GAKO: 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.
GAKO
Largest movements
- Receivables within one year -€111,382
down €111,382 (-36.3%), from €306,921 to €195,538
of which Trade receivables: -€118,774
- Tangible fixed assets +€13,777
up €13,777 (+4.1%), from €334,655 to €348,432
of which Furniture and vehicles: +€26,622
- Stocks and contracts -€13,535
down €13,535 (-7.1%), from €190,000 to €176,465
- Cash -€10,617
down €10,617 (-22.6%), from €46,905 to €36,288
mainly Trade debts (-€170,714) and Contributions, distributions and other (-€80,000)
- Trade debts -€170,714
down €170,714 (-48.1%), from €354,743 to €184,030
- Tax, wage and social debts +€60,390
up €60,390 (+87.8%), from €68,786 to €129,176
of which Remuneration and social security: +€38,770
- Reserves -€31,314
down €31,314 (-13.5%), from €231,756 to €200,442
of which Distributable reserves: -€31,314
- Debts after one year +€10,068
up €10,068 (+4.2%), from €238,079 to €248,147
- Current portion of long-term debt +€9,945
up €9,945 (+41.9%), from €23,754 to €33,699
- Gross operating margin +€94,662
up €94,662 (+24.5%), from €385,863 to €480,525
- Staff costs +€54,000
up €54,000 (+18.7%), from €288,105 to €342,105
- Depreciation +€11,659
up €11,659 (+35.8%), from €32,569 to €44,228
- Taxes +€8,792
up €8,792 (+45.7%), from €19,249 to €28,041
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 | €937,376 | €815,751 | -€121,625 | -13.0% |
| Fixed assets | 21/28 | €335,485 | €349,262 | +€13,777 | +4.1% |
| Tangible fixed assets | 22/27 | €334,655 | €348,432 | +€13,777 | +4.1% |
| Land and buildings | 22 | €223,232 | €211,613 | -€11,618 | -5.2% |
| Plant, machinery and equipment | 23 | €30,647 | €31,064 | +€417 | +1.4% |
| Furniture and vehicles | 24 | €69,872 | €96,494 | +€26,622 | +38.1% |
| Other tangible fixed assets | 26 | €10,905 | €9,262 | -€1,643 | -15.1% |
| Financial fixed assets | 28 | €830 | €830 | = | 0.0% |
| Current assets | 29/58 | €601,891 | €466,489 | -€135,402 | -22.5% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €190,000 | €176,465 | -€13,535 | -7.1% |
| Stocks | 30/36 | €190,000 | €176,465 | -€13,535 | -7.1% |
| Amounts receivable within one year | 40/41 | €306,921 | €195,538 | -€111,382 | -36.3% |
| Trade receivables | 40 | €190,908 | €72,134 | -€118,774 | -62.2% |
| Other amounts receivable | 41 | €116,013 | €123,405 | +€7,392 | +6.4% |
| Cash at bank and in hand | 54/58 | €46,905 | €36,288 | -€10,617 | -22.6% |
| Deferred charges and accrued income | 490/1 | €8,065 | €8,197 | +€132 | +1.6% |
| Total equity and liabilities | 10/49 | €937,376 | €815,751 | -€121,625 | -13.0% |
| Equity | 10/15 | €245,525 | €214,211 | -€31,314 | -12.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €231,756 | €200,442 | -€31,314 | -13.5% |
| 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 | €229,896 | €198,582 | -€31,314 | -13.6% |
| Profit (loss) carried forward | 14 | €1,369 | €1,369 | = | 0.0% |
| Amounts payable | 17/49 | €691,851 | €601,540 | -€90,311 | -13.1% |
| Amounts payable after more than one year | 17 | €238,079 | €248,147 | +€10,068 | +4.2% |
| Financial debts | 170/4 | €238,079 | €248,147 | +€10,068 | +4.2% |
| Amounts payable within one year | 42/48 | €447,284 | €346,905 | -€100,379 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €23,754 | €33,699 | +€9,945 | +41.9% |
| Trade debts | 44 | €354,743 | €184,030 | -€170,714 | -48.1% |
| Suppliers | 440/4 | €354,743 | €184,030 | -€170,714 | -48.1% |
| Taxes, remuneration and social security | 45 | €68,786 | €129,176 | +€60,390 | +87.8% |
| Taxes | 450/3 | €39,963 | €61,583 | +€21,620 | +54.1% |
| Remuneration and social security | 454/9 | €28,823 | €67,593 | +€38,770 | +135% |
| Accrued charges and deferred income | 492/3 | €6,489 | €6,489 | = | 0.0% |
| Non-recurring operating income | 76A | €1,826 | - | -€1,826 | |
| Remuneration, social security and pensions | 62 | €288,105 | €342,105 | +€54,000 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,569 | €44,228 | +€11,659 | +35.8% |
| Other operating charges | 640/8 | €13,006 | €17,434 | +€4,428 | +34.0% |
| Gross operating margin | 9900 | €385,863 | €480,525 | +€94,662 | +24.5% |
| Operating profit (loss) | 9901 | €52,183 | €76,757 | +€24,575 | +47.1% |
| Financial income | 75/76B | €10,623 | €7,058 | -€3,565 | -33.6% |
| Recurring financial income | 75 | €10,623 | €7,058 | -€3,565 | -33.6% |
| Financial charges | 65/66B | €5,562 | €7,088 | +€1,526 | +27.4% |
| Recurring financial charges | 65 | €5,562 | €7,088 | +€1,526 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €57,244 | €76,727 | +€19,483 | +34.0% |
| Income taxes | 67/77 | €19,249 | €28,041 | +€8,792 | +45.7% |
| Profit (loss) for the period | 9904 | €37,995 | €48,686 | +€10,691 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,995 | €48,686 | +€10,691 | +28.1% |
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 19 October 2026 via checked.be.