16,589 | -€14,073 | -45.9% |
| Amounts payable | 17/49 | €884,925 | €775,220 | -€109,706 | -12.4% |
| Amounts payable after more than one year | 17 | €122,553 | €97,671 | -€24,882 | -20.3% |
| Financial debts | 170/4 | €122,553 | €97,671 | -€24,882 | -20.3% |
| Amounts payable within one year | 42/48 | €738,739 | €639,302 | -€99,437 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €25,802 | €26,369 | +€568 | +2.2% |
| Trade debts | 44 | €118,608 | €91,928 | -€26,679 | -22.5% |
| Suppliers | 440/4 | €118,608 | €91,928 | -€26,679 | -22.5% |
| Taxes, remuneration and social security | 45 | €75,480 | €51,358 | -€24,121 | -32.0% |
| Taxes | 450/3 | €49,872 | €22,035 | -€27,837 | -55.8% |
| Remuneration and social security | 454/9 | €25,608 | €29,323 | +€3,715 | +14.5% |
| Other amounts payable | 47/48 | €518,851 | €469,646 | -€49,205 | -9.5% |
| Accrued charges and deferred income | 492/3 | €23,633 | €38,246 | +€14,613 | +61.8% |
| Remuneration, social security and pensions | 62 | €193,030 | €191,990 | -€1,039 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,164 | €103,106 | -€57 | -0.1% |
| Other operating charges | 640/8 | €36,314 | €16,194 | -€20,120 | -55.4% |
| Gross operating margin | 9900 | €562,536 | €411,670 | -€150,866 | -26.8% |
| Operating profit (loss) | 9901 | €230,028 | €100,379 | -€129,649 | -56.4% |
| Financial income | 75/76B | €2,039 | €1,107 | -€932 | -45.7% |
| Recurring financial income | 75 | €2,039 | €1,107 | -€932 | -45.7% |
| Financial charges | 65/66B | €26,807 | €40,197 | +€13,390 | +50.0% |
| Recurring financial charges | 65 | €26,807 | €40,197 | +€13,390 | +50.0% |
| Profit (loss) for the period before taxes | 9903 | €205,261 | €61,290 | -€143,971 | -70.1% |
| Transfer from deferred taxes | 780 | €14,073 | €14,073 | = | 0.0% |
| Income taxes | 67/77 | €74,768 | €28,566 | -€46,202 | -61.8% |
| Profit (loss) for the period | 9904 | €144,565 | €46,796 | -€97,768 | -67.6% |
| Transfer from tax-exempt reserves | 789 | €4,780 | €4,780 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,345 | €51,577 | -€97,768 | -65.5% |
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 18 October 2026 via checked.be.