G-LEVEL: 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-LEVEL
Largest movements
- Tangible fixed assets -€69,036
down €69,036 (-19.8%), from €347,945 to €278,909
of which Plant, machinery and equipment: -€68,426
- Stocks and contracts -€37,783
down €37,783 (-14.0%), from €269,111 to €231,328
- Reserves -€115,984
down €115,984 (-43.4%), from €267,199 to €151,214
- Debts after one year -€73,028
down €73,028 (-92.3%), from €79,142 to €6,114
- Short-term financial debts +€51,200
up €51,200 (+6,470%), from €791 to €51,991
- Trade debts +€40,791
up €40,791 (+51.4%), from €79,360 to €120,152
- Other debts -€14,608
down €14,608 (-16.1%), from €90,764 to €76,156
- Gross operating margin -€19,944
down €19,944 (-11.3%), from €176,484 to €156,540
- Staff costs +€17,997
up €17,997 (+9.6%), from €188,225 to €206,222
- Write-downs -€10,806
down €10,806, from €2,415 to -€8,391
- Financial income -€2,271
down €2,271 (-51.5%), from €4,411 to €2,141
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 | €658,506 | €537,773 | -€120,733 | -18.3% |
| Fixed assets | 21/28 | €347,945 | €278,909 | -€69,036 | -19.8% |
| Tangible fixed assets | 22/27 | €347,945 | €278,909 | -€69,036 | -19.8% |
| Plant, machinery and equipment | 23 | €345,863 | €277,437 | -€68,426 | -19.8% |
| Furniture and vehicles | 24 | €2,082 | €1,472 | -€609 | -29.3% |
| Current assets | 29/58 | €310,561 | €258,864 | -€51,697 | -16.6% |
| Stocks and contracts in progress | 3 | €269,111 | €231,328 | -€37,783 | -14.0% |
| Stocks | 30/36 | €269,111 | €231,328 | -€37,783 | -14.0% |
| Amounts receivable within one year | 40/41 | €1,817 | €144 | -€1,673 | -92.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,817 | €144 | -€1,673 | -92.1% |
| Cash at bank and in hand | 54/58 | €30,244 | €24,420 | -€5,824 | -19.3% |
| Deferred charges and accrued income | 490/1 | €9,389 | €2,971 | -€6,418 | -68.4% |
| Total equity and liabilities | 10/49 | €658,506 | €537,773 | -€120,733 | -18.3% |
| Equity | 10/15 | €285,799 | €169,814 | -€115,984 | -40.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €267,199 | €151,214 | -€115,984 | -43.4% |
| Distributable reserves | 133 | €267,199 | €151,214 | -€115,984 | -43.4% |
| Amounts payable | 17/49 | €372,707 | €367,959 | -€4,748 | -1.3% |
| Amounts payable after more than one year | 17 | €79,142 | €6,114 | -€73,028 | -92.3% |
| Financial debts | 170/4 | €79,142 | €6,114 | -€73,028 | -92.3% |
| Amounts payable within one year | 42/48 | €284,103 | €361,845 | +€77,742 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €72,460 | €73,019 | +€558 | +0.8% |
| Financial debts | 43 | €791 | €51,991 | +€51,200 | +6,470% |
| Credit institutions | 430/8 | €791 | €51,991 | +€51,200 | +6,470% |
| Trade debts | 44 | €79,360 | €120,152 | +€40,791 | +51.4% |
| Suppliers | 440/4 | €79,360 | €120,152 | +€40,791 | +51.4% |
| Taxes, remuneration and social security | 45 | €40,727 | €40,527 | -€200 | -0.5% |
| Taxes | 450/3 | €18,108 | €14,852 | -€3,256 | -18.0% |
| Remuneration and social security | 454/9 | €22,619 | €25,675 | +€3,056 | +13.5% |
| Other amounts payable | 47/48 | €90,764 | €76,156 | -€14,608 | -16.1% |
| Accrued charges and deferred income | 492/3 | €9,462 | €0 | -€9,462 | -100% |
| Remuneration, social security and pensions | 62 | €188,225 | €206,222 | +€17,997 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,609 | €69,036 | -€573 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,415 | -€8,391 | -€10,806 | |
| Other operating charges | 640/8 | €1,245 | €292 | -€953 | -76.6% |
| Gross operating margin | 9900 | €176,484 | €156,540 | -€19,944 | -11.3% |
| Operating profit (loss) | 9901 | -€85,010 | -€110,618 | -€25,608 | -30.1% |
| Financial income | 75/76B | €4,411 | €2,141 | -€2,271 | -51.5% |
| Recurring financial income | 75 | €4,411 | €2,141 | -€2,271 | -51.5% |
| Financial charges | 65/66B | €7,962 | €7,345 | -€616 | -7.7% |
| Recurring financial charges | 65 | €7,962 | €7,345 | -€616 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | -€88,561 | -€115,823 | -€27,263 | -30.8% |
| Income taxes | 67/77 | €174 | €161 | -€13 | -7.6% |
| Profit (loss) for the period | 9904 | -€88,735 | -€115,984 | -€27,249 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,735 | -€115,984 | -€27,249 | -30.7% |
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 20 October 2026 via checked.be.