GA2: 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.
GA2
Largest movements
- Tangible fixed assets +€401,025
up €401,025 (+70.3%), from €570,431 to €971,456
- Cash -€16,082
down €16,082 (-38.3%), from €41,946 to €25,864
mainly Investment in fixed assets (net) (-€476,000) and Net result for the year (-€22,574)
- Debts after one year +€329,131
up €329,131 (+66.9%), from €491,930 to €821,060
- Other debts +€74,195
up €74,195 (+817.3%), from €9,078 to €83,274
- Profit (loss) carried forward -€22,574
new in 2025: -€22,574
- Current portion of long-term debt +€14,236
up €14,236 (+34.5%), from €41,249 to €55,485
- Depreciation +€56,499
up €56,499 (+305.8%), from €18,475 to €74,975
- Gross operating margin +€16,475
up €16,475 (+24.7%), from €66,815 to €83,290
- Taxes -€8,430
down €8,430 (-100.0%), from €8,430 to €0
- Financial charges +€7,765
up €7,765 (+63.7%), from €12,190 to €19,955
- Other operating charges +€3,916
up €3,916 (+55.8%), from €7,018 to €10,934
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 | €620,516 | €1,009,627 | +€389,111 | +62.7% |
| Fixed assets | 21/28 | €570,431 | €971,456 | +€401,025 | +70.3% |
| Tangible fixed assets | 22/27 | €570,431 | €971,456 | +€401,025 | +70.3% |
| Land and buildings | 22 | €570,431 | €971,456 | +€401,025 | +70.3% |
| Current assets | 29/58 | €50,085 | €38,171 | -€11,914 | -23.8% |
| Amounts receivable within one year | 40/41 | €6,897 | €2,423 | -€4,474 | -64.9% |
| Trade receivables | 40 | €0 | €2,096 | +€2,096 | |
| Other amounts receivable | 41 | €6,897 | €327 | -€6,570 | -95.3% |
| Cash at bank and in hand | 54/58 | €41,946 | €25,864 | -€16,082 | -38.3% |
| Deferred charges and accrued income | 490/1 | €1,241 | €9,884 | +€8,642 | +696.2% |
| Total equity and liabilities | 10/49 | €620,516 | €1,009,627 | +€389,111 | +62.7% |
| Equity | 10/15 | €77,894 | €45,565 | -€32,329 | -41.5% |
| Contributions | 10/11 | €6,237 | €6,237 | = | 0.0% |
| Reserves | 13 | €71,657 | €61,902 | -€9,755 | -13.6% |
| Distributable reserves | 133 | €71,657 | €61,902 | -€9,755 | -13.6% |
| Profit (loss) carried forward | 14 | - | -€22,574 | -€22,574 | |
| Amounts payable | 17/49 | €542,622 | €964,062 | +€421,440 | +77.7% |
| Amounts payable after more than one year | 17 | €491,930 | €821,060 | +€329,131 | +66.9% |
| Financial debts | 170/4 | €491,930 | €821,060 | +€329,131 | +66.9% |
| Amounts payable within one year | 42/48 | €50,692 | €140,279 | +€89,587 | +176.7% |
| Current portion of amounts payable after more than one year | 42 | €41,249 | €55,485 | +€14,236 | +34.5% |
| Trade debts | 44 | €365 | €782 | +€417 | +114.3% |
| Suppliers | 440/4 | €365 | €782 | +€417 | +114.3% |
| Taxes, remuneration and social security | 45 | - | €739 | +€739 | |
| Taxes | 450/3 | - | €739 | +€739 | |
| Other amounts payable | 47/48 | €9,078 | €83,274 | +€74,195 | +817.3% |
| Accrued charges and deferred income | 492/3 | - | €2,723 | +€2,723 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,475 | €74,975 | +€56,499 | +305.8% |
| Other operating charges | 640/8 | €7,018 | €10,934 | +€3,916 | +55.8% |
| Gross operating margin | 9900 | €66,815 | €83,290 | +€16,475 | +24.7% |
| Operating profit (loss) | 9901 | €41,322 | -€2,619 | -€43,941 | |
| Financial charges | 65/66B | €12,190 | €19,955 | +€7,765 | +63.7% |
| Recurring financial charges | 65 | €12,190 | €19,955 | +€7,765 | +63.7% |
| Profit (loss) for the period before taxes | 9903 | €29,132 | -€22,574 | -€51,706 | |
| Income taxes | 67/77 | €8,430 | €0 | -€8,430 | -100.0% |
| Profit (loss) for the period | 9904 | €20,702 | -€22,574 | -€43,276 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,702 | -€22,574 | -€43,276 |
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 4 October 2026 via checked.be.