GADUS: 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.
What changed
GADUS
NACE 10.200, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €159,312+€1.7m
Equity
€9.4m
2024 · €7.6m+€1.8m
Cash
€2.7m
2024 · €716,880+€2.0m
Balance sheet total
€24.3m
2024 · €22.2m+€2.1m
Largest movements
Assets
- Cash +€2.0m
up €2.0m (+273%), from €716,880 to €2.7m
mainly Trade debts (+€2.2m) and Net result for the year (+€1.9m)
- Tangible fixed assets -€1.0m
down €1.0m (-9.7%), from €10.7m to €9.7m
of which Leasing and similar rights: -€554,310
- Intangible fixed assets +€518,672
up €518,672 (+49.8%), from €1.0m to €1.6m
- Stocks and contracts +€382,590
up €382,590 (+25.7%), from €1.5m to €1.9m
of which Stocks: +€482,604
- Receivables within one year +€323,122
up €323,122 (+4.1%), from €7.9m to €8.3m
of which Trade receivables: +€405,901
Equity and liabilities
- Trade debts +€2.2m
up €2.2m (+26.5%), from €8.4m to €10.6m
- Short-term financial debts -€1.4m
down €1.4m (-100%), from €1.4m to €0
- Profit (loss) carried forward +€1.2m
up €1.2m, from -€1.2m to €0
- Debts after one year -€750,491
down €750,491 (-25.8%), from €2.9m to €2.2m
- Reserves +€742,937
up €742,937 (+332%), from €223,600 to €966,537
of which Distributable reserves: +€710,449
Income statement
- Turnover +€13.0m
up €13.0m (+19.8%), from €65.9m to €79.0m
- Goods and materials +€9.7m
up €9.7m (+17.7%), from €54.5m to €64.2m
of which Purchases: +€10.2m
- Services and other goods +€895,333
up €895,333 (+15.0%), from €6.0m to €6.9m
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.
Result 2024
€159,312
Turnover
+€13.0m
Other operating income
+€40,418
Goods and materials
-€9.7m
Services and other goods
-€895,333
Staff costs
-€137,816
Depreciation
-€41,744
Write-downs
-€29,447
Other operating charges
+€6,286
Other operating items
-€508,520
Financial income
-€14,517
Financial charges
+€37,195
Taxes
-€94,511
Deferred taxes and other
-€7,282
Result 2025
€1.9m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.8m
Investment
-€769,010
Financing
-€2.0m
Cash 2024
€716,880
From operations (derived)
+€4.8m
Net result for the year
+€1.9m
Depreciation
+€1.4m
Stocks and contracts
-€382,590
Receivables within one year
-€323,122
Deferred charges and accrued income
+€7,682
Provisions
+€34,988
Trade debts
+€2.2m
Tax, wage and social debts
+€47,408
Other debts
-€10
Accrued charges and deferred income
-€94,843
Investment (derived)
-€769,010
Investment in fixed assets (net)
-€769,010
Financing
-€2.0m
Debts after one year
-€750,491
Current portion of long-term debt
+€168,933
Short-term financial debts
-€1.4m
Contributions, distributions and other
-€50,510
Cash 2025
€2.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,240,124 | €24,312,734 | +€2.1m | +9.3% |
| Formation expenses | 20 | €67,744 | €12,303 | -€55,441 | -81.8% |
| Fixed assets | 21/28 | €11,790,596 | €11,261,385 | -€529,211 | -4.5% |
| Intangible fixed assets | 21 | €1,041,173 | €1,559,845 | +€518,672 | +49.8% |
| Tangible fixed assets | 22/27 | €10,748,319 | €9,701,405 | -€1.0m | -9.7% |
| Land and buildings | 22 | €6,625,596 | €6,344,405 | -€281,191 | -4.2% |
| Plant, machinery and equipment | 23 | €3,085,373 | €3,097,649 | +€12,276 | +0.4% |
| Furniture and vehicles | 24 | €223,614 | €130,737 | -€92,877 | -41.5% |
| Leasing and similar rights | 25 | €669,716 | €115,406 | -€554,310 | -82.8% |
| Assets under construction and advance payments | 27 | €144,021 | €13,209 | -€130,812 | -90.8% |
| Financial fixed assets | 28 | €1,104 | €135 | -€969 | -87.8% |
| Other financial fixed assets | 284/8 | €1,104 | €135 | -€969 | -87.8% |
| Amounts receivable and cash guarantees | 285/8 | €1,104 | €135 | -€969 | -87.8% |
| Current assets | 29/58 | €10,381,784 | €13,039,046 | +€2.7m | +25.6% |
| Stocks and contracts in progress | 3 | €1,489,264 | €1,871,855 | +€382,590 | +25.7% |
| Stocks | 30/36 | €1,385,510 | €1,868,115 | +€482,604 | +34.8% |
| Raw materials and consumables | 30/31 | €437,778 | €491,159 | +€53,381 | +12.2% |
| Goods purchased for resale | 34 | €947,732 | €1,376,955 | +€429,223 | +45.3% |
| Contracts in progress | 37 | €103,754 | €3,740 | -€100,014 | -96.4% |
| Amounts receivable within one year | 40/41 | €7,936,916 | €8,260,038 | +€323,122 | +4.1% |
| Trade receivables | 40 | €7,311,865 | €7,717,765 | +€405,901 | +5.6% |
| Other amounts receivable | 41 | €625,051 | €542,272 | -€82,779 | -13.2% |
| Cash at bank and in hand | 54/58 | €716,880 | €2,676,112 | +€2.0m | +273% |
| Deferred charges and accrued income | 490/1 | €238,724 | €231,042 | -€7,682 | -3.2% |
| Total equity and liabilities | 10/49 | €22,240,124 | €24,312,734 | +€2.1m | +9.3% |
| Equity | 10/15 | €7,553,055 | €9,401,642 | +€1.8m | +24.5% |
| Contributions | 10/11 | €4,236,000 | €4,236,000 | = | 0.0% |
| Capital | 10 | €4,236,000 | €4,236,000 | = | 0.0% |
| Issued capital | 100 | €4,236,000 | €4,236,000 | = | 0.0% |
| Revaluation surpluses | 12 | €4,114,407 | €4,021,218 | -€93,189 | -2.3% |
| Reserves | 13 | €223,600 | €966,537 | +€742,937 | +332% |
| Non-distributable reserves | 130/1 | €223,600 | €256,087 | +€32,487 | +14.5% |
| Legal reserve | 130 | €223,600 | €256,087 | +€32,487 | +14.5% |
| Distributable reserves | 133 | - | €710,449 | +€710,449 | |
| Profit (loss) carried forward | 14 | -€1,249,349 | €0 | +€1.2m | |
| Investment grants | 15 | €228,398 | €177,888 | -€50,510 | -22.1% |
| Provisions and deferred taxes | 16 | €33 | €35,020 | +€34,988 | +107,390% |
| Provisions for liabilities and charges | 160/5 | - | €35,000 | +€35,000 | |
| Other liabilities and charges | 164/5 | - | €35,000 | +€35,000 | |
| Deferred taxes | 168 | €33 | €20 | -€12 | -38.3% |
| Amounts payable | 17/49 | €14,687,036 | €14,876,071 | +€189,035 | +1.3% |
| Amounts payable after more than one year | 17 | €2,903,558 | €2,153,068 | -€750,491 | -25.8% |
| Financial debts | 170/4 | €2,903,558 | €2,153,068 | -€750,491 | -25.8% |
| Leasing and similar obligations | 172 | €454,932 | €40,995 | -€413,936 | -91.0% |
| Credit institutions | 173 | €2,448,627 | €2,112,072 | -€336,554 | -13.7% |
| Amounts payable within one year | 42/48 | €11,621,664 | €12,656,032 | +€1.0m | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €533,334 | €702,267 | +€168,933 | +31.7% |
| Financial debts | 43 | €1,400,000 | €0 | -€1.4m | -100% |
| Credit institutions | 430/8 | €1,400,000 | €0 | -€1.4m | -100% |
| Trade debts | 44 | €8,372,159 | €10,590,196 | +€2.2m | +26.5% |
| Suppliers | 440/4 | €8,372,159 | €10,590,196 | +€2.2m | +26.5% |
| Taxes, remuneration and social security | 45 | €1,314,427 | €1,361,835 | +€47,408 | +3.6% |
| Taxes | 450/3 | €429,522 | €486,501 | +€56,979 | +13.3% |
| Remuneration and social security | 454/9 | €884,905 | €875,334 | -€9,571 | -1.1% |
| Other amounts payable | 47/48 | €1,745 | €1,735 | -€10 | -0.6% |
| Accrued charges and deferred income | 492/3 | €161,814 | €66,971 | -€94,843 | -58.6% |
| Operating income | 70/76A | €66,930,946 | €79,906,568 | +€13.0m | +19.4% |
| Turnover | 70 | €65,926,356 | €78,970,111 | +€13.0m | +19.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €103,754 | -€100,014 | -€203,768 | |
| Own construction capitalised | 72 | €245,872 | €246,437 | +€565 | +0.2% |
| Other operating income | 74 | €618,313 | €658,731 | +€40,418 | +6.5% |
| Non-recurring operating income | 76A | €36,652 | €131,303 | +€94,651 | +258% |
| Operating charges | 60/66A | €66,675,064 | €77,831,786 | +€11.2m | +16.7% |
| Goods for resale, raw materials and consumables | 60 | €54,536,112 | €64,194,812 | +€9.7m | +17.7% |
| Purchases | 600/8 | €54,459,991 | €64,654,989 | +€10.2m | +18.7% |
| Change in stocks: decrease (increase) | 609 | €76,121 | -€460,177 | -€536,297 | |
| Services and other goods | 61 | €5,976,586 | €6,871,919 | +€895,333 | +15.0% |
| Remuneration, social security and pensions | 62 | €4,678,388 | €4,816,204 | +€137,816 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,311,918 | €1,353,662 | +€41,744 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€57,542 | -€28,095 | +€29,447 | +51.2% |
| Other operating charges | 640/8 | €79,156 | €72,870 | -€6,286 | -7.9% |
| Non-recurring operating charges | 66A | €150,447 | €550,415 | +€399,968 | +266% |
| Operating profit (loss) | 9901 | €255,882 | €2,074,782 | +€1.8m | +711% |
| Financial income | 75/76B | €51,971 | €37,454 | -€14,517 | -27.9% |
| Recurring financial income | 75 | €51,971 | €37,454 | -€14,517 | -27.9% |
| Income from current assets | 751 | €18,115 | €17,216 | -€898 | -5.0% |
| Other financial income | 752/9 | €33,856 | €20,237 | -€13,619 | -40.2% |
| Financial charges | 65/66B | €153,383 | €116,188 | -€37,195 | -24.2% |
| Recurring financial charges | 65 | €153,383 | €116,188 | -€37,195 | -24.2% |
| Debt charges | 650 | €127,003 | €82,280 | -€44,723 | -35.2% |
| Other financial charges | 652/9 | €26,380 | €33,908 | +€7,528 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €154,470 | €1,996,048 | +€1.8m | +1,192% |
| Transfer from deferred taxes | 780 | €7,295 | €12 | -€7,282 | -99.8% |
| Income taxes | 67/77 | €2,453 | €96,963 | +€94,511 | +3,853% |
| Taxes | 670/3 | €2,500 | €97,000 | +€94,500 | +3,780% |
| Tax adjustments and reversals of tax provisions | 77 | €47 | €37 | -€11 | -22.5% |
| Profit (loss) for the period | 9904 | €159,312 | €1,899,097 | +€1.7m | +1,092% |
| Profit (loss) for the period to be appropriated | 9905 | €159,312 | €1,899,097 | +€1.7m | +1,092% |
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 14 October 2026 via checked.be.