GANERO: 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.
GANERO
Largest movements
- Receivables within one year +€223,521
up €223,521 (+26.8%), from €833,935 to €1.1m
of which Trade receivables: +€226,852
- Cash +€203,882
up €203,882 (+128.3%), from €158,953 to €362,834
mainly Net result for the year (+€258,390) and Other debts (+€76,277)
- Reserves +€258,390
up €258,390 (+453.8%), from €56,934 to €315,323
- Other debts +€76,277
up €76,277 (+11.0%), from €696,140 to €772,417
- Tax, wage and social debts +€62,263
up €62,263 (+793.3%), from €7,848 to €70,111
of which Taxes: +€64,060
- Advances received +€41,483
up €41,483 (+71.5%), from €58,038 to €99,521
- Gross operating margin +€361,090
up €361,090 (+402.7%), from €89,676 to €450,765
- Taxes +€87,887
up €87,887 (+1780.6%), from €4,936 to €92,823
- Write-downs +€18,916
up €18,916 (+63.6%), from €29,747 to €48,663
- Staff costs +€13,093
up €13,093 (+40.6%), from €32,256 to €45,349
- Depreciation -€5,059
down €5,059 (-56.9%), from €8,894 to €3,836
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 | €1,003,982 | €1,427,577 | +€423,596 | +42.2% |
| Formation expenses | 20 | €3,291 | €0 | -€3,291 | -100.0% |
| Fixed assets | 21/28 | €6,472 | €5,927 | -€545 | -8.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €552 | €7 | -€545 | -98.8% |
| Furniture and vehicles | 24 | €552 | €7 | -€545 | -98.8% |
| Financial fixed assets | 28 | €5,920 | €5,920 | = | 0.0% |
| Current assets | 29/58 | €994,219 | €1,421,651 | +€427,432 | +43.0% |
| Amounts receivable within one year | 40/41 | €833,935 | €1,057,456 | +€223,521 | +26.8% |
| Trade receivables | 40 | €830,589 | €1,057,441 | +€226,852 | +27.3% |
| Other amounts receivable | 41 | €3,345 | €15 | -€3,331 | -99.6% |
| Cash at bank and in hand | 54/58 | €158,953 | €362,834 | +€203,882 | +128.3% |
| Deferred charges and accrued income | 490/1 | €1,332 | €1,360 | +€29 | +2.1% |
| Total equity and liabilities | 10/49 | €1,003,982 | €1,427,577 | +€423,596 | +42.2% |
| Equity | 10/15 | €61,934 | €320,323 | +€258,390 | +417.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €56,934 | €315,323 | +€258,390 | +453.8% |
| Distributable reserves | 133 | €56,934 | €315,323 | +€258,390 | +453.8% |
| Amounts payable | 17/49 | €942,048 | €1,107,254 | +€165,206 | +17.5% |
| Amounts payable within one year | 42/48 | €923,215 | €1,100,004 | +€176,789 | +19.1% |
| Trade debts | 44 | €161,188 | €157,955 | -€3,234 | -2.0% |
| Suppliers | 440/4 | €161,188 | €157,955 | -€3,234 | -2.0% |
| Advances received on contracts in progress | 46 | €58,038 | €99,521 | +€41,483 | +71.5% |
| Taxes, remuneration and social security | 45 | €7,848 | €70,111 | +€62,263 | +793.3% |
| Taxes | 450/3 | €489 | €64,549 | +€64,060 | +13099.1% |
| Remuneration and social security | 454/9 | €7,359 | €5,562 | -€1,797 | -24.4% |
| Other amounts payable | 47/48 | €696,140 | €772,417 | +€76,277 | +11.0% |
| Accrued charges and deferred income | 492/3 | €18,833 | €7,250 | -€11,583 | -61.5% |
| Non-recurring operating income | 76A | €6,209 | - | -€6,209 | |
| Remuneration, social security and pensions | 62 | €32,256 | €45,349 | +€13,093 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,894 | €3,836 | -€5,059 | -56.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €29,747 | €48,663 | +€18,916 | +63.6% |
| Other operating charges | 640/8 | €1,867 | €3,942 | +€2,075 | +111.1% |
| Non-recurring operating charges | 66A | €1,116 | €125 | -€992 | -88.8% |
| Gross operating margin | 9900 | €89,676 | €450,765 | +€361,090 | +402.7% |
| Operating profit (loss) | 9901 | €15,794 | €348,851 | +€333,057 | +2108.7% |
| Financial income | 75/76B | €1,349 | €2,896 | +€1,546 | +114.6% |
| Recurring financial income | 75 | €1,349 | €2,896 | +€1,546 | +114.6% |
| Financial charges | 65/66B | €325 | €534 | +€209 | +64.4% |
| Recurring financial charges | 65 | €325 | €534 | +€209 | +64.4% |
| Profit (loss) for the period before taxes | 9903 | €16,819 | €351,213 | +€334,394 | +1988.2% |
| Income taxes | 67/77 | €4,936 | €92,823 | +€87,887 | +1780.6% |
| Profit (loss) for the period | 9904 | €11,883 | €258,390 | +€246,506 | +2074.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,883 | €258,390 | +€246,506 | +2074.4% |
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 10 October 2026 via checked.be.