GANDEA: 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.
GANDEA
Largest movements
- Tangible fixed assets -€30,382
down €30,382 (-9.3%), from €326,607 to €296,225
- Receivables within one year -€12,102
down €12,102 (-11.6%), from €104,481 to €92,379
of which Other amounts receivable: -€13,197
- Intangible fixed assets -€11,667
no longer reported in 2025 (was €11,667)
- Deferred charges and accrued income -€8,901
down €8,901 (-14.6%), from €61,168 to €52,267
- Cash +€7,705
up €7,705 (+163.4%), from €4,714 to €12,419
mainly Net result for the year (+€128,863) and Depreciation (+€50,615)
- Profit (loss) carried forward +€128,863
new in 2025: €128,863
- Other debts -€119,988
no longer reported in 2025 (was €119,988)
- Debts after one year -€34,944
down €34,944 (-13.4%), from €260,803 to €225,860
- Tax, wage and social debts -€22,440
down €22,440 (-69.6%), from €32,238 to €9,798
- Current portion of long-term debt -€7,459
down €7,459 (-10.4%), from €71,681 to €64,222
- Gross operating margin -€19,542
down €19,542 (-7.9%), from €248,709 to €229,168
- Depreciation -€9,256
down €9,256 (-15.5%), from €59,871 to €50,615
- Staff costs +€2,772
new in 2025: €2,772
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 | €508,636 | €457,309 | -€51,326 | -10.1% |
| Fixed assets | 21/28 | €338,273 | €300,245 | -€38,028 | -11.2% |
| Intangible fixed assets | 21 | €11,667 | - | -€11,667 | |
| Tangible fixed assets | 22/27 | €326,607 | €296,225 | -€30,382 | -9.3% |
| Land and buildings | 22 | €257,769 | €246,011 | -€11,758 | -4.6% |
| Plant, machinery and equipment | 23 | €3,256 | €2,282 | -€974 | -29.9% |
| Furniture and vehicles | 24 | €21,046 | €13,371 | -€7,675 | -36.5% |
| Other tangible fixed assets | 26 | €44,536 | €34,561 | -€9,974 | -22.4% |
| Financial fixed assets | 28 | - | €4,020 | +€4,020 | |
| Current assets | 29/58 | €170,363 | €157,064 | -€13,298 | -7.8% |
| Amounts receivable within one year | 40/41 | €104,481 | €92,379 | -€12,102 | -11.6% |
| Trade receivables | 40 | - | €1,095 | +€1,095 | |
| Other amounts receivable | 41 | €104,481 | €91,283 | -€13,197 | -12.6% |
| Cash at bank and in hand | 54/58 | €4,714 | €12,419 | +€7,705 | +163.4% |
| Deferred charges and accrued income | 490/1 | €61,168 | €52,267 | -€8,901 | -14.6% |
| Total equity and liabilities | 10/49 | €508,636 | €457,309 | -€51,326 | -10.1% |
| Equity | 10/15 | €20,460 | €149,323 | +€128,863 | +629.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €128,863 | +€128,863 | |
| Amounts payable | 17/49 | €488,176 | €307,986 | -€180,189 | -36.9% |
| Amounts payable after more than one year | 17 | €260,803 | €225,860 | -€34,944 | -13.4% |
| Financial debts | 170/4 | €260,803 | €225,860 | -€34,944 | -13.4% |
| Amounts payable within one year | 42/48 | €227,372 | €82,126 | -€145,246 | -63.9% |
| Current portion of amounts payable after more than one year | 42 | €71,681 | €64,222 | -€7,459 | -10.4% |
| Trade debts | 44 | €3,465 | €8,106 | +€4,642 | +134.0% |
| Suppliers | 440/4 | €3,465 | €8,106 | +€4,642 | +134.0% |
| Taxes, remuneration and social security | 45 | €32,238 | €9,798 | -€22,440 | -69.6% |
| Taxes | 450/3 | €32,238 | €9,798 | -€22,440 | -69.6% |
| Other amounts payable | 47/48 | €119,988 | - | -€119,988 | |
| Remuneration, social security and pensions | 62 | - | €2,772 | +€2,772 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,871 | €50,615 | -€9,256 | -15.5% |
| Other operating charges | 640/8 | €1,229 | €1,629 | +€400 | +32.5% |
| Gross operating margin | 9900 | €248,709 | €229,168 | -€19,542 | -7.9% |
| Operating profit (loss) | 9901 | €187,609 | €174,151 | -€13,458 | -7.2% |
| Financial income | 75/76B | €6,943 | €5,304 | -€1,639 | -23.6% |
| Recurring financial income | 75 | €6,943 | €5,304 | -€1,639 | -23.6% |
| Financial charges | 65/66B | €7,588 | €6,596 | -€992 | -13.1% |
| Recurring financial charges | 65 | €7,588 | €6,596 | -€992 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €186,964 | €172,860 | -€14,104 | -7.5% |
| Income taxes | 67/77 | €45,801 | €43,997 | -€1,805 | -3.9% |
| Profit (loss) for the period | 9904 | €141,163 | €128,863 | -€12,300 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €141,163 | €128,863 | -€12,300 | -8.7% |
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 3 October 2026 via checked.be.