GAAC: 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.
GAAC
Largest movements
- Cash -€118,171
down €118,171 (-63.7%), from €185,619 to €67,448
mainly Debts after one year (-€130,000) and Net result for the year (-€20,963)
- Current investments -€24,541
down €24,541 (-51.1%), from €48,034 to €23,493
- Deferred charges and accrued income +€16,142
up €16,142 (+480.7%), from €3,358 to €19,500
- Tangible fixed assets -€8,048
down €8,048 (-39.7%), from €20,248 to €12,200
of which Furniture and vehicles: -€8,048
- Receivables within one year -€6,171
down €6,171 (-37.1%), from €16,627 to €10,456
of which Trade receivables: -€6,967
- Debts after one year -€130,000
down €130,000 (-100.0%), from €130,000 to €0
- Profit (loss) carried forward -€20,963
down €20,963 (-34.4%), from €61,025 to €40,063
- Other debts +€16,189
up €16,189 (+109.2%), from €14,829 to €31,018
- Tax, wage and social debts -€5,329
down €5,329 (-28.8%), from €18,490 to €13,161
- Gross operating margin -€137,118
down €137,118, from €123,985 to -€13,134
- Taxes -€32,804
down €32,804 (-98.9%), from €33,165 to €361
- Financial income -€5,498
down €5,498 (-54.1%), from €10,170 to €4,672
- Financial charges -€2,692
down €2,692 (-67.8%), from €3,973 to €1,280
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 | €381,460 | €240,671 | -€140,789 | -36.9% |
| Fixed assets | 21/28 | €127,822 | €119,774 | -€8,048 | -6.3% |
| Tangible fixed assets | 22/27 | €20,248 | €12,200 | -€8,048 | -39.7% |
| Furniture and vehicles | 24 | €18,809 | €10,761 | -€8,048 | -42.8% |
| Other tangible fixed assets | 26 | €1,439 | €1,439 | = | 0.0% |
| Financial fixed assets | 28 | €107,574 | €107,574 | = | 0.0% |
| Current assets | 29/58 | €253,638 | €120,897 | -€132,741 | -52.3% |
| Amounts receivable within one year | 40/41 | €16,627 | €10,456 | -€6,171 | -37.1% |
| Trade receivables | 40 | €16,627 | €9,660 | -€6,967 | -41.9% |
| Other amounts receivable | 41 | - | €796 | +€796 | |
| Current investments | 50/53 | €48,034 | €23,493 | -€24,541 | -51.1% |
| Cash at bank and in hand | 54/58 | €185,619 | €67,448 | -€118,171 | -63.7% |
| Deferred charges and accrued income | 490/1 | €3,358 | €19,500 | +€16,142 | +480.7% |
| Total equity and liabilities | 10/49 | €381,460 | €240,671 | -€140,789 | -36.9% |
| Equity | 10/15 | €216,025 | €195,063 | -€20,963 | -9.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €150,000 | €150,000 | = | 0.0% |
| Distributable reserves | 133 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,025 | €40,063 | -€20,963 | -34.4% |
| Amounts payable | 17/49 | €165,434 | €45,608 | -€119,826 | -72.4% |
| Amounts payable after more than one year | 17 | €130,000 | €0 | -€130,000 | -100.0% |
| Other amounts payable | 178/9 | €130,000 | €0 | -€130,000 | -100.0% |
| Amounts payable within one year | 42/48 | €34,284 | €44,458 | +€10,174 | +29.7% |
| Trade debts | 44 | €965 | €279 | -€686 | -71.1% |
| Suppliers | 440/4 | €965 | €279 | -€686 | -71.1% |
| Taxes, remuneration and social security | 45 | €18,490 | €13,161 | -€5,329 | -28.8% |
| Taxes | 450/3 | €18,490 | €13,161 | -€5,329 | -28.8% |
| Other amounts payable | 47/48 | €14,829 | €31,018 | +€16,189 | +109.2% |
| Accrued charges and deferred income | 492/3 | €1,150 | €1,150 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,533 | €10,225 | -€308 | -2.9% |
| Other operating charges | 640/8 | €781 | €635 | -€146 | -18.7% |
| Gross operating margin | 9900 | €123,985 | -€13,134 | -€137,118 | |
| Operating profit (loss) | 9901 | €112,671 | -€23,993 | -€136,664 | |
| Financial income | 75/76B | €10,170 | €4,672 | -€5,498 | -54.1% |
| Recurring financial income | 75 | €10,170 | €4,672 | -€5,498 | -54.1% |
| Financial charges | 65/66B | €3,973 | €1,280 | -€2,692 | -67.8% |
| Recurring financial charges | 65 | €3,973 | €1,280 | -€2,692 | -67.8% |
| Profit (loss) for the period before taxes | 9903 | €118,869 | -€20,602 | -€139,470 | |
| Income taxes | 67/77 | €33,165 | €361 | -€32,804 | -98.9% |
| Profit (loss) for the period | 9904 | €85,704 | -€20,963 | -€106,666 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,704 | -€20,963 | -€106,666 |
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 29 September 2026 via checked.be.