GAMMAS: 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.
GAMMAS
Largest movements
- Cash -€70,963
down €70,963 (-45.4%), from €156,146 to €85,184
mainly Other debts (-€82,701) and Receivables within one year (-€33,294)
- Receivables within one year +€33,294
up €33,294 (+130.7%), from €25,467 to €58,761
of which Other amounts receivable: +€33,305
- Other debts -€82,701
down €82,701 (-21.7%), from €381,476 to €298,775
- Reserves +€74,147
up €74,147 (+8.4%), from €882,565 to €956,713
- Gross operating margin -€117,905
down €117,905 (-54.9%), from €214,867 to €96,962
- Taxes -€34,776
down €34,776 (-48.2%), from €72,124 to €37,347
- Financial charges -€15,619
down €15,619 (-97.4%), from €16,044 to €425
- Financial income -€6,726
down €6,726 (-25.0%), from €26,922 to €20,197
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 | €1,672,371 | €1,648,744 | -€23,627 | -1.4% |
| Fixed assets | 21/28 | €18,343 | €20,633 | +€2,291 | +12.5% |
| Tangible fixed assets | 22/27 | €18,287 | €20,633 | +€2,347 | +12.8% |
| Furniture and vehicles | 24 | €8,287 | €10,633 | +€2,347 | +28.3% |
| Other tangible fixed assets | 26 | €10,000 | €10,000 | = | 0.0% |
| Financial fixed assets | 28 | €56 | - | -€56 | |
| Current assets | 29/58 | €1,654,029 | €1,628,111 | -€25,918 | -1.6% |
| Amounts receivable within one year | 40/41 | €25,467 | €58,761 | +€33,294 | +130.7% |
| Trade receivables | 40 | €11 | - | -€11 | |
| Other amounts receivable | 41 | €25,456 | €58,761 | +€33,305 | +130.8% |
| Current investments | 50/53 | €1,471,579 | €1,482,700 | +€11,122 | +0.8% |
| Cash at bank and in hand | 54/58 | €156,146 | €85,184 | -€70,963 | -45.4% |
| Deferred charges and accrued income | 490/1 | €837 | €1,466 | +€629 | +75.2% |
| Total equity and liabilities | 10/49 | €1,672,371 | €1,648,744 | -€23,627 | -1.4% |
| Equity | 10/15 | €1,275,765 | €1,349,913 | +€74,147 | +5.8% |
| Contributions | 10/11 | €393,200 | €393,200 | = | 0.0% |
| Reserves | 13 | €882,565 | €956,713 | +€74,147 | +8.4% |
| Distributable reserves | 133 | €882,565 | €956,713 | +€74,147 | +8.4% |
| Amounts payable | 17/49 | €396,606 | €298,832 | -€97,774 | -24.7% |
| Amounts payable within one year | 42/48 | €381,524 | €298,831 | -€82,692 | -21.7% |
| Trade debts | 44 | €48 | €57 | +€9 | +18.7% |
| Suppliers | 440/4 | €48 | €57 | +€9 | +18.7% |
| Other amounts payable | 47/48 | €381,476 | €298,775 | -€82,701 | -21.7% |
| Accrued charges and deferred income | 492/3 | €15,082 | €0 | -€15,082 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312 | €437 | +€125 | +40.1% |
| Other operating charges | 640/8 | €3,679 | €3,969 | +€290 | +7.9% |
| Gross operating margin | 9900 | €214,867 | €96,962 | -€117,905 | -54.9% |
| Operating profit (loss) | 9901 | €210,876 | €92,556 | -€118,320 | -56.1% |
| Financial income | 75/76B | €26,922 | €20,197 | -€6,726 | -25.0% |
| Recurring financial income | 75 | €26,922 | €20,197 | -€6,726 | -25.0% |
| Financial charges | 65/66B | €16,044 | €425 | -€15,619 | -97.4% |
| Recurring financial charges | 65 | €16,044 | €425 | -€15,619 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | €221,754 | €112,327 | -€109,427 | -49.3% |
| Income taxes | 67/77 | €72,124 | €37,347 | -€34,776 | -48.2% |
| Profit (loss) for the period | 9904 | €149,631 | €74,980 | -€74,650 | -49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €149,631 | €74,980 | -€74,650 | -49.9% |
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 9 October 2026 via checked.be.