GAED: 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.
GAED
Largest movements
- Receivables after one year -€32,000
down €32,000 (-100%), from €32,000 to €0
- Cash -€27,760
down €27,760 (-44.6%), from €62,295 to €34,535
mainly Contributions, distributions and other (-€47,000) and Other debts (-€40,751)
- Receivables within one year +€13,778
up €13,778 (+137%), from €10,051 to €23,829
of which Trade receivables: +€12,602
- Tangible fixed assets -€2,203
down €2,203 (-56.6%), from €3,892 to €1,689
- Other debts -€40,751
down €40,751 (-44.1%), from €92,462 to €51,711
- Profit (loss) carried forward -€7,289
down €7,289 (-84.1%), from €8,669 to €1,381
- Tax, wage and social debts +€1,237
up €1,237 (+57.7%), from €2,146 to €3,384
of which Taxes: +€981
- Gross operating margin +€12,173
up €12,173 (+29.0%), from €41,947 to €54,121
- Taxes +€2,521
up €2,521 (+28.6%), from €8,803 to €11,324
- Financial income -€715
down €715 (-65.2%), from €1,097 to €382
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 | €108,517 | €61,201 | -€47,316 | -43.6% |
| Fixed assets | 21/28 | €3,892 | €1,689 | -€2,203 | -56.6% |
| Tangible fixed assets | 22/27 | €3,892 | €1,689 | -€2,203 | -56.6% |
| Furniture and vehicles | 24 | €3,892 | €1,689 | -€2,203 | -56.6% |
| Current assets | 29/58 | €104,625 | €59,512 | -€45,113 | -43.1% |
| Amounts receivable after more than one year | 29 | €32,000 | €0 | -€32,000 | -100% |
| Other amounts receivable | 291 | €32,000 | €0 | -€32,000 | -100% |
| Amounts receivable within one year | 40/41 | €10,051 | €23,829 | +€13,778 | +137% |
| Trade receivables | 40 | €8,854 | €21,456 | +€12,602 | +142% |
| Other amounts receivable | 41 | €1,197 | €2,373 | +€1,176 | +98.2% |
| Cash at bank and in hand | 54/58 | €62,295 | €34,535 | -€27,760 | -44.6% |
| Deferred charges and accrued income | 490/1 | €279 | €1,148 | +€869 | +311% |
| Total equity and liabilities | 10/49 | €108,517 | €61,201 | -€47,316 | -43.6% |
| Equity | 10/15 | €11,669 | €4,381 | -€7,289 | -62.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,669 | €1,381 | -€7,289 | -84.1% |
| Amounts payable | 17/49 | €96,847 | €56,820 | -€40,028 | -41.3% |
| Amounts payable within one year | 42/48 | €96,847 | €56,820 | -€40,028 | -41.3% |
| Trade debts | 44 | €2,239 | €1,725 | -€514 | -22.9% |
| Suppliers | 440/4 | €2,239 | €1,725 | -€514 | -22.9% |
| Taxes, remuneration and social security | 45 | €2,146 | €3,384 | +€1,237 | +57.7% |
| Taxes | 450/3 | €2,146 | €3,128 | +€981 | +45.7% |
| Remuneration and social security | 454/9 | - | €256 | +€256 | |
| Other amounts payable | 47/48 | €92,462 | €51,711 | -€40,751 | -44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,487 | €2,203 | -€284 | -11.4% |
| Other operating charges | 640/8 | €685 | €819 | +€135 | +19.6% |
| Non-recurring operating charges | 66A | €105 | €0 | -€105 | -100% |
| Gross operating margin | 9900 | €41,947 | €54,121 | +€12,173 | +29.0% |
| Operating profit (loss) | 9901 | €38,671 | €51,099 | +€12,428 | +32.1% |
| Financial income | 75/76B | €1,097 | €382 | -€715 | -65.2% |
| Recurring financial income | 75 | €1,097 | €382 | -€715 | -65.2% |
| Financial charges | 65/66B | €164 | €446 | +€281 | +171% |
| Recurring financial charges | 65 | €164 | €446 | +€281 | +171% |
| Profit (loss) for the period before taxes | 9903 | €39,604 | €51,035 | +€11,432 | +28.9% |
| Income taxes | 67/77 | €8,803 | €11,324 | +€2,521 | +28.6% |
| Profit (loss) for the period | 9904 | €30,801 | €39,711 | +€8,911 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,801 | €39,711 | +€8,911 | +28.9% |
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 15 October 2026 via checked.be.