Ed. Proj. Gamma: 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.
What changed
Ed. Proj. Gamma
NACE 35.150, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€276,744
2024 · -€53,210+€329,954
Equity
€1.9m
2024 · €1.6m+€276,744
Cash
€1.2m
2024 · €1.2m+€35,400
Balance sheet total
€9.8m
2024 · €10.8m-€981,609
Largest movements
Assets
- Tangible fixed assets -€1.1m
down €1.1m (-15.5%), from €7.0m to €6.0m
of which Plant, machinery and equipment: -€943,077
Equity and liabilities
- Debts after one year -€1.0m
down €1.0m (-15.1%), from €6.8m to €5.8m
- Profit (loss) carried forward +€276,744
up €276,744 (+38.0%), from €729,216 to €1.0m
- Accrued charges and deferred income +€143,384
up €143,384 (+886%), from €16,178 to €159,562
- Current portion of long-term debt -€130,615
down €130,615 (-9.0%), from €1.4m to €1.3m
Income statement
- Gross operating margin +€390,960
up €390,960 (+27.5%), from €1.4m to €1.8m
- Turnover +€373,072
up €373,072 (+18.4%), from €2.0m to €2.4m
- Taxes +€101,784
up €101,784 (+165%), from €61,837 to €163,621
- Financial charges -€51,942
down €51,942 (-12.3%), from €421,708 to €369,766
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.
Result 2024
-€53,210
Gross operating margin
+€390,960
Depreciation
-€56
Other operating charges
-€790
Financial income
-€10,318
Financial charges
+€51,942
Taxes
-€101,784
Result 2025
€276,744
raises the resultlowers the result
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.
From operations
+€1.3m
Investment
-€2,868
Financing
-€1.3m
Cash 2024
€1.2m
From operations (derived)
+€1.3m
Net result for the year
+€276,744
Depreciation
+€1.1m
Receivables within one year
-€77,916
Deferred charges and accrued income
+€2,227
Trade debts
-€90,006
Tax, wage and social debts
-€48,585
Accrued charges and deferred income
+€143,384
Investment (derived)
-€2,868
Investment in fixed assets (net)
-€2,868
Financing
-€1.3m
Debts after one year
-€1.0m
Current portion of long-term debt
-€130,615
Short-term financial debts
-€101,818
Contributions, distributions and other
-€0
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,831,181 | €9,849,572 | -€981,609 | -9.1% |
| Fixed assets | 21/28 | €7,043,388 | €5,950,690 | -€1.1m | -15.5% |
| Tangible fixed assets | 22/27 | €7,043,388 | €5,950,690 | -€1.1m | -15.5% |
| Land and buildings | 22 | €16,251 | €13,949 | -€2,302 | -14.2% |
| Plant, machinery and equipment | 23 | €6,048,901 | €5,105,824 | -€943,077 | -15.6% |
| Leasing and similar rights | 25 | €978,236 | €830,917 | -€147,319 | -15.1% |
| Current assets | 29/58 | €3,787,793 | €3,898,882 | +€111,089 | +2.9% |
| Amounts receivable within one year | 40/41 | €2,625,555 | €2,703,471 | +€77,916 | +3.0% |
| Trade receivables | 40 | €227,954 | €200,210 | -€27,744 | -12.2% |
| Other amounts receivable | 41 | €2,397,601 | €2,503,261 | +€105,660 | +4.4% |
| Cash at bank and in hand | 54/58 | €1,157,991 | €1,193,391 | +€35,400 | +3.1% |
| Deferred charges and accrued income | 490/1 | €4,247 | €2,020 | -€2,227 | -52.4% |
| Total equity and liabilities | 10/49 | €10,831,181 | €9,849,572 | -€981,609 | -9.1% |
| Equity | 10/15 | €1,582,464 | €1,859,208 | +€276,744 | +17.5% |
| Contributions | 10/11 | €498,426 | €498,426 | = | 0.0% |
| Capital | 10 | €498,426 | €498,426 | = | 0.0% |
| Issued capital | 100 | €498,426 | €498,426 | = | 0.0% |
| Revaluation surpluses | 12 | €115,055 | €98,009 | -€17,046 | -14.8% |
| Reserves | 13 | €239,767 | €256,813 | +€17,046 | +7.1% |
| Non-distributable reserves | 130/1 | €49,842 | €49,843 | +€1 | 0.0% |
| Legal reserve | 130 | €49,842 | €49,843 | +€1 | 0.0% |
| Distributable reserves | 133 | €189,925 | €206,970 | +€17,045 | +9.0% |
| Profit (loss) carried forward | 14 | €729,216 | €1,005,960 | +€276,744 | +38.0% |
| Amounts payable | 17/49 | €9,248,717 | €7,990,364 | -€1.3m | -13.6% |
| Amounts payable after more than one year | 17 | €6,813,852 | €5,783,140 | -€1.0m | -15.1% |
| Financial debts | 170/4 | €6,813,852 | €5,783,140 | -€1.0m | -15.1% |
| Amounts payable within one year | 42/48 | €2,418,687 | €2,047,663 | -€371,024 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €1,445,039 | €1,314,424 | -€130,615 | -9.0% |
| Financial debts | 43 | €432,727 | €330,909 | -€101,818 | -23.5% |
| Credit institutions | 430/8 | €432,727 | €330,909 | -€101,818 | -23.5% |
| Trade debts | 44 | €492,336 | €402,330 | -€90,006 | -18.3% |
| Suppliers | 440/4 | €492,336 | €402,330 | -€90,006 | -18.3% |
| Taxes, remuneration and social security | 45 | €48,585 | - | -€48,585 | |
| Taxes | 450/3 | €48,585 | - | -€48,585 | |
| Accrued charges and deferred income | 492/3 | €16,178 | €159,562 | +€143,384 | +886% |
| Turnover | 70 | €2,024,941 | €2,398,013 | +€373,072 | +18.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €604,284 | €584,122 | -€20,162 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,095,510 | €1,095,566 | +€56 | 0.0% |
| Other operating charges | 640/8 | €24,851 | €25,641 | +€790 | +3.2% |
| Gross operating margin | 9900 | €1,422,931 | €1,813,891 | +€390,960 | +27.5% |
| Operating profit (loss) | 9901 | €302,570 | €692,684 | +€390,114 | +129% |
| Financial income | 75/76B | €127,765 | €117,447 | -€10,318 | -8.1% |
| Recurring financial income | 75 | €127,765 | €117,447 | -€10,318 | -8.1% |
| Financial charges | 65/66B | €421,708 | €369,766 | -€51,942 | -12.3% |
| Recurring financial charges | 65 | €421,708 | €369,766 | -€51,942 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €8,627 | €440,365 | +€431,738 | +5,005% |
| Income taxes | 67/77 | €61,837 | €163,621 | +€101,784 | +165% |
| Profit (loss) for the period | 9904 | -€53,210 | €276,744 | +€329,954 | |
| Profit (loss) for the period to be appropriated | 9905 | -€53,210 | €276,744 | +€329,954 |
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 20 October 2026 via checked.be.