GEVELPROJECT: what changed
GEVELPROJECT
Largest movements
- Receivables within one year +€199,649
up €199,649 (+17.7%), from €1.1m to €1.3m
of which Other amounts receivable: +€274,453
- Stocks and contracts -€141,141
down €141,141 (-36.7%), from €384,926 to €243,785
of which Contracts in progress: -€129,111
- Cash +€40,374
up €40,374 (+10.3%), from €392,247 to €432,621
mainly Net result for the year (+€535,261) and Stocks and contracts (+€141,141)
- Receivables after one year +€25,000
up €25,000 (+100%), from €25,000 to €50,000
- Tangible fixed assets +€23,054
up €23,054 (+42.5%), from €54,307 to €77,361
of which Plant, machinery and equipment: +€28,816
- Reserves +€335,261
up €335,261 (+43.0%), from €780,120 to €1.1m
of which Distributable reserves: +€187,911
- Debts after one year -€100,000
no longer reported in 2025 (was €100,000)
- Other debts -€59,940
down €59,940 (-21.7%), from €275,705 to €215,765
- Trade debts -€30,253
down €30,253 (-4.3%), from €700,056 to €669,803
- Current portion of long-term debt -€29,842
down €29,842 (-28.5%), from €104,842 to €75,000
- Gross operating margin +€195,179
up €195,179 (+20.4%), from €955,198 to €1.2m
- Staff costs +€135,401
up €135,401 (+43.0%), from €315,134 to €450,535
- Taxes +€29,500
up €29,500 (+32.4%), from €91,000 to €120,500
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,990,465 | €2,133,540 | +€143,075 | +7.2% |
| Fixed assets | 21/28 | €54,349 | €77,402 | +€23,054 | +42.4% |
| Tangible fixed assets | 22/27 | €54,307 | €77,361 | +€23,054 | +42.5% |
| Plant, machinery and equipment | 23 | €47,720 | €76,536 | +€28,816 | +60.4% |
| Furniture and vehicles | 24 | €6,587 | €825 | -€5,762 | -87.5% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €1,936,116 | €2,056,138 | +€120,022 | +6.2% |
| Amounts receivable after more than one year | 29 | €25,000 | €50,000 | +€25,000 | +100% |
| Other amounts receivable | 291 | €25,000 | €50,000 | +€25,000 | +100% |
| Stocks and contracts in progress | 3 | €384,926 | €243,785 | -€141,141 | -36.7% |
| Stocks | 30/36 | €132,493 | €120,463 | -€12,030 | -9.1% |
| Contracts in progress | 37 | €252,433 | €123,322 | -€129,111 | -51.1% |
| Amounts receivable within one year | 40/41 | €1,129,621 | €1,329,270 | +€199,649 | +17.7% |
| Trade receivables | 40 | €614,065 | €539,260 | -€74,805 | -12.2% |
| Other amounts receivable | 41 | €515,556 | €790,010 | +€274,453 | +53.2% |
| Cash at bank and in hand | 54/58 | €392,247 | €432,621 | +€40,374 | +10.3% |
| Deferred charges and accrued income | 490/1 | €4,322 | €462 | -€3,860 | -89.3% |
| Total equity and liabilities | 10/49 | €1,990,465 | €2,133,540 | +€143,075 | +7.2% |
| Equity | 10/15 | €786,320 | €1,121,581 | +€335,261 | +42.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €780,120 | €1,115,381 | +€335,261 | +43.0% |
| Tax-exempt reserves | 132 | - | €147,350 | +€147,350 | |
| Distributable reserves | 133 | €780,120 | €968,031 | +€187,911 | +24.1% |
| Amounts payable | 17/49 | €1,204,144 | €1,011,959 | -€192,186 | -16.0% |
| Amounts payable after more than one year | 17 | €100,000 | - | -€100,000 | |
| Financial debts | 170/4 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €1,104,144 | €1,011,959 | -€92,186 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €104,842 | €75,000 | -€29,842 | -28.5% |
| Trade debts | 44 | €700,056 | €669,803 | -€30,253 | -4.3% |
| Suppliers | 440/4 | €700,056 | €669,803 | -€30,253 | -4.3% |
| Taxes, remuneration and social security | 45 | €23,542 | €51,391 | +€27,849 | +118% |
| Taxes | 450/3 | €146 | €12,345 | +€12,199 | +8,378% |
| Remuneration and social security | 454/9 | €23,396 | €39,046 | +€15,650 | +66.9% |
| Other amounts payable | 47/48 | €275,705 | €215,765 | -€59,940 | -21.7% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Remuneration, social security and pensions | 62 | €315,134 | €450,535 | +€135,401 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,639 | €22,187 | +€1,548 | +7.5% |
| Other operating charges | 640/8 | €13,926 | €4,957 | -€8,969 | -64.4% |
| Gross operating margin | 9900 | €955,198 | €1,150,377 | +€195,179 | +20.4% |
| Operating profit (loss) | 9901 | €605,499 | €672,699 | +€67,200 | +11.1% |
| Financial income | 75/76B | €1 | €170 | +€169 | +23,511% |
| Recurring financial income | 75 | €1 | €170 | +€169 | +23,511% |
| Financial charges | 65/66B | €19,111 | €17,108 | -€2,003 | -10.5% |
| Recurring financial charges | 65 | €19,111 | €17,108 | -€2,003 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €586,389 | €655,761 | +€69,372 | +11.8% |
| Income taxes | 67/77 | €91,000 | €120,500 | +€29,500 | +32.4% |
| Profit (loss) for the period | 9904 | €495,389 | €535,261 | +€39,872 | +8.0% |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €495,389 | €387,911 | -€107,478 | -21.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.