G041T: 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.
G041T
Largest movements
- Receivables within one year +€70,249
up €70,249 (+109%), from €64,498 to €134,747
of which Trade receivables: +€66,960
- Cash -€55,474
down €55,474 (-33.3%), from €166,445 to €110,971
mainly Receivables within one year (-€70,249) and Tax, wage and social debts (-€16,337)
- Tangible fixed assets -€11,354
down €11,354 (-2.1%), from €532,662 to €521,307
of which Land and buildings: -€8,288
- Reserves +€34,060
up €34,060 (+18.6%), from €183,361 to €217,421
of which Distributable reserves: +€34,060
- Tax, wage and social debts -€16,337
down €16,337 (-50.2%), from €32,550 to €16,213
- Debts after one year -€16,220
down €16,220 (-11.8%), from €137,217 to €120,997
- Gross operating margin -€30,935
down €30,935 (-28.8%), from €107,556 to €76,621
- Other operating charges -€28,831
down €28,831 (-94.2%), from €30,600 to €1,769
- Financial charges -€2,072
down €2,072 (-28.0%), from €7,392 to €5,320
- Depreciation +€1,393
up €1,393 (+6.6%), from €21,164 to €22,556
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 | €763,605 | €767,026 | +€3,421 | +0.4% |
| Fixed assets | 21/28 | €532,662 | €521,307 | -€11,354 | -2.1% |
| Tangible fixed assets | 22/27 | €532,662 | €521,307 | -€11,354 | -2.1% |
| Land and buildings | 22 | €528,093 | €519,805 | -€8,288 | -1.6% |
| Plant, machinery and equipment | 23 | €392 | - | -€392 | |
| Furniture and vehicles | 24 | €4,176 | €1,502 | -€2,674 | -64.0% |
| Current assets | 29/58 | €230,943 | €245,718 | +€14,775 | +6.4% |
| Amounts receivable within one year | 40/41 | €64,498 | €134,747 | +€70,249 | +109% |
| Trade receivables | 40 | €48,114 | €115,074 | +€66,960 | +139% |
| Other amounts receivable | 41 | €16,384 | €19,673 | +€3,289 | +20.1% |
| Cash at bank and in hand | 54/58 | €166,445 | €110,971 | -€55,474 | -33.3% |
| Total equity and liabilities | 10/49 | €763,605 | €767,026 | +€3,421 | +0.4% |
| Equity | 10/15 | €575,329 | €609,389 | +€34,060 | +5.9% |
| Contributions | 10/11 | €186,200 | €186,200 | = | 0.0% |
| Revaluation surpluses | 12 | €205,768 | €205,768 | = | 0.0% |
| Reserves | 13 | €183,361 | €217,421 | +€34,060 | +18.6% |
| Tax-exempt reserves | 132 | €56,804 | €56,804 | = | 0.0% |
| Distributable reserves | 133 | €126,557 | €160,617 | +€34,060 | +26.9% |
| Amounts payable | 17/49 | €188,276 | €157,637 | -€30,639 | -16.3% |
| Amounts payable after more than one year | 17 | €137,217 | €120,997 | -€16,220 | -11.8% |
| Financial debts | 170/4 | €137,217 | €120,997 | -€16,220 | -11.8% |
| Amounts payable within one year | 42/48 | €51,059 | €36,640 | -€14,419 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | €17,181 | €17,528 | +€346 | +2.0% |
| Trade debts | 44 | €1,328 | €2,899 | +€1,571 | +118% |
| Suppliers | 440/4 | €1,328 | €2,899 | +€1,571 | +118% |
| Taxes, remuneration and social security | 45 | €32,550 | €16,213 | -€16,337 | -50.2% |
| Taxes | 450/3 | €32,550 | €16,213 | -€16,337 | -50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,164 | €22,556 | +€1,393 | +6.6% |
| Other operating charges | 640/8 | €30,600 | €1,769 | -€28,831 | -94.2% |
| Gross operating margin | 9900 | €107,556 | €76,621 | -€30,935 | -28.8% |
| Operating profit (loss) | 9901 | €55,792 | €52,295 | -€3,497 | -6.3% |
| Financial income | 75/76B | €55 | €51 | -€5 | -8.5% |
| Recurring financial income | 75 | €55 | €51 | -€5 | -8.5% |
| Financial charges | 65/66B | €7,392 | €5,320 | -€2,072 | -28.0% |
| Recurring financial charges | 65 | €7,392 | €5,320 | -€2,072 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €48,456 | €47,026 | -€1,430 | -3.0% |
| Income taxes | 67/77 | €13,341 | €12,966 | -€375 | -2.8% |
| Profit (loss) for the period | 9904 | €35,115 | €34,060 | -€1,055 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,115 | €34,060 | -€1,055 | -3.0% |
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 18 October 2026 via checked.be.