GANGOLF: 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.
GANGOLF
Largest movements
- Receivables within one year +€91,034
up €91,034 (+67.8%), from €134,184 to €225,218
of which Trade receivables: +€74,444
- Intangible fixed assets +€64,000
new in 2025: €64,000
- Stocks and contracts +€53,603
up €53,603 (+131%), from €40,858 to €94,461
of which Stocks: +€35,477
- Cash +€26,708
up €26,708 (+73.6%), from €36,285 to €62,992
mainly Debts after one year (+€103,372) and Trade debts (+€93,576)
- Tangible fixed assets +€19,670
up €19,670 (+25.3%), from €77,889 to €97,559
of which Furniture and vehicles: +€16,693
- Debts after one year +€103,372
up €103,372 (+211%), from €49,000 to €152,371
- Trade debts +€93,576
up €93,576 (+51.5%), from €181,661 to €275,237
- Current portion of long-term debt +€32,240
up €32,240 (+188%), from €17,194 to €49,434
- Tax, wage and social debts +€25,042
up €25,042 (+211%), from €11,883 to €36,924
of which Remuneration and social security: +€17,439
- Gross operating margin +€178,358
up €178,358 (+166%), from €107,672 to €286,030
- Staff costs +€138,026
up €138,026 (+190%), from €72,702 to €210,728
- Depreciation +€42,693
up €42,693 (+363%), from €11,768 to €54,461
- Financial charges +€5,800
up €5,800 (+193%), from €3,006 to €8,806
- Other operating charges +€3,293
up €3,293 (+86.1%), from €3,825 to €7,118
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 | €290,736 | €548,085 | +€257,349 | +88.5% |
| Fixed assets | 21/28 | €77,889 | €161,559 | +€83,670 | +107% |
| Intangible fixed assets | 21 | - | €64,000 | +€64,000 | |
| Tangible fixed assets | 22/27 | €77,889 | €97,559 | +€19,670 | +25.3% |
| Land and buildings | 22 | €1,860 | €1,468 | -€392 | -21.1% |
| Plant, machinery and equipment | 23 | €2,838 | €6,207 | +€3,369 | +119% |
| Furniture and vehicles | 24 | €73,191 | €89,884 | +€16,693 | +22.8% |
| Current assets | 29/58 | €212,847 | €386,526 | +€173,679 | +81.6% |
| Stocks and contracts in progress | 3 | €40,858 | €94,461 | +€53,603 | +131% |
| Stocks | 30/36 | €40,858 | €76,335 | +€35,477 | +86.8% |
| Contracts in progress | 37 | - | €18,126 | +€18,126 | |
| Amounts receivable within one year | 40/41 | €134,184 | €225,218 | +€91,034 | +67.8% |
| Trade receivables | 40 | €129,310 | €203,754 | +€74,444 | +57.6% |
| Other amounts receivable | 41 | €4,874 | €21,464 | +€16,590 | +340% |
| Cash at bank and in hand | 54/58 | €36,285 | €62,992 | +€26,708 | +73.6% |
| Deferred charges and accrued income | 490/1 | €1,520 | €3,854 | +€2,334 | +154% |
| Total equity and liabilities | 10/49 | €290,736 | €548,085 | +€257,349 | +88.5% |
| Equity | 10/15 | €27,458 | €31,469 | +€4,012 | +14.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €458 | €4,469 | +€4,012 | +876% |
| Amounts payable | 17/49 | €263,278 | €516,616 | +€253,338 | +96.2% |
| Amounts payable after more than one year | 17 | €49,000 | €152,371 | +€103,372 | +211% |
| Financial debts | 170/4 | €49,000 | €152,371 | +€103,372 | +211% |
| Amounts payable within one year | 42/48 | €214,218 | €362,084 | +€147,866 | +69.0% |
| Current portion of amounts payable after more than one year | 42 | €17,194 | €49,434 | +€32,240 | +188% |
| Trade debts | 44 | €181,661 | €275,237 | +€93,576 | +51.5% |
| Suppliers | 440/4 | €181,661 | €275,237 | +€93,576 | +51.5% |
| Taxes, remuneration and social security | 45 | €11,883 | €36,924 | +€25,042 | +211% |
| Taxes | 450/3 | €6,849 | €14,452 | +€7,603 | +111% |
| Remuneration and social security | 454/9 | €5,034 | €22,472 | +€17,439 | +346% |
| Other amounts payable | 47/48 | €3,480 | €489 | -€2,991 | -85.9% |
| Accrued charges and deferred income | 492/3 | €60 | €2,160 | +€2,100 | +3,500% |
| Remuneration, social security and pensions | 62 | €72,702 | €210,728 | +€138,026 | +190% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,768 | €54,461 | +€42,693 | +363% |
| Other operating charges | 640/8 | €3,825 | €7,118 | +€3,293 | +86.1% |
| Gross operating margin | 9900 | €107,672 | €286,030 | +€178,358 | +166% |
| Operating profit (loss) | 9901 | €19,377 | €13,722 | -€5,654 | -29.2% |
| Financial income | 75/76B | €0 | €510 | +€510 | +137,759% |
| Recurring financial income | 75 | €0 | €510 | +€510 | +137,759% |
| Financial charges | 65/66B | €3,006 | €8,806 | +€5,800 | +193% |
| Recurring financial charges | 65 | €3,006 | €8,806 | +€5,800 | +193% |
| Profit (loss) for the period before taxes | 9903 | €16,371 | €5,426 | -€10,945 | -66.9% |
| Income taxes | 67/77 | €3,913 | €1,415 | -€2,498 | -63.8% |
| Profit (loss) for the period | 9904 | €12,458 | €4,012 | -€8,446 | -67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,458 | €4,012 | -€8,446 | -67.8% |
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 13 October 2026 via checked.be.