Giovanelli Management: 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.
Giovanelli Management
Largest movements
- Financial fixed assets +€250,000
up €250,000 (+50.0%), from €500,000 to €750,000
- Cash +€146,209
up €146,209 (+252%), from €58,037 to €204,246
mainly Debts after one year (+€172,338) and Net result for the year (+€129,977)
- Debts after one year +€172,338
up €172,338 (+70.3%), from €245,084 to €417,422
- Reserves +€129,977
up €129,977 (+134%), from €97,209 to €227,186
- Current portion of long-term debt +€27,191
up €27,191 (+53.9%), from €50,456 to €77,647
- Trade debts +€25,035
up €25,035 (+172%), from €14,579 to €39,614
- Tax, wage and social debts +€21,910
up €21,910 (+42.2%), from €51,907 to €73,817
- Gross operating margin +€31,858
up €31,858 (+20.3%), from €157,149 to €189,006
- Financial charges -€11,819
down €11,819 (-47.9%), from €24,651 to €12,832
- Taxes +€11,348
up €11,348 (+33.9%), from €33,471 to €44,819
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 | €566,700 | €956,142 | +€389,443 | +68.7% |
| Fixed assets | 21/28 | €500,229 | €750,110 | +€249,880 | +50.0% |
| Tangible fixed assets | 22/27 | €229 | €110 | -€120 | -52.2% |
| Plant, machinery and equipment | 23 | €229 | €110 | -€120 | -52.2% |
| Financial fixed assets | 28 | €500,000 | €750,000 | +€250,000 | +50.0% |
| Current assets | 29/58 | €66,470 | €206,033 | +€139,562 | +210% |
| Amounts receivable within one year | 40/41 | €570 | €633 | +€63 | +11.0% |
| Other amounts receivable | 41 | €570 | €633 | +€63 | +11.0% |
| Cash at bank and in hand | 54/58 | €58,037 | €204,246 | +€146,209 | +252% |
| Deferred charges and accrued income | 490/1 | €7,863 | €1,153 | -€6,710 | -85.3% |
| Total equity and liabilities | 10/49 | €566,700 | €956,142 | +€389,443 | +68.7% |
| Equity | 10/15 | €104,209 | €234,186 | +€129,977 | +125% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €97,209 | €227,186 | +€129,977 | +134% |
| Distributable reserves | 133 | €97,209 | €227,186 | +€129,977 | +134% |
| Amounts payable | 17/49 | €462,491 | €721,956 | +€259,466 | +56.1% |
| Amounts payable after more than one year | 17 | €245,084 | €417,422 | +€172,338 | +70.3% |
| Financial debts | 170/4 | €245,084 | €417,422 | +€172,338 | +70.3% |
| Amounts payable within one year | 42/48 | €217,407 | €299,607 | +€82,199 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €50,456 | €77,647 | +€27,191 | +53.9% |
| Trade debts | 44 | €14,579 | €39,614 | +€25,035 | +172% |
| Suppliers | 440/4 | €14,579 | €39,614 | +€25,035 | +172% |
| Advances received on contracts in progress | 46 | - | €8,168 | +€8,168 | |
| Taxes, remuneration and social security | 45 | €51,907 | €73,817 | +€21,910 | +42.2% |
| Taxes | 450/3 | €51,907 | €73,817 | +€21,910 | +42.2% |
| Other amounts payable | 47/48 | €100,465 | €100,361 | -€104 | -0.1% |
| Accrued charges and deferred income | 492/3 | - | €4,928 | +€4,928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130 | €120 | -€10 | -7.7% |
| Other operating charges | 640/8 | €1,689 | €1,258 | -€430 | -25.5% |
| Gross operating margin | 9900 | €157,149 | €189,006 | +€31,858 | +20.3% |
| Operating profit (loss) | 9901 | €155,331 | €187,628 | +€32,298 | +20.8% |
| Financial charges | 65/66B | €24,651 | €12,832 | -€11,819 | -47.9% |
| Recurring financial charges | 65 | €24,651 | €12,832 | -€11,819 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €130,680 | €174,796 | +€44,117 | +33.8% |
| Income taxes | 67/77 | €33,471 | €44,819 | +€11,348 | +33.9% |
| Profit (loss) for the period | 9904 | €97,209 | €129,977 | +€32,768 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €97,209 | €129,977 | +€32,768 | +33.7% |
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 20 October 2026 via checked.be.