G.T.: 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.T.
Largest movements
- Cash +€51,424
up €51,424 (+272.7%), from €18,855 to €70,279
mainly Advances received (+€60,282) and Net result for the year (+€58,928)
- Receivables within one year +€27,962
up €27,962 (+84.8%), from €32,987 to €60,949
of which Trade receivables: +€21,728
- Tangible fixed assets -€17,214
down €17,214 (-3.3%), from €516,018 to €498,804
of which Plant, machinery and equipment: -€19,233
- Advances received +€60,282
new in 2025: €60,282
- Reserves +€58,928
up €58,928 (+18.0%), from €327,143 to €386,071
of which Distributable reserves: +€58,928
- Other debts -€56,051
down €56,051 (-56.3%), from €99,545 to €43,494
- Tax, wage and social debts +€10,544
up €10,544 (+84.9%), from €12,423 to €22,967
- Debts after one year -€9,297
down €9,297 (-71.1%), from €13,083 to €3,786
- Gross operating margin +€38,550
up €38,550 (+32.6%), from €118,251 to €156,801
- Taxes +€12,837
up €12,837 (+82.3%), from €15,607 to €28,445
- Depreciation -€2,366
down €2,366 (-5.1%), from €46,683 to €44,318
- Financial income -€2,297
down €2,297 (-90.4%), from €2,542 to €245
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 | €567,860 | €630,032 | +€62,171 | +10.9% |
| Fixed assets | 21/28 | €516,018 | €498,804 | -€17,214 | -3.3% |
| Tangible fixed assets | 22/27 | €516,018 | €498,804 | -€17,214 | -3.3% |
| Land and buildings | 22 | €396,591 | €398,769 | +€2,178 | +0.5% |
| Plant, machinery and equipment | 23 | €119,268 | €100,035 | -€19,233 | -16.1% |
| Furniture and vehicles | 24 | €159 | - | -€159 | |
| Current assets | 29/58 | €51,842 | €131,227 | +€79,385 | +153.1% |
| Amounts receivable within one year | 40/41 | €32,987 | €60,949 | +€27,962 | +84.8% |
| Trade receivables | 40 | €31,189 | €52,917 | +€21,728 | +69.7% |
| Other amounts receivable | 41 | €1,798 | €8,032 | +€6,234 | +346.7% |
| Cash at bank and in hand | 54/58 | €18,855 | €70,279 | +€51,424 | +272.7% |
| Total equity and liabilities | 10/49 | €567,860 | €630,032 | +€62,171 | +10.9% |
| Equity | 10/15 | €394,351 | €453,279 | +€58,928 | +14.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €327,143 | €386,071 | +€58,928 | +18.0% |
| Non-distributable reserves | 130/1 | €60,858 | €60,858 | = | 0.0% |
| Legal reserve | 130 | €60,858 | €60,858 | = | 0.0% |
| Distributable reserves | 133 | €266,285 | €325,213 | +€58,928 | +22.1% |
| Profit (loss) carried forward | 14 | €5,208 | €5,208 | = | 0.0% |
| Amounts payable | 17/49 | €173,510 | €176,753 | +€3,243 | +1.9% |
| Amounts payable after more than one year | 17 | €13,083 | €3,786 | -€9,297 | -71.1% |
| Financial debts | 170/4 | €13,083 | €3,786 | -€9,297 | -71.1% |
| Amounts payable within one year | 42/48 | €160,427 | €172,967 | +€12,540 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €9,074 | €9,313 | +€238 | +2.6% |
| Trade debts | 44 | €39,384 | €36,912 | -€2,472 | -6.3% |
| Suppliers | 440/4 | €39,384 | €36,912 | -€2,472 | -6.3% |
| Advances received on contracts in progress | 46 | - | €60,282 | +€60,282 | |
| Taxes, remuneration and social security | 45 | €12,423 | €22,967 | +€10,544 | +84.9% |
| Taxes | 450/3 | €12,423 | €22,967 | +€10,544 | +84.9% |
| Other amounts payable | 47/48 | €99,545 | €43,494 | -€56,051 | -56.3% |
| Remuneration, social security and pensions | 62 | - | €557 | +€557 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,683 | €44,318 | -€2,366 | -5.1% |
| Other operating charges | 640/8 | €24,914 | €24,352 | -€562 | -2.3% |
| Gross operating margin | 9900 | €118,251 | €156,801 | +€38,550 | +32.6% |
| Operating profit (loss) | 9901 | €46,653 | €87,574 | +€40,921 | +87.7% |
| Financial income | 75/76B | €2,542 | €245 | -€2,297 | -90.4% |
| Recurring financial income | 75 | €2,542 | €245 | -€2,297 | -90.4% |
| Financial charges | 65/66B | €959 | €447 | -€512 | -53.4% |
| Recurring financial charges | 65 | €959 | €447 | -€512 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | €48,237 | €87,372 | +€39,136 | +81.1% |
| Income taxes | 67/77 | €15,607 | €28,445 | +€12,837 | +82.3% |
| Profit (loss) for the period | 9904 | €32,629 | €58,928 | +€26,299 | +80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,629 | €58,928 | +€26,299 | +80.6% |
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 6 October 2026 via checked.be.