GAMA: 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.
GAMA
Largest movements
- Receivables within one year -€485,734
down €485,734 (-14.9%), from €3.3m to €2.8m
of which Trade receivables: -€418,508
- Current investments +€350,000
new in 2025: €350,000
- Cash +€281,175
up €281,175 (+146.7%), from €191,624 to €472,798
mainly Receivables within one year (+€485,734) and Trade debts (+€463,407)
- Tangible fixed assets +€274,454
up €274,454 (+45.8%), from €598,947 to €873,401
of which Plant, machinery and equipment: +€206,847
- Intangible fixed assets -€50,699
down €50,699 (-98.9%), from €51,262 to €563
- Trade debts +€463,407
up €463,407 (+21.8%), from €2.1m to €2.6m
- Other debts -€422,881
down €422,881 (-99.8%), from €423,886 to €1,005
- Profit (loss) carried forward +€355,195
up €355,195 (+30.4%), from €1.2m to €1.5m
- Staff costs +€136,141
up €136,141 (+8.2%), from €1.7m to €1.8m
- Depreciation +€74,967
up €74,967 (+27.0%), from €277,929 to €352,896
- Taxes -€58,105
down €58,105 (-30.8%), from €188,516 to €130,411
- Gross operating margin +€44,742
up €44,742 (+1.7%), from €2.7m to €2.8m
- Write-downs +€32,055
new in 2025: €32,055
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 | €4,369,124 | €4,722,207 | +€353,082 | +8.1% |
| Fixed assets | 21/28 | €651,559 | €875,619 | +€224,060 | +34.4% |
| Intangible fixed assets | 21 | €51,262 | €563 | -€50,699 | -98.9% |
| Tangible fixed assets | 22/27 | €598,947 | €873,401 | +€274,454 | +45.8% |
| Plant, machinery and equipment | 23 | €123,910 | €330,757 | +€206,847 | +166.9% |
| Furniture and vehicles | 24 | €475,037 | €542,644 | +€67,607 | +14.2% |
| Financial fixed assets | 28 | €1,350 | €1,655 | +€305 | +22.6% |
| Current assets | 29/58 | €3,717,566 | €3,846,588 | +€129,022 | +3.5% |
| Stocks and contracts in progress | 3 | €259,799 | €213,975 | -€45,824 | -17.6% |
| Stocks | 30/36 | €259,799 | €213,975 | -€45,824 | -17.6% |
| Amounts receivable within one year | 40/41 | €3,263,394 | €2,777,660 | -€485,734 | -14.9% |
| Trade receivables | 40 | €3,196,167 | €2,777,660 | -€418,508 | -13.1% |
| Other amounts receivable | 41 | €67,226 | - | -€67,226 | |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €191,624 | €472,798 | +€281,175 | +146.7% |
| Deferred charges and accrued income | 490/1 | €2,750 | €32,155 | +€29,405 | +1069.3% |
| Total equity and liabilities | 10/49 | €4,369,124 | €4,722,207 | +€353,082 | +8.1% |
| Equity | 10/15 | €1,554,970 | €1,910,165 | +€355,195 | +22.8% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €237,843 | €237,843 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €222,969 | €222,969 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,168,391 | €1,523,586 | +€355,195 | +30.4% |
| Amounts payable | 17/49 | €2,814,155 | €2,812,042 | -€2,113 | -0.1% |
| Amounts payable within one year | 42/48 | €2,814,120 | €2,812,007 | -€2,113 | -0.1% |
| Trade debts | 44 | €2,126,550 | €2,589,956 | +€463,407 | +21.8% |
| Suppliers | 440/4 | €2,126,550 | €2,589,956 | +€463,407 | +21.8% |
| Taxes, remuneration and social security | 45 | €263,684 | €221,045 | -€42,638 | -16.2% |
| Taxes | 450/3 | €92,151 | €110,881 | +€18,729 | +20.3% |
| Remuneration and social security | 454/9 | €171,533 | €110,165 | -€61,368 | -35.8% |
| Other amounts payable | 47/48 | €423,886 | €1,005 | -€422,881 | -99.8% |
| Accrued charges and deferred income | 492/3 | €35 | €35 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,929 | +€1,929 | |
| Remuneration, social security and pensions | 62 | €1,669,362 | €1,805,503 | +€136,141 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,929 | €352,896 | +€74,967 | +27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,055 | +€32,055 | |
| Other operating charges | 640/8 | €45,159 | €72,496 | +€27,337 | +60.5% |
| Non-recurring operating charges | 66A | €406 | - | -€406 | |
| Gross operating margin | 9900 | €2,707,945 | €2,752,686 | +€44,742 | +1.7% |
| Operating profit (loss) | 9901 | €715,089 | €489,737 | -€225,353 | -31.5% |
| Financial income | 75/76B | €993 | €4,272 | +€3,278 | +330.0% |
| Recurring financial income | 75 | €993 | €4,272 | +€3,278 | +330.0% |
| Financial charges | 65/66B | €2,607 | €8,402 | +€5,795 | +222.3% |
| Recurring financial charges | 65 | €2,607 | €8,402 | +€5,795 | +222.3% |
| Profit (loss) for the period before taxes | 9903 | €713,476 | €485,606 | -€227,870 | -31.9% |
| Income taxes | 67/77 | €188,516 | €130,411 | -€58,105 | -30.8% |
| Profit (loss) for the period | 9904 | €524,960 | €355,195 | -€169,765 | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €524,960 | €355,195 | -€169,765 | -32.3% |
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 6 October 2026 via checked.be.