GA NORD: what changed
GA NORD
Largest movements
- Receivables within one year -€40,635
down €40,635 (-46.4%), from €87,522 to €46,887
of which Other amounts receivable: -€72,390
- Cash -€27,007
down €27,007 (-76.9%), from €35,109 to €8,102
mainly Net result for the year (-€87,381) and Advances received (-€21,022)
- Tangible fixed assets -€19,769
down €19,769 (-49.9%), from €39,580 to €19,811
of which Plant, machinery and equipment: -€19,314
- Stocks and contracts -€5,414
down €5,414 (-100%), from €5,414 to €0
- Deferred charges and accrued income +€2,789
up €2,789 (+376%), from €741 to €3,530
- Profit (loss) carried forward -€87,381
new in 2025: -€87,381
- Other debts +€27,008
up €27,008, from €0 to €27,008
- Advances received -€21,022
down €21,022 (-100%), from €21,022 to €0
- Tax, wage and social debts -€8,106
down €8,106 (-21.1%), from €38,343 to €30,237
of which Taxes: -€9,210
- Gross operating margin -€249,365
down €249,365 (-84.6%), from €294,724 to €45,360
- Staff costs -€79,860
down €79,860 (-40.4%), from €197,576 to €117,715
- Depreciation -€22,719
down €22,719 (-100%), from €22,719 to €0
- Taxes -€15,260
down €15,260 (-100%), from €15,260 to €0
- Financial charges -€5,765
down €5,765 (-74.8%), from €7,703 to €1,938
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €168,367 | €78,331 | -€90,036 | -53.5% |
| Fixed assets | 21/28 | €39,580 | €19,811 | -€19,769 | -49.9% |
| Tangible fixed assets | 22/27 | €39,580 | €19,811 | -€19,769 | -49.9% |
| Plant, machinery and equipment | 23 | €19,314 | €0 | -€19,314 | -100% |
| Other tangible fixed assets | 26 | €20,266 | €19,811 | -€455 | -2.2% |
| Current assets | 29/58 | €128,787 | €58,519 | -€70,267 | -54.6% |
| Stocks and contracts in progress | 3 | €5,414 | €0 | -€5,414 | -100% |
| Stocks | 30/36 | €5,414 | €0 | -€5,414 | -100% |
| Amounts receivable within one year | 40/41 | €87,522 | €46,887 | -€40,635 | -46.4% |
| Trade receivables | 40 | €14,926 | €46,682 | +€31,755 | +213% |
| Other amounts receivable | 41 | €72,595 | €205 | -€72,390 | -99.7% |
| Cash at bank and in hand | 54/58 | €35,109 | €8,102 | -€27,007 | -76.9% |
| Deferred charges and accrued income | 490/1 | €741 | €3,530 | +€2,789 | +376% |
| Total equity and liabilities | 10/49 | €168,367 | €78,331 | -€90,036 | -53.5% |
| Equity | 10/15 | €88,751 | €1,369 | -€87,381 | -98.5% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €77,551 | €77,551 | = | 0.0% |
| Distributable reserves | 133 | €77,551 | €77,551 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€87,381 | -€87,381 | |
| Amounts payable | 17/49 | €79,616 | €76,961 | -€2,655 | -3.3% |
| Amounts payable within one year | 42/48 | €79,616 | €76,961 | -€2,655 | -3.3% |
| Financial debts | 43 | €808 | €307 | -€501 | -62.0% |
| Credit institutions | 430/8 | €808 | €307 | -€501 | -62.0% |
| Trade debts | 44 | €19,442 | €19,408 | -€34 | -0.2% |
| Suppliers | 440/4 | €19,442 | €19,408 | -€34 | -0.2% |
| Advances received on contracts in progress | 46 | €21,022 | €0 | -€21,022 | -100% |
| Taxes, remuneration and social security | 45 | €38,343 | €30,237 | -€8,106 | -21.1% |
| Taxes | 450/3 | €25,161 | €15,951 | -€9,210 | -36.6% |
| Remuneration and social security | 454/9 | €13,182 | €14,286 | +€1,105 | +8.4% |
| Other amounts payable | 47/48 | €0 | €27,008 | +€27,008 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €197,576 | €117,715 | -€79,860 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,719 | €0 | -€22,719 | -100% |
| Other operating charges | 640/8 | €3,373 | €2,400 | -€974 | -28.9% |
| Non-recurring operating charges | 66A | - | €13,570 | +€13,570 | |
| Gross operating margin | 9900 | €294,724 | €45,360 | -€249,365 | -84.6% |
| Operating profit (loss) | 9901 | €71,057 | -€88,326 | -€159,382 | |
| Financial income | 75/76B | €8,424 | €2,882 | -€5,542 | -65.8% |
| Recurring financial income | 75 | €8,424 | €2,882 | -€5,542 | -65.8% |
| Financial charges | 65/66B | €7,703 | €1,938 | -€5,765 | -74.8% |
| Recurring financial charges | 65 | €7,703 | €1,938 | -€5,765 | -74.8% |
| Profit (loss) for the period before taxes | 9903 | €71,778 | -€87,381 | -€159,159 | |
| Income taxes | 67/77 | €15,260 | €0 | -€15,260 | -100% |
| Profit (loss) for the period | 9904 | €56,517 | -€87,381 | -€143,899 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,517 | -€87,381 | -€143,899 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.