GAP & Partners: 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.
GAP & Partners
Largest movements
- Cash +€163,408
up €163,408 (+29.0%), from €563,546 to €726,954
mainly Net result for the year (+€229,676) and Tax, wage and social debts (+€33,160)
- Receivables within one year +€135,785
up €135,785 (+60.9%), from €222,791 to €358,576
of which Other amounts receivable: +€117,932
- Tangible fixed assets -€29,056
down €29,056 (-4.5%), from €639,831 to €610,775
of which Other tangible fixed assets: -€16,573
- Reserves +€229,676
up €229,676 (+17.0%), from €1.4m to €1.6m
- Tax, wage and social debts +€33,160
up €33,160 (+54.3%), from €61,060 to €94,220
- Trade debts +€20,258
up €20,258 (+264%), from €7,669 to €27,926
- Other debts -€20,225
no longer reported in 2025 (was €20,225)
- Gross operating margin +€15,248
up €15,248 (+4.4%), from €348,131 to €363,379
- Taxes +€4,953
up €4,953 (+5.1%), from €97,547 to €102,501
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 | €1,447,260 | €1,710,128 | +€262,868 | +18.2% |
| Fixed assets | 21/28 | €658,872 | €622,065 | -€36,807 | -5.6% |
| Tangible fixed assets | 22/27 | €639,831 | €610,775 | -€29,056 | -4.5% |
| Land and buildings | 22 | €956 | €717 | -€239 | -25.0% |
| Furniture and vehicles | 24 | €46,597 | €34,353 | -€12,243 | -26.3% |
| Other tangible fixed assets | 26 | €592,278 | €575,705 | -€16,573 | -2.8% |
| Financial fixed assets | 28 | €19,041 | €11,290 | -€7,751 | -40.7% |
| Current assets | 29/58 | €788,388 | €1,088,063 | +€299,675 | +38.0% |
| Amounts receivable within one year | 40/41 | €222,791 | €358,576 | +€135,785 | +60.9% |
| Trade receivables | 40 | €156,254 | €174,107 | +€17,853 | +11.4% |
| Other amounts receivable | 41 | €66,537 | €184,469 | +€117,932 | +177% |
| Cash at bank and in hand | 54/58 | €563,546 | €726,954 | +€163,408 | +29.0% |
| Deferred charges and accrued income | 490/1 | €2,051 | €2,533 | +€482 | +23.5% |
| Total equity and liabilities | 10/49 | €1,447,260 | €1,710,128 | +€262,868 | +18.2% |
| Equity | 10/15 | €1,358,306 | €1,587,982 | +€229,676 | +16.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,352,106 | €1,581,782 | +€229,676 | +17.0% |
| Distributable reserves | 133 | €1,352,106 | €1,581,782 | +€229,676 | +17.0% |
| Amounts payable | 17/49 | €88,954 | €122,146 | +€33,192 | +37.3% |
| Amounts payable within one year | 42/48 | €88,954 | €122,146 | +€33,192 | +37.3% |
| Trade debts | 44 | €7,669 | €27,926 | +€20,258 | +264% |
| Suppliers | 440/4 | €7,669 | €27,926 | +€20,258 | +264% |
| Taxes, remuneration and social security | 45 | €61,060 | €94,220 | +€33,160 | +54.3% |
| Taxes | 450/3 | €61,060 | €94,220 | +€33,160 | +54.3% |
| Other amounts payable | 47/48 | €20,225 | - | -€20,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,147 | €30,837 | +€1,690 | +5.8% |
| Other operating charges | 640/8 | €3,096 | €3,514 | +€418 | +13.5% |
| Gross operating margin | 9900 | €348,131 | €363,379 | +€15,248 | +4.4% |
| Operating profit (loss) | 9901 | €315,887 | €329,028 | +€13,140 | +4.2% |
| Financial income | 75/76B | €1,502 | €3,496 | +€1,994 | +133% |
| Recurring financial income | 75 | €1,502 | €3,496 | +€1,994 | +133% |
| Financial charges | 65/66B | €279 | €346 | +€67 | +24.2% |
| Recurring financial charges | 65 | €279 | €346 | +€67 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €317,110 | €332,177 | +€15,067 | +4.8% |
| Income taxes | 67/77 | €97,547 | €102,501 | +€4,953 | +5.1% |
| Profit (loss) for the period | 9904 | €219,562 | €229,676 | +€10,114 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €219,562 | €229,676 | +€10,114 | +4.6% |
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 24 October 2026 via checked.be.