G-PACK: 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-PACK
Largest movements
- Stocks and contracts +€132,761
up €132,761 (+3.4%), from €3.9m to €4.0m
- Tangible fixed assets +€95,820
up €95,820 (+140.0%), from €68,446 to €164,267
of which Other tangible fixed assets: +€109,363
- Receivables within one year +€84,443
up €84,443 (+34.3%), from €245,841 to €330,284
of which Trade receivables: +€59,265
- Deferred charges and accrued income -€64,903
down €64,903 (-8.7%), from €748,135 to €683,231
- Cash +€52,677
up €52,677 (+2541.4%), from €2,073 to €54,750
mainly Trade debts (+€467,642) and Net result for the year (+€117,124)
- Trade debts +€467,642
up €467,642 (+28.4%), from €1.6m to €2.1m
- Debts after one year -€101,444
down €101,444 (-46.8%), from €216,869 to €115,425
- Gross operating margin -€126,478
down €126,478 (-19.5%), from €649,485 to €523,008
- Staff costs -€34,427
down €34,427 (-16.9%), from €203,146 to €168,719
- Taxes -€28,889
down €28,889 (-45.4%), from €63,570 to €34,681
- Depreciation +€13,875
up €13,875 (+93.3%), from €14,879 to €28,754
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.
Cash bridge derived
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 | €4,919,234 | €5,220,032 | +€300,798 | +6.1% |
| Fixed assets | 21/28 | €68,446 | €164,267 | +€95,820 | +140.0% |
| Tangible fixed assets | 22/27 | €68,446 | €164,267 | +€95,820 | +140.0% |
| Plant, machinery and equipment | 23 | €25,406 | €27,289 | +€1,882 | +7.4% |
| Furniture and vehicles | 24 | €22,357 | €27,615 | +€5,257 | +23.5% |
| Other tangible fixed assets | 26 | - | €109,363 | +€109,363 | |
| Assets under construction and advance payments | 27 | €20,683 | - | -€20,683 | |
| Current assets | 29/58 | €4,850,788 | €5,055,766 | +€204,978 | +4.2% |
| Stocks and contracts in progress | 3 | €3,854,711 | €3,987,472 | +€132,761 | +3.4% |
| Stocks | 30/36 | €3,854,711 | €3,987,472 | +€132,761 | +3.4% |
| Amounts receivable within one year | 40/41 | €245,841 | €330,284 | +€84,443 | +34.3% |
| Trade receivables | 40 | €219,231 | €278,496 | +€59,265 | +27.0% |
| Other amounts receivable | 41 | €26,609 | €51,787 | +€25,178 | +94.6% |
| Current investments | 50/53 | €28 | €28 | +€0 | +0.6% |
| Cash at bank and in hand | 54/58 | €2,073 | €54,750 | +€52,677 | +2541.4% |
| Deferred charges and accrued income | 490/1 | €748,135 | €683,231 | -€64,903 | -8.7% |
| Total equity and liabilities | 10/49 | €4,919,234 | €5,220,032 | +€300,798 | +6.1% |
| Equity | 10/15 | €1,029,463 | €1,046,587 | +€17,124 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,010,863 | €1,027,987 | +€17,124 | +1.7% |
| Distributable reserves | 133 | €1,010,863 | €1,027,987 | +€17,124 | +1.7% |
| Amounts payable | 17/49 | €3,889,771 | €4,173,445 | +€283,674 | +7.3% |
| Amounts payable after more than one year | 17 | €216,869 | €115,425 | -€101,444 | -46.8% |
| Financial debts | 170/4 | €216,869 | €115,425 | -€101,444 | -46.8% |
| Amounts payable within one year | 42/48 | €3,672,901 | €4,058,019 | +€385,118 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €120,346 | €101,444 | -€18,902 | -15.7% |
| Financial debts | 43 | €1,115,221 | €1,102,951 | -€12,270 | -1.1% |
| Credit institutions | 430/8 | €1,115,221 | €1,102,951 | -€12,270 | -1.1% |
| Trade debts | 44 | €1,649,210 | €2,116,852 | +€467,642 | +28.4% |
| Suppliers | 440/4 | €1,649,210 | €2,116,852 | +€467,642 | +28.4% |
| Taxes, remuneration and social security | 45 | €117,141 | €115,081 | -€2,060 | -1.8% |
| Taxes | 450/3 | €96,532 | €99,919 | +€3,387 | +3.5% |
| Remuneration and social security | 454/9 | €20,609 | €15,162 | -€5,447 | -26.4% |
| Other amounts payable | 47/48 | €670,983 | €621,691 | -€49,291 | -7.3% |
| Remuneration, social security and pensions | 62 | €203,146 | €168,719 | -€34,427 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,879 | €28,754 | +€13,875 | +93.3% |
| Other operating charges | 640/8 | €20,105 | €21,129 | +€1,024 | +5.1% |
| Gross operating margin | 9900 | €649,485 | €523,008 | -€126,478 | -19.5% |
| Operating profit (loss) | 9901 | €411,355 | €304,405 | -€106,950 | -26.0% |
| Financial income | 75/76B | €39 | €263 | +€223 | +567.4% |
| Recurring financial income | 75 | €39 | €263 | +€223 | +567.4% |
| Financial charges | 65/66B | €158,019 | €152,863 | -€5,155 | -3.3% |
| Recurring financial charges | 65 | €158,019 | €152,863 | -€5,155 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €253,376 | €151,805 | -€101,571 | -40.1% |
| Income taxes | 67/77 | €63,570 | €34,681 | -€28,889 | -45.4% |
| Profit (loss) for the period | 9904 | €189,806 | €117,124 | -€72,682 | -38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €189,806 | €117,124 | -€72,682 | -38.3% |
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 9 October 2026 via checked.be.