G40: 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.
G40
Largest movements
- Cash -€61,881
down €61,881 (-60.8%), from €101,697 to €39,816
mainly Contributions, distributions and other (-€66,500) and Receivables within one year (-€56,972)
- Receivables within one year +€56,972
up €56,972 (+287.7%), from €19,804 to €76,776
of which Other amounts receivable: +€57,191
- Tangible fixed assets -€9,013
down €9,013 (-6.9%), from €130,903 to €121,890
- Reserves -€39,500
down €39,500 (-33.8%), from €116,860 to €77,360
of which Distributable reserves: -€39,500
- Other debts +€29,160
up €29,160 (+87.0%), from €33,527 to €62,688
- Debts after one year -€8,246
down €8,246 (-19.3%), from €42,793 to €34,547
- Tax, wage and social debts +€6,139
up €6,139 (+62.9%), from €9,767 to €15,906
- Purchases and services -€16,169
down €16,169 (-13.0%), from €124,396 to €108,227
- Financial charges +€2,582
up €2,582 (+143.7%), from €1,797 to €4,379
- Gross operating margin +€1,955
up €1,955 (+3.6%), from €54,586 to €56,541
- Financial income +€1,369
up €1,369 (+197.4%), from €693 to €2,062
- Other operating charges -€632
down €632 (-16.4%), from €3,853 to €3,221
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 | €410,603 | €396,816 | -€13,788 | -3.4% |
| Fixed assets | 21/28 | €136,667 | €127,654 | -€9,013 | -6.6% |
| Tangible fixed assets | 22/27 | €130,903 | €121,890 | -€9,013 | -6.9% |
| Land and buildings | 22 | €98,340 | €94,974 | -€3,366 | -3.4% |
| Plant, machinery and equipment | 23 | €26,851 | €22,430 | -€4,421 | -16.5% |
| Furniture and vehicles | 24 | €5,712 | €4,486 | -€1,226 | -21.5% |
| Financial fixed assets | 28 | €5,764 | €5,764 | = | 0.0% |
| Current assets | 29/58 | €273,936 | €269,162 | -€4,775 | -1.7% |
| Amounts receivable within one year | 40/41 | €19,804 | €76,776 | +€56,972 | +287.7% |
| Trade receivables | 40 | €19,741 | €19,522 | -€219 | -1.1% |
| Other amounts receivable | 41 | €63 | €57,254 | +€57,191 | +90706.8% |
| Current investments | 50/53 | €150,423 | €150,423 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €101,697 | €39,816 | -€61,881 | -60.8% |
| Deferred charges and accrued income | 490/1 | €2,013 | €2,146 | +€134 | +6.6% |
| Total equity and liabilities | 10/49 | €410,603 | €396,816 | -€13,788 | -3.4% |
| Equity | 10/15 | €253,514 | €215,184 | -€38,330 | -15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €116,860 | €77,360 | -€39,500 | -33.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €115,000 | €75,500 | -€39,500 | -34.3% |
| Profit (loss) carried forward | 14 | €118,054 | €119,224 | +€1,170 | +1.0% |
| Amounts payable | 17/49 | €157,089 | €181,632 | +€24,543 | +15.6% |
| Amounts payable after more than one year | 17 | €42,793 | €34,547 | -€8,246 | -19.3% |
| Financial debts | 170/4 | €42,793 | €34,547 | -€8,246 | -19.3% |
| Amounts payable within one year | 42/48 | €114,296 | €147,085 | +€32,789 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €10,817 | €12,255 | +€1,438 | +13.3% |
| Trade debts | 44 | €11,568 | €7,619 | -€3,949 | -34.1% |
| Suppliers | 440/4 | €11,568 | €7,619 | -€3,949 | -34.1% |
| Advances received on contracts in progress | 46 | €48,617 | €48,617 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,767 | €15,906 | +€6,139 | +62.9% |
| Taxes | 450/3 | €9,767 | €15,906 | +€6,139 | +62.9% |
| Other amounts payable | 47/48 | €33,527 | €62,688 | +€29,160 | +87.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €124,396 | €108,227 | -€16,169 | -13.0% |
| Remuneration, social security and pensions | 62 | - | €18 | +€18 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,934 | €9,013 | +€79 | +0.9% |
| Other operating charges | 640/8 | €3,853 | €3,221 | -€632 | -16.4% |
| Non-recurring operating charges | 66A | €171 | €103 | -€68 | -39.7% |
| Gross operating margin | 9900 | €54,586 | €56,541 | +€1,955 | +3.6% |
| Operating profit (loss) | 9901 | €41,628 | €44,185 | +€2,558 | +6.1% |
| Financial income | 75/76B | €693 | €2,062 | +€1,369 | +197.4% |
| Recurring financial income | 75 | €693 | €2,062 | +€1,369 | +197.4% |
| Financial charges | 65/66B | €1,797 | €4,379 | +€2,582 | +143.7% |
| Recurring financial charges | 65 | €1,797 | €4,379 | +€2,582 | +143.7% |
| Profit (loss) for the period before taxes | 9903 | €40,524 | €41,868 | +€1,344 | +3.3% |
| Income taxes | 67/77 | €13,629 | €13,698 | +€70 | +0.5% |
| Profit (loss) for the period | 9904 | €26,896 | €28,170 | +€1,274 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,896 | €28,170 | +€1,274 | +4.7% |
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.