G.O: 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.O
Largest movements
- Cash -€15,053
down €15,053 (-38.7%), from €38,899 to €23,847
mainly Debts after one year (-€29,616) and Investment in fixed assets (net) (-€17,675)
- Tangible fixed assets -€9,111
down €9,111 (-1.5%), from €603,651 to €594,540
of which Land and buildings: -€11,795
- Deferred charges and accrued income -€8,950
down €8,950 (-46.7%), from €19,159 to €10,209
- Debts after one year -€29,616
down €29,616 (-6.9%), from €426,181 to €396,565
- Current portion of long-term debt +€12,306
up €12,306 (+30.2%), from €40,729 to €53,035
- Tax, wage and social debts -€8,304
down €8,304 (-29.3%), from €28,324 to €20,019
of which Taxes: -€5,903
- Depreciation -€34,422
down €34,422 (-56.0%), from €61,453 to €27,030
- Gross operating margin -€20,310
down €20,310 (-10.3%), from €197,066 to €176,756
- Staff costs +€16,340
up €16,340 (+16.1%), from €101,780 to €118,120
- Financial charges +€2,506
up €2,506 (+10.9%), from €23,038 to €25,544
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 | €729,767 | €694,183 | -€35,584 | -4.9% |
| Fixed assets | 21/28 | €604,703 | €595,348 | -€9,356 | -1.5% |
| Intangible fixed assets | 21 | €1,052 | €808 | -€244 | -23.2% |
| Tangible fixed assets | 22/27 | €603,651 | €594,540 | -€9,111 | -1.5% |
| Land and buildings | 22 | €497,874 | €486,079 | -€11,795 | -2.4% |
| Plant, machinery and equipment | 23 | €97,973 | €104,235 | +€6,262 | +6.4% |
| Furniture and vehicles | 24 | €7,804 | €4,226 | -€3,579 | -45.9% |
| Current assets | 29/58 | €125,064 | €98,835 | -€26,229 | -21.0% |
| Stocks and contracts in progress | 3 | €21,600 | €19,700 | -€1,900 | -8.8% |
| Stocks | 30/36 | €21,600 | €19,700 | -€1,900 | -8.8% |
| Amounts receivable within one year | 40/41 | €405 | €79 | -€326 | -80.4% |
| Trade receivables | 40 | €405 | €79 | -€326 | -80.4% |
| Current investments | 50/53 | €45,000 | €45,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €38,899 | €23,847 | -€15,053 | -38.7% |
| Deferred charges and accrued income | 490/1 | €19,159 | €10,209 | -€8,950 | -46.7% |
| Total equity and liabilities | 10/49 | €729,767 | €694,183 | -€35,584 | -4.9% |
| Equity | 10/15 | €103,908 | €104,482 | +€574 | +0.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €83,908 | €84,482 | +€574 | +0.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €81,908 | €82,482 | +€574 | +0.7% |
| Amounts payable | 17/49 | €625,859 | €589,701 | -€36,158 | -5.8% |
| Amounts payable after more than one year | 17 | €426,181 | €396,565 | -€29,616 | -6.9% |
| Financial debts | 170/4 | €426,181 | €396,565 | -€29,616 | -6.9% |
| Amounts payable within one year | 42/48 | €199,678 | €193,136 | -€6,542 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €40,729 | €53,035 | +€12,306 | +30.2% |
| Financial debts | 43 | - | €991 | +€991 | |
| Credit institutions | 430/8 | - | €991 | +€991 | |
| Trade debts | 44 | €22,751 | €16,104 | -€6,646 | -29.2% |
| Suppliers | 440/4 | €22,751 | €16,104 | -€6,646 | -29.2% |
| Taxes, remuneration and social security | 45 | €28,324 | €20,019 | -€8,304 | -29.3% |
| Taxes | 450/3 | €15,756 | €9,853 | -€5,903 | -37.5% |
| Remuneration and social security | 454/9 | €12,568 | €10,166 | -€2,402 | -19.1% |
| Other amounts payable | 47/48 | €107,874 | €102,987 | -€4,888 | -4.5% |
| Non-recurring operating income | 76A | €6,215 | - | -€6,215 | |
| Remuneration, social security and pensions | 62 | €101,780 | €118,120 | +€16,340 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,453 | €27,030 | -€34,422 | -56.0% |
| Other operating charges | 640/8 | €4,279 | €5,112 | +€833 | +19.5% |
| Gross operating margin | 9900 | €197,066 | €176,756 | -€20,310 | -10.3% |
| Operating profit (loss) | 9901 | €29,554 | €26,493 | -€3,061 | -10.4% |
| Financial income | 75/76B | €145 | €696 | +€551 | +379% |
| Recurring financial income | 75 | €145 | €696 | +€551 | +379% |
| Financial charges | 65/66B | €23,038 | €25,544 | +€2,506 | +10.9% |
| Recurring financial charges | 65 | €23,038 | €25,544 | +€2,506 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €6,661 | €1,645 | -€5,017 | -75.3% |
| Income taxes | 67/77 | €2,505 | €1,071 | -€1,435 | -57.3% |
| Profit (loss) for the period | 9904 | €4,156 | €574 | -€3,582 | -86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,156 | €574 | -€3,582 | -86.2% |
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 16 October 2026 via checked.be.