ANDRE GOURDIN: 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 GOURDIN
Largest movements
- Current investments -€126,346
down €126,346 (-69.7%), from €181,346 to €55,000
- Receivables within one year +€61,910
up €61,910 (+9.6%), from €647,634 to €709,545
of which Trade receivables: +€71,959
- Profit (loss) carried forward -€73,515
down €73,515 (-7.2%), from €1.0m to €945,396
- Gross operating margin +€128,115
up €128,115 (+24.6%), from €520,995 to €649,110
- Taxes +€24,026
up €24,026 (+32.0%), from €74,964 to €98,990
- Staff costs +€17,701
up €17,701 (+9.5%), from €185,408 to €203,108
- Financial charges +€16,637
up €16,637 (+334%), from €4,988 to €21,625
of which Financial charges: +€20,491
- Financial income -€16,430
down €16,430 (-57.2%), from €28,700 to €12,270
of which Financial income: -€10,506
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 | €1,619,045 | €1,540,907 | -€78,138 | -4.8% |
| Fixed assets | 21/28 | €22,714 | €13,583 | -€9,132 | -40.2% |
| Tangible fixed assets | 22/27 | €22,714 | €13,583 | -€9,132 | -40.2% |
| Land and buildings | 22 | €2,974 | €1,574 | -€1,401 | -47.1% |
| Plant, machinery and equipment | 23 | €319 | - | -€319 | |
| Furniture and vehicles | 24 | €10,421 | €6,009 | -€4,413 | -42.3% |
| Leasing and similar rights | 25 | €9,000 | €6,000 | -€3,000 | -33.3% |
| Current assets | 29/58 | €1,596,330 | €1,527,324 | -€69,006 | -4.3% |
| Amounts receivable within one year | 40/41 | €647,634 | €709,545 | +€61,910 | +9.6% |
| Trade receivables | 40 | €609,689 | €681,648 | +€71,959 | +11.8% |
| Other amounts receivable | 41 | €37,946 | €27,897 | -€10,049 | -26.5% |
| Current investments | 50/53 | €181,346 | €55,000 | -€126,346 | -69.7% |
| Cash at bank and in hand | 54/58 | €761,297 | €761,346 | +€49 | 0.0% |
| Deferred charges and accrued income | 490/1 | €6,053 | €1,433 | -€4,619 | -76.3% |
| Total equity and liabilities | 10/49 | €1,619,045 | €1,540,907 | -€78,138 | -4.8% |
| Equity | 10/15 | €1,060,558 | €987,042 | -€73,515 | -6.9% |
| Contributions | 10/11 | €16,741 | €16,741 | = | 0.0% |
| Reserves | 13 | €24,906 | €24,906 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,296 | €4,296 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,296 | €4,296 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,018,911 | €945,396 | -€73,515 | -7.2% |
| Amounts payable | 17/49 | €558,487 | €553,865 | -€4,622 | -0.8% |
| Amounts payable within one year | 42/48 | €558,487 | €553,865 | -€4,622 | -0.8% |
| Trade debts | 44 | €49,548 | €38,436 | -€11,112 | -22.4% |
| Suppliers | 440/4 | €49,548 | €38,436 | -€11,112 | -22.4% |
| Taxes, remuneration and social security | 45 | €142,169 | €146,021 | +€3,852 | +2.7% |
| Taxes | 450/3 | €71,013 | €72,404 | +€1,390 | +2.0% |
| Remuneration and social security | 454/9 | €71,156 | €73,618 | +€2,462 | +3.5% |
| Other amounts payable | 47/48 | €366,770 | €369,407 | +€2,637 | +0.7% |
| Remuneration, social security and pensions | 62 | €185,408 | €203,108 | +€17,701 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,132 | €9,132 | +€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,218 | -€5,371 | -€153 | -2.9% |
| Other operating charges | 640/8 | €1,092 | €7,412 | +€6,319 | +578% |
| Gross operating margin | 9900 | €520,995 | €649,110 | +€128,115 | +24.6% |
| Operating profit (loss) | 9901 | €330,582 | €434,829 | +€104,248 | +31.5% |
| Financial income | 75/76B | €28,700 | €12,270 | -€16,430 | -57.2% |
| Recurring financial income | 75 | €22,776 | €12,270 | -€10,506 | -46.1% |
| Non-recurring financial income | 76B | €5,924 | - | -€5,924 | |
| Financial charges | 65/66B | €4,988 | €21,625 | +€16,637 | +334% |
| Recurring financial charges | 65 | €1,134 | €21,625 | +€20,491 | +1,807% |
| Non-recurring financial charges | 66B | €3,854 | - | -€3,854 | |
| Profit (loss) for the period before taxes | 9903 | €354,294 | €425,474 | +€71,181 | +20.1% |
| Income taxes | 67/77 | €74,964 | €98,990 | +€24,026 | +32.0% |
| Profit (loss) for the period | 9904 | €279,329 | €326,485 | +€47,155 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €279,329 | €326,485 | +€47,155 | +16.9% |
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 15 October 2026 via checked.be.