Ganda - Dent: 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.
Ganda - Dent
Largest movements
- Receivables within one year +€135,900
up €135,900 (+77.6%), from €175,083 to €310,983
of which Other amounts receivable: +€106,361
- Tangible fixed assets -€31,470
down €31,470 (-7.2%), from €439,178 to €407,708
of which Land and buildings: -€20,410
- Cash +€19,248
up €19,248 (+163.6%), from €11,763 to €31,011
mainly Other debts (+€82,009) and Debts after one year (+€59,205)
- Intangible fixed assets +€19,021
new in 2025: €19,021
- Deferred charges and accrued income +€15,202
up €15,202 (+243.0%), from €6,256 to €21,458
- Other debts +€82,009
up €82,009 (+100.3%), from €81,766 to €163,775
- Debts after one year +€59,205
up €59,205 (+23.2%), from €255,078 to €314,283
- Profit (loss) carried forward +€57,473
new in 2025: €57,473
- Current portion of long-term debt -€18,646
down €18,646 (-16.8%), from €111,164 to €92,518
- Gross operating margin +€30,687
up €30,687 (+6.4%), from €481,825 to €512,512
- Staff costs -€25,415
down €25,415 (-7.4%), from €343,205 to €317,790
- Financial charges +€18,096
up €18,096 (+61.5%), from €29,436 to €47,532
- Taxes +€12,730
up €12,730 (+56.8%), from €22,407 to €35,137
- Financial income +€8,174
up €8,174 (+130.5%), from €6,265 to €14,439
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 | €960,806 | €1,121,147 | +€160,342 | +16.7% |
| Fixed assets | 21/28 | €711,578 | €699,129 | -€12,448 | -1.7% |
| Intangible fixed assets | 21 | - | €19,021 | +€19,021 | |
| Tangible fixed assets | 22/27 | €439,178 | €407,708 | -€31,470 | -7.2% |
| Land and buildings | 22 | €395,289 | €374,879 | -€20,410 | -5.2% |
| Plant, machinery and equipment | 23 | €23,683 | €17,120 | -€6,563 | -27.7% |
| Furniture and vehicles | 24 | €5,660 | €10,197 | +€4,538 | +80.2% |
| Leasing and similar rights | 25 | €14,546 | €5,512 | -€9,034 | -62.1% |
| Financial fixed assets | 28 | €272,400 | €272,400 | = | 0.0% |
| Current assets | 29/58 | €249,228 | €422,018 | +€172,790 | +69.3% |
| Stocks and contracts in progress | 3 | €56,126 | €58,566 | +€2,440 | +4.3% |
| Stocks | 30/36 | €56,126 | €58,566 | +€2,440 | +4.3% |
| Amounts receivable within one year | 40/41 | €175,083 | €310,983 | +€135,900 | +77.6% |
| Trade receivables | 40 | €55,652 | €85,190 | +€29,538 | +53.1% |
| Other amounts receivable | 41 | €119,431 | €225,793 | +€106,361 | +89.1% |
| Cash at bank and in hand | 54/58 | €11,763 | €31,011 | +€19,248 | +163.6% |
| Deferred charges and accrued income | 490/1 | €6,256 | €21,458 | +€15,202 | +243.0% |
| Total equity and liabilities | 10/49 | €960,806 | €1,121,147 | +€160,342 | +16.7% |
| Equity | 10/15 | €260,924 | €318,396 | +€57,473 | +22.0% |
| Contributions | 10/11 | €118,000 | €118,000 | = | 0.0% |
| Reserves | 13 | €142,924 | €142,924 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,159 | €0 | -€3,159 | -100.0% |
| Reserves not available under the articles | 1311 | €3,159 | €0 | -€3,159 | -100.0% |
| Distributable reserves | 133 | €139,765 | €142,924 | +€3,159 | +2.3% |
| Profit (loss) carried forward | 14 | - | €57,473 | +€57,473 | |
| Amounts payable | 17/49 | €699,882 | €802,751 | +€102,869 | +14.7% |
| Amounts payable after more than one year | 17 | €255,078 | €314,283 | +€59,205 | +23.2% |
| Financial debts | 170/4 | €255,078 | €314,283 | +€59,205 | +23.2% |
| Amounts payable within one year | 42/48 | €442,140 | €488,468 | +€46,328 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €111,164 | €92,518 | -€18,646 | -16.8% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €96,253 | €89,370 | -€6,883 | -7.2% |
| Suppliers | 440/4 | €96,253 | €89,370 | -€6,883 | -7.2% |
| Taxes, remuneration and social security | 45 | €77,957 | €67,805 | -€10,152 | -13.0% |
| Taxes | 450/3 | €28,860 | €34,818 | +€5,958 | +20.6% |
| Remuneration and social security | 454/9 | €49,097 | €32,987 | -€16,110 | -32.8% |
| Other amounts payable | 47/48 | €81,766 | €163,775 | +€82,009 | +100.3% |
| Accrued charges and deferred income | 492/3 | €2,664 | €0 | -€2,664 | -100.0% |
| Remuneration, social security and pensions | 62 | €343,205 | €317,790 | -€25,415 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,248 | €41,778 | +€4,530 | +12.2% |
| Other operating charges | 640/8 | €20,976 | €27,242 | +€6,266 | +29.9% |
| Gross operating margin | 9900 | €481,825 | €512,512 | +€30,687 | +6.4% |
| Operating profit (loss) | 9901 | €80,397 | €125,703 | +€45,306 | +56.4% |
| Financial income | 75/76B | €6,265 | €14,439 | +€8,174 | +130.5% |
| Recurring financial income | 75 | €6,265 | €14,439 | +€8,174 | +130.5% |
| Financial charges | 65/66B | €29,436 | €47,532 | +€18,096 | +61.5% |
| Recurring financial charges | 65 | €29,436 | €47,532 | +€18,096 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €57,227 | €92,610 | +€35,383 | +61.8% |
| Income taxes | 67/77 | €22,407 | €35,137 | +€12,730 | +56.8% |
| Profit (loss) for the period | 9904 | €34,819 | €57,473 | +€22,654 | +65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,819 | €57,473 | +€22,654 | +65.1% |
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 8 October 2026 via checked.be.