GA GROUP: 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.
GA GROUP
Largest movements
- Tangible fixed assets -€17,643
down €17,643 (-20.0%), from €88,106 to €70,463
of which Furniture and vehicles: -€15,057
- Cash +€9,700
up €9,700 (+11.3%), from €86,033 to €95,733
mainly Net result for the year (+€35,565) and Depreciation (+€22,091)
- Other debts -€40,036
no longer reported in 2025 (was €40,036)
- Reserves +€35,565
up €35,565 (+157%), from €22,675 to €58,240
- Debts after one year -€14,662
down €14,662 (-24.4%), from €60,185 to €45,522
- Trade debts -€10,649
down €10,649 (-47.7%), from €22,316 to €11,667
- Short-term financial debts +€10,000
new in 2025: €10,000
- Staff costs +€40,216
up €40,216 (+27.8%), from €144,869 to €185,085
- Gross operating margin -€24,877
down €24,877 (-8.8%), from €283,309 to €258,432
- Depreciation +€10,953
up €10,953 (+98.3%), from €11,138 to €22,091
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 | €180,367 | €170,895 | -€9,472 | -5.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €88,106 | €70,463 | -€17,643 | -20.0% |
| Tangible fixed assets | 22/27 | €88,106 | €70,463 | -€17,643 | -20.0% |
| Plant, machinery and equipment | 23 | €20,975 | €22,237 | +€1,262 | +6.0% |
| Furniture and vehicles | 24 | €41,356 | €26,299 | -€15,057 | -36.4% |
| Other tangible fixed assets | 26 | €25,775 | €21,927 | -€3,848 | -14.9% |
| Current assets | 29/58 | €92,261 | €100,432 | +€8,171 | +8.9% |
| Stocks and contracts in progress | 3 | €726 | €910 | +€185 | +25.5% |
| Stocks | 30/36 | €726 | €910 | +€185 | +25.5% |
| Amounts receivable within one year | 40/41 | €5,503 | €3,789 | -€1,714 | -31.1% |
| Trade receivables | 40 | €4,598 | - | -€4,598 | |
| Other amounts receivable | 41 | €905 | €3,789 | +€2,884 | +319% |
| Cash at bank and in hand | 54/58 | €86,033 | €95,733 | +€9,700 | +11.3% |
| Total equity and liabilities | 10/49 | €180,367 | €170,895 | -€9,472 | -5.3% |
| Equity | 10/15 | €27,675 | €63,240 | +€35,565 | +129% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €22,675 | €58,240 | +€35,565 | +157% |
| Distributable reserves | 133 | €22,675 | €58,240 | +€35,565 | +157% |
| Amounts payable | 17/49 | €152,692 | €107,654 | -€45,037 | -29.5% |
| Amounts payable after more than one year | 17 | €60,185 | €45,522 | -€14,662 | -24.4% |
| Financial debts | 170/4 | €60,185 | €45,522 | -€14,662 | -24.4% |
| Amounts payable within one year | 42/48 | €92,507 | €62,132 | -€30,375 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €14,154 | €14,662 | +€509 | +3.6% |
| Financial debts | 43 | - | €10,000 | +€10,000 | |
| Credit institutions | 430/8 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €22,316 | €11,667 | -€10,649 | -47.7% |
| Suppliers | 440/4 | €22,316 | €11,667 | -€10,649 | -47.7% |
| Taxes, remuneration and social security | 45 | €16,001 | €25,803 | +€9,801 | +61.3% |
| Taxes | 450/3 | €8,433 | €8,159 | -€275 | -3.3% |
| Remuneration and social security | 454/9 | €7,568 | €17,644 | +€10,076 | +133% |
| Other amounts payable | 47/48 | €40,036 | - | -€40,036 | |
| Remuneration, social security and pensions | 62 | €144,869 | €185,085 | +€40,216 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,138 | €22,091 | +€10,953 | +98.3% |
| Other operating charges | 640/8 | €1,941 | €2,282 | +€341 | +17.6% |
| Gross operating margin | 9900 | €283,309 | €258,432 | -€24,877 | -8.8% |
| Operating profit (loss) | 9901 | €125,361 | €48,975 | -€76,387 | -60.9% |
| Financial income | 75/76B | €1 | €255 | +€254 | +30,978% |
| Recurring financial income | 75 | €1 | €255 | +€254 | +30,978% |
| Financial charges | 65/66B | €6,067 | €3,839 | -€2,228 | -36.7% |
| Recurring financial charges | 65 | €6,067 | €3,839 | -€2,228 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €119,295 | €45,390 | -€73,905 | -62.0% |
| Income taxes | 67/77 | €7,437 | €9,825 | +€2,388 | +32.1% |
| Profit (loss) for the period | 9904 | €111,858 | €35,565 | -€76,292 | -68.2% |
| Profit (loss) for the period to be appropriated | 9905 | €111,858 | €35,565 | -€76,292 | -68.2% |
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 14 October 2026 via checked.be.