GAPA: 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.
GAPA
Largest movements
- Tangible fixed assets -€6,450
down €6,450 (-2.4%), from €274,008 to €267,558
- Debts after one year -€12,435
down €12,435 (-8.0%), from €154,650 to €142,214
- Profit (loss) carried forward +€4,776
no longer reported in 2025 (was -€4,776)
- Gross operating margin +€615
up €615 (+3.0%), from €20,645 to €21,260
- Financial charges -€296
down €296 (-4.9%), from €5,981 to €5,686
- Taxes +€263
new in 2025: €263
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 | €274,444 | €268,065 | -€6,379 | -2.3% |
| Fixed assets | 21/28 | €274,008 | €267,558 | -€6,450 | -2.4% |
| Tangible fixed assets | 22/27 | €274,008 | €267,558 | -€6,450 | -2.4% |
| Land and buildings | 22 | €274,008 | €267,558 | -€6,450 | -2.4% |
| Current assets | 29/58 | €437 | €507 | +€71 | +16.2% |
| Amounts receivable within one year | 40/41 | €20 | €5 | -€16 | -77.3% |
| Other amounts receivable | 41 | €20 | €5 | -€16 | -77.3% |
| Cash at bank and in hand | 54/58 | €416 | €503 | +€86 | +20.7% |
| Total equity and liabilities | 10/49 | €274,444 | €268,065 | -€6,379 | -2.3% |
| Equity | 10/15 | -€1,776 | €5,631 | +€7,407 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €2,631 | +€2,631 | |
| Distributable reserves | 133 | - | €2,631 | +€2,631 | |
| Profit (loss) carried forward | 14 | -€4,776 | - | +€4,776 | |
| Amounts payable | 17/49 | €276,220 | €262,434 | -€13,787 | -5.0% |
| Amounts payable after more than one year | 17 | €154,650 | €142,214 | -€12,435 | -8.0% |
| Financial debts | 170/4 | €154,650 | €142,214 | -€12,435 | -8.0% |
| Amounts payable within one year | 42/48 | €121,571 | €120,219 | -€1,352 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €12,180 | €12,435 | +€256 | +2.1% |
| Taxes, remuneration and social security | 45 | - | €263 | +€263 | |
| Taxes | 450/3 | - | €263 | +€263 | |
| Other amounts payable | 47/48 | €109,391 | €107,521 | -€1,870 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,450 | €6,450 | = | 0.0% |
| Other operating charges | 640/8 | €1,410 | €1,454 | +€43 | +3.1% |
| Gross operating margin | 9900 | €20,645 | €21,260 | +€615 | +3.0% |
| Operating profit (loss) | 9901 | €12,784 | €13,356 | +€572 | +4.5% |
| Financial charges | 65/66B | €5,981 | €5,686 | -€296 | -4.9% |
| Recurring financial charges | 65 | €5,981 | €5,686 | -€296 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €6,803 | €7,671 | +€868 | +12.8% |
| Income taxes | 67/77 | - | €263 | +€263 | |
| Profit (loss) for the period | 9904 | €6,803 | €7,407 | +€604 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,803 | €7,407 | +€604 | +8.9% |
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.