G-28: what changed
Two fiscal 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.
G-28
Largest movements
- Receivables after one year +€94,000
up €94,000 (+123.7%), from €76,000 to €170,000
- Cash -€48,025
down €48,025 (-89.7%), from €53,510 to €5,485
mainly Receivables after one year (-€94,000) and Contributions, distributions and other (-€20,000)
- Receivables within one year -€33,089
down €33,089 (-68.0%), from €48,694 to €15,605
- Deferred charges and accrued income +€4,123
new in 2025: €4,123
- Trade debts +€6,515
up €6,515 (+156.6%), from €4,161 to €10,676
- Current portion of long-term debt +€5,485
up €5,485 (+43.5%), from €12,596 to €18,081
- Tax, wage and social debts +€3,111
up €3,111 (+112.9%), from €2,755 to €5,866
of which Taxes: +€2,623
- Depreciation +€12,519
up €12,519 (+158.4%), from €7,904 to €20,423
- Gross operating margin +€10,720
up €10,720 (+19.7%), from €54,410 to €65,130
- Taxes +€7,657
up €7,657 (+94.0%), from €8,144 to €15,801
- Other operating charges -€4,321
down €4,321 (-87.6%), from €4,934 to €613
- Staff costs +€3,712
up €3,712 (+63.5%), from €5,842 to €9,554
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.
Cash bridge derived
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 | €255,106 | €270,042 | +€14,936 | +5.9% |
| Formation expenses | 20 | €932 | €700 | -€232 | -24.9% |
| Fixed assets | 21/28 | €74,119 | €73,088 | -€1,031 | -1.4% |
| Tangible fixed assets | 22/27 | €74,119 | €73,088 | -€1,031 | -1.4% |
| Plant, machinery and equipment | 23 | €5,080 | €17,424 | +€12,344 | +243.0% |
| Furniture and vehicles | 24 | €69,039 | €55,664 | -€13,375 | -19.4% |
| Current assets | 29/58 | €180,055 | €196,254 | +€16,199 | +9.0% |
| Amounts receivable after more than one year | 29 | €76,000 | €170,000 | +€94,000 | +123.7% |
| Other amounts receivable | 291 | €76,000 | €170,000 | +€94,000 | +123.7% |
| Stocks and contracts in progress | 3 | €1,851 | €1,041 | -€810 | -43.8% |
| Stocks | 30/36 | €1,851 | €1,041 | -€810 | -43.8% |
| Amounts receivable within one year | 40/41 | €48,694 | €15,605 | -€33,089 | -68.0% |
| Other amounts receivable | 41 | €48,694 | €15,605 | -€33,089 | -68.0% |
| Cash at bank and in hand | 54/58 | €53,510 | €5,485 | -€48,025 | -89.7% |
| Deferred charges and accrued income | 490/1 | - | €4,123 | +€4,123 | |
| Total equity and liabilities | 10/49 | €255,106 | €270,042 | +€14,936 | +5.9% |
| Equity | 10/15 | €177,601 | €177,589 | -€12 | 0.0% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | - | -€1,860 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €157,141 | €157,129 | -€12 | 0.0% |
| Amounts payable | 17/49 | €77,505 | €92,453 | +€14,948 | +19.3% |
| Amounts payable after more than one year | 17 | €51,993 | €51,830 | -€163 | -0.3% |
| Financial debts | 170/4 | €51,993 | €51,830 | -€163 | -0.3% |
| Amounts payable within one year | 42/48 | €25,512 | €40,623 | +€15,111 | +59.2% |
| Current portion of amounts payable after more than one year | 42 | €12,596 | €18,081 | +€5,485 | +43.5% |
| Trade debts | 44 | €4,161 | €10,676 | +€6,515 | +156.6% |
| Suppliers | 440/4 | €4,161 | €10,676 | +€6,515 | +156.6% |
| Taxes, remuneration and social security | 45 | €2,755 | €5,866 | +€3,111 | +112.9% |
| Taxes | 450/3 | €2,247 | €4,870 | +€2,623 | +116.7% |
| Remuneration and social security | 454/9 | €508 | €996 | +€488 | +96.1% |
| Other amounts payable | 47/48 | €6,000 | €6,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €5,842 | €9,554 | +€3,712 | +63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,904 | €20,423 | +€12,519 | +158.4% |
| Other operating charges | 640/8 | €4,934 | €613 | -€4,321 | -87.6% |
| Gross operating margin | 9900 | €54,410 | €65,130 | +€10,720 | +19.7% |
| Operating profit (loss) | 9901 | €35,730 | €34,540 | -€1,190 | -3.3% |
| Financial income | 75/76B | €3,494 | €5,659 | +€2,165 | +62.0% |
| Recurring financial income | 75 | €3,494 | €5,659 | +€2,165 | +62.0% |
| Financial charges | 65/66B | €2,918 | €4,410 | +€1,492 | +51.1% |
| Recurring financial charges | 65 | €2,918 | €4,410 | +€1,492 | +51.1% |
| Profit (loss) for the period before taxes | 9903 | €36,306 | €35,789 | -€517 | -1.4% |
| Income taxes | 67/77 | €8,144 | €15,801 | +€7,657 | +94.0% |
| Profit (loss) for the period | 9904 | €28,162 | €19,988 | -€8,174 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,162 | €19,988 | -€8,174 | -29.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.