GANSER: 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.
GANSER
Largest movements
- Receivables within one year -€60,605
down €60,605 (-25.3%), from €239,342 to €178,737
of which Trade receivables: -€42,376
- Tangible fixed assets -€53,935
down €53,935 (-24.4%), from €221,146 to €167,211
of which Furniture and vehicles: -€33,716
- Current investments -€28,838
down €28,838 (-53.3%), from €54,106 to €25,269
- Stocks and contracts -€26,552
down €26,552 (-46.6%), from €56,999 to €30,447
of which Contracts in progress: -€25,499
- Cash -€21,567
down €21,567 (-15.7%), from €137,404 to €115,838
mainly Trade debts (-€49,520) and Debts after one year (-€42,209)
- Trade debts -€49,520
down €49,520 (-37.0%), from €133,982 to €84,462
- Debts after one year -€42,209
down €42,209 (-33.8%), from €124,790 to €82,580
- Short-term financial debts -€40,000
down €40,000 (-57.1%), from €70,000 to €30,000
- Other debts -€29,924
down €29,924 (-53.4%), from €56,024 to €26,100
- Advances received -€23,988
down €23,988 (-70.6%), from €33,988 to €10,000
- Gross operating margin -€33,441
down €33,441 (-6.5%), from €512,392 to €478,951
- Taxes -€16,372
down €16,372 (-73.7%), from €22,223 to €5,851
- Staff costs -€14,483
down €14,483 (-4.0%), from €361,405 to €346,922
- Depreciation +€12,398
up €12,398 (+26.7%), from €46,444 to €58,842
- Write-downs +€10,472
up €10,472 (+231%), from €4,524 to €14,996
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 | €786,125 | €599,299 | -€186,826 | -23.8% |
| Fixed assets | 21/28 | €277,084 | €223,754 | -€53,330 | -19.2% |
| Tangible fixed assets | 22/27 | €221,146 | €167,211 | -€53,935 | -24.4% |
| Plant, machinery and equipment | 23 | €86,854 | €66,636 | -€20,219 | -23.3% |
| Furniture and vehicles | 24 | €134,291 | €100,575 | -€33,716 | -25.1% |
| Financial fixed assets | 28 | €55,939 | €56,544 | +€605 | +1.1% |
| Current assets | 29/58 | €509,041 | €375,544 | -€133,496 | -26.2% |
| Stocks and contracts in progress | 3 | €56,999 | €30,447 | -€26,552 | -46.6% |
| Stocks | 30/36 | €14,603 | €13,550 | -€1,053 | -7.2% |
| Contracts in progress | 37 | €42,396 | €16,897 | -€25,499 | -60.1% |
| Amounts receivable within one year | 40/41 | €239,342 | €178,737 | -€60,605 | -25.3% |
| Trade receivables | 40 | €204,091 | €161,715 | -€42,376 | -20.8% |
| Other amounts receivable | 41 | €35,251 | €17,022 | -€18,229 | -51.7% |
| Current investments | 50/53 | €54,106 | €25,269 | -€28,838 | -53.3% |
| Cash at bank and in hand | 54/58 | €137,404 | €115,838 | -€21,567 | -15.7% |
| Deferred charges and accrued income | 490/1 | €21,189 | €25,253 | +€4,064 | +19.2% |
| Total equity and liabilities | 10/49 | €786,125 | €599,299 | -€186,826 | -23.8% |
| Equity | 10/15 | €273,519 | €289,526 | +€16,007 | +5.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €99,350 | €119,968 | +€20,618 | +20.8% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €5,618 | +€5,618 | |
| Distributable reserves | 133 | €84,350 | €99,350 | +€15,000 | +17.8% |
| Profit (loss) carried forward | 14 | €13,369 | €15,148 | +€1,779 | +13.3% |
| Investment grants | 15 | €10,800 | €4,410 | -€6,390 | -59.2% |
| Provisions and deferred taxes | 16 | - | €1,873 | +€1,873 | |
| Deferred taxes | 168 | - | €1,873 | +€1,873 | |
| Amounts payable | 17/49 | €512,606 | €307,900 | -€204,706 | -39.9% |
| Amounts payable after more than one year | 17 | €124,790 | €82,580 | -€42,209 | -33.8% |
| Financial debts | 170/4 | €124,790 | €82,580 | -€42,209 | -33.8% |
| Amounts payable within one year | 42/48 | €385,292 | €222,820 | -€162,472 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €64,646 | €42,209 | -€22,436 | -34.7% |
| Financial debts | 43 | €70,000 | €30,000 | -€40,000 | -57.1% |
| Credit institutions | 430/8 | €70,000 | €30,000 | -€40,000 | -57.1% |
| Trade debts | 44 | €133,982 | €84,462 | -€49,520 | -37.0% |
| Suppliers | 440/4 | €133,982 | €84,462 | -€49,520 | -37.0% |
| Advances received on contracts in progress | 46 | €33,988 | €10,000 | -€23,988 | -70.6% |
| Taxes, remuneration and social security | 45 | €26,652 | €30,049 | +€3,396 | +12.7% |
| Taxes | 450/3 | €22,436 | €29,225 | +€6,789 | +30.3% |
| Remuneration and social security | 454/9 | €4,216 | €823 | -€3,393 | -80.5% |
| Other amounts payable | 47/48 | €56,024 | €26,100 | -€29,924 | -53.4% |
| Accrued charges and deferred income | 492/3 | €2,525 | €2,500 | -€25 | -1.0% |
| Remuneration, social security and pensions | 62 | €361,405 | €346,922 | -€14,483 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,444 | €58,842 | +€12,398 | +26.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,524 | €14,996 | +€10,472 | +231% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,500 | - | +€2,500 | |
| Other operating charges | 640/8 | €5,538 | €6,489 | +€951 | +17.2% |
| Non-recurring operating charges | 66A | €500 | €53 | -€447 | -89.4% |
| Gross operating margin | 9900 | €512,392 | €478,951 | -€33,441 | -6.5% |
| Operating profit (loss) | 9901 | €96,481 | €51,648 | -€44,833 | -46.5% |
| Financial income | 75/76B | €539 | €5,924 | +€5,385 | +998% |
| Recurring financial income | 75 | €539 | €5,924 | +€5,385 | +998% |
| Financial charges | 65/66B | €10,025 | €9,951 | -€73 | -0.7% |
| Recurring financial charges | 65 | €10,025 | €9,951 | -€73 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €86,996 | €47,620 | -€39,375 | -45.3% |
| Transfer from deferred taxes | 780 | - | €223 | +€223 | |
| Transfer to deferred taxes | 680 | - | €2,096 | +€2,096 | |
| Income taxes | 67/77 | €22,223 | €5,851 | -€16,372 | -73.7% |
| Profit (loss) for the period | 9904 | €64,773 | €39,897 | -€24,876 | -38.4% |
| Transfer from tax-exempt reserves | 789 | - | €669 | +€669 | |
| Transfer to tax-exempt reserves | 689 | - | €6,287 | +€6,287 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,773 | €34,279 | -€30,493 | -47.1% |
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 14 October 2026 via checked.be.