GAMUT: 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.
GAMUT
Largest movements
- Tangible fixed assets -€326,166
down €326,166 (-21.4%), from €1.5m to €1.2m
of which Land and buildings: -€317,035
- Stocks and contracts +€97,402
up €97,402 (+38.5%), from €252,903 to €350,305
- Revaluation surpluses -€261,058
down €261,058 (-24.7%), from €1.1m to €797,357
- Reserves +€261,058
up €261,058 (+382.3%), from €68,285 to €329,343
- Profit (loss) carried forward -€163,760
down €163,760 (-49.3%), from -€332,417 to -€496,177
- Other debts -€57,526
down €57,526 (-21.8%), from €264,480 to €206,954
- Short-term financial debts -€37,436
down €37,436 (-13.2%), from €284,391 to €246,955
- Gross operating margin -€134,326
down €134,326 (-72.5%), from €185,268 to €50,942
- Depreciation +€115,719
up €115,719 (+136.6%), from €84,705 to €200,424
- Financial charges -€9,115
down €9,115 (-52.8%), from €17,259 to €8,144
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 | €1,824,934 | €1,590,060 | -€234,874 | -12.9% |
| Fixed assets | 21/28 | €1,525,933 | €1,199,766 | -€326,166 | -21.4% |
| Tangible fixed assets | 22/27 | €1,525,933 | €1,199,766 | -€326,166 | -21.4% |
| Land and buildings | 22 | €1,496,829 | €1,179,794 | -€317,035 | -21.2% |
| Plant, machinery and equipment | 23 | €6,041 | €5,130 | -€911 | -15.1% |
| Furniture and vehicles | 24 | €23,062 | €14,842 | -€8,220 | -35.6% |
| Current assets | 29/58 | €299,001 | €390,293 | +€91,292 | +30.5% |
| Stocks and contracts in progress | 3 | €252,903 | €350,305 | +€97,402 | +38.5% |
| Stocks | 30/36 | €252,903 | €350,305 | +€97,402 | +38.5% |
| Amounts receivable within one year | 40/41 | €2,791 | €3,353 | +€561 | +20.1% |
| Trade receivables | 40 | - | €3,047 | +€3,047 | |
| Other amounts receivable | 41 | €2,791 | €306 | -€2,485 | -89.0% |
| Cash at bank and in hand | 54/58 | €41,955 | €35,084 | -€6,871 | -16.4% |
| Deferred charges and accrued income | 490/1 | €1,352 | €1,552 | +€200 | +14.8% |
| Total equity and liabilities | 10/49 | €1,824,934 | €1,590,060 | -€234,874 | -12.9% |
| Equity | 10/15 | €1,263,875 | €1,100,115 | -€163,760 | -13.0% |
| Contributions | 10/11 | €469,592 | €469,592 | = | 0.0% |
| Revaluation surpluses | 12 | €1,058,415 | €797,357 | -€261,058 | -24.7% |
| Reserves | 13 | €68,285 | €329,343 | +€261,058 | +382.3% |
| Distributable reserves | 133 | €68,285 | €329,343 | +€261,058 | +382.3% |
| Profit (loss) carried forward | 14 | -€332,417 | -€496,177 | -€163,760 | -49.3% |
| Amounts payable | 17/49 | €561,059 | €489,945 | -€71,114 | -12.7% |
| Amounts payable after more than one year | 17 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 178/9 | €1,900 | €1,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €559,159 | €488,045 | -€71,114 | -12.7% |
| Financial debts | 43 | €284,391 | €246,955 | -€37,436 | -13.2% |
| Credit institutions | 430/8 | €284,391 | €246,955 | -€37,436 | -13.2% |
| Trade debts | 44 | €4,618 | €0 | -€4,618 | -100.0% |
| Suppliers | 440/4 | €4,618 | €0 | -€4,618 | -100.0% |
| Taxes, remuneration and social security | 45 | €5,670 | €34,135 | +€28,466 | +502.1% |
| Taxes | 450/3 | €5,670 | €34,135 | +€28,466 | +502.1% |
| Other amounts payable | 47/48 | €264,480 | €206,954 | -€57,526 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,705 | €200,424 | +€115,719 | +136.6% |
| Other operating charges | 640/8 | €6,519 | €6,182 | -€337 | -5.2% |
| Gross operating margin | 9900 | €185,268 | €50,942 | -€134,326 | -72.5% |
| Operating profit (loss) | 9901 | €94,044 | -€155,664 | -€249,708 | |
| Financial income | 75/76B | €96 | €48 | -€48 | -49.8% |
| Recurring financial income | 75 | €96 | €48 | -€48 | -49.8% |
| Financial charges | 65/66B | €17,259 | €8,144 | -€9,115 | -52.8% |
| Recurring financial charges | 65 | €17,259 | €8,144 | -€9,115 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | €76,881 | -€163,760 | -€240,641 | |
| Profit (loss) for the period | 9904 | €76,881 | -€163,760 | -€240,641 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,881 | -€163,760 | -€240,641 |
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 11 October 2026 via checked.be.