GAMA: 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.
GAMA
Largest movements
- Tangible fixed assets +€276,726
up €276,726 (+180%), from €153,818 to €430,544
of which Land and buildings: +€260,374
- Receivables within one year +€102,690
up €102,690 (+75.1%), from €136,741 to €239,432
of which Other amounts receivable: +€107,921
- Cash +€9,872
up €9,872 (+53.1%), from €18,591 to €28,463
mainly Debts after one year (+€420,053) and Net result for the year (+€23,755)
- Debts after one year +€420,053
up €420,053 (+293%), from €143,571 to €563,624
- Other debts -€52,900
down €52,900 (-88.2%), from €60,000 to €7,100
- Trade debts -€35,621
down €35,621 (-52.6%), from €67,657 to €32,036
- Profit (loss) carried forward +€23,755
up €23,755 (+33.6%), from €70,669 to €94,424
- Tax, wage and social debts +€14,098
up €14,098 (+230%), from €6,122 to €20,220
of which Remuneration and social security: +€13,465
- Gross operating margin +€77,881
up €77,881 (+74.5%), from €104,556 to €182,437
- Staff costs +€44,906
up €44,906 (+71.6%), from €62,726 to €107,632
- Financial charges +€10,718
up €10,718 (+88.9%), from €12,062 to €22,780
- Depreciation +€8,705
up €8,705 (+74.0%), from €11,767 to €20,473
- Other operating charges -€2,182
down €2,182 (-20.7%), from €10,515 to €8,334
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 | €376,133 | €760,266 | +€384,134 | +102% |
| Fixed assets | 21/28 | €153,818 | €430,544 | +€276,726 | +180% |
| Tangible fixed assets | 22/27 | €153,818 | €430,544 | +€276,726 | +180% |
| Land and buildings | 22 | €148,315 | €408,688 | +€260,374 | +176% |
| Plant, machinery and equipment | 23 | €653 | - | -€653 | |
| Furniture and vehicles | 24 | €4,850 | €21,856 | +€17,006 | +351% |
| Current assets | 29/58 | €222,315 | €329,722 | +€107,407 | +48.3% |
| Stocks and contracts in progress | 3 | €66,847 | €61,692 | -€5,155 | -7.7% |
| Stocks | 30/36 | €66,847 | €61,692 | -€5,155 | -7.7% |
| Amounts receivable within one year | 40/41 | €136,741 | €239,432 | +€102,690 | +75.1% |
| Trade receivables | 40 | €88,121 | €82,890 | -€5,231 | -5.9% |
| Other amounts receivable | 41 | €48,620 | €156,542 | +€107,921 | +222% |
| Cash at bank and in hand | 54/58 | €18,591 | €28,463 | +€9,872 | +53.1% |
| Deferred charges and accrued income | 490/1 | €136 | €136 | = | 0.0% |
| Total equity and liabilities | 10/49 | €376,133 | €760,266 | +€384,134 | +102% |
| Equity | 10/15 | €94,848 | €118,603 | +€23,755 | +25.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €3,718 | €3,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,718 | €3,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,669 | €94,424 | +€23,755 | +33.6% |
| Amounts payable | 17/49 | €281,285 | €641,664 | +€360,379 | +128% |
| Amounts payable after more than one year | 17 | €143,571 | €563,624 | +€420,053 | +293% |
| Financial debts | 170/4 | €143,571 | €563,624 | +€420,053 | +293% |
| Amounts payable within one year | 42/48 | €136,759 | €75,484 | -€61,275 | -44.8% |
| Current portion of amounts payable after more than one year | 42 | - | €13,628 | +€13,628 | |
| Trade debts | 44 | €67,657 | €32,036 | -€35,621 | -52.6% |
| Suppliers | 440/4 | €67,657 | €32,036 | -€35,621 | -52.6% |
| Advances received on contracts in progress | 46 | €2,980 | €2,500 | -€480 | -16.1% |
| Taxes, remuneration and social security | 45 | €6,122 | €20,220 | +€14,098 | +230% |
| Taxes | 450/3 | €1,643 | €2,275 | +€632 | +38.5% |
| Remuneration and social security | 454/9 | €4,480 | €17,945 | +€13,465 | +301% |
| Other amounts payable | 47/48 | €60,000 | €7,100 | -€52,900 | -88.2% |
| Accrued charges and deferred income | 492/3 | €955 | €2,556 | +€1,601 | +168% |
| Remuneration, social security and pensions | 62 | €62,726 | €107,632 | +€44,906 | +71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,767 | €20,473 | +€8,705 | +74.0% |
| Other operating charges | 640/8 | €10,515 | €8,334 | -€2,182 | -20.7% |
| Gross operating margin | 9900 | €104,556 | €182,437 | +€77,881 | +74.5% |
| Operating profit (loss) | 9901 | €19,548 | €45,999 | +€26,451 | +135% |
| Financial income | 75/76B | €49 | €536 | +€488 | +1,003% |
| Recurring financial income | 75 | €49 | €536 | +€488 | +1,003% |
| Financial charges | 65/66B | €12,062 | €22,780 | +€10,718 | +88.9% |
| Recurring financial charges | 65 | €12,062 | €22,780 | +€10,718 | +88.9% |
| Profit (loss) for the period before taxes | 9903 | €7,535 | €23,755 | +€16,221 | +215% |
| Income taxes | 67/77 | €1,643 | - | -€1,643 | |
| Profit (loss) for the period | 9904 | €5,892 | €23,755 | +€17,863 | +303% |
| Profit (loss) for the period to be appropriated | 9905 | €5,892 | €23,755 | +€17,863 | +303% |
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 16 October 2026 via checked.be.