GANDALF: 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.
GANDALF
Largest movements
- Stocks and contracts +€3,394
up €3,394 (+54.4%), from €6,238 to €9,632
- Cash -€2,762
down €2,762 (-21.9%), from €12,613 to €9,851
mainly Other debts (-€8,396) and Stocks and contracts (-€3,394)
- Profit (loss) carried forward +€9,291
up €9,291 (+9.3%), from -€99,873 to -€90,581
- Other debts -€8,396
down €8,396 (-22.3%), from €37,697 to €29,302
- Short-term financial debts -€817
down €817 (-33.7%), from €2,425 to €1,609
- Trade debts +€701
up €701 (+4.3%), from €16,249 to €16,950
- Staff costs -€16,256
down €16,256 (-46.6%), from €34,856 to €18,601
- Gross operating margin -€11,237
down €11,237 (-26.3%), from €42,715 to €31,479
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 | €18,851 | €19,483 | +€632 | +3.4% |
| Current assets | 29/58 | €18,851 | €19,483 | +€632 | +3.4% |
| Stocks and contracts in progress | 3 | €6,238 | €9,632 | +€3,394 | +54.4% |
| Stocks | 30/36 | €6,238 | €9,632 | +€3,394 | +54.4% |
| Cash at bank and in hand | 54/58 | €12,613 | €9,851 | -€2,762 | -21.9% |
| Total equity and liabilities | 10/49 | €18,851 | €19,483 | +€632 | +3.4% |
| Equity | 10/15 | -€86,675 | -€77,384 | +€9,291 | +10.7% |
| Contributions | 10/11 | €13,197 | €13,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,873 | -€90,581 | +€9,291 | +9.3% |
| Amounts payable | 17/49 | €105,527 | €96,867 | -€8,659 | -8.2% |
| Amounts payable after more than one year | 17 | €4,000 | €4,000 | = | 0.0% |
| Financial debts | 170/4 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €89,955 | €81,296 | -€8,659 | -9.6% |
| Financial debts | 43 | €2,425 | €1,609 | -€817 | -33.7% |
| Credit institutions | 430/8 | €2,425 | €1,609 | -€817 | -33.7% |
| Trade debts | 44 | €16,249 | €16,950 | +€701 | +4.3% |
| Suppliers | 440/4 | €16,249 | €16,950 | +€701 | +4.3% |
| Taxes, remuneration and social security | 45 | €33,584 | €33,435 | -€148 | -0.4% |
| Taxes | 450/3 | €1,138 | €1,676 | +€539 | +47.3% |
| Remuneration and social security | 454/9 | €32,446 | €31,759 | -€687 | -2.1% |
| Other amounts payable | 47/48 | €37,697 | €29,302 | -€8,396 | -22.3% |
| Accrued charges and deferred income | 492/3 | €11,571 | €11,571 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €34,856 | €18,601 | -€16,256 | -46.6% |
| Other operating charges | 640/8 | €292 | €279 | -€13 | -4.4% |
| Gross operating margin | 9900 | €42,715 | €31,479 | -€11,237 | -26.3% |
| Operating profit (loss) | 9901 | €7,567 | €12,599 | +€5,031 | +66.5% |
| Financial income | 75/76B | €0 | €2 | +€2 | +487% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +487% |
| Financial charges | 65/66B | €1,056 | €887 | -€169 | -16.0% |
| Recurring financial charges | 65 | €1,056 | €887 | -€169 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €6,512 | €11,714 | +€5,202 | +79.9% |
| Income taxes | 67/77 | €2,629 | €2,423 | -€207 | -7.9% |
| Profit (loss) for the period | 9904 | €3,883 | €9,291 | +€5,409 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €3,883 | €9,291 | +€5,409 | +139% |
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 28 October 2026 via checked.be.