Gadus Fish: what changed
What changed
Gadus Fish
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · -€31,842+€2.5m
Equity
€13.8m
2024 · €11.4m+€2.4m
Cash
€1,868
2024 · €30,649-€28,781
Balance sheet total
€14.5m
2024 · €12.2m+€2.4m
Largest movements
Assets
- Financial fixed assets +€2.4m
up €2.4m (+20.3%), from €12.0m to €14.4m
Equity and liabilities
- Reserves +€2.4m
up €2.4m (+188%), from €1.3m to €3.7m
of which Distributable reserves: +€2.3m
Income statement
- Financial income +€2.4m
up €2.4m, from €0 to €2.4m
of which Financial income: +€2.4m
- Turnover +€103,573
up €103,573 (+17.8%), from €583,122 to €686,694
- Services and other goods +€33,905
up €33,905 (+16.0%), from €211,677 to €245,581
- Other operating income +€33,880
up €33,880 (+488%), from €6,946 to €40,826
- Staff costs +€12,524
up €12,524 (+3.0%), from €412,973 to €425,497
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€31,842
Turnover
+€103,573
Other operating income
+€33,880
Services and other goods
-€33,905
Staff costs
-€12,524
Other operating charges
+€1,380
Other operating items
-€26,391
Financial income
+€2.4m
Financial charges
+€598
Taxes
-€9,210
Result 2025
€2.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.4m
Investment
-€2.4m
Financing
€0
Cash 2024
€30,649
From operations (derived)
+€2.4m
Net result for the year
+€2.4m
Depreciation
+€899
Smaller working-capital items
-€4,737
Trade debts
-€50,503
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€2.4m
Cash 2025
€1,868
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,153,814 | €14,545,877 | +€2.4m | +19.7% |
| Formation expenses | 20 | €3,195 | €2,296 | -€899 | -28.1% |
| Fixed assets | 21/28 | €11,950,350 | €14,371,000 | +€2.4m | +20.3% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €11,950,350 | €14,371,000 | +€2.4m | +20.3% |
| Affiliated companies | 280/1 | €11,950,350 | €14,371,000 | +€2.4m | +20.3% |
| Participating interests | 280 | €11,950,350 | €14,371,000 | +€2.4m | +20.3% |
| Current assets | 29/58 | €200,270 | €172,581 | -€27,688 | -13.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €163,877 | €165,918 | +€2,041 | +1.2% |
| Trade receivables | 40 | €163,868 | €165,918 | +€2,050 | +1.3% |
| Other amounts receivable | 41 | €9 | €0 | -€9 | -100% |
| Cash at bank and in hand | 54/58 | €30,649 | €1,868 | -€28,781 | -93.9% |
| Deferred charges and accrued income | 490/1 | €5,743 | €4,795 | -€948 | -16.5% |
| Total equity and liabilities | 10/49 | €12,153,814 | €14,545,877 | +€2.4m | +19.7% |
| Equity | 10/15 | €11,360,537 | €13,806,747 | +€2.4m | +21.5% |
| Contributions | 10/11 | €10,062,000 | €10,062,000 | = | 0.0% |
| Capital | 10 | €10,062,000 | €10,062,000 | = | 0.0% |
| Issued capital | 100 | €10,062,000 | €10,062,000 | = | 0.0% |
| Reserves | 13 | €1,298,537 | €3,744,747 | +€2.4m | +188% |
| Non-distributable reserves | 130/1 | €806,200 | €928,510 | +€122,310 | +15.2% |
| Legal reserve | 130 | €806,200 | €928,510 | +€122,310 | +15.2% |
| Distributable reserves | 133 | €492,337 | €2,816,237 | +€2.3m | +472% |
| Amounts payable | 17/49 | €793,277 | €739,130 | -€54,147 | -6.8% |
| Amounts payable within one year | 42/48 | €793,277 | €738,860 | -€54,417 | -6.9% |
| Trade debts | 44 | €123,030 | €72,527 | -€50,503 | -41.0% |
| Suppliers | 440/4 | €123,030 | €72,527 | -€50,503 | -41.0% |
| Taxes, remuneration and social security | 45 | €139,701 | €135,787 | -€3,914 | -2.8% |
| Taxes | 450/3 | €24,835 | €35,274 | +€10,439 | +42.0% |
| Remuneration and social security | 454/9 | €114,866 | €100,513 | -€14,353 | -12.5% |
| Other amounts payable | 47/48 | €530,546 | €530,546 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €270 | +€270 | |
| Operating income | 70/76A | €616,458 | €727,520 | +€111,062 | +18.0% |
| Turnover | 70 | €583,122 | €686,694 | +€103,573 | +17.8% |
| Other operating income | 74 | €6,946 | €40,826 | +€33,880 | +488% |
| Non-recurring operating income | 76A | €26,391 | €0 | -€26,391 | -100% |
| Operating charges | 60/66A | €628,605 | €673,653 | +€45,049 | +7.2% |
| Services and other goods | 61 | €211,677 | €245,581 | +€33,905 | +16.0% |
| Remuneration, social security and pensions | 62 | €412,973 | €425,497 | +€12,524 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €899 | €899 | = | 0.0% |
| Other operating charges | 640/8 | €3,056 | €1,676 | -€1,380 | -45.2% |
| Operating profit (loss) | 9901 | -€12,147 | €53,867 | +€66,013 | |
| Financial income | 75/76B | €0 | €2,420,650 | +€2.4m | |
| Recurring financial income | 75 | €0 | €2,420,650 | +€2.4m | |
| Other financial income | 752/9 | €0 | - | = | |
| Non-recurring financial income | 76B | - | €2,420,650 | +€2.4m | |
| Financial charges | 65/66B | €19,805 | €19,207 | -€598 | -3.0% |
| Recurring financial charges | 65 | €19,805 | €19,207 | -€598 | -3.0% |
| Debt charges | 650 | €18,115 | €17,347 | -€768 | -4.2% |
| Other financial charges | 652/9 | €1,691 | €1,860 | +€169 | +10.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€31,952 | €2,455,310 | +€2.5m | |
| Income taxes | 67/77 | -€110 | €9,100 | +€9,210 | |
| Taxes | 670/3 | €538 | €9,100 | +€8,562 | +1,590% |
| Tax adjustments and reversals of tax provisions | 77 | €648 | €0 | -€648 | -100% |
| Profit (loss) for the period | 9904 | -€31,842 | €2,446,210 | +€2.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,842 | €2,446,210 | +€2.5m |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.