ANDRE GOREZ: 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.
ANDRE GOREZ
Largest movements
- Receivables within one year +€32,573
new in 2025: €32,573
- Cash +€12,391
up €12,391 (+572%), from €2,168 to €14,558
mainly Net result for the year (+€22,242) and Tax, wage and social debts (+€20,360)
- Profit (loss) carried forward +€22,242
up €22,242 (+9.3%), from €237,975 to €260,218
- Tax, wage and social debts +€20,360
up €20,360 (+56.2%), from €36,199 to €56,560
of which Taxes: +€15,203
- Trade debts +€4,251
up €4,251 (+21.1%), from €20,143 to €24,394
- Staff costs -€27,477
down €27,477 (-17.5%), from €157,233 to €129,756
- Purchases and services +€27,284
up €27,284 (+42.8%), from €63,700 to €90,984
- Turnover +€21,050
up €21,050 (+9.1%), from €230,308 to €251,358
- Taxes +€6,732
up €6,732 (+201%), from €3,352 to €10,083
- Gross operating margin -€2,902
down €2,902 (-1.7%), from €166,609 to €163,707
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 | €302,378 | €349,231 | +€46,853 | +15.5% |
| Fixed assets | 21/28 | €300,210 | €302,100 | +€1,890 | +0.6% |
| Tangible fixed assets | 22/27 | - | €1,890 | +€1,890 | |
| Furniture and vehicles | 24 | - | €1,890 | +€1,890 | |
| Financial fixed assets | 28 | €300,210 | €300,210 | = | 0.0% |
| Current assets | 29/58 | €2,168 | €47,132 | +€44,964 | +2,074% |
| Amounts receivable within one year | 40/41 | - | €32,573 | +€32,573 | |
| Trade receivables | 40 | - | €32,573 | +€32,573 | |
| Cash at bank and in hand | 54/58 | €2,168 | €14,558 | +€12,391 | +572% |
| Total equity and liabilities | 10/49 | €302,378 | €349,231 | +€46,853 | +15.5% |
| Equity | 10/15 | €246,035 | €268,278 | +€22,242 | +9.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,975 | €260,218 | +€22,242 | +9.3% |
| Amounts payable | 17/49 | €56,342 | €80,953 | +€24,611 | +43.7% |
| Amounts payable within one year | 42/48 | €56,342 | €80,953 | +€24,611 | +43.7% |
| Trade debts | 44 | €20,143 | €24,394 | +€4,251 | +21.1% |
| Suppliers | 440/4 | €20,143 | €24,394 | +€4,251 | +21.1% |
| Taxes, remuneration and social security | 45 | €36,199 | €56,560 | +€20,360 | +56.2% |
| Taxes | 450/3 | €16,589 | €31,792 | +€15,203 | +91.6% |
| Remuneration and social security | 454/9 | €19,610 | €24,768 | +€5,158 | +26.3% |
| Turnover | 70 | €230,308 | €251,358 | +€21,050 | +9.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €63,700 | €90,984 | +€27,284 | +42.8% |
| Remuneration, social security and pensions | 62 | €157,233 | €129,756 | -€27,477 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,292 | €320 | -€1,971 | -86.0% |
| Other operating charges | 640/8 | €648 | €825 | +€177 | +27.3% |
| Gross operating margin | 9900 | €166,609 | €163,707 | -€2,902 | -1.7% |
| Operating profit (loss) | 9901 | €6,435 | €32,805 | +€26,370 | +410% |
| Financial income | 75/76B | €15 | €4 | -€11 | -73.9% |
| Recurring financial income | 75 | €15 | €4 | -€11 | -73.9% |
| Financial charges | 65/66B | €627 | €483 | -€144 | -22.9% |
| Recurring financial charges | 65 | €627 | €483 | -€144 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €5,823 | €32,326 | +€26,502 | +455% |
| Income taxes | 67/77 | €3,352 | €10,083 | +€6,732 | +201% |
| Profit (loss) for the period | 9904 | €2,472 | €22,242 | +€19,771 | +800% |
| Profit (loss) for the period to be appropriated | 9905 | €2,472 | €22,242 | +€19,771 | +800% |
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 18 October 2026 via checked.be.