GANZENNEST: what changed
GANZENNEST
Largest movements
- Cash -€26,445
down €26,445 (-31.0%), from €85,251 to €58,806
mainly Net result for the year (-€40,497) and Contributions, distributions and other (-€21,933)
- Tangible fixed assets -€19,097
down €19,097 (-27.2%), from €70,254 to €51,157
of which Leasing and similar rights: -€15,746
- Deferred charges and accrued income -€5,865
down €5,865 (-62.6%), from €9,365 to €3,500
- Receivables within one year +€5,508
up €5,508 (+10.6%), from €51,806 to €57,314
of which Trade receivables: +€7,023
- Stocks and contracts -€4,542
down €4,542 (-14.6%), from €31,039 to €26,496
- Profit (loss) carried forward -€40,497
down €40,497 (-797%), from -€5,083 to -€45,580
- Reserves -€21,933
down €21,933 (-16.6%), from €132,492 to €110,559
- Other debts +€17,833
up €17,833 (+435%), from €4,099 to €21,933
- Debts after one year -€13,290
down €13,290 (-54.8%), from €24,261 to €10,971
- Tax, wage and social debts +€8,110
up €8,110 (+38.5%), from €21,043 to €29,153
of which Taxes: +€6,762
- Gross operating margin -€34,902
down €34,902 (-13.9%), from €251,046 to €216,144
- Staff costs +€6,410
up €6,410 (+3.0%), from €212,532 to €218,943
- Taxes -€3,903
down €3,903 (-89.3%), from €4,373 to €469
- Other operating charges +€3,074
up €3,074 (+61.0%), from €5,041 to €8,114
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €247,715 | €197,274 | -€50,441 | -20.4% |
| Fixed assets | 21/28 | €70,254 | €51,157 | -€19,097 | -27.2% |
| Tangible fixed assets | 22/27 | €70,254 | €51,157 | -€19,097 | -27.2% |
| Land and buildings | 22 | €28,450 | €19,934 | -€8,517 | -29.9% |
| Plant, machinery and equipment | 23 | €0 | €6,446 | +€6,446 | |
| Furniture and vehicles | 24 | €2,925 | €1,644 | -€1,280 | -43.8% |
| Leasing and similar rights | 25 | €38,879 | €23,133 | -€15,746 | -40.5% |
| Current assets | 29/58 | €177,461 | €146,117 | -€31,344 | -17.7% |
| Stocks and contracts in progress | 3 | €31,039 | €26,496 | -€4,542 | -14.6% |
| Stocks | 30/36 | €31,039 | €26,496 | -€4,542 | -14.6% |
| Amounts receivable within one year | 40/41 | €51,806 | €57,314 | +€5,508 | +10.6% |
| Trade receivables | 40 | €4,446 | €11,469 | +€7,023 | +158% |
| Other amounts receivable | 41 | €47,360 | €45,845 | -€1,515 | -3.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €85,251 | €58,806 | -€26,445 | -31.0% |
| Deferred charges and accrued income | 490/1 | €9,365 | €3,500 | -€5,865 | -62.6% |
| Total equity and liabilities | 10/49 | €247,715 | €197,274 | -€50,441 | -20.4% |
| Equity | 10/15 | €137,409 | €74,979 | -€62,430 | -45.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €132,492 | €110,559 | -€21,933 | -16.6% |
| Distributable reserves | 133 | €132,492 | €110,559 | -€21,933 | -16.6% |
| Profit (loss) carried forward | 14 | -€5,083 | -€45,580 | -€40,497 | -797% |
| Amounts payable | 17/49 | €110,305 | €122,295 | +€11,989 | +10.9% |
| Amounts payable after more than one year | 17 | €24,261 | €10,971 | -€13,290 | -54.8% |
| Financial debts | 170/4 | €24,261 | €10,971 | -€13,290 | -54.8% |
| Amounts payable within one year | 42/48 | €86,044 | €111,324 | +€25,279 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €15,674 | €13,290 | -€2,383 | -15.2% |
| Financial debts | 43 | €4,337 | €8,403 | +€4,066 | +93.7% |
| Credit institutions | 430/8 | €4,337 | €8,403 | +€4,066 | +93.7% |
| Trade debts | 44 | €40,891 | €38,545 | -€2,346 | -5.7% |
| Suppliers | 440/4 | €40,891 | €38,545 | -€2,346 | -5.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €21,043 | €29,153 | +€8,110 | +38.5% |
| Taxes | 450/3 | €12,119 | €18,882 | +€6,762 | +55.8% |
| Remuneration and social security | 454/9 | €8,924 | €10,271 | +€1,347 | +15.1% |
| Other amounts payable | 47/48 | €4,099 | €21,933 | +€17,833 | +435% |
| Remuneration, social security and pensions | 62 | €212,532 | €218,943 | +€6,410 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,977 | €28,811 | +€834 | +3.0% |
| Other operating charges | 640/8 | €5,041 | €8,114 | +€3,074 | +61.0% |
| Gross operating margin | 9900 | €251,046 | €216,144 | -€34,902 | -13.9% |
| Operating profit (loss) | 9901 | €5,496 | -€39,724 | -€45,220 | |
| Financial income | 75/76B | €3,239 | €2,687 | -€551 | -17.0% |
| Recurring financial income | 75 | €3,239 | €2,687 | -€551 | -17.0% |
| Financial charges | 65/66B | €3,170 | €2,991 | -€179 | -5.6% |
| Recurring financial charges | 65 | €3,170 | €2,991 | -€179 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €5,565 | -€40,028 | -€45,593 | |
| Income taxes | 67/77 | €4,373 | €469 | -€3,903 | -89.3% |
| Profit (loss) for the period | 9904 | €1,192 | -€40,497 | -€41,689 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,192 | -€40,497 | -€41,689 |
Next steps
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 2 November 2026 via checked.be.