GAL projects: what changed
Two fiscal 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.
GAL projects
Largest movements
- Stocks and contracts +€170,000
up €170,000 (+127.8%), from €133,000 to €303,000
- Receivables within one year +€46,490
up €46,490 (+289.9%), from €16,036 to €62,526
of which Trade receivables: +€52,609
- Debts after one year +€182,794
up €182,794 (+148.5%), from €123,103 to €305,897
- Profit (loss) carried forward +€24,458
up €24,458 (+61.1%), from €40,039 to €64,497
- Tax, wage and social debts +€13,798
up €13,798 (+118.9%), from €11,609 to €25,407
of which Taxes: +€7,304
- Trade debts -€13,159
down €13,159 (-66.4%), from €19,829 to €6,670
- Other debts +€5,724
new in 2025: €5,724
- Gross operating margin +€66,890
up €66,890 (+98.8%), from €67,683 to €134,573
- Staff costs +€56,541
new in 2025: €56,541
- Financial charges +€8,205
up €8,205 (+236.9%), from €3,463 to €11,668
- Other operating charges +€4,014
up €4,014 (+20.8%), from €19,332 to €23,346
- Depreciation +€3,302
up €3,302 (+34.8%), from €9,489 to €12,791
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 | €214,525 | €430,044 | +€215,519 | +100.5% |
| Fixed assets | 21/28 | €48,276 | €45,520 | -€2,756 | -5.7% |
| Intangible fixed assets | 21 | €957 | €720 | -€238 | -24.8% |
| Tangible fixed assets | 22/27 | €47,319 | €44,801 | -€2,518 | -5.3% |
| Plant, machinery and equipment | 23 | €10,093 | €12,703 | +€2,610 | +25.9% |
| Furniture and vehicles | 24 | €37,226 | €32,098 | -€5,129 | -13.8% |
| Current assets | 29/58 | €166,248 | €384,523 | +€218,275 | +131.3% |
| Stocks and contracts in progress | 3 | €133,000 | €303,000 | +€170,000 | +127.8% |
| Stocks | 30/36 | €133,000 | €303,000 | +€170,000 | +127.8% |
| Amounts receivable within one year | 40/41 | €16,036 | €62,526 | +€46,490 | +289.9% |
| Trade receivables | 40 | €6,387 | €58,996 | +€52,609 | +823.7% |
| Other amounts receivable | 41 | €9,649 | €3,530 | -€6,119 | -63.4% |
| Cash at bank and in hand | 54/58 | €12,512 | €16,553 | +€4,041 | +32.3% |
| Deferred charges and accrued income | 490/1 | €4,700 | €2,444 | -€2,256 | -48.0% |
| Total equity and liabilities | 10/49 | €214,525 | €430,044 | +€215,519 | +100.5% |
| Equity | 10/15 | €46,039 | €70,497 | +€24,458 | +53.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,039 | €64,497 | +€24,458 | +61.1% |
| Amounts payable | 17/49 | €168,486 | €359,547 | +€191,061 | +113.4% |
| Amounts payable after more than one year | 17 | €123,103 | €305,897 | +€182,794 | +148.5% |
| Financial debts | 170/4 | €123,103 | €305,897 | +€182,794 | +148.5% |
| Amounts payable within one year | 42/48 | €45,383 | €52,313 | +€6,930 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €13,945 | €14,512 | +€567 | +4.1% |
| Trade debts | 44 | €19,829 | €6,670 | -€13,159 | -66.4% |
| Suppliers | 440/4 | €19,829 | €6,670 | -€13,159 | -66.4% |
| Taxes, remuneration and social security | 45 | €11,609 | €25,407 | +€13,798 | +118.9% |
| Taxes | 450/3 | €11,609 | €18,913 | +€7,304 | +62.9% |
| Remuneration and social security | 454/9 | - | €6,494 | +€6,494 | |
| Other amounts payable | 47/48 | - | €5,724 | +€5,724 | |
| Accrued charges and deferred income | 492/3 | - | €1,337 | +€1,337 | |
| Remuneration, social security and pensions | 62 | - | €56,541 | +€56,541 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,489 | €12,791 | +€3,302 | +34.8% |
| Other operating charges | 640/8 | €19,332 | €23,346 | +€4,014 | +20.8% |
| Gross operating margin | 9900 | €67,683 | €134,573 | +€66,890 | +98.8% |
| Operating profit (loss) | 9901 | €38,862 | €41,895 | +€3,033 | +7.8% |
| Financial income | 75/76B | €134 | €2,355 | +€2,220 | +1654.5% |
| Recurring financial income | 75 | €134 | €2,355 | +€2,220 | +1654.5% |
| Financial charges | 65/66B | €3,463 | €11,668 | +€8,205 | +236.9% |
| Recurring financial charges | 65 | €3,463 | €11,668 | +€8,205 | +236.9% |
| Profit (loss) for the period before taxes | 9903 | €35,533 | €32,582 | -€2,952 | -8.3% |
| Income taxes | 67/77 | €7,576 | €8,123 | +€548 | +7.2% |
| Profit (loss) for the period | 9904 | €27,958 | €24,458 | -€3,499 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,958 | €24,458 | -€3,499 | -12.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.