GANDAFAR: 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.
GANDAFAR
Largest movements
- Intangible fixed assets -€80,000
down €80,000 (-20.6%), from €389,153 to €309,153
- Other debts -€45,709
down €45,709 (-3.2%), from €1.4m to €1.4m
- Profit (loss) carried forward -€42,313
down €42,313 (-4.6%), from -€925,923 to -€968,235
- Trade debts +€10,798
up €10,798 (+13.8%), from €78,526 to €89,323
- Staff costs +€25,709
up €25,709 (+21.4%), from €119,884 to €145,593
- Gross operating margin +€22,640
up €22,640 (+9.8%), from €230,795 to €253,436
- Financial charges -€16,972
down €16,972 (-28.5%), from €59,552 to €42,580
- Depreciation +€5,562
up €5,562 (+6.1%), from €91,573 to €97,136
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 | €929,745 | €857,078 | -€72,667 | -7.8% |
| Fixed assets | 21/28 | €746,978 | €666,391 | -€80,587 | -10.8% |
| Intangible fixed assets | 21 | €389,153 | €309,153 | -€80,000 | -20.6% |
| Tangible fixed assets | 22/27 | €357,476 | €356,889 | -€587 | -0.2% |
| Land and buildings | 22 | €330,071 | €330,045 | -€26 | 0.0% |
| Plant, machinery and equipment | 23 | €18,743 | €20,686 | +€1,942 | +10.4% |
| Furniture and vehicles | 24 | €8,661 | €6,158 | -€2,504 | -28.9% |
| Financial fixed assets | 28 | €349 | €349 | = | 0.0% |
| Current assets | 29/58 | €182,767 | €190,687 | +€7,921 | +4.3% |
| Stocks and contracts in progress | 3 | €91,952 | €97,666 | +€5,714 | +6.2% |
| Stocks | 30/36 | €91,952 | €97,666 | +€5,714 | +6.2% |
| Amounts receivable within one year | 40/41 | €84,435 | €85,080 | +€645 | +0.8% |
| Trade receivables | 40 | €78,725 | €82,608 | +€3,884 | +4.9% |
| Other amounts receivable | 41 | €5,711 | €2,472 | -€3,239 | -56.7% |
| Cash at bank and in hand | 54/58 | €6,379 | €7,941 | +€1,562 | +24.5% |
| Total equity and liabilities | 10/49 | €929,745 | €857,078 | -€72,667 | -7.8% |
| Equity | 10/15 | -€606,785 | -€649,097 | -€42,313 | -7.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €69,138 | €69,138 | = | 0.0% |
| Distributable reserves | 133 | €69,138 | €69,138 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€925,923 | -€968,235 | -€42,313 | -4.6% |
| Amounts payable | 17/49 | €1,536,530 | €1,506,176 | -€30,354 | -2.0% |
| Amounts payable within one year | 42/48 | €1,536,530 | €1,506,176 | -€30,354 | -2.0% |
| Trade debts | 44 | €78,526 | €89,323 | +€10,798 | +13.8% |
| Suppliers | 440/4 | €78,526 | €89,323 | +€10,798 | +13.8% |
| Taxes, remuneration and social security | 45 | €13,743 | €18,300 | +€4,557 | +33.2% |
| Taxes | 450/3 | €324 | €413 | +€88 | +27.3% |
| Remuneration and social security | 454/9 | €13,419 | €17,887 | +€4,469 | +33.3% |
| Other amounts payable | 47/48 | €1,444,261 | €1,398,553 | -€45,709 | -3.2% |
| Non-recurring operating income | 76A | €33,894 | €19,825 | -€14,069 | -41.5% |
| Remuneration, social security and pensions | 62 | €119,884 | €145,593 | +€25,709 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,573 | €97,136 | +€5,562 | +6.1% |
| Other operating charges | 640/8 | €9,775 | €11,795 | +€2,020 | +20.7% |
| Gross operating margin | 9900 | €230,795 | €253,436 | +€22,640 | +9.8% |
| Operating profit (loss) | 9901 | €9,563 | -€1,088 | -€10,651 | |
| Financial income | 75/76B | €1,994 | €1,553 | -€441 | -22.1% |
| Recurring financial income | 75 | €1,994 | €1,553 | -€441 | -22.1% |
| Financial charges | 65/66B | €59,552 | €42,580 | -€16,972 | -28.5% |
| Recurring financial charges | 65 | €59,552 | €42,580 | -€16,972 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | -€47,995 | -€42,115 | +€5,880 | +12.3% |
| Income taxes | 67/77 | €215 | €198 | -€17 | -8.1% |
| Profit (loss) for the period | 9904 | -€48,210 | -€42,313 | +€5,897 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,210 | -€42,313 | +€5,897 | +12.2% |
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 20 October 2026 via checked.be.