GADO: 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.
GADO
Largest movements
- Cash +€31,075
up €31,075 (+28.5%), from €109,017 to €140,092
mainly Tax, wage and social debts (+€11,080) and Net result for the year (+€10,065)
- Tangible fixed assets -€9,453
down €9,453 (-16.3%), from €57,825 to €48,371
of which Plant, machinery and equipment: -€9,181
- Tax, wage and social debts +€11,080
up €11,080 (+54.8%), from €20,224 to €31,304
of which Remuneration and social security: +€7,650
- Profit (loss) carried forward +€10,065
up €10,065 (+7.5%), from €134,215 to €144,280
- Staff costs +€16,086
up €16,086 (+4.1%), from €394,201 to €410,286
- Gross operating margin +€11,775
up €11,775 (+2.7%), from €429,685 to €441,459
- Taxes +€7,063
up €7,063 (+1825.3%), from €387 to €7,450
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 | €188,143 | €210,983 | +€22,840 | +12.1% |
| Fixed assets | 21/28 | €57,825 | €48,371 | -€9,453 | -16.3% |
| Tangible fixed assets | 22/27 | €57,825 | €48,371 | -€9,453 | -16.3% |
| Plant, machinery and equipment | 23 | €57,281 | €48,099 | -€9,181 | -16.0% |
| Other tangible fixed assets | 26 | €544 | €272 | -€272 | -50.0% |
| Current assets | 29/58 | €130,318 | €162,611 | +€32,294 | +24.8% |
| Stocks and contracts in progress | 3 | €4,581 | €5,537 | +€957 | +20.9% |
| Stocks | 30/36 | €4,581 | €5,537 | +€957 | +20.9% |
| Amounts receivable within one year | 40/41 | €16,720 | €16,982 | +€262 | +1.6% |
| Trade receivables | 40 | - | €590 | +€590 | |
| Other amounts receivable | 41 | €16,720 | €16,392 | -€328 | -2.0% |
| Cash at bank and in hand | 54/58 | €109,017 | €140,092 | +€31,075 | +28.5% |
| Total equity and liabilities | 10/49 | €188,143 | €210,983 | +€22,840 | +12.1% |
| Equity | 10/15 | €154,672 | €164,737 | +€10,065 | +6.5% |
| Contributions | 10/11 | €20,457 | €20,457 | = | 0.0% |
| Contributions outside capital | 11 | €20,457 | €20,457 | = | 0.0% |
| Share premium | 1100/10 | €20,457 | €20,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,215 | €144,280 | +€10,065 | +7.5% |
| Amounts payable | 17/49 | €33,470 | €46,245 | +€12,775 | +38.2% |
| Amounts payable within one year | 42/48 | €33,470 | €46,245 | +€12,775 | +38.2% |
| Trade debts | 44 | €13,246 | €14,941 | +€1,695 | +12.8% |
| Suppliers | 440/4 | €13,246 | €14,941 | +€1,695 | +12.8% |
| Taxes, remuneration and social security | 45 | €20,224 | €31,304 | +€11,080 | +54.8% |
| Taxes | 450/3 | €20,224 | €23,654 | +€3,430 | +17.0% |
| Remuneration and social security | 454/9 | - | €7,650 | +€7,650 | |
| Non-recurring operating income | 76A | €3,500 | - | -€3,500 | |
| Remuneration, social security and pensions | 62 | €394,201 | €410,286 | +€16,086 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,905 | €9,453 | -€1,452 | -13.3% |
| Other operating charges | 640/8 | €6,080 | €4,147 | -€1,934 | -31.8% |
| Gross operating margin | 9900 | €429,685 | €441,459 | +€11,775 | +2.7% |
| Operating profit (loss) | 9901 | €18,499 | €17,573 | -€925 | -5.0% |
| Financial charges | 65/66B | €57 | €58 | +€2 | +2.7% |
| Recurring financial charges | 65 | €57 | €58 | +€2 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €18,442 | €17,515 | -€927 | -5.0% |
| Income taxes | 67/77 | €387 | €7,450 | +€7,063 | +1825.3% |
| Profit (loss) for the period | 9904 | €18,055 | €10,065 | -€7,990 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,055 | €10,065 | -€7,990 | -44.3% |
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 12 October 2026 via checked.be.