GAGAN: 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.
GAGAN
Largest movements
- Cash +€62,265
up €62,265 (+111%), from €56,235 to €118,500
mainly Net result for the year (+€55,768) and Tax, wage and social debts (+€27,926)
- Receivables within one year +€24,233
up €24,233 (+40.1%), from €60,416 to €84,649
of which Other amounts receivable: +€24,377
- Tangible fixed assets -€2,487
down €2,487 (-44.9%), from €5,541 to €3,054
of which Plant, machinery and equipment: -€2,074
- Reserves +€60,000
up €60,000 (+79.1%), from €75,860 to €135,860
of which Distributable reserves: +€60,000
- Tax, wage and social debts +€27,926
up €27,926 (+153%), from €18,289 to €46,215
of which Taxes: +€23,009
- Profit (loss) carried forward -€4,232
down €4,232 (-85.7%), from €4,940 to €708
- Gross operating margin +€68,148
up €68,148 (+55.3%), from €123,336 to €191,484
- Taxes +€26,590
up €26,590 (+3,696%), from €720 to €27,310
- Staff costs +€11,103
up €11,103 (+11.7%), from €95,237 to €106,340
- Financial income +€3,669
up €3,669 (+1,584%), from €232 to €3,900
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 | €133,346 | €217,289 | +€83,943 | +63.0% |
| Fixed assets | 21/28 | €10,106 | €6,119 | -€3,987 | -39.5% |
| Intangible fixed assets | 21 | €4,565 | €3,065 | -€1,500 | -32.9% |
| Tangible fixed assets | 22/27 | €5,541 | €3,054 | -€2,487 | -44.9% |
| Plant, machinery and equipment | 23 | €4,345 | €2,271 | -€2,074 | -47.7% |
| Furniture and vehicles | 24 | €1,196 | €783 | -€413 | -34.6% |
| Current assets | 29/58 | €123,240 | €211,170 | +€87,930 | +71.3% |
| Stocks and contracts in progress | 3 | €5,879 | €6,599 | +€720 | +12.2% |
| Stocks | 30/36 | €5,879 | €6,599 | +€720 | +12.2% |
| Amounts receivable within one year | 40/41 | €60,416 | €84,649 | +€24,233 | +40.1% |
| Trade receivables | 40 | €10,006 | €9,862 | -€144 | -1.4% |
| Other amounts receivable | 41 | €50,410 | €74,787 | +€24,377 | +48.4% |
| Cash at bank and in hand | 54/58 | €56,235 | €118,500 | +€62,265 | +111% |
| Deferred charges and accrued income | 490/1 | €710 | €1,422 | +€712 | +100% |
| Total equity and liabilities | 10/49 | €133,346 | €217,289 | +€83,943 | +63.0% |
| Equity | 10/15 | €99,400 | €155,168 | +€55,768 | +56.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,860 | €135,860 | +€60,000 | +79.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €74,000 | €134,000 | +€60,000 | +81.1% |
| Profit (loss) carried forward | 14 | €4,940 | €708 | -€4,232 | -85.7% |
| Amounts payable | 17/49 | €33,946 | €62,121 | +€28,174 | +83.0% |
| Amounts payable within one year | 42/48 | €33,537 | €61,491 | +€27,954 | +83.4% |
| Trade debts | 44 | €10,748 | €10,776 | +€28 | +0.3% |
| Suppliers | 440/4 | €10,748 | €10,776 | +€28 | +0.3% |
| Taxes, remuneration and social security | 45 | €18,289 | €46,215 | +€27,926 | +153% |
| Taxes | 450/3 | €10,716 | €33,725 | +€23,009 | +215% |
| Remuneration and social security | 454/9 | €7,573 | €12,490 | +€4,917 | +64.9% |
| Other amounts payable | 47/48 | €4,500 | €4,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €409 | €630 | +€220 | +53.8% |
| Remuneration, social security and pensions | 62 | €95,237 | €106,340 | +€11,103 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,154 | €4,263 | -€891 | -17.3% |
| Other operating charges | 640/8 | €1,106 | €1,145 | +€39 | +3.6% |
| Gross operating margin | 9900 | €123,336 | €191,484 | +€68,148 | +55.3% |
| Operating profit (loss) | 9901 | €21,839 | €79,736 | +€57,896 | +265% |
| Financial income | 75/76B | €232 | €3,900 | +€3,669 | +1,584% |
| Recurring financial income | 75 | €232 | €3,900 | +€3,669 | +1,584% |
| Financial charges | 65/66B | €505 | €558 | +€53 | +10.5% |
| Recurring financial charges | 65 | €505 | €558 | +€53 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €21,566 | €83,078 | +€61,512 | +285% |
| Income taxes | 67/77 | €720 | €27,310 | +€26,590 | +3,696% |
| Profit (loss) for the period | 9904 | €20,847 | €55,768 | +€34,922 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €20,847 | €55,768 | +€34,922 | +168% |
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 13 October 2026 via checked.be.