EXPO 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.
EXPO GAMMA
Largest movements
- Stocks and contracts +€22,772
up €22,772 (+13.7%), from €166,475 to €189,247
- Tangible fixed assets +€18,096
up €18,096 (+13.5%), from €133,625 to €151,721
of which Furniture and vehicles: +€25,157
- Cash -€14,431
down €14,431 (-18.6%), from €77,714 to €63,283
mainly Investment in fixed assets (net) (-€48,500) and Stocks and contracts (-€22,772)
- Deferred charges and accrued income +€7,916
up €7,916 (+48.2%), from €16,433 to €24,349
- Current portion of long-term debt +€16,934
up €16,934 (+82.6%), from €20,499 to €37,433
- Reserves +€12,257
up €12,257 (+3.2%), from €382,690 to €394,947
of which Distributable reserves: +€12,257
- Short-term financial debts -€8,500
down €8,500 (-29.8%), from €28,500 to €20,000
- Gross operating margin +€34,539
up €34,539 (+13.8%), from €249,865 to €284,404
- Depreciation +€18,559
up €18,559 (+117%), from €15,925 to €34,484
- Staff costs +€12,636
up €12,636 (+6.7%), from €187,805 to €200,441
- Other operating charges +€6,782
up €6,782 (+44.0%), from €15,431 to €22,213
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 | €676,676 | €703,658 | +€26,982 | +4.0% |
| Fixed assets | 21/28 | €155,075 | €169,091 | +€14,016 | +9.0% |
| Intangible fixed assets | 21 | €16,322 | €12,242 | -€4,081 | -25.0% |
| Tangible fixed assets | 22/27 | €133,625 | €151,721 | +€18,096 | +13.5% |
| Plant, machinery and equipment | 23 | €100,467 | €93,406 | -€7,061 | -7.0% |
| Furniture and vehicles | 24 | €33,158 | €58,315 | +€25,157 | +75.9% |
| Financial fixed assets | 28 | €5,128 | €5,128 | = | 0.0% |
| Current assets | 29/58 | €521,601 | €534,567 | +€12,966 | +2.5% |
| Stocks and contracts in progress | 3 | €166,475 | €189,247 | +€22,772 | +13.7% |
| Stocks | 30/36 | €166,475 | €189,247 | +€22,772 | +13.7% |
| Amounts receivable within one year | 40/41 | €260,735 | €257,444 | -€3,291 | -1.3% |
| Trade receivables | 40 | €157,960 | €151,732 | -€6,228 | -3.9% |
| Other amounts receivable | 41 | €102,775 | €105,711 | +€2,937 | +2.9% |
| Current investments | 50/53 | €245 | €245 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €77,714 | €63,283 | -€14,431 | -18.6% |
| Deferred charges and accrued income | 490/1 | €16,433 | €24,349 | +€7,916 | +48.2% |
| Total equity and liabilities | 10/49 | €676,676 | €703,658 | +€26,982 | +4.0% |
| Equity | 10/15 | €475,652 | €487,909 | +€12,257 | +2.6% |
| Contributions | 10/11 | €92,962 | €92,962 | = | 0.0% |
| Capital | 10 | €92,962 | €92,962 | = | 0.0% |
| Issued capital | 100 | €92,962 | €92,962 | = | 0.0% |
| Reserves | 13 | €382,690 | €394,947 | +€12,257 | +3.2% |
| Non-distributable reserves | 130/1 | €9,296 | €9,296 | = | 0.0% |
| Legal reserve | 130 | €9,296 | €9,296 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €335,894 | €348,151 | +€12,257 | +3.6% |
| Amounts payable | 17/49 | €201,024 | €215,749 | +€14,725 | +7.3% |
| Amounts payable after more than one year | 17 | €43,414 | €48,702 | +€5,288 | +12.2% |
| Financial debts | 170/4 | €43,414 | €48,702 | +€5,288 | +12.2% |
| Amounts payable within one year | 42/48 | €157,610 | €167,047 | +€9,437 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €20,499 | €37,433 | +€16,934 | +82.6% |
| Financial debts | 43 | €28,500 | €20,000 | -€8,500 | -29.8% |
| Credit institutions | 430/8 | €28,500 | €20,000 | -€8,500 | -29.8% |
| Trade debts | 44 | €81,989 | €80,367 | -€1,622 | -2.0% |
| Suppliers | 440/4 | €81,989 | €80,367 | -€1,622 | -2.0% |
| Taxes, remuneration and social security | 45 | €21,622 | €24,247 | +€2,625 | +12.1% |
| Taxes | 450/3 | €3,247 | €7,252 | +€4,005 | +123% |
| Remuneration and social security | 454/9 | €18,375 | €16,995 | -€1,380 | -7.5% |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €475 | +€475 | |
| Remuneration, social security and pensions | 62 | €187,805 | €200,441 | +€12,636 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,925 | €34,484 | +€18,559 | +117% |
| Other operating charges | 640/8 | €15,431 | €22,213 | +€6,782 | +44.0% |
| Gross operating margin | 9900 | €249,865 | €284,404 | +€34,539 | +13.8% |
| Operating profit (loss) | 9901 | €30,704 | €27,265 | -€3,439 | -11.2% |
| Financial income | 75/76B | €133 | €466 | +€333 | +251% |
| Recurring financial income | 75 | €133 | €466 | +€333 | +251% |
| Financial charges | 65/66B | €6,531 | €8,430 | +€1,899 | +29.1% |
| Recurring financial charges | 65 | €6,531 | €8,430 | +€1,899 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €24,306 | €19,301 | -€5,005 | -20.6% |
| Income taxes | 67/77 | €8,500 | €7,044 | -€1,456 | -17.1% |
| Profit (loss) for the period | 9904 | €15,806 | €12,257 | -€3,549 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,806 | €12,257 | -€3,549 | -22.5% |
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 17 October 2026 via checked.be.