GEVALEX: 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.
GEVALEX
Largest movements
- Receivables within one year +€38,123
up €38,123 (+88.2%), from €43,240 to €81,363
- Tangible fixed assets -€22,119
down €22,119 (-4.3%), from €510,306 to €488,187
- Cash -€6,467
down €6,467 (-99.9%), from €6,472 to €5
mainly Receivables within one year (-€38,123) and Provisions (-€4,800)
- Reserves +€16,302
up €16,302 (+4.0%), from €405,874 to €422,176
of which Distributable reserves: +€30,703
- Gross operating margin +€3,938
up €3,938 (+7.3%), from €54,067 to €58,005
- Taxes +€2,780
up €2,780 (+21.5%), from €12,955 to €15,735
- Financial income +€2,202
up €2,202 (+139.8%), from €1,574 to €3,776
- Other operating charges -€916
down €916 (-7.7%), from €11,913 to €10,997
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 | €560,018 | €569,555 | +€9,537 | +1.7% |
| Fixed assets | 21/28 | €510,306 | €488,187 | -€22,119 | -4.3% |
| Tangible fixed assets | 22/27 | €510,306 | €488,187 | -€22,119 | -4.3% |
| Land and buildings | 22 | €510,306 | €488,187 | -€22,119 | -4.3% |
| Current assets | 29/58 | €49,712 | €81,368 | +€31,656 | +63.7% |
| Amounts receivable within one year | 40/41 | €43,240 | €81,363 | +€38,123 | +88.2% |
| Other amounts receivable | 41 | €43,240 | €81,363 | +€38,123 | +88.2% |
| Cash at bank and in hand | 54/58 | €6,472 | €5 | -€6,467 | -99.9% |
| Total equity and liabilities | 10/49 | €560,018 | €569,555 | +€9,537 | +1.7% |
| Equity | 10/15 | €424,474 | €440,776 | +€16,302 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €405,874 | €422,176 | +€16,302 | +4.0% |
| Tax-exempt reserves | 132 | €253,711 | €239,311 | -€14,400 | -5.7% |
| Distributable reserves | 133 | €152,162 | €182,865 | +€30,703 | +20.2% |
| Provisions and deferred taxes | 16 | €84,570 | €79,770 | -€4,800 | -5.7% |
| Deferred taxes | 168 | €84,570 | €79,770 | -€4,800 | -5.7% |
| Amounts payable | 17/49 | €50,973 | €49,008 | -€1,965 | -3.9% |
| Amounts payable after more than one year | 17 | €31,929 | €28,254 | -€3,675 | -11.5% |
| Financial debts | 170/4 | €31,929 | €28,254 | -€3,675 | -11.5% |
| Amounts payable within one year | 42/48 | €19,044 | €20,755 | +€1,710 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €3,543 | €3,675 | +€132 | +3.7% |
| Financial debts | 43 | - | €191 | +€191 | |
| Credit institutions | 430/8 | - | €191 | +€191 | |
| Trade debts | 44 | €2,546 | €1,153 | -€1,393 | -54.7% |
| Suppliers | 440/4 | €2,546 | €1,153 | -€1,393 | -54.7% |
| Taxes, remuneration and social security | 45 | €12,955 | €15,735 | +€2,780 | +21.5% |
| Taxes | 450/3 | €12,955 | €15,735 | +€2,780 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,908 | €22,119 | +€212 | +1.0% |
| Other operating charges | 640/8 | €11,913 | €10,997 | -€916 | -7.7% |
| Non-recurring operating charges | 66A | €651 | - | -€651 | |
| Gross operating margin | 9900 | €54,067 | €58,005 | +€3,938 | +7.3% |
| Operating profit (loss) | 9901 | €19,596 | €24,889 | +€5,293 | +27.0% |
| Financial income | 75/76B | €1,574 | €3,776 | +€2,202 | +139.8% |
| Recurring financial income | 75 | €1,574 | €3,776 | +€2,202 | +139.8% |
| Financial charges | 65/66B | €1,529 | €1,428 | -€101 | -6.6% |
| Recurring financial charges | 65 | €1,529 | €1,428 | -€101 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €19,642 | €27,237 | +€7,595 | +38.7% |
| Transfer from deferred taxes | 780 | €4,800 | €4,800 | = | 0.0% |
| Income taxes | 67/77 | €12,955 | €15,735 | +€2,780 | +21.5% |
| Profit (loss) for the period | 9904 | €11,487 | €16,302 | +€4,815 | +41.9% |
| Transfer from tax-exempt reserves | 789 | €14,400 | €14,400 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,887 | €30,703 | +€4,815 | +18.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.