G&S: what changed
Two fiscal 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&S
Largest movements
- Tangible fixed assets -€36,767
down €36,767 (-53.5%), from €68,685 to €31,917
of which Other tangible fixed assets: -€26,780
- Receivables within one year -€31,459
down €31,459 (-29.6%), from €106,101 to €74,642
of which Other amounts receivable: -€36,887
- Stocks and contracts -€9,152
down €9,152 (-93.2%), from €9,820 to €669
- Cash +€4,576
up €4,576 (+46.6%), from €9,818 to €14,394
mainly Receivables within one year (+€31,459) and Depreciation (+€19,916)
- Deferred charges and accrued income -€4,405
down €4,405 (-89.4%), from €4,928 to €523
- Trade debts -€35,376
down €35,376 (-40.9%), from €86,588 to €51,212
- Current portion of long-term debt -€25,354
no longer reported in 2025 (was €25,354)
- Debts after one year -€18,312
down €18,312 (-10.3%), from €177,712 to €159,399
- Profit (loss) carried forward +€11,175
up €11,175 (+9.6%), from -€116,773 to -€105,598
- Tax, wage and social debts -€10,238
down €10,238 (-68.8%), from €14,879 to €4,641
of which Remuneration and social security: -€6,729
- Staff costs -€52,121
down €52,121 (-24.8%), from €210,551 to €158,430
- Gross operating margin +€14,557
up €14,557 (+7.9%), from €184,001 to €198,558
- Depreciation -€4,498
down €4,498 (-18.4%), from €24,414 to €19,916
- Financial charges -€2,510
down €2,510 (-36.9%), from €6,804 to €4,293
- Other operating charges -€2,486
down €2,486 (-35.6%), from €6,974 to €4,488
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 | €200,851 | €123,625 | -€77,225 | -38.4% |
| Fixed assets | 21/28 | €70,184 | €33,397 | -€36,786 | -52.4% |
| Intangible fixed assets | 21 | €19 | - | -€19 | |
| Tangible fixed assets | 22/27 | €68,685 | €31,917 | -€36,767 | -53.5% |
| Plant, machinery and equipment | 23 | €24,959 | €7,625 | -€17,334 | -69.4% |
| Furniture and vehicles | 24 | €1,847 | €9,193 | +€7,346 | +397.8% |
| Other tangible fixed assets | 26 | €41,879 | €15,099 | -€26,780 | -63.9% |
| Financial fixed assets | 28 | €1,480 | €1,480 | = | 0.0% |
| Current assets | 29/58 | €130,667 | €90,228 | -€40,439 | -30.9% |
| Stocks and contracts in progress | 3 | €9,820 | €669 | -€9,152 | -93.2% |
| Stocks | 30/36 | €9,820 | €669 | -€9,152 | -93.2% |
| Amounts receivable within one year | 40/41 | €106,101 | €74,642 | -€31,459 | -29.6% |
| Trade receivables | 40 | €8,714 | €14,143 | +€5,428 | +62.3% |
| Other amounts receivable | 41 | €97,386 | €60,499 | -€36,887 | -37.9% |
| Cash at bank and in hand | 54/58 | €9,818 | €14,394 | +€4,576 | +46.6% |
| Deferred charges and accrued income | 490/1 | €4,928 | €523 | -€4,405 | -89.4% |
| Total equity and liabilities | 10/49 | €200,851 | €123,625 | -€77,225 | -38.4% |
| Equity | 10/15 | -€110,573 | -€99,398 | +€11,175 | +10.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,773 | -€105,598 | +€11,175 | +9.6% |
| Amounts payable | 17/49 | €311,424 | €223,023 | -€88,400 | -28.4% |
| Amounts payable after more than one year | 17 | €177,712 | €159,399 | -€18,312 | -10.3% |
| Financial debts | 170/4 | €177,712 | €159,399 | -€18,312 | -10.3% |
| Amounts payable within one year | 42/48 | €128,712 | €63,624 | -€65,088 | -50.6% |
| Current portion of amounts payable after more than one year | 42 | €25,354 | - | -€25,354 | |
| Trade debts | 44 | €86,588 | €51,212 | -€35,376 | -40.9% |
| Suppliers | 440/4 | €86,588 | €51,212 | -€35,376 | -40.9% |
| Advances received on contracts in progress | 46 | €290 | - | -€290 | |
| Taxes, remuneration and social security | 45 | €14,879 | €4,641 | -€10,238 | -68.8% |
| Taxes | 450/3 | €4,072 | €562 | -€3,510 | -86.2% |
| Remuneration and social security | 454/9 | €10,807 | €4,079 | -€6,729 | -62.3% |
| Other amounts payable | 47/48 | €1,600 | €7,770 | +€6,170 | +385.7% |
| Accrued charges and deferred income | 492/3 | €5,000 | - | -€5,000 | |
| Remuneration, social security and pensions | 62 | €210,551 | €158,430 | -€52,121 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,414 | €19,916 | -€4,498 | -18.4% |
| Other operating charges | 640/8 | €6,974 | €4,488 | -€2,486 | -35.6% |
| Non-recurring operating charges | 66A | €5,778 | - | -€5,778 | |
| Gross operating margin | 9900 | €184,001 | €198,558 | +€14,557 | +7.9% |
| Operating profit (loss) | 9901 | -€63,716 | €15,724 | +€79,440 | |
| Financial income | 75/76B | €22 | €14 | -€8 | -37.1% |
| Recurring financial income | 75 | €22 | €14 | -€8 | -37.1% |
| Financial charges | 65/66B | €6,804 | €4,293 | -€2,510 | -36.9% |
| Recurring financial charges | 65 | €6,804 | €4,293 | -€2,510 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | -€70,498 | €11,445 | +€81,943 | |
| Income taxes | 67/77 | €214 | €270 | +€55 | +25.9% |
| Profit (loss) for the period | 9904 | -€70,712 | €11,175 | +€81,887 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,712 | €11,175 | +€81,887 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.