GANDACARS: 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.
GANDACARS
Largest movements
- Tangible fixed assets -€1.6m
down €1.6m (-30.4%), from €5.2m to €3.6m
- Cash +€374,839
up €374,839 (+148%), from €253,380 to €628,219
mainly Investment in fixed assets (net) (+€1.3m) and Net result for the year (+€469,185)
- Receivables within one year -€301,618
down €301,618 (-44.0%), from €685,591 to €383,973
of which Trade receivables: -€401,897
- Stocks and contracts -€98,365
down €98,365 (-100%), from €98,365 to €0
- Debts after one year -€870,939
down €870,939 (-34.3%), from €2.5m to €1.7m
- Reserves +€469,185
up €469,185 (+23.2%), from €2.0m to €2.5m
of which Distributable reserves: +€533,229
- Trade debts -€447,990
down €447,990 (-92.4%), from €484,780 to €36,790
- Tax, wage and social debts -€292,447
down €292,447 (-61.7%), from €473,815 to €181,368
of which Remuneration and social security: -€260,166
- Short-term financial debts -€281,309
down €281,309 (-45.7%), from €615,230 to €333,921
- Staff costs -€1.2m
down €1.2m (-41.5%), from €2.9m to €1.7m
- Gross operating margin -€381,187
down €381,187 (-12.5%), from €3.1m to €2.7m
- Depreciation -€232,436
down €232,436 (-44.7%), from €520,077 to €287,641
- Taxes +€52,358
up €52,358 (+3,098%), from €1,690 to €54,048
- Financial charges +€40,604
up €40,604 (+37.1%), from €109,436 to €150,040
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 | €7,167,752 | €5,529,916 | -€1.6m | -22.9% |
| Fixed assets | 21/28 | €5,178,595 | €3,603,691 | -€1.6m | -30.4% |
| Tangible fixed assets | 22/27 | €5,178,295 | €3,603,391 | -€1.6m | -30.4% |
| Land and buildings | 22 | €3,112,228 | €2,914,115 | -€198,113 | -6.4% |
| Plant, machinery and equipment | 23 | €599,355 | €548,461 | -€50,894 | -8.5% |
| Furniture and vehicles | 24 | €737,088 | €107,594 | -€629,494 | -85.4% |
| Leasing and similar rights | 25 | €701,700 | €9,411 | -€692,289 | -98.7% |
| Other tangible fixed assets | 26 | €27,924 | €23,810 | -€4,114 | -14.7% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €1,989,157 | €1,926,225 | -€62,932 | -3.2% |
| Amounts receivable after more than one year | 29 | €875,000 | €875,000 | = | 0.0% |
| Other amounts receivable | 291 | €875,000 | €875,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €98,365 | €0 | -€98,365 | -100% |
| Stocks | 30/36 | €98,365 | €0 | -€98,365 | -100% |
| Amounts receivable within one year | 40/41 | €685,591 | €383,973 | -€301,618 | -44.0% |
| Trade receivables | 40 | €454,231 | €52,334 | -€401,897 | -88.5% |
| Other amounts receivable | 41 | €231,360 | €331,639 | +€100,279 | +43.3% |
| Cash at bank and in hand | 54/58 | €253,380 | €628,219 | +€374,839 | +148% |
| Deferred charges and accrued income | 490/1 | €76,821 | €39,033 | -€37,788 | -49.2% |
| Total equity and liabilities | 10/49 | €7,167,752 | €5,529,916 | -€1.6m | -22.9% |
| Equity | 10/15 | €2,170,562 | €2,639,747 | +€469,185 | +21.6% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €2,021,826 | €2,491,011 | +€469,185 | +23.2% |
| Tax-exempt reserves | 132 | €1,065,017 | €1,000,973 | -€64,044 | -6.0% |
| Distributable reserves | 133 | €956,809 | €1,490,038 | +€533,229 | +55.7% |
| Provisions and deferred taxes | 16 | €331,097 | €309,749 | -€21,348 | -6.4% |
| Deferred taxes | 168 | €331,097 | €309,749 | -€21,348 | -6.4% |
| Amounts payable | 17/49 | €4,666,093 | €2,580,420 | -€2.1m | -44.7% |
| Amounts payable after more than one year | 17 | €2,538,011 | €1,667,072 | -€870,939 | -34.3% |
| Financial debts | 170/4 | €2,538,011 | €1,667,072 | -€870,939 | -34.3% |
| Amounts payable within one year | 42/48 | €2,118,020 | €860,593 | -€1.3m | -59.4% |
| Current portion of amounts payable after more than one year | 42 | €537,591 | €308,514 | -€229,077 | -42.6% |
| Financial debts | 43 | €615,230 | €333,921 | -€281,309 | -45.7% |
| Credit institutions | 430/8 | €615,230 | €333,921 | -€281,309 | -45.7% |
| Trade debts | 44 | €484,780 | €36,790 | -€447,990 | -92.4% |
| Suppliers | 440/4 | €484,780 | €36,790 | -€447,990 | -92.4% |
| Taxes, remuneration and social security | 45 | €473,815 | €181,368 | -€292,447 | -61.7% |
| Taxes | 450/3 | €86,954 | €54,673 | -€32,281 | -37.1% |
| Remuneration and social security | 454/9 | €386,861 | €126,695 | -€260,166 | -67.3% |
| Other amounts payable | 47/48 | €6,604 | - | -€6,604 | |
| Accrued charges and deferred income | 492/3 | €10,062 | €52,755 | +€42,693 | +424% |
| Non-recurring operating income | 76A | - | €449,763 | +€449,763 | |
| Remuneration, social security and pensions | 62 | €2,862,041 | €1,673,877 | -€1.2m | -41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €520,077 | €287,641 | -€232,436 | -44.7% |
| Other operating charges | 640/8 | €52,605 | €36,459 | -€16,146 | -30.7% |
| Non-recurring operating charges | 66A | €21,163 | €39,920 | +€18,757 | +88.6% |
| Gross operating margin | 9900 | €3,055,857 | €2,674,670 | -€381,187 | -12.5% |
| Operating profit (loss) | 9901 | -€400,029 | €636,773 | +€1.0m | |
| Financial income | 75/76B | €13,927 | €15,152 | +€1,225 | +8.8% |
| Recurring financial income | 75 | €13,927 | €15,152 | +€1,225 | +8.8% |
| Financial charges | 65/66B | €109,436 | €150,040 | +€40,604 | +37.1% |
| Recurring financial charges | 65 | €109,436 | €150,040 | +€40,604 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | -€495,538 | €501,885 | +€997,423 | |
| Transfer from deferred taxes | 780 | €21,348 | €21,348 | = | 0.0% |
| Income taxes | 67/77 | €1,690 | €54,048 | +€52,358 | +3,098% |
| Profit (loss) for the period | 9904 | -€475,880 | €469,185 | +€945,065 | |
| Transfer from tax-exempt reserves | 789 | €64,044 | €64,044 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€411,836 | €533,229 | +€945,065 |
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 17 October 2026 via checked.be.