GANDS: what changed
What changed
GANDS
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€530,513
2024 · €269,111+€261,402
Equity
€4.9m
2024 · €4.3m+€530,513
Cash
€624,383
2024 · €108,172+€516,211
Balance sheet total
€35.6m
2024 · €26.7m+€8.9m
Largest movements
Assets
- Stocks and contracts +€6.9m
up €6.9m (+39.6%), from €17.5m to €24.4m
of which Contracts in progress: +€6.9m
- Receivables within one year +€1.5m
up €1.5m (+18.2%), from €8.3m to €9.9m
of which Other amounts receivable: +€1.7m
- Cash +€516,211
up €516,211 (+477%), from €108,172 to €624,383
mainly Advances received (+€8.7m) and Net result for the year (+€530,513)
Equity and liabilities
- Advances received +€8.7m
up €8.7m (+59.0%), from €14.7m to €23.4m
- Reserves +€530,513
up €530,513 (+48.3%), from €1.1m to €1.6m
of which Distributable reserves: +€530,513
- Short-term financial debts -€485,000
down €485,000 (-19.5%), from €2.5m to €2.0m
Income statement
- Turnover -€27.1m
down €27.1m (-83.3%), from €32.6m to €5.4m
- Goods and materials -€3.9m
down €3.9m (-25.0%), from €15.4m to €11.6m
of which Purchases: -€3.6m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€269,111
Turnover
-€27.1m
Other operating income
+€236,711
Goods and materials
+€3.9m
Services and other goods
-€29,298
Staff costs
-€5,146
Depreciation
+€26
Write-downs
+€12,223
Other operating charges
-€208,729
Other operating items
+€23.5m
Financial income
+€65,010
Financial charges
+€229
Taxes
-€81,292
Result 2025
€530,513
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€765,833
Investment
€0
Financing
-€249,622
Cash 2024
€108,172
From operations (derived)
+€765,833
Net result for the year
+€530,513
Depreciation
+€223
Stocks and contracts
-€6.9m
Receivables within one year
-€1.5m
Deferred charges and accrued income
+€59,432
Trade debts
-€31,005
Tax, wage and social debts
-€126,768
Advances received
+€8.7m
Other debts
-€55,576
Accrued charges and deferred income
+€162,927
Financing
-€249,622
Debts after one year
+€235,378
Short-term financial debts
-€485,000
Cash 2025
€624,383
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,695,534 | €35,600,972 | +€8.9m | +33.4% |
| Fixed assets | 21/28 | €621,741 | €621,518 | -€223 | 0.0% |
| Tangible fixed assets | 22/27 | €223 | - | -€223 | |
| Furniture and vehicles | 24 | €223 | - | -€223 | |
| Financial fixed assets | 28 | €621,518 | €621,518 | = | 0.0% |
| Affiliated companies | 280/1 | €621,518 | €621,518 | = | 0.0% |
| Participating interests | 280 | €621,518 | €621,518 | = | 0.0% |
| Current assets | 29/58 | €26,073,793 | €34,979,454 | +€8.9m | +34.2% |
| Stocks and contracts in progress | 3 | €17,512,290 | €24,445,080 | +€6.9m | +39.6% |
| Stocks | 30/36 | €403,494 | €395,494 | -€8,000 | -2.0% |
| Property held for sale | 35 | €403,494 | €395,494 | -€8,000 | -2.0% |
| Contracts in progress | 37 | €17,108,795 | €24,049,586 | +€6.9m | +40.6% |
| Amounts receivable within one year | 40/41 | €8,348,975 | €9,865,066 | +€1.5m | +18.2% |
| Trade receivables | 40 | €1,441,288 | €1,216,092 | -€225,196 | -15.6% |
| Other amounts receivable | 41 | €6,907,687 | €8,648,974 | +€1.7m | +25.2% |
| Cash at bank and in hand | 54/58 | €108,172 | €624,383 | +€516,211 | +477% |
| Deferred charges and accrued income | 490/1 | €104,357 | €44,925 | -€59,432 | -57.0% |
| Total equity and liabilities | 10/49 | €26,695,534 | €35,600,972 | +€8.9m | +33.4% |
| Equity | 10/15 | €4,347,145 | €4,877,658 | +€530,513 | +12.2% |
| Contributions | 10/11 | €3,248,031 | €3,248,031 | = | 0.0% |
| Capital | 10 | €3,248,031 | €3,248,031 | = | 0.0% |
| Issued capital | 100 | €3,248,031 | €3,248,031 | = | 0.0% |
| Reserves | 13 | €1,099,114 | €1,629,627 | +€530,513 | +48.3% |
| Non-distributable reserves | 130/1 | €324,803 | €324,803 | = | 0.0% |
| Legal reserve | 130 | €324,803 | €324,803 | = | 0.0% |
| Tax-exempt reserves | 132 | €505,200 | €505,200 | = | 0.0% |
| Distributable reserves | 133 | €269,111 | €799,624 | +€530,513 | +197% |
| Provisions and deferred taxes | 16 | €80,000 | €80,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €80,000 | €80,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable | 17/49 | €22,268,389 | €30,643,314 | +€8.4m | +37.6% |
| Amounts payable after more than one year | 17 | €1,620,075 | €1,855,453 | +€235,378 | +14.5% |
| Financial debts | 170/4 | €1,620,075 | €1,855,453 | +€235,378 | +14.5% |
| Other loans | 174 | €1,620,075 | €1,855,453 | +€235,378 | +14.5% |
| Amounts payable within one year | 42/48 | €20,570,208 | €28,546,828 | +€8.0m | +38.8% |
| Financial debts | 43 | €2,485,000 | €2,000,000 | -€485,000 | -19.5% |
| Credit institutions | 430/8 | €2,485,000 | €2,000,000 | -€485,000 | -19.5% |
| Trade debts | 44 | €2,634,613 | €2,603,607 | -€31,005 | -1.2% |
| Suppliers | 440/4 | €2,634,613 | €2,603,607 | -€31,005 | -1.2% |
| Advances received on contracts in progress | 46 | €14,697,858 | €23,372,826 | +€8.7m | +59.0% |
| Taxes, remuneration and social security | 45 | €421,295 | €294,528 | -€126,768 | -30.1% |
| Taxes | 450/3 | €405,330 | €277,992 | -€127,338 | -31.4% |
| Remuneration and social security | 454/9 | €15,965 | €16,536 | +€571 | +3.6% |
| Other amounts payable | 47/48 | €331,443 | €275,867 | -€55,576 | -16.8% |
| Accrued charges and deferred income | 492/3 | €78,105 | €241,032 | +€162,927 | +209% |
| Operating income | 70/76A | €16,074,203 | €12,714,813 | -€3.4m | -20.9% |
| Turnover | 70 | €32,560,584 | €5,433,453 | -€27.1m | -83.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€16,598,240 | €6,932,790 | +€23.5m | |
| Other operating income | 74 | €111,858 | €348,569 | +€236,711 | +212% |
| Operating charges | 60/66A | €15,806,012 | €12,169,166 | -€3.6m | -23.0% |
| Goods for resale, raw materials and consumables | 60 | €15,442,795 | €11,575,026 | -€3.9m | -25.0% |
| Purchases | 600/8 | €15,149,199 | €11,575,026 | -€3.6m | -23.6% |
| Change in stocks: decrease (increase) | 609 | €293,597 | - | -€293,597 | |
| Services and other goods | 61 | €80,664 | €109,962 | +€29,298 | +36.3% |
| Remuneration, social security and pensions | 62 | €132,583 | €137,729 | +€5,146 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249 | €223 | -€26 | -10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,223 | - | -€12,223 | |
| Other operating charges | 640/8 | €137,498 | €346,226 | +€208,729 | +152% |
| Operating profit (loss) | 9901 | €268,191 | €545,646 | +€277,456 | +103% |
| Financial income | 75/76B | €218,703 | €283,712 | +€65,010 | +29.7% |
| Recurring financial income | 75 | €218,703 | €283,712 | +€65,010 | +29.7% |
| Other financial income | 752/9 | €218,703 | €283,712 | +€65,010 | +29.7% |
| Financial charges | 65/66B | €119,563 | €119,335 | -€229 | -0.2% |
| Recurring financial charges | 65 | €119,563 | €119,335 | -€229 | -0.2% |
| Debt charges | 650 | €107,883 | €108,122 | +€239 | +0.2% |
| Other financial charges | 652/9 | €11,681 | €11,213 | -€468 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €367,330 | €710,024 | +€342,694 | +93.3% |
| Income taxes | 67/77 | €98,219 | €179,511 | +€81,292 | +82.8% |
| Taxes | 670/3 | €102,201 | €179,511 | +€77,310 | +75.6% |
| Tax adjustments and reversals of tax provisions | 77 | €3,983 | - | -€3,983 | |
| Profit (loss) for the period | 9904 | €269,111 | €530,513 | +€261,402 | +97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €269,111 | €530,513 | +€261,402 | +97.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.