GROUP GEVARO: 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.
GROUP GEVARO
Largest movements
- Receivables within one year +€73,871
up €73,871 (+41.4%), from €178,233 to €252,104
of which Other amounts receivable: +€56,224
- Cash -€73,218
down €73,218 (-92.8%), from €78,903 to €5,685
mainly Receivables within one year (-€73,871) and Current portion of long-term debt (-€53,210)
- Tangible fixed assets -€30,627
down €30,627 (-20.5%), from €149,097 to €118,470
of which Assets under construction and advance payments: -€21,937
- Stocks and contracts -€9,358
down €9,358 (-46.5%), from €20,141 to €10,783
- Current portion of long-term debt -€53,210
down €53,210 (-61.1%), from €87,071 to €33,861
- Trade debts +€23,547
up €23,547 (+516.0%), from €4,563 to €28,109
- Debts after one year -€19,615
down €19,615 (-25.8%), from €75,932 to €56,317
- Short-term financial debts +€12,519
new in 2025: €12,519
- Gross operating margin -€376,909
down €376,909 (-86.3%), from €436,869 to €59,960
- Taxes -€91,697
down €91,697 (-91.7%), from €100,000 to €8,303
- Depreciation -€12,552
down €12,552 (-22.2%), from €56,465 to €43,913
- Financial charges -€8,442
down €8,442 (-54.9%), from €15,369 to €6,927
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 | €426,375 | €387,258 | -€39,117 | -9.2% |
| Fixed assets | 21/28 | €149,097 | €118,470 | -€30,627 | -20.5% |
| Tangible fixed assets | 22/27 | €149,097 | €118,470 | -€30,627 | -20.5% |
| Land and buildings | 22 | €24,854 | €18,307 | -€6,547 | -26.3% |
| Plant, machinery and equipment | 23 | €27,018 | €25,320 | -€1,698 | -6.3% |
| Furniture and vehicles | 24 | €71,111 | €70,666 | -€445 | -0.6% |
| Assets under construction and advance payments | 27 | €26,115 | €4,177 | -€21,937 | -84.0% |
| Current assets | 29/58 | €277,277 | €268,788 | -€8,490 | -3.1% |
| Stocks and contracts in progress | 3 | €20,141 | €10,783 | -€9,358 | -46.5% |
| Stocks | 30/36 | €20,141 | €10,783 | -€9,358 | -46.5% |
| Amounts receivable within one year | 40/41 | €178,233 | €252,104 | +€73,871 | +41.4% |
| Trade receivables | 40 | €136,206 | €153,854 | +€17,647 | +13.0% |
| Other amounts receivable | 41 | €42,026 | €98,250 | +€56,224 | +133.8% |
| Cash at bank and in hand | 54/58 | €78,903 | €5,685 | -€73,218 | -92.8% |
| Deferred charges and accrued income | 490/1 | - | €215 | +€215 | |
| Total equity and liabilities | 10/49 | €426,375 | €387,258 | -€39,117 | -9.2% |
| Equity | 10/15 | €258,809 | €256,451 | -€2,358 | -0.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €233,809 | €233,809 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €231,309 | €231,309 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,358 | -€2,358 | |
| Amounts payable | 17/49 | €167,565 | €130,806 | -€36,759 | -21.9% |
| Amounts payable after more than one year | 17 | €75,932 | €56,317 | -€19,615 | -25.8% |
| Financial debts | 170/4 | €75,932 | €56,317 | -€19,615 | -25.8% |
| Amounts payable within one year | 42/48 | €91,634 | €74,490 | -€17,144 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €87,071 | €33,861 | -€53,210 | -61.1% |
| Financial debts | 43 | - | €12,519 | +€12,519 | |
| Credit institutions | 430/8 | - | €12,519 | +€12,519 | |
| Trade debts | 44 | €4,563 | €28,109 | +€23,547 | +516.0% |
| Suppliers | 440/4 | €4,563 | €28,109 | +€23,547 | +516.0% |
| Remuneration, social security and pensions | 62 | - | €59 | +€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,465 | €43,913 | -€12,552 | -22.2% |
| Other operating charges | 640/8 | €4,038 | €3,265 | -€773 | -19.1% |
| Non-recurring operating charges | 66A | - | €4,228 | +€4,228 | |
| Gross operating margin | 9900 | €436,869 | €59,960 | -€376,909 | -86.3% |
| Operating profit (loss) | 9901 | €376,366 | €8,495 | -€367,871 | -97.7% |
| Financial income | 75/76B | €307 | €4,376 | +€4,069 | +1325.3% |
| Recurring financial income | 75 | €307 | €4,376 | +€4,069 | +1325.3% |
| Financial charges | 65/66B | €15,369 | €6,927 | -€8,442 | -54.9% |
| Recurring financial charges | 65 | €15,369 | €6,927 | -€8,442 | -54.9% |
| Profit (loss) for the period before taxes | 9903 | €361,305 | €5,945 | -€355,359 | -98.4% |
| Income taxes | 67/77 | €100,000 | €8,303 | -€91,697 | -91.7% |
| Profit (loss) for the period | 9904 | €261,305 | -€2,358 | -€263,663 | |
| Profit (loss) for the period to be appropriated | 9905 | €261,305 | -€2,358 | -€263,663 |
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 9 October 2026 via checked.be.