G-KO: 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-KO
Largest movements
- Tangible fixed assets -€48,410
down €48,410 (-7.6%), from €634,569 to €586,159
- Current investments -€45,096
down €45,096 (-9.0%), from €500,000 to €454,904
- Cash +€35,902
up €35,902 (+67.9%), from €52,897 to €88,799
mainly Net result for the year (+€71,956) and Depreciation (+€48,410)
- Other debts -€72,074
down €72,074 (-76.4%), from €94,383 to €22,309
- Reserves +€71,500
up €71,500 (+8.6%), from €832,727 to €904,227
- Debts after one year -€53,948
no longer reported in 2025 (was €53,948)
- Financial income -€76,005
down €76,005 (-58.5%), from €129,887 to €53,882
- Gross operating margin +€24,799
up €24,799 (+28.5%), from €87,037 to €111,836
- Other operating charges +€11,738
up €11,738 (+100.9%), from €11,632 to €23,370
- Taxes -€3,531
down €3,531 (-15.4%), from €22,965 to €19,434
- Financial charges -€1,346
down €1,346 (-34.6%), from €3,896 to €2,549
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 | €3,354,566 | €3,297,665 | -€56,901 | -1.7% |
| Fixed assets | 21/28 | €2,688,116 | €2,639,707 | -€48,410 | -1.8% |
| Tangible fixed assets | 22/27 | €634,569 | €586,159 | -€48,410 | -7.6% |
| Land and buildings | 22 | €634,569 | €586,159 | -€48,410 | -7.6% |
| Financial fixed assets | 28 | €2,053,548 | €2,053,548 | = | 0.0% |
| Current assets | 29/58 | €666,449 | €657,959 | -€8,491 | -1.3% |
| Stocks and contracts in progress | 3 | €103,685 | €82,947 | -€20,739 | -20.0% |
| Stocks | 30/36 | €103,685 | €82,947 | -€20,739 | -20.0% |
| Amounts receivable within one year | 40/41 | €9,063 | €30,435 | +€21,373 | +235.8% |
| Trade receivables | 40 | €9,054 | €30,416 | +€21,362 | +235.9% |
| Other amounts receivable | 41 | €9 | €19 | +€11 | +118.4% |
| Current investments | 50/53 | €500,000 | €454,904 | -€45,096 | -9.0% |
| Cash at bank and in hand | 54/58 | €52,897 | €88,799 | +€35,902 | +67.9% |
| Deferred charges and accrued income | 490/1 | €804 | €874 | +€69 | +8.6% |
| Total equity and liabilities | 10/49 | €3,354,566 | €3,297,665 | -€56,901 | -1.7% |
| Equity | 10/15 | €3,123,569 | €3,195,525 | +€71,956 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €832,727 | €904,227 | +€71,500 | +8.6% |
| Distributable reserves | 133 | €832,727 | €904,227 | +€71,500 | +8.6% |
| Profit (loss) carried forward | 14 | €2,272,242 | €2,272,698 | +€456 | 0.0% |
| Amounts payable | 17/49 | €230,996 | €102,140 | -€128,856 | -55.8% |
| Amounts payable after more than one year | 17 | €53,948 | - | -€53,948 | |
| Financial debts | 170/4 | €53,948 | - | -€53,948 | |
| Amounts payable within one year | 42/48 | €176,457 | €102,140 | -€74,317 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €71,126 | €53,948 | -€17,178 | -24.2% |
| Trade debts | 44 | €1,475 | €11,624 | +€10,149 | +688.2% |
| Suppliers | 440/4 | €1,475 | €11,624 | +€10,149 | +688.2% |
| Taxes, remuneration and social security | 45 | €9,473 | €14,259 | +€4,786 | +50.5% |
| Taxes | 450/3 | €9,473 | €14,259 | +€4,786 | +50.5% |
| Other amounts payable | 47/48 | €94,383 | €22,309 | -€72,074 | -76.4% |
| Accrued charges and deferred income | 492/3 | €591 | - | -€591 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,410 | €48,410 | = | 0.0% |
| Other operating charges | 640/8 | €11,632 | €23,370 | +€11,738 | +100.9% |
| Gross operating margin | 9900 | €87,037 | €111,836 | +€24,799 | +28.5% |
| Operating profit (loss) | 9901 | €26,995 | €40,057 | +€13,062 | +48.4% |
| Financial income | 75/76B | €129,887 | €53,882 | -€76,005 | -58.5% |
| Recurring financial income | 75 | €129,887 | €53,882 | -€76,005 | -58.5% |
| Financial charges | 65/66B | €3,896 | €2,549 | -€1,346 | -34.6% |
| Recurring financial charges | 65 | €3,896 | €2,549 | -€1,346 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €152,987 | €91,389 | -€61,597 | -40.3% |
| Income taxes | 67/77 | €22,965 | €19,434 | -€3,531 | -15.4% |
| Profit (loss) for the period | 9904 | €130,022 | €71,956 | -€58,066 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €130,022 | €71,956 | -€58,066 | -44.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.