G & N: 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 & N
Largest movements
- Cash +€37,916
up €37,916 (+127%), from €29,887 to €67,803
mainly Net result for the year (+€51,281) and Depreciation (+€12,868)
- Receivables within one year +€15,022
up €15,022 (+9.2%), from €162,601 to €177,623
of which Other amounts receivable: +€18,403
- Stocks and contracts -€9,689
down €9,689 (-67.8%), from €14,296 to €4,607
of which Contracts in progress: -€8,758
- Tangible fixed assets -€7,914
down €7,914 (-4.4%), from €178,275 to €170,361
of which Land and buildings: -€9,457
- Profit (loss) carried forward +€70,418
no longer reported in 2025 (was -€70,418)
- Reserves -€19,137
down €19,137 (-13.8%), from €138,827 to €119,690
of which Distributable reserves: -€19,137
- Tax, wage and social debts -€10,923
down €10,923 (-62.9%), from €17,360 to €6,437
- Debts after one year -€10,199
down €10,199 (-4.7%), from €214,826 to €204,627
of which Financial debts: -€10,326
- Accrued charges and deferred income +€5,858
new in 2025: €5,858
- Gross operating margin +€69,422
up €69,422 (+257%), from €26,997 to €96,420
- Write-downs +€21,754
new in 2025: €21,754
- Financial charges -€7,631
down €7,631 (-50.3%), from €15,160 to €7,529
- Depreciation -€3,760
down €3,760 (-22.6%), from €16,627 to €12,868
- Taxes +€2,073
up €2,073 (+924%), from €224 to €2,297
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 | €386,807 | €422,385 | +€35,578 | +9.2% |
| Fixed assets | 21/28 | €178,275 | €170,361 | -€7,914 | -4.4% |
| Tangible fixed assets | 22/27 | €178,275 | €170,361 | -€7,914 | -4.4% |
| Land and buildings | 22 | €173,173 | €163,716 | -€9,457 | -5.5% |
| Plant, machinery and equipment | 23 | €3,291 | €2,249 | -€1,041 | -31.6% |
| Furniture and vehicles | 24 | €1,811 | €4,396 | +€2,584 | +143% |
| Current assets | 29/58 | €208,533 | €252,024 | +€43,491 | +20.9% |
| Stocks and contracts in progress | 3 | €14,296 | €4,607 | -€9,689 | -67.8% |
| Stocks | 30/36 | €5,538 | €4,607 | -€931 | -16.8% |
| Contracts in progress | 37 | €8,758 | - | -€8,758 | |
| Amounts receivable within one year | 40/41 | €162,601 | €177,623 | +€15,022 | +9.2% |
| Trade receivables | 40 | €162,601 | €159,221 | -€3,380 | -2.1% |
| Other amounts receivable | 41 | - | €18,403 | +€18,403 | |
| Cash at bank and in hand | 54/58 | €29,887 | €67,803 | +€37,916 | +127% |
| Deferred charges and accrued income | 490/1 | €1,749 | €1,991 | +€242 | +13.8% |
| Total equity and liabilities | 10/49 | €386,807 | €422,385 | +€35,578 | +9.2% |
| Equity | 10/15 | €87,009 | €138,290 | +€51,281 | +58.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,827 | €119,690 | -€19,137 | -13.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €136,967 | €117,830 | -€19,137 | -14.0% |
| Profit (loss) carried forward | 14 | -€70,418 | - | +€70,418 | |
| Amounts payable | 17/49 | €299,798 | €284,095 | -€15,703 | -5.2% |
| Amounts payable after more than one year | 17 | €214,826 | €204,627 | -€10,199 | -4.7% |
| Financial debts | 170/4 | €138,824 | €128,498 | -€10,326 | -7.4% |
| Other amounts payable | 178/9 | €76,002 | €76,129 | +€127 | +0.2% |
| Amounts payable within one year | 42/48 | €84,972 | €73,611 | -€11,362 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €11,676 | €10,326 | -€1,350 | -11.6% |
| Trade debts | 44 | €55,936 | €56,847 | +€911 | +1.6% |
| Suppliers | 440/4 | €55,936 | €56,847 | +€911 | +1.6% |
| Taxes, remuneration and social security | 45 | €17,360 | €6,437 | -€10,923 | -62.9% |
| Taxes | 450/3 | €17,360 | €6,437 | -€10,923 | -62.9% |
| Accrued charges and deferred income | 492/3 | - | €5,858 | +€5,858 | |
| Non-recurring operating income | 76A | €100 | - | -€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,627 | €12,868 | -€3,760 | -22.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €21,754 | +€21,754 | |
| Other operating charges | 640/8 | €1,219 | €1,098 | -€121 | -9.9% |
| Non-recurring operating charges | 66A | €112 | - | -€112 | |
| Gross operating margin | 9900 | €26,997 | €96,420 | +€69,422 | +257% |
| Operating profit (loss) | 9901 | €9,039 | €60,700 | +€51,661 | +572% |
| Financial income | 75/76B | €505 | €408 | -€97 | -19.2% |
| Recurring financial income | 75 | €505 | €408 | -€97 | -19.2% |
| Financial charges | 65/66B | €15,160 | €7,529 | -€7,631 | -50.3% |
| Recurring financial charges | 65 | €15,160 | €7,529 | -€7,631 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,617 | €53,579 | +€59,195 | |
| Income taxes | 67/77 | €224 | €2,297 | +€2,073 | +924% |
| Profit (loss) for the period | 9904 | -€5,841 | €51,281 | +€57,122 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,841 | €51,281 | +€57,122 |
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 13 October 2026 via checked.be.