G&D: 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&D
Largest movements
- Receivables within one year -€11,469
down €11,469 (-36.8%), from €31,175 to €19,706
of which Trade receivables: -€8,557
- Stocks and contracts -€8,750
down €8,750 (-50.9%), from €17,200 to €8,450
- Tangible fixed assets -€5,260
down €5,260 (-27.4%), from €19,223 to €13,963
of which Plant, machinery and equipment: -€4,040
- Trade debts -€17,550
down €17,550 (-30.0%), from €58,577 to €41,027
- Reserves -€3,827
down €3,827 (-3.4%), from €113,797 to €109,971
of which Distributable reserves: -€3,827
- Gross operating margin -€1,799
down €1,799 (-6.5%), from €27,544 to €25,745
- Other operating charges -€1,651
down €1,651 (-48.0%), from €3,440 to €1,789
- Depreciation +€909
up €909 (+11.8%), from €7,686 to €8,595
- Taxes +€365
up €365 (+6.7%), from €5,436 to €5,800
- Financial charges -€340
down €340 (-42.4%), from €801 to €461
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 | €260,425 | €233,507 | -€26,917 | -10.3% |
| Fixed assets | 21/28 | €122,223 | €116,963 | -€5,260 | -4.3% |
| Intangible fixed assets | 21 | €103,000 | €103,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €19,223 | €13,963 | -€5,260 | -27.4% |
| Plant, machinery and equipment | 23 | €10,443 | €6,403 | -€4,040 | -38.7% |
| Furniture and vehicles | 24 | €8,780 | €7,560 | -€1,220 | -13.9% |
| Current assets | 29/58 | €138,202 | €116,544 | -€21,657 | -15.7% |
| Stocks and contracts in progress | 3 | €17,200 | €8,450 | -€8,750 | -50.9% |
| Stocks | 30/36 | €17,200 | €8,450 | -€8,750 | -50.9% |
| Amounts receivable within one year | 40/41 | €31,175 | €19,706 | -€11,469 | -36.8% |
| Trade receivables | 40 | €14,250 | €5,693 | -€8,557 | -60.1% |
| Other amounts receivable | 41 | €16,925 | €14,014 | -€2,911 | -17.2% |
| Cash at bank and in hand | 54/58 | €87,001 | €85,378 | -€1,623 | -1.9% |
| Deferred charges and accrued income | 490/1 | €2,825 | €3,010 | +€184 | +6.5% |
| Total equity and liabilities | 10/49 | €260,425 | €233,507 | -€26,917 | -10.3% |
| Equity | 10/15 | €193,109 | €189,283 | -€3,827 | -2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €113,797 | €109,971 | -€3,827 | -3.4% |
| Tax-exempt reserves | 132 | €14,378 | €14,378 | = | 0.0% |
| Distributable reserves | 133 | €99,420 | €95,593 | -€3,827 | -3.8% |
| Profit (loss) carried forward | 14 | €73,112 | €73,112 | = | 0.0% |
| Amounts payable | 17/49 | €67,315 | €44,225 | -€23,091 | -34.3% |
| Amounts payable after more than one year | 17 | €2,352 | - | -€2,352 | |
| Financial debts | 170/4 | €2,352 | - | -€2,352 | |
| Amounts payable within one year | 42/48 | €64,963 | €44,225 | -€20,739 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €3,651 | €2,352 | -€1,298 | -35.6% |
| Trade debts | 44 | €58,577 | €41,027 | -€17,550 | -30.0% |
| Suppliers | 440/4 | €58,577 | €41,027 | -€17,550 | -30.0% |
| Taxes, remuneration and social security | 45 | €2,464 | €436 | -€2,028 | -82.3% |
| Taxes | 450/3 | €2,464 | €436 | -€2,028 | -82.3% |
| Other amounts payable | 47/48 | €271 | €410 | +€138 | +50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,686 | €8,595 | +€909 | +11.8% |
| Other operating charges | 640/8 | €3,440 | €1,789 | -€1,651 | -48.0% |
| Gross operating margin | 9900 | €27,544 | €25,745 | -€1,799 | -6.5% |
| Operating profit (loss) | 9901 | €16,417 | €15,360 | -€1,057 | -6.4% |
| Financial income | 75/76B | €207 | €208 | +€1 | +0.4% |
| Recurring financial income | 75 | €207 | €208 | +€1 | +0.4% |
| Financial charges | 65/66B | €801 | €461 | -€340 | -42.4% |
| Recurring financial charges | 65 | €801 | €461 | -€340 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €15,824 | €15,107 | -€717 | -4.5% |
| Income taxes | 67/77 | €5,436 | €5,800 | +€365 | +6.7% |
| Profit (loss) for the period | 9904 | €10,388 | €9,306 | -€1,082 | -10.4% |
| Transfer from tax-exempt reserves | 789 | €15,037 | €13,133 | -€1,904 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,425 | €22,439 | -€2,986 | -11.7% |
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 24 October 2026 via checked.be.