GAETHOFS: 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.
GAETHOFS
Largest movements
- Stocks and contracts -€175,929
down €175,929 (-7.9%), from €2.2m to €2.1m
- Tangible fixed assets -€73,300
down €73,300 (-17.9%), from €409,700 to €336,400
of which Other tangible fixed assets: -€46,779
- Receivables within one year -€44,853
down €44,853 (-10.2%), from €438,829 to €393,975
of which Trade receivables: -€50,556
- Cash -€35,904
down €35,904 (-14.8%), from €242,839 to €206,935
mainly Net result for the year (-€308,687) and Debts after one year (-€103,919)
- Reserves -€308,687
down €308,687 (-32.8%), from €941,896 to €633,210
of which Distributable reserves: -€308,687
- Trade debts +€110,583
up €110,583 (+24.6%), from €449,208 to €559,791
- Debts after one year -€103,919
down €103,919 (-16.7%), from €620,782 to €516,862
- Advances received -€73,047
down €73,047 (-65.5%), from €111,577 to €38,530
- Tax, wage and social debts -€43,246
down €43,246 (-21.8%), from €198,375 to €155,130
of which Taxes: -€36,211
- Gross operating margin -€306,597
down €306,597 (-35.8%), from €857,412 to €550,815
- Depreciation +€13,217
up €13,217 (+14.3%), from €92,111 to €105,328
- Staff costs -€12,367
down €12,367 (-1.9%), from €655,982 to €643,615
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 | €3,417,325 | €3,042,704 | -€374,621 | -11.0% |
| Fixed assets | 21/28 | €468,046 | €376,077 | -€91,969 | -19.6% |
| Intangible fixed assets | 21 | €56,691 | €37,618 | -€19,073 | -33.6% |
| Tangible fixed assets | 22/27 | €409,700 | €336,400 | -€73,300 | -17.9% |
| Land and buildings | 22 | €34,349 | €21,325 | -€13,023 | -37.9% |
| Plant, machinery and equipment | 23 | €16,192 | €14,908 | -€1,285 | -7.9% |
| Furniture and vehicles | 24 | €21,936 | €9,724 | -€12,212 | -55.7% |
| Other tangible fixed assets | 26 | €337,223 | €290,443 | -€46,779 | -13.9% |
| Financial fixed assets | 28 | €1,656 | €2,060 | +€404 | +24.4% |
| Current assets | 29/58 | €2,949,279 | €2,666,626 | -€282,652 | -9.6% |
| Stocks and contracts in progress | 3 | €2,227,274 | €2,051,344 | -€175,929 | -7.9% |
| Stocks | 30/36 | €2,227,274 | €2,051,344 | -€175,929 | -7.9% |
| Amounts receivable within one year | 40/41 | €438,829 | €393,975 | -€44,853 | -10.2% |
| Trade receivables | 40 | €295,942 | €245,386 | -€50,556 | -17.1% |
| Other amounts receivable | 41 | €142,886 | €148,589 | +€5,703 | +4.0% |
| Cash at bank and in hand | 54/58 | €242,839 | €206,935 | -€35,904 | -14.8% |
| Deferred charges and accrued income | 490/1 | €40,338 | €14,372 | -€25,966 | -64.4% |
| Total equity and liabilities | 10/49 | €3,417,325 | €3,042,704 | -€374,621 | -11.0% |
| Equity | 10/15 | €974,117 | €665,431 | -€308,687 | -31.7% |
| Contributions | 10/11 | €32,221 | €32,221 | = | 0.0% |
| Reserves | 13 | €941,896 | €633,210 | -€308,687 | -32.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €941,896 | €633,210 | -€308,687 | -32.8% |
| Amounts payable | 17/49 | €2,443,207 | €2,377,273 | -€65,934 | -2.7% |
| Amounts payable after more than one year | 17 | €620,782 | €516,862 | -€103,919 | -16.7% |
| Financial debts | 170/4 | €620,782 | €516,862 | -€103,919 | -16.7% |
| Amounts payable within one year | 42/48 | €1,821,511 | €1,832,381 | +€10,870 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €109,160 | €111,682 | +€2,522 | +2.3% |
| Financial debts | 43 | €922,717 | €933,197 | +€10,481 | +1.1% |
| Credit institutions | 430/8 | €922,717 | €933,197 | +€10,481 | +1.1% |
| Trade debts | 44 | €449,208 | €559,791 | +€110,583 | +24.6% |
| Suppliers | 440/4 | €449,208 | €559,791 | +€110,583 | +24.6% |
| Advances received on contracts in progress | 46 | €111,577 | €38,530 | -€73,047 | -65.5% |
| Taxes, remuneration and social security | 45 | €198,375 | €155,130 | -€43,246 | -21.8% |
| Taxes | 450/3 | €91,133 | €54,922 | -€36,211 | -39.7% |
| Remuneration and social security | 454/9 | €107,242 | €100,208 | -€7,035 | -6.6% |
| Other amounts payable | 47/48 | €30,473 | €34,050 | +€3,577 | +11.7% |
| Accrued charges and deferred income | 492/3 | €915 | €28,030 | +€27,115 | +2963.4% |
| Remuneration, social security and pensions | 62 | €655,982 | €643,615 | -€12,367 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,111 | €105,328 | +€13,217 | +14.3% |
| Other operating charges | 640/8 | €8,897 | €11,284 | +€2,386 | +26.8% |
| Gross operating margin | 9900 | €857,412 | €550,815 | -€306,597 | -35.8% |
| Operating profit (loss) | 9901 | €100,423 | -€209,411 | -€309,834 | |
| Financial income | 75/76B | €10,019 | €8,613 | -€1,406 | -14.0% |
| Recurring financial income | 75 | €10,019 | €8,613 | -€1,406 | -14.0% |
| Financial charges | 65/66B | €104,693 | €106,037 | +€1,344 | +1.3% |
| Recurring financial charges | 65 | €104,693 | €106,037 | +€1,344 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €5,748 | -€306,836 | -€312,584 | |
| Income taxes | 67/77 | €4,802 | €1,851 | -€2,951 | -61.5% |
| Profit (loss) for the period | 9904 | €946 | -€308,687 | -€309,632 | |
| Profit (loss) for the period to be appropriated | 9905 | €946 | -€308,687 | -€309,632 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.