G.A.D.: 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.A.D.
Largest movements
- Cash -€10,935
down €10,935 (-12.6%), from €87,102 to €76,167
mainly Net result for the year (-€16,652) and Receivables within one year (-€8,069)
- Receivables within one year +€8,069
up €8,069 (+13316.0%), from €61 to €8,130
of which Other amounts receivable: +€8,069
- Deferred charges and accrued income +€5,866
up €5,866 (+477.3%), from €1,229 to €7,094
- Tangible fixed assets -€2,271
down €2,271 (-27.5%), from €8,266 to €5,995
of which Other tangible fixed assets: -€2,271
- Stocks and contracts +€1,753
up €1,753 (+12.0%), from €14,660 to €16,413
- Profit (loss) carried forward -€13,259
new in 2025: -€13,259
- Tax, wage and social debts +€10,735
up €10,735 (+24.8%), from €43,255 to €53,990
of which Remuneration and social security: +€11,286
- Trade debts +€10,069
up €10,069 (+114.0%), from €8,832 to €18,901
- Reserves -€3,394
down €3,394 (-9.1%), from €37,394 to €34,000
- Current portion of long-term debt -€3,190
down €3,190 (-100.0%), from €3,190 to €0
- Staff costs +€29,260
up €29,260 (+13.3%), from €219,831 to €249,091
- Gross operating margin +€5,112
up €5,112 (+2.2%), from €233,091 to €238,204
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 | €111,391 | €113,873 | +€2,482 | +2.2% |
| Fixed assets | 21/28 | €8,340 | €6,069 | -€2,271 | -27.2% |
| Tangible fixed assets | 22/27 | €8,266 | €5,995 | -€2,271 | -27.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €8,266 | €5,995 | -€2,271 | -27.5% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €103,051 | €107,804 | +€4,753 | +4.6% |
| Stocks and contracts in progress | 3 | €14,660 | €16,413 | +€1,753 | +12.0% |
| Stocks | 30/36 | €14,660 | €16,413 | +€1,753 | +12.0% |
| Amounts receivable within one year | 40/41 | €61 | €8,130 | +€8,069 | +13316.0% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €61 | €8,130 | +€8,069 | +13316.0% |
| Cash at bank and in hand | 54/58 | €87,102 | €76,167 | -€10,935 | -12.6% |
| Deferred charges and accrued income | 490/1 | €1,229 | €7,094 | +€5,866 | +477.3% |
| Total equity and liabilities | 10/49 | €111,391 | €113,873 | +€2,482 | +2.2% |
| Equity | 10/15 | €55,994 | €39,341 | -€16,652 | -29.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,394 | €34,000 | -€3,394 | -9.1% |
| Distributable reserves | 133 | €37,394 | €34,000 | -€3,394 | -9.1% |
| Profit (loss) carried forward | 14 | - | -€13,259 | -€13,259 | |
| Amounts payable | 17/49 | €55,397 | €74,531 | +€19,134 | +34.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €55,397 | €74,531 | +€19,134 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €3,190 | €0 | -€3,190 | -100.0% |
| Trade debts | 44 | €8,832 | €18,901 | +€10,069 | +114.0% |
| Suppliers | 440/4 | €8,832 | €18,901 | +€10,069 | +114.0% |
| Taxes, remuneration and social security | 45 | €43,255 | €53,990 | +€10,735 | +24.8% |
| Taxes | 450/3 | €18,764 | €18,213 | -€551 | -2.9% |
| Remuneration and social security | 454/9 | €24,492 | €35,777 | +€11,286 | +46.1% |
| Other amounts payable | 47/48 | €120 | €1,641 | +€1,521 | +1267.7% |
| Remuneration, social security and pensions | 62 | €219,831 | €249,091 | +€29,260 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,271 | €2,271 | = | 0.0% |
| Other operating charges | 640/8 | €2,859 | €3,157 | +€298 | +10.4% |
| Gross operating margin | 9900 | €233,091 | €238,204 | +€5,112 | +2.2% |
| Operating profit (loss) | 9901 | €8,130 | -€16,315 | -€24,446 | |
| Financial income | 75/76B | €1,258 | €1,053 | -€205 | -16.3% |
| Recurring financial income | 75 | €1,258 | €1,053 | -€205 | -16.3% |
| Financial charges | 65/66B | €1,986 | €1,249 | -€736 | -37.1% |
| Recurring financial charges | 65 | €1,986 | €1,249 | -€736 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | €7,402 | -€16,511 | -€23,914 | |
| Income taxes | 67/77 | €1,875 | €141 | -€1,734 | -92.5% |
| Profit (loss) for the period | 9904 | €5,527 | -€16,652 | -€22,179 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,527 | -€16,652 | -€22,179 |
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 2 October 2026 via checked.be.