ECURIE GAËL: 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.
ECURIE GAËL
Largest movements
- Financial fixed assets +€420,000
up €420,000 (+8,400%), from €5,000 to €425,000
- Cash +€52,705
up €52,705 (+904%), from €5,831 to €58,536
mainly Other debts (+€582,893) and Depreciation (+€76,155)
- Tangible fixed assets +€24,116
up €24,116 (+12.5%), from €192,863 to €216,979
of which Plant, machinery and equipment: +€37,138
- Receivables within one year -€8,314
down €8,314 (-16.5%), from €50,518 to €42,204
of which Trade receivables: -€17,986
- Other debts +€582,893
up €582,893 (+108%), from €542,039 to €1.1m
- Profit (loss) carried forward -€92,144
down €92,144 (-31.0%), from -€297,078 to -€389,223
- Gross operating margin +€100,775
up €100,775, from -€15,911 to €84,864
- Other operating charges +€94,290
up €94,290 (+1,529%), from €6,168 to €100,458
- Depreciation -€31,733
down €31,733 (-29.4%), from €107,888 to €76,155
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 | €255,315 | €743,075 | +€487,760 | +191% |
| Fixed assets | 21/28 | €197,863 | €641,979 | +€444,116 | +224% |
| Tangible fixed assets | 22/27 | €192,863 | €216,979 | +€24,116 | +12.5% |
| Plant, machinery and equipment | 23 | €151,514 | €188,652 | +€37,138 | +24.5% |
| Furniture and vehicles | 24 | €41,349 | €28,327 | -€13,022 | -31.5% |
| Financial fixed assets | 28 | €5,000 | €425,000 | +€420,000 | +8,400% |
| Current assets | 29/58 | €57,452 | €101,096 | +€43,644 | +76.0% |
| Amounts receivable within one year | 40/41 | €50,518 | €42,204 | -€8,314 | -16.5% |
| Trade receivables | 40 | €18,440 | €454 | -€17,986 | -97.5% |
| Other amounts receivable | 41 | €32,078 | €41,751 | +€9,673 | +30.2% |
| Cash at bank and in hand | 54/58 | €5,831 | €58,536 | +€52,705 | +904% |
| Deferred charges and accrued income | 490/1 | €1,102 | €356 | -€747 | -67.7% |
| Total equity and liabilities | 10/49 | €255,315 | €743,075 | +€487,760 | +191% |
| Equity | 10/15 | -€292,078 | -€384,223 | -€92,144 | -31.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€297,078 | -€389,223 | -€92,144 | -31.0% |
| Amounts payable | 17/49 | €547,393 | €1,127,298 | +€579,904 | +106% |
| Amounts payable within one year | 42/48 | €547,393 | €1,127,298 | +€579,904 | +106% |
| Trade debts | 44 | €5,019 | €2,154 | -€2,865 | -57.1% |
| Suppliers | 440/4 | €5,019 | €2,154 | -€2,865 | -57.1% |
| Taxes, remuneration and social security | 45 | €335 | €211 | -€124 | -36.9% |
| Taxes | 450/3 | €335 | €211 | -€124 | -36.9% |
| Other amounts payable | 47/48 | €542,039 | €1,124,932 | +€582,893 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,888 | €76,155 | -€31,733 | -29.4% |
| Other operating charges | 640/8 | €6,168 | €100,458 | +€94,290 | +1,529% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€15,911 | €84,864 | +€100,775 | |
| Operating profit (loss) | 9901 | -€129,967 | -€91,749 | +€38,219 | +29.4% |
| Financial income | 75/76B | €15 | €0 | -€15 | -99.9% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -99.9% |
| Financial charges | 65/66B | €147 | €184 | +€37 | +25.2% |
| Recurring financial charges | 65 | €147 | €184 | +€37 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | -€130,099 | -€91,933 | +€38,167 | +29.3% |
| Income taxes | 67/77 | €181 | €211 | +€31 | +17.1% |
| Profit (loss) for the period | 9904 | -€130,280 | -€92,144 | +€38,136 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€130,280 | -€92,144 | +€38,136 | +29.3% |
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 19 October 2026 via checked.be.