G-LABEL: 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-LABEL
Largest movements
- Receivables after one year -€2.3m
down €2.3m (-100%), from €2.3m to €0
- Stocks and contracts -€1.4m
down €1.4m (-8.3%), from €17.5m to €16.0m
- Receivables within one year -€566,512
down €566,512 (-60.3%), from €939,155 to €372,643
of which Trade receivables: -€536,076
- Cash +€416,546
up €416,546 (+998%), from €41,732 to €458,279
mainly Receivables after one year (+€2.3m) and Stocks and contracts (+€1.4m)
- Other debts -€4.9m
down €4.9m (-30.0%), from €16.3m to €11.4m
- Tax, wage and social debts +€382,178
up €382,178 (+868%), from €44,011 to €426,188
of which Taxes: +€381,731
- Advances received +€248,868
up €248,868 (+8,296%), from €3,000 to €251,868
- Other operating charges -€41,502
down €41,502 (-45.8%), from €90,635 to €49,134
- Taxes +€21,861
up €21,861 (+114%), from €19,244 to €41,105
- Gross operating margin +€19,294
up €19,294 (+3.7%), from €519,384 to €538,679
- Depreciation -€18,486
down €18,486 (-74.6%), from €24,766 to €6,280
- Financial charges -€13,713
down €13,713 (-5.3%), from €257,664 to €243,951
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 | €20,888,944 | €16,893,777 | -€4.0m | -19.1% |
| Fixed assets | 21/28 | €69,824 | €31,465 | -€38,359 | -54.9% |
| Intangible fixed assets | 21 | €1,583 | €45 | -€1,538 | -97.2% |
| Tangible fixed assets | 22/27 | €62,041 | €25,253 | -€36,788 | -59.3% |
| Plant, machinery and equipment | 23 | €16,410 | €15,247 | -€1,163 | -7.1% |
| Furniture and vehicles | 24 | €45,511 | €9,917 | -€35,594 | -78.2% |
| Other tangible fixed assets | 26 | €120 | €89 | -€31 | -25.6% |
| Financial fixed assets | 28 | €6,200 | €6,167 | -€33 | -0.5% |
| Current assets | 29/58 | €20,819,120 | €16,862,312 | -€4.0m | -19.0% |
| Amounts receivable after more than one year | 29 | €2,260,000 | €0 | -€2.3m | -100% |
| Other amounts receivable | 291 | €2,260,000 | €0 | -€2.3m | -100% |
| Stocks and contracts in progress | 3 | €17,476,076 | €16,030,517 | -€1.4m | -8.3% |
| Stocks | 30/36 | €17,476,076 | €16,030,517 | -€1.4m | -8.3% |
| Amounts receivable within one year | 40/41 | €939,155 | €372,643 | -€566,512 | -60.3% |
| Trade receivables | 40 | €887,097 | €351,022 | -€536,076 | -60.4% |
| Other amounts receivable | 41 | €52,057 | €21,621 | -€30,436 | -58.5% |
| Cash at bank and in hand | 54/58 | €41,732 | €458,279 | +€416,546 | +998% |
| Deferred charges and accrued income | 490/1 | €102,156 | €874 | -€101,282 | -99.1% |
| Total equity and liabilities | 10/49 | €20,888,944 | €16,893,777 | -€4.0m | -19.1% |
| Equity | 10/15 | €3,907,477 | €3,995,021 | +€87,544 | +2.2% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €3,357,477 | €3,445,021 | +€87,544 | +2.6% |
| Non-distributable reserves | 130/1 | €55,000 | €55,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €55,000 | €55,000 | = | 0.0% |
| Distributable reserves | 133 | €3,302,477 | €3,390,021 | +€87,544 | +2.7% |
| Amounts payable | 17/49 | €16,981,467 | €12,898,757 | -€4.1m | -24.0% |
| Amounts payable after more than one year | 17 | €330,000 | €330,000 | = | 0.0% |
| Financial debts | 170/4 | €330,000 | €330,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €16,630,174 | €12,566,847 | -€4.1m | -24.4% |
| Trade debts | 44 | €274,279 | €471,280 | +€197,001 | +71.8% |
| Suppliers | 440/4 | €274,279 | €471,280 | +€197,001 | +71.8% |
| Advances received on contracts in progress | 46 | €3,000 | €251,868 | +€248,868 | +8,296% |
| Taxes, remuneration and social security | 45 | €44,011 | €426,188 | +€382,178 | +868% |
| Taxes | 450/3 | €29,749 | €411,480 | +€381,731 | +1,283% |
| Remuneration and social security | 454/9 | €14,262 | €14,709 | +€447 | +3.1% |
| Other amounts payable | 47/48 | €16,308,884 | €11,417,510 | -€4.9m | -30.0% |
| Accrued charges and deferred income | 492/3 | €21,293 | €1,910 | -€19,383 | -91.0% |
| Remuneration, social security and pensions | 62 | €119,155 | €126,503 | +€7,348 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,766 | €6,280 | -€18,486 | -74.6% |
| Other operating charges | 640/8 | €90,635 | €49,134 | -€41,502 | -45.8% |
| Gross operating margin | 9900 | €519,384 | €538,679 | +€19,294 | +3.7% |
| Operating profit (loss) | 9901 | €284,827 | €356,762 | +€71,935 | +25.3% |
| Financial income | 75/76B | €27,263 | €15,838 | -€11,426 | -41.9% |
| Recurring financial income | 75 | €27,263 | €15,838 | -€11,426 | -41.9% |
| Financial charges | 65/66B | €257,664 | €243,951 | -€13,713 | -5.3% |
| Recurring financial charges | 65 | €257,664 | €243,951 | -€13,713 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €54,427 | €128,649 | +€74,222 | +136% |
| Income taxes | 67/77 | €19,244 | €41,105 | +€21,861 | +114% |
| Profit (loss) for the period | 9904 | €35,183 | €87,544 | +€52,361 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €35,183 | €87,544 | +€52,361 | +149% |
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 17 October 2026 via checked.be.