G & X: 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 & X
Largest movements
- Tangible fixed assets -€103,546
down €103,546 (-20.2%), from €513,832 to €410,286
of which Land and buildings: -€75,343
- Cash -€26,054
down €26,054 (-24.2%), from €107,663 to €81,609
mainly Other debts (-€143,839) and Debts after one year (-€24,297)
- Other debts -€143,839
down €143,839 (-87.5%), from €164,316 to €20,477
- Reserves +€63,275
up €63,275 (+26.5%), from €239,115 to €302,390
- Debts after one year -€24,297
down €24,297 (-13.6%), from €178,896 to €154,599
- Tax, wage and social debts -€15,151
down €15,151 (-81.6%), from €18,568 to €3,418
of which Taxes: -€12,320
- Gross operating margin -€97,847
down €97,847 (-41.7%), from €234,714 to €136,867
- Staff costs -€31,616
down €31,616 (-75.9%), from €41,632 to €10,016
- Depreciation -€25,233
down €25,233 (-51.0%), from €49,481 to €24,248
- Other operating charges -€16,616
down €16,616 (-85.2%), from €19,507 to €2,891
- Taxes -€2,457
down €2,457 (-7.6%), from €32,440 to €29,983
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 | €654,546 | €529,876 | -€124,670 | -19.0% |
| Fixed assets | 21/28 | €513,832 | €410,286 | -€103,546 | -20.2% |
| Tangible fixed assets | 22/27 | €513,832 | €410,286 | -€103,546 | -20.2% |
| Land and buildings | 22 | €483,623 | €408,280 | -€75,343 | -15.6% |
| Plant, machinery and equipment | 23 | €29,866 | €2,005 | -€27,860 | -93.3% |
| Furniture and vehicles | 24 | €343 | €0 | -€343 | -100% |
| Current assets | 29/58 | €140,715 | €119,591 | -€21,124 | -15.0% |
| Stocks and contracts in progress | 3 | €2,185 | €1,750 | -€435 | -19.9% |
| Stocks | 30/36 | €2,185 | €1,750 | -€435 | -19.9% |
| Amounts receivable within one year | 40/41 | €30,000 | €35,508 | +€5,508 | +18.4% |
| Trade receivables | 40 | €0 | €25,508 | +€25,508 | |
| Other amounts receivable | 41 | €30,000 | €10,000 | -€20,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €107,663 | €81,609 | -€26,054 | -24.2% |
| Deferred charges and accrued income | 490/1 | €866 | €724 | -€142 | -16.4% |
| Total equity and liabilities | 10/49 | €654,546 | €529,876 | -€124,670 | -19.0% |
| Equity | 10/15 | €257,715 | €320,990 | +€63,275 | +24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,115 | €302,390 | +€63,275 | +26.5% |
| Distributable reserves | 133 | €239,115 | €302,390 | +€63,275 | +26.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €396,831 | €208,886 | -€187,945 | -47.4% |
| Amounts payable after more than one year | 17 | €178,896 | €154,599 | -€24,297 | -13.6% |
| Financial debts | 170/4 | €178,896 | €154,599 | -€24,297 | -13.6% |
| Amounts payable within one year | 42/48 | €217,935 | €54,287 | -€163,648 | -75.1% |
| Current portion of amounts payable after more than one year | 42 | €23,916 | €24,297 | +€381 | +1.6% |
| Financial debts | 43 | €2,154 | €2,382 | +€228 | +10.6% |
| Credit institutions | 430/8 | €2,154 | €2,382 | +€228 | +10.6% |
| Trade debts | 44 | €8,981 | €3,714 | -€5,267 | -58.6% |
| Suppliers | 440/4 | €8,981 | €3,714 | -€5,267 | -58.6% |
| Taxes, remuneration and social security | 45 | €18,568 | €3,418 | -€15,151 | -81.6% |
| Taxes | 450/3 | €13,870 | €1,550 | -€12,320 | -88.8% |
| Remuneration and social security | 454/9 | €4,699 | €1,868 | -€2,831 | -60.3% |
| Other amounts payable | 47/48 | €164,316 | €20,477 | -€143,839 | -87.5% |
| Non-recurring operating income | 76A | - | €110,757 | +€110,757 | |
| Remuneration, social security and pensions | 62 | €41,632 | €10,016 | -€31,616 | -75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,481 | €24,248 | -€25,233 | -51.0% |
| Other operating charges | 640/8 | €19,507 | €2,891 | -€16,616 | -85.2% |
| Gross operating margin | 9900 | €234,714 | €136,867 | -€97,847 | -41.7% |
| Operating profit (loss) | 9901 | €124,094 | €99,712 | -€24,382 | -19.6% |
| Financial income | 75/76B | €36 | €3 | -€33 | -91.7% |
| Recurring financial income | 75 | €36 | €3 | -€33 | -91.7% |
| Financial charges | 65/66B | €8,881 | €6,457 | -€2,424 | -27.3% |
| Recurring financial charges | 65 | €8,881 | €6,457 | -€2,424 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €115,249 | €93,258 | -€21,992 | -19.1% |
| Income taxes | 67/77 | €32,440 | €29,983 | -€2,457 | -7.6% |
| Profit (loss) for the period | 9904 | €82,810 | €63,275 | -€19,535 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,810 | €63,275 | -€19,535 | -23.6% |
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 15 October 2026 via checked.be.