Gagarin: 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.
Gagarin
Largest movements
- Receivables within one year +€22,960
up €22,960 (+88.5%), from €25,930 to €48,890
of which Trade receivables: +€19,524
- Tangible fixed assets -€5,981
down €5,981 (-58.2%), from €10,283 to €4,302
of which Furniture and vehicles: -€5,930
- Cash +€4,505
up €4,505 (+104.5%), from €4,310 to €8,815
- Tax, wage and social debts +€12,786
up €12,786 (+372.5%), from €3,433 to €16,219
of which Remuneration and social security: +€6,694
- Reserves +€10,000
up €10,000 (+88.8%), from €11,260 to €21,260
of which Distributable reserves: +€10,000
- Current portion of long-term debt -€5,110
no longer reported in 2025 (was €5,110)
- Profit (loss) carried forward +€2,008
up €2,008 (+29.0%), from €6,925 to €8,933
- Trade debts +€1,800
up €1,800 (+128.9%), from €1,396 to €3,196
- Gross operating margin +€79,479
up €79,479 (+374.0%), from €21,252 to €100,730
- Staff costs +€52,658
new in 2025: €52,658
- Other operating charges +€20,923
up €20,923 (+308.9%), from €6,774 to €27,698
- Depreciation -€1,656
down €1,656 (-27.6%), from €5,994 to €4,338
- Taxes +€1,449
up €1,449 (+42.6%), from €3,403 to €4,852
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,524 | €62,008 | +€21,484 | +53.0% |
| Fixed assets | 21/28 | €10,283 | €4,302 | -€5,981 | -58.2% |
| Tangible fixed assets | 22/27 | €10,283 | €4,302 | -€5,981 | -58.2% |
| Plant, machinery and equipment | 23 | €401 | €349 | -€51 | -12.8% |
| Furniture and vehicles | 24 | €9,883 | €3,953 | -€5,930 | -60.0% |
| Current assets | 29/58 | €30,240 | €57,706 | +€27,465 | +90.8% |
| Amounts receivable within one year | 40/41 | €25,930 | €48,890 | +€22,960 | +88.5% |
| Trade receivables | 40 | €24,101 | €43,625 | +€19,524 | +81.0% |
| Other amounts receivable | 41 | €1,830 | €5,265 | +€3,436 | +187.8% |
| Cash at bank and in hand | 54/58 | €4,310 | €8,815 | +€4,505 | +104.5% |
| Total equity and liabilities | 10/49 | €40,524 | €62,008 | +€21,484 | +53.0% |
| Equity | 10/15 | €30,585 | €42,593 | +€12,008 | +39.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €11,260 | €21,260 | +€10,000 | +88.8% |
| 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 | €9,400 | €19,400 | +€10,000 | +106.4% |
| Profit (loss) carried forward | 14 | €6,925 | €8,933 | +€2,008 | +29.0% |
| Amounts payable | 17/49 | €9,939 | €19,415 | +€9,476 | +95.3% |
| Amounts payable within one year | 42/48 | €9,939 | €19,415 | +€9,476 | +95.3% |
| Current portion of amounts payable after more than one year | 42 | €5,110 | - | -€5,110 | |
| Trade debts | 44 | €1,396 | €3,196 | +€1,800 | +128.9% |
| Suppliers | 440/4 | €1,396 | €3,196 | +€1,800 | +128.9% |
| Taxes, remuneration and social security | 45 | €3,433 | €16,219 | +€12,786 | +372.5% |
| Taxes | 450/3 | €3,433 | €9,525 | +€6,093 | +177.5% |
| Remuneration and social security | 454/9 | - | €6,694 | +€6,694 | |
| Non-recurring operating income | 76A | - | €453 | +€453 | |
| Remuneration, social security and pensions | 62 | - | €52,658 | +€52,658 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,994 | €4,338 | -€1,656 | -27.6% |
| Other operating charges | 640/8 | €6,774 | €27,698 | +€20,923 | +308.9% |
| Gross operating margin | 9900 | €21,252 | €100,730 | +€79,479 | +374.0% |
| Operating profit (loss) | 9901 | €8,483 | €16,036 | +€7,553 | +89.0% |
| Financial income | 75/76B | €0 | €4 | +€4 | +1800.0% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +1800.0% |
| Financial charges | 65/66B | €656 | €214 | -€442 | -67.4% |
| Recurring financial charges | 65 | €656 | €214 | -€442 | -67.4% |
| Profit (loss) for the period before taxes | 9903 | €7,827 | €15,827 | +€7,999 | +102.2% |
| Income taxes | 67/77 | €3,403 | €4,852 | +€1,449 | +42.6% |
| Profit (loss) for the period | 9904 | €4,424 | €10,975 | +€6,550 | +148.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,424 | €10,975 | +€6,550 | +148.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.