G-TOR: 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-TOR
Largest movements
- Current investments -€45,096
down €45,096 (-12.9%), from €350,000 to €304,904
- Tangible fixed assets -€38,022
down €38,022 (-5.7%), from €664,912 to €626,890
of which Land and buildings: -€47,776
- Other debts -€82,690
down €82,690 (-74.1%), from €111,574 to €28,884
- Reserves +€72,500
up €72,500 (+10.0%), from €725,504 to €798,004
- Debts after one year -€53,971
no longer reported in 2025 (was €53,971)
- Financial income -€75,979
down €75,979 (-62.9%), from €120,863 to €44,884
- Gross operating margin +€51,167
up €51,167 (+66.2%), from €77,290 to €128,457
- Other operating charges +€11,464
up €11,464 (+88.7%), from €12,930 to €24,394
- Taxes +€5,229
up €5,229 (+32.6%), from €16,051 to €21,280
- Depreciation -€4,226
down €4,226 (-7.8%), from €54,099 to €49,873
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 | €3,201,397 | €3,131,396 | -€70,001 | -2.2% |
| Fixed assets | 21/28 | €2,718,460 | €2,680,438 | -€38,022 | -1.4% |
| Tangible fixed assets | 22/27 | €664,912 | €626,890 | -€38,022 | -5.7% |
| Land and buildings | 22 | €629,165 | €581,388 | -€47,776 | -7.6% |
| Plant, machinery and equipment | 23 | €3,866 | - | -€3,866 | |
| Furniture and vehicles | 24 | €31,171 | €45,501 | +€14,330 | +46.0% |
| Other tangible fixed assets | 26 | €709 | - | -€709 | |
| Financial fixed assets | 28 | €2,053,548 | €2,053,548 | = | 0.0% |
| Current assets | 29/58 | €482,938 | €450,959 | -€31,979 | -6.6% |
| Stocks and contracts in progress | 3 | €41,247 | €14,446 | -€26,801 | -65.0% |
| Stocks | 30/36 | €41,247 | €14,446 | -€26,801 | -65.0% |
| Amounts receivable within one year | 40/41 | €27,510 | €45,231 | +€17,721 | +64.4% |
| Trade receivables | 40 | €27,485 | €45,227 | +€17,741 | +64.5% |
| Other amounts receivable | 41 | €25 | €4 | -€21 | -82.2% |
| Current investments | 50/53 | €350,000 | €304,904 | -€45,096 | -12.9% |
| Cash at bank and in hand | 54/58 | €62,426 | €84,552 | +€22,126 | +35.4% |
| Deferred charges and accrued income | 490/1 | €1,755 | €1,825 | +€71 | +4.0% |
| Total equity and liabilities | 10/49 | €3,201,397 | €3,131,396 | -€70,001 | -2.2% |
| Equity | 10/15 | €2,948,823 | €3,024,355 | +€75,533 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €725,504 | €798,004 | +€72,500 | +10.0% |
| Distributable reserves | 133 | €725,504 | €798,004 | +€72,500 | +10.0% |
| Profit (loss) carried forward | 14 | €2,204,719 | €2,207,752 | +€3,033 | +0.1% |
| Amounts payable | 17/49 | €252,575 | €107,041 | -€145,534 | -57.6% |
| Amounts payable after more than one year | 17 | €53,971 | - | -€53,971 | |
| Financial debts | 170/4 | €53,971 | - | -€53,971 | |
| Amounts payable within one year | 42/48 | €198,012 | €107,041 | -€90,972 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €71,144 | €53,971 | -€17,173 | -24.1% |
| Trade debts | 44 | €3,587 | €12,420 | +€8,832 | +246.2% |
| Suppliers | 440/4 | €3,587 | €12,420 | +€8,832 | +246.2% |
| Taxes, remuneration and social security | 45 | €11,707 | €11,766 | +€59 | +0.5% |
| Taxes | 450/3 | €11,707 | €11,766 | +€59 | +0.5% |
| Other amounts payable | 47/48 | €111,574 | €28,884 | -€82,690 | -74.1% |
| Accrued charges and deferred income | 492/3 | €591 | - | -€591 | |
| Non-recurring operating income | 76A | - | €1,077 | +€1,077 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,099 | €49,873 | -€4,226 | -7.8% |
| Other operating charges | 640/8 | €12,930 | €24,394 | +€11,464 | +88.7% |
| Gross operating margin | 9900 | €77,290 | €128,457 | +€51,167 | +66.2% |
| Operating profit (loss) | 9901 | €10,261 | €54,190 | +€43,930 | +428.1% |
| Financial income | 75/76B | €120,863 | €44,884 | -€75,979 | -62.9% |
| Recurring financial income | 75 | €120,863 | €44,884 | -€75,979 | -62.9% |
| Financial charges | 65/66B | €3,709 | €2,261 | -€1,447 | -39.0% |
| Recurring financial charges | 65 | €3,709 | €2,261 | -€1,447 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €127,414 | €96,813 | -€30,602 | -24.0% |
| Income taxes | 67/77 | €16,051 | €21,280 | +€5,229 | +32.6% |
| Profit (loss) for the period | 9904 | €111,363 | €75,533 | -€35,831 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €111,363 | €75,533 | -€35,831 | -32.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.