Gaar: 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.
Gaar
Largest movements
- Tangible fixed assets +€383,554
up €383,554 (+608%), from €63,065 to €446,619
of which Land and buildings: +€406,761
- Cash -€93,678
down €93,678 (-35.8%), from €261,776 to €168,098
mainly Investment in fixed assets (net) (-€435,402) and Net result for the year (-€37,712)
- Receivables within one year -€22,126
down €22,126 (-48.9%), from €45,202 to €23,076
of which Trade receivables: -€22,824
- Deferred charges and accrued income +€9,225
up €9,225 (+1,448%), from €637 to €9,862
- Debts after one year +€304,175
up €304,175 (+2,944%), from €10,333 to €314,508
- Reserves -€37,711
down €37,711 (-13.4%), from €281,652 to €243,941
- Current portion of long-term debt +€19,695
up €19,695 (+197%), from €10,009 to €29,704
- Tax, wage and social debts -€9,420
down €9,420 (-51.0%), from €18,463 to €9,043
of which Remuneration and social security: -€6,481
- Trade debts +€7,060
new in 2025: €7,060
- Gross operating margin -€94,279
down €94,279 (-54.8%), from €172,043 to €77,764
- Other operating charges +€52,054
up €52,054 (+8,590%), from €606 to €52,660
- Taxes -€29,242
no longer reported in 2025 (was €29,242)
- Depreciation +€16,541
up €16,541 (+46.8%), from €35,307 to €51,848
- Financial charges +€9,173
up €9,173 (+510%), from €1,800 to €10,973
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 | €370,680 | €647,655 | +€276,975 | +74.7% |
| Fixed assets | 21/28 | €63,065 | €446,619 | +€383,554 | +608% |
| Tangible fixed assets | 22/27 | €63,065 | €446,619 | +€383,554 | +608% |
| Land and buildings | 22 | - | €406,761 | +€406,761 | |
| Plant, machinery and equipment | 23 | €38,077 | €29,118 | -€8,959 | -23.5% |
| Furniture and vehicles | 24 | €1,035 | €304 | -€731 | -70.6% |
| Leasing and similar rights | 25 | €23,953 | €10,436 | -€13,517 | -56.4% |
| Current assets | 29/58 | €307,615 | €201,036 | -€106,579 | -34.6% |
| Amounts receivable within one year | 40/41 | €45,202 | €23,076 | -€22,126 | -48.9% |
| Trade receivables | 40 | €41,944 | €19,120 | -€22,824 | -54.4% |
| Other amounts receivable | 41 | €3,258 | €3,956 | +€698 | +21.4% |
| Cash at bank and in hand | 54/58 | €261,776 | €168,098 | -€93,678 | -35.8% |
| Deferred charges and accrued income | 490/1 | €637 | €9,862 | +€9,225 | +1,448% |
| Total equity and liabilities | 10/49 | €370,680 | €647,655 | +€276,975 | +74.7% |
| Equity | 10/15 | €300,252 | €262,541 | -€37,711 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €281,652 | €243,941 | -€37,711 | -13.4% |
| Distributable reserves | 133 | €281,652 | €243,941 | -€37,711 | -13.4% |
| Amounts payable | 17/49 | €70,428 | €385,114 | +€314,686 | +447% |
| Amounts payable after more than one year | 17 | €10,333 | €314,508 | +€304,175 | +2,944% |
| Financial debts | 170/4 | €10,333 | €314,508 | +€304,175 | +2,944% |
| Amounts payable within one year | 42/48 | €60,095 | €70,606 | +€10,511 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €10,009 | €29,704 | +€19,695 | +197% |
| Trade debts | 44 | - | €7,060 | +€7,060 | |
| Suppliers | 440/4 | - | €7,060 | +€7,060 | |
| Taxes, remuneration and social security | 45 | €18,463 | €9,043 | -€9,420 | -51.0% |
| Taxes | 450/3 | €11,982 | €9,043 | -€2,939 | -24.5% |
| Remuneration and social security | 454/9 | €6,481 | - | -€6,481 | |
| Other amounts payable | 47/48 | €31,623 | €24,799 | -€6,824 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,307 | €51,848 | +€16,541 | +46.8% |
| Other operating charges | 640/8 | €606 | €52,660 | +€52,054 | +8,590% |
| Gross operating margin | 9900 | €172,043 | €77,764 | -€94,279 | -54.8% |
| Operating profit (loss) | 9901 | €136,130 | -€26,744 | -€162,874 | |
| Financial income | 75/76B | €8 | €5 | -€3 | -37.5% |
| Recurring financial income | 75 | €8 | €5 | -€3 | -37.5% |
| Financial charges | 65/66B | €1,800 | €10,973 | +€9,173 | +510% |
| Recurring financial charges | 65 | €1,800 | €10,973 | +€9,173 | +510% |
| Profit (loss) for the period before taxes | 9903 | €134,338 | -€37,712 | -€172,050 | |
| Income taxes | 67/77 | €29,242 | - | -€29,242 | |
| Profit (loss) for the period | 9904 | €105,096 | -€37,712 | -€142,808 | |
| Profit (loss) for the period to be appropriated | 9905 | €105,096 | -€37,712 | -€142,808 |
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.