GIVARCO: 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.
GIVARCO
Largest movements
- Stocks and contracts +€365,817
up €365,817 (+191%), from €191,567 to €557,384
- Tangible fixed assets -€80,454
down €80,454 (-11.0%), from €733,956 to €653,502
of which Land and buildings: -€126,231
- Cash -€61,464
down €61,464 (-68.2%), from €90,174 to €28,710
mainly Stocks and contracts (-€365,817) and Debts after one year (-€164,235)
- Deferred charges and accrued income -€24,902
down €24,902 (-100%), from €24,902 to €0
- Receivables within one year -€18,731
down €18,731 (-17.2%), from €108,763 to €90,033
of which Trade receivables: -€20,255
- Current portion of long-term debt +€250,000
up €250,000 (+152%), from €164,235 to €414,235
- Debts after one year -€164,235
down €164,235 (-37.6%), from €437,274 to €273,039
- Profit (loss) carried forward -€151,311
down €151,311 (-71.0%), from €213,075 to €61,764
- Trade debts +€137,132
up €137,132 (+246%), from €55,845 to €192,976
- Other debts +€108,663
up €108,663 (+534%), from €20,354 to €129,017
- Gross operating margin -€100,142
down €100,142 (-71.0%), from €141,088 to €40,946
- Staff costs +€11,129
up €11,129 (+86.8%), from €12,825 to €23,953
- Other operating charges -€7,163
down €7,163 (-60.2%), from €11,905 to €4,742
- Financial charges -€5,162
down €5,162 (-22.0%), from €23,434 to €18,272
- Depreciation +€1,654
up €1,654 (+1.1%), from €144,688 to €146,342
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 | €1,149,512 | €1,329,778 | +€180,265 | +15.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €734,106 | €653,652 | -€80,454 | -11.0% |
| Tangible fixed assets | 22/27 | €733,956 | €653,502 | -€80,454 | -11.0% |
| Land and buildings | 22 | €652,517 | €526,286 | -€126,231 | -19.3% |
| Plant, machinery and equipment | 23 | €63,440 | €114,216 | +€50,777 | +80.0% |
| Furniture and vehicles | 24 | €17,999 | €12,999 | -€5,000 | -27.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €415,407 | €676,126 | +€260,719 | +62.8% |
| Stocks and contracts in progress | 3 | €191,567 | €557,384 | +€365,817 | +191% |
| Stocks | 30/36 | €191,567 | €557,384 | +€365,817 | +191% |
| Amounts receivable within one year | 40/41 | €108,763 | €90,033 | -€18,731 | -17.2% |
| Trade receivables | 40 | €72,951 | €52,696 | -€20,255 | -27.8% |
| Other amounts receivable | 41 | €35,812 | €37,336 | +€1,524 | +4.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €90,174 | €28,710 | -€61,464 | -68.2% |
| Deferred charges and accrued income | 490/1 | €24,902 | €0 | -€24,902 | -100% |
| Total equity and liabilities | 10/49 | €1,149,512 | €1,329,778 | +€180,265 | +15.7% |
| Equity | 10/15 | €457,159 | €305,849 | -€151,311 | -33.1% |
| Contributions | 10/11 | €244,084 | €244,084 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,075 | €61,764 | -€151,311 | -71.0% |
| Amounts payable | 17/49 | €692,353 | €1,023,929 | +€331,576 | +47.9% |
| Amounts payable after more than one year | 17 | €437,274 | €273,039 | -€164,235 | -37.6% |
| Financial debts | 170/4 | €437,274 | €273,039 | -€164,235 | -37.6% |
| Amounts payable within one year | 42/48 | €245,433 | €739,530 | +€494,097 | +201% |
| Current portion of amounts payable after more than one year | 42 | €164,235 | €414,235 | +€250,000 | +152% |
| Trade debts | 44 | €55,845 | €192,976 | +€137,132 | +246% |
| Suppliers | 440/4 | €55,845 | €192,976 | +€137,132 | +246% |
| Taxes, remuneration and social security | 45 | €4,999 | €3,301 | -€1,698 | -34.0% |
| Taxes | 450/3 | €1,142 | €697 | -€444 | -38.9% |
| Remuneration and social security | 454/9 | €3,857 | €2,604 | -€1,253 | -32.5% |
| Other amounts payable | 47/48 | €20,354 | €129,017 | +€108,663 | +534% |
| Accrued charges and deferred income | 492/3 | €9,646 | €11,360 | +€1,714 | +17.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €12,825 | €23,953 | +€11,129 | +86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,688 | €146,342 | +€1,654 | +1.1% |
| Other operating charges | 640/8 | €11,905 | €4,742 | -€7,163 | -60.2% |
| Non-recurring operating charges | 66A | €5,077 | €0 | -€5,077 | -100% |
| Gross operating margin | 9900 | €141,088 | €40,946 | -€100,142 | -71.0% |
| Operating profit (loss) | 9901 | -€33,407 | -€134,092 | -€100,685 | -301% |
| Financial income | 75/76B | €2,617 | €1,054 | -€1,563 | -59.7% |
| Recurring financial income | 75 | €2,617 | €1,054 | -€1,563 | -59.7% |
| Financial charges | 65/66B | €23,434 | €18,272 | -€5,162 | -22.0% |
| Recurring financial charges | 65 | €23,434 | €18,272 | -€5,162 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | -€54,224 | -€151,311 | -€97,086 | -179% |
| Profit (loss) for the period | 9904 | -€54,224 | -€151,311 | -€97,086 | -179% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,224 | -€151,311 | -€97,086 | -179% |
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 27 October 2026 via checked.be.