GAADABOX: 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.
GAADABOX
Largest movements
- Receivables within one year +€136,337
up €136,337 (+364%), from €37,477 to €173,814
of which Trade receivables: +€130,383
- Cash +€20,381
up €20,381 (+71.4%), from €28,562 to €48,943
mainly Trade debts (+€156,549) and Net result for the year (+€16,778)
- Tangible fixed assets +€3,189
up €3,189 (+80.5%), from €3,960 to €7,149
- Trade debts +€156,549
up €156,549 (+531%), from €29,455 to €186,003
- Profit (loss) carried forward +€11,778
up €11,778 (+239%), from €4,933 to €16,711
- Current portion of long-term debt -€8,453
down €8,453 (-46.0%), from €18,365 to €9,912
- Other debts +€5,000
new in 2025: €5,000
- Debts after one year -€3,887
no longer reported in 2025 (was €3,887)
- Gross operating margin +€17,679
up €17,679 (+6.7%), from €262,599 to €280,278
- Staff costs +€11,729
up €11,729 (+4.9%), from €238,021 to €249,751
- Depreciation -€5,229
down €5,229 (-56.5%), from €9,263 to €4,034
- Taxes -€4,656
down €4,656 (-83.9%), from €5,549 to €893
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 | €104,800 | €264,707 | +€159,907 | +153% |
| Fixed assets | 21/28 | €36,210 | €39,399 | +€3,189 | +8.8% |
| Tangible fixed assets | 22/27 | €3,960 | €7,149 | +€3,189 | +80.5% |
| Furniture and vehicles | 24 | €3,960 | €7,149 | +€3,189 | +80.5% |
| Financial fixed assets | 28 | €32,250 | €32,250 | = | 0.0% |
| Current assets | 29/58 | €68,591 | €225,309 | +€156,718 | +228% |
| Amounts receivable within one year | 40/41 | €37,477 | €173,814 | +€136,337 | +364% |
| Trade receivables | 40 | €28,259 | €158,642 | +€130,383 | +461% |
| Other amounts receivable | 41 | €9,218 | €15,172 | +€5,954 | +64.6% |
| Cash at bank and in hand | 54/58 | €28,562 | €48,943 | +€20,381 | +71.4% |
| Deferred charges and accrued income | 490/1 | €2,552 | €2,552 | = | 0.0% |
| Total equity and liabilities | 10/49 | €104,800 | €264,707 | +€159,907 | +153% |
| Equity | 10/15 | €34,933 | €46,711 | +€11,778 | +33.7% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,933 | €16,711 | +€11,778 | +239% |
| Amounts payable | 17/49 | €69,868 | €217,997 | +€148,129 | +212% |
| Amounts payable after more than one year | 17 | €3,887 | - | -€3,887 | |
| Financial debts | 170/4 | €3,887 | - | -€3,887 | |
| Amounts payable within one year | 42/48 | €65,981 | €217,997 | +€152,016 | +230% |
| Current portion of amounts payable after more than one year | 42 | €18,365 | €9,912 | -€8,453 | -46.0% |
| Trade debts | 44 | €29,455 | €186,003 | +€156,549 | +531% |
| Suppliers | 440/4 | €29,455 | €186,003 | +€156,549 | +531% |
| Taxes, remuneration and social security | 45 | €18,160 | €17,082 | -€1,079 | -5.9% |
| Taxes | 450/3 | €10,184 | €3,217 | -€6,967 | -68.4% |
| Remuneration and social security | 454/9 | €7,977 | €13,864 | +€5,888 | +73.8% |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €238,021 | €249,751 | +€11,729 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,263 | €4,034 | -€5,229 | -56.5% |
| Other operating charges | 640/8 | €2,802 | €2,067 | -€736 | -26.2% |
| Non-recurring operating charges | 66A | - | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | €262,599 | €280,278 | +€17,679 | +6.7% |
| Operating profit (loss) | 9901 | €12,513 | €21,427 | +€8,914 | +71.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,406 | €3,755 | -€1,651 | -30.5% |
| Recurring financial charges | 65 | €5,406 | €3,755 | -€1,651 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €7,107 | €17,671 | +€10,565 | +149% |
| Income taxes | 67/77 | €5,549 | €893 | -€4,656 | -83.9% |
| Profit (loss) for the period | 9904 | €1,557 | €16,778 | +€15,221 | +977% |
| Profit (loss) for the period to be appropriated | 9905 | €1,557 | €16,778 | +€15,221 | +977% |
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 16 October 2026 via checked.be.