G.A.-POL: 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.
G.A.-POL
Largest movements
- Tangible fixed assets -€12,880
down €12,880 (-29.8%), from €43,208 to €30,328
of which Leasing and similar rights: -€10,909
- Receivables within one year -€12,679
down €12,679 (-16.0%), from €79,418 to €66,739
of which Trade receivables: -€14,499
- Cash -€4,764
down €4,764 (-48.7%), from €9,790 to €5,026
mainly Net result for the year (-€25,171) and Debts after one year (-€8,442)
- Profit (loss) carried forward -€25,171
down €25,171 (-56.4%), from €44,607 to €19,436
- Debts after one year -€8,442
down €8,442 (-26.6%), from €31,761 to €23,319
- Trade debts +€5,128
up €5,128 (+164%), from €3,119 to €8,247
- Gross operating margin -€41,768
down €41,768, from €34,629 to -€7,139
- Depreciation -€4,689
down €4,689 (-26.7%), from €17,570 to €12,881
- Other operating charges -€2,647
down €2,647 (-53.6%), from €4,938 to €2,291
- Taxes -€2,435
down €2,435 (-93.8%), from €2,596 to €161
- Financial charges -€792
down €792 (-22.7%), from €3,491 to €2,699
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 | €132,989 | €103,590 | -€29,399 | -22.1% |
| Fixed assets | 21/28 | €43,388 | €30,508 | -€12,880 | -29.7% |
| Tangible fixed assets | 22/27 | €43,208 | €30,328 | -€12,880 | -29.8% |
| Plant, machinery and equipment | 23 | €2,382 | €1,463 | -€919 | -38.6% |
| Furniture and vehicles | 24 | €1,195 | €143 | -€1,052 | -88.0% |
| Leasing and similar rights | 25 | €39,631 | €28,722 | -€10,909 | -27.5% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €89,601 | €73,082 | -€16,519 | -18.4% |
| Amounts receivable within one year | 40/41 | €79,418 | €66,739 | -€12,679 | -16.0% |
| Trade receivables | 40 | €48,486 | €33,987 | -€14,499 | -29.9% |
| Other amounts receivable | 41 | €30,932 | €32,752 | +€1,820 | +5.9% |
| Cash at bank and in hand | 54/58 | €9,790 | €5,026 | -€4,764 | -48.7% |
| Deferred charges and accrued income | 490/1 | €393 | €1,317 | +€924 | +235% |
| Total equity and liabilities | 10/49 | €132,989 | €103,590 | -€29,399 | -22.1% |
| Equity | 10/15 | €85,222 | €60,051 | -€25,171 | -29.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,015 | €22,015 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,155 | €20,155 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,155 | €20,155 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,607 | €19,436 | -€25,171 | -56.4% |
| Amounts payable | 17/49 | €47,767 | €43,539 | -€4,228 | -8.9% |
| Amounts payable after more than one year | 17 | €31,761 | €23,319 | -€8,442 | -26.6% |
| Financial debts | 170/4 | €31,761 | €23,319 | -€8,442 | -26.6% |
| Amounts payable within one year | 42/48 | €16,006 | €20,220 | +€4,214 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €9,586 | €8,441 | -€1,145 | -11.9% |
| Trade debts | 44 | €3,119 | €8,247 | +€5,128 | +164% |
| Suppliers | 440/4 | €3,119 | €8,247 | +€5,128 | +164% |
| Taxes, remuneration and social security | 45 | €3,301 | €3,532 | +€231 | +7.0% |
| Taxes | 450/3 | €116 | €215 | +€99 | +85.3% |
| Remuneration and social security | 454/9 | €3,185 | €3,317 | +€132 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,570 | €12,881 | -€4,689 | -26.7% |
| Other operating charges | 640/8 | €4,938 | €2,291 | -€2,647 | -53.6% |
| Gross operating margin | 9900 | €34,629 | -€7,139 | -€41,768 | |
| Operating profit (loss) | 9901 | €12,121 | -€22,311 | -€34,432 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €3,491 | €2,699 | -€792 | -22.7% |
| Recurring financial charges | 65 | €3,491 | €2,699 | -€792 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €8,632 | -€25,010 | -€33,642 | |
| Income taxes | 67/77 | €2,596 | €161 | -€2,435 | -93.8% |
| Profit (loss) for the period | 9904 | €6,036 | -€25,171 | -€31,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,036 | -€25,171 | -€31,207 |
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.