G & NL: 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 & NL
Largest movements
- Cash -€61,245
down €61,245 (-24.9%), from €246,203 to €184,958
mainly Tax, wage and social debts (-€80,367) and Other debts (-€17,547)
- Receivables within one year -€22,819
down €22,819 (-56.8%), from €40,164 to €17,345
of which Other amounts receivable: -€19,074
- Tangible fixed assets -€18,424
down €18,424 (-3.0%), from €612,248 to €593,823
of which Furniture and vehicles: -€13,804
- Tax, wage and social debts -€80,367
down €80,367 (-83.1%), from €96,716 to €16,349
- Other debts -€17,547
down €17,547 (-75.1%), from €23,379 to €5,832
- Financial income -€51,095
down €51,095 (-99.5%), from €51,366 to €271
- Gross operating margin -€34,690
down €34,690 (-54.6%), from €63,516 to €28,826
- Depreciation -€27,856
down €27,856 (-58.3%), from €47,752 to €19,896
- Taxes -€7,669
down €7,669 (-72.1%), from €10,642 to €2,973
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 | €1,304,533 | €1,204,813 | -€99,720 | -7.6% |
| Fixed assets | 21/28 | €965,611 | €947,187 | -€18,424 | -1.9% |
| Tangible fixed assets | 22/27 | €612,248 | €593,823 | -€18,424 | -3.0% |
| Land and buildings | 22 | €556,417 | €552,144 | -€4,273 | -0.8% |
| Plant, machinery and equipment | 23 | €5,577 | €5,230 | -€347 | -6.2% |
| Furniture and vehicles | 24 | €50,254 | €36,450 | -€13,804 | -27.5% |
| Financial fixed assets | 28 | €353,363 | €353,363 | = | 0.0% |
| Current assets | 29/58 | €338,923 | €257,626 | -€81,296 | -24.0% |
| Amounts receivable within one year | 40/41 | €40,164 | €17,345 | -€22,819 | -56.8% |
| Trade receivables | 40 | €21,089 | €17,345 | -€3,744 | -17.8% |
| Other amounts receivable | 41 | €19,074 | €0 | -€19,074 | -100% |
| Current investments | 50/53 | €48,005 | €51,091 | +€3,086 | +6.4% |
| Cash at bank and in hand | 54/58 | €246,203 | €184,958 | -€61,245 | -24.9% |
| Deferred charges and accrued income | 490/1 | €4,551 | €4,233 | -€319 | -7.0% |
| Total equity and liabilities | 10/49 | €1,304,533 | €1,204,813 | -€99,720 | -7.6% |
| Equity | 10/15 | €1,174,595 | €1,178,067 | +€3,472 | +0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,156,003 | €1,159,475 | +€3,472 | +0.3% |
| Non-distributable reserves | 130/1 | - | €2,960 | +€2,960 | |
| Own shares acquired | 1312 | - | €2,960 | +€2,960 | |
| Distributable reserves | 133 | €1,156,003 | €1,156,515 | +€512 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €129,939 | €26,746 | -€103,193 | -79.4% |
| Amounts payable within one year | 42/48 | €129,939 | €26,746 | -€103,193 | -79.4% |
| Trade debts | 44 | €9,843 | €4,565 | -€5,278 | -53.6% |
| Suppliers | 440/4 | €9,843 | €4,565 | -€5,278 | -53.6% |
| Taxes, remuneration and social security | 45 | €96,716 | €16,349 | -€80,367 | -83.1% |
| Taxes | 450/3 | €96,716 | €16,349 | -€80,367 | -83.1% |
| Other amounts payable | 47/48 | €23,379 | €5,832 | -€17,547 | -75.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,752 | €19,896 | -€27,856 | -58.3% |
| Other operating charges | 640/8 | €2,511 | €2,656 | +€144 | +5.7% |
| Gross operating margin | 9900 | €63,516 | €28,826 | -€34,690 | -54.6% |
| Operating profit (loss) | 9901 | €13,253 | €6,275 | -€6,978 | -52.7% |
| Financial income | 75/76B | €51,366 | €271 | -€51,095 | -99.5% |
| Recurring financial income | 75 | €51,366 | €271 | -€51,095 | -99.5% |
| Financial charges | 65/66B | €130 | €100 | -€30 | -23.1% |
| Recurring financial charges | 65 | €130 | €100 | -€30 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €64,489 | €6,446 | -€58,043 | -90.0% |
| Income taxes | 67/77 | €10,642 | €2,973 | -€7,669 | -72.1% |
| Profit (loss) for the period | 9904 | €53,847 | €3,472 | -€50,374 | -93.6% |
| Profit (loss) for the period to be appropriated | 9905 | €53,847 | €3,472 | -€50,374 | -93.6% |
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 22 October 2026 via checked.be.