GAEGO: 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.
GAEGO
Largest movements
- Receivables within one year +€42,181
up €42,181 (+149%), from €28,403 to €70,584
of which Other amounts receivable: +€37,009
- Cash -€15,104
down €15,104 (-46.1%), from €32,735 to €17,631
mainly Receivables within one year (-€42,181) and Investment in fixed assets (net) (-€3,250)
- Intangible fixed assets +€1,184
up €1,184 (+38.4%), from €3,088 to €4,272
- Profit (loss) carried forward +€17,257
up €17,257 (+29.8%), from €57,835 to €75,093
- Tax, wage and social debts +€8,366
up €8,366 (+240%), from €3,490 to €11,855
of which Taxes: +€8,732
- Trade debts +€2,212
up €2,212 (+276%), from €802 to €3,014
- Gross operating margin +€30,599
up €30,599, from -€5,485 to €25,114
- Taxes +€5,138
up €5,138, from €0 to €5,138
- Depreciation +€1,903
up €1,903 (+1,171%), from €163 to €2,066
- Financial income +€1,394
up €1,394 (+156%), from €895 to €2,289
- Staff costs -€688
down €688 (-28.3%), from €2,432 to €1,744
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 | €65,127 | €92,962 | +€27,835 | +42.7% |
| Fixed assets | 21/28 | €3,563 | €4,747 | +€1,184 | +33.2% |
| Intangible fixed assets | 21 | €3,088 | €4,272 | +€1,184 | +38.4% |
| Financial fixed assets | 28 | €475 | €475 | = | 0.0% |
| Current assets | 29/58 | €61,565 | €88,216 | +€26,651 | +43.3% |
| Amounts receivable within one year | 40/41 | €28,403 | €70,584 | +€42,181 | +149% |
| Trade receivables | 40 | €5,227 | €10,400 | +€5,173 | +99.0% |
| Other amounts receivable | 41 | €23,176 | €60,184 | +€37,009 | +160% |
| Cash at bank and in hand | 54/58 | €32,735 | €17,631 | -€15,104 | -46.1% |
| Deferred charges and accrued income | 490/1 | €426 | €0 | -€426 | -100% |
| Total equity and liabilities | 10/49 | €65,127 | €92,962 | +€27,835 | +42.7% |
| Equity | 10/15 | €60,835 | €78,093 | +€17,257 | +28.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,835 | €75,093 | +€17,257 | +29.8% |
| Amounts payable | 17/49 | €4,292 | €14,870 | +€10,578 | +246% |
| Amounts payable within one year | 42/48 | €4,292 | €14,870 | +€10,578 | +246% |
| Trade debts | 44 | €802 | €3,014 | +€2,212 | +276% |
| Suppliers | 440/4 | €802 | €3,014 | +€2,212 | +276% |
| Taxes, remuneration and social security | 45 | €3,490 | €11,855 | +€8,366 | +240% |
| Taxes | 450/3 | €3,123 | €11,855 | +€8,732 | +280% |
| Remuneration and social security | 454/9 | €367 | €0 | -€367 | -100% |
| Remuneration, social security and pensions | 62 | €2,432 | €1,744 | -€688 | -28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163 | €2,066 | +€1,903 | +1,171% |
| Other operating charges | 640/8 | €295 | €796 | +€501 | +170% |
| Gross operating margin | 9900 | -€5,485 | €25,114 | +€30,599 | |
| Operating profit (loss) | 9901 | -€8,375 | €20,508 | +€28,883 | |
| Financial income | 75/76B | €895 | €2,289 | +€1,394 | +156% |
| Recurring financial income | 75 | €895 | €2,289 | +€1,394 | +156% |
| Financial charges | 65/66B | €295 | €402 | +€107 | +36.3% |
| Recurring financial charges | 65 | €295 | €402 | +€107 | +36.3% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | -€7,775 | €22,396 | +€30,170 | |
| Income taxes | 67/77 | €0 | €5,138 | +€5,138 | |
| Profit (loss) for the period | 9904 | -€7,775 | €17,257 | +€25,032 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,775 | €17,257 | +€25,032 |
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 26 October 2026 via checked.be.