GAMMACO: 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.
GAMMACO
Largest movements
- Stocks and contracts -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Current investments +€514,927
up €514,927 (+103%), from €497,854 to €1.0m
- Cash -€234,238
down €234,238 (-64.5%), from €363,010 to €128,772
mainly Current portion of long-term debt (-€1.6m) and Current investments (-€514,927)
- Tangible fixed assets -€70,357
down €70,357 (-4.6%), from €1.5m to €1.4m
of which Furniture and vehicles: -€46,667
- Receivables after one year +€67,972
new in 2025: €67,972
- Current portion of long-term debt -€1.6m
down €1.6m (-97.3%), from €1.7m to €46,306
- Debts after one year +€450,334
up €450,334, from €0 to €450,334
- Reserves +€282,903
up €282,903 (+11.0%), from €2.6m to €2.9m
of which Distributable reserves: +€282,903
- Other debts -€110,398
down €110,398 (-62.7%), from €175,992 to €65,594
- Gross operating margin +€212,657
up €212,657 (+57.7%), from €368,429 to €581,085
- Taxes +€91,907
up €91,907 (+218%), from €42,070 to €133,978
- Financial charges -€53,110
down €53,110 (-61.2%), from €86,726 to €33,616
- Depreciation -€11,285
down €11,285 (-9.1%), from €123,447 to €112,162
- Other operating charges -€8,772
down €8,772 (-19.9%), from €44,065 to €35,293
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 | €4,578,582 | €3,572,138 | -€1.0m | -22.0% |
| Fixed assets | 21/28 | €2,138,759 | €2,068,402 | -€70,357 | -3.3% |
| Tangible fixed assets | 22/27 | €1,515,748 | €1,445,391 | -€70,357 | -4.6% |
| Land and buildings | 22 | €1,443,273 | €1,419,584 | -€23,689 | -1.6% |
| Furniture and vehicles | 24 | €72,475 | €25,807 | -€46,667 | -64.4% |
| Financial fixed assets | 28 | €623,011 | €623,011 | = | 0.0% |
| Current assets | 29/58 | €2,439,823 | €1,503,736 | -€936,087 | -38.4% |
| Amounts receivable after more than one year | 29 | - | €67,972 | +€67,972 | |
| Other amounts receivable | 291 | - | €67,972 | +€67,972 | |
| Stocks and contracts in progress | 3 | €1,277,781 | €0 | -€1.3m | -100% |
| Stocks | 30/36 | €1,277,781 | €0 | -€1.3m | -100% |
| Amounts receivable within one year | 40/41 | €276,520 | €276,620 | +€100 | 0.0% |
| Trade receivables | 40 | €53,234 | €53,335 | +€100 | +0.2% |
| Other amounts receivable | 41 | €223,285 | €223,285 | = | 0.0% |
| Current investments | 50/53 | €497,854 | €1,012,782 | +€514,927 | +103% |
| Cash at bank and in hand | 54/58 | €363,010 | €128,772 | -€234,238 | -64.5% |
| Deferred charges and accrued income | 490/1 | €24,659 | €17,591 | -€7,068 | -28.7% |
| Total equity and liabilities | 10/49 | €4,578,582 | €3,572,138 | -€1.0m | -22.0% |
| Equity | 10/15 | €2,645,438 | €2,928,341 | +€282,903 | +10.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €2,583,464 | €2,866,367 | +€282,903 | +11.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,989 | €8,989 | = | 0.0% |
| Distributable reserves | 133 | €2,568,278 | €2,851,181 | +€282,903 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,933,144 | €643,797 | -€1.3m | -66.7% |
| Amounts payable after more than one year | 17 | €0 | €450,334 | +€450,334 | |
| Financial debts | 170/4 | €0 | €450,334 | +€450,334 | |
| Amounts payable within one year | 42/48 | €1,931,644 | €193,463 | -€1.7m | -90.0% |
| Current portion of amounts payable after more than one year | 42 | €1,692,500 | €46,306 | -€1.6m | -97.3% |
| Financial debts | 43 | €74 | €142 | +€67 | +90.5% |
| Credit institutions | 430/8 | €74 | €142 | +€67 | +90.5% |
| Trade debts | 44 | €21,008 | €7,443 | -€13,564 | -64.6% |
| Suppliers | 440/4 | €21,008 | €7,443 | -€13,564 | -64.6% |
| Taxes, remuneration and social security | 45 | €42,070 | €73,978 | +€31,908 | +75.8% |
| Taxes | 450/3 | €42,070 | €73,978 | +€31,908 | +75.8% |
| Other amounts payable | 47/48 | €175,992 | €65,594 | -€110,398 | -62.7% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,447 | €112,162 | -€11,285 | -9.1% |
| Other operating charges | 640/8 | €44,065 | €35,293 | -€8,772 | -19.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €368,429 | €581,085 | +€212,657 | +57.7% |
| Operating profit (loss) | 9901 | €200,917 | €433,630 | +€232,713 | +116% |
| Financial income | 75/76B | €17,901 | €16,866 | -€1,035 | -5.8% |
| Recurring financial income | 75 | €7,901 | €16,866 | +€8,965 | +113% |
| Non-recurring financial income | 76B | €10,000 | €0 | -€10,000 | -100% |
| Financial charges | 65/66B | €86,726 | €33,616 | -€53,110 | -61.2% |
| Recurring financial charges | 65 | €86,726 | €33,616 | -€53,110 | -61.2% |
| Profit (loss) for the period before taxes | 9903 | €132,092 | €416,881 | +€284,789 | +216% |
| Income taxes | 67/77 | €42,070 | €133,978 | +€91,907 | +218% |
| Profit (loss) for the period | 9904 | €90,022 | €282,903 | +€192,882 | +214% |
| Profit (loss) for the period to be appropriated | 9905 | €90,022 | €282,903 | +€192,882 | +214% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.