Gapex: what changed
Two fiscal 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.
Gapex
Largest movements
- Receivables within one year -€9,277
down €9,277 (-61.4%), from €15,103 to €5,826
of which Trade receivables: -€12,124
- Cash -€8,093
down €8,093 (-86.3%), from €9,383 to €1,290
mainly Other debts (-€7,907) and Trade debts (-€5,601)
- Deferred charges and accrued income +€549
up €549 (+101.6%), from €541 to €1,090
- Tangible fixed assets -€403
down €403 (-51.2%), from €788 to €385
- Other debts -€7,907
down €7,907 (-71.7%), from €11,032 to €3,125
- Trade debts -€5,601
down €5,601 (-16.6%), from €33,762 to €28,160
- Accrued charges and deferred income -€1,944
down €1,944 (-100.0%), from €1,944 to €0
- Profit (loss) carried forward -€1,763
down €1,763 (-4.1%), from -€42,983 to -€44,746
- Gross operating margin +€1,549
up €1,549 (+65.3%), from -€2,372 to -€823
- Financial income -€203
down €203 (-100.0%), from €203 to €0
- Financial charges -€181
down €181 (-85.2%), from €213 to €32
- Other operating charges -€60
down €60 (-10.5%), from €564 to €505
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 | €25,815 | €8,591 | -€17,224 | -66.7% |
| Fixed assets | 21/28 | €788 | €385 | -€403 | -51.2% |
| Tangible fixed assets | 22/27 | €788 | €385 | -€403 | -51.2% |
| Furniture and vehicles | 24 | €788 | €385 | -€403 | -51.2% |
| Current assets | 29/58 | €25,027 | €8,206 | -€16,820 | -67.2% |
| Amounts receivable within one year | 40/41 | €15,103 | €5,826 | -€9,277 | -61.4% |
| Trade receivables | 40 | €13,576 | €1,452 | -€12,124 | -89.3% |
| Other amounts receivable | 41 | €1,528 | €4,374 | +€2,847 | +186.3% |
| Cash at bank and in hand | 54/58 | €9,383 | €1,290 | -€8,093 | -86.3% |
| Deferred charges and accrued income | 490/1 | €541 | €1,090 | +€549 | +101.6% |
| Total equity and liabilities | 10/49 | €25,815 | €8,591 | -€17,224 | -66.7% |
| Equity | 10/15 | -€40,983 | -€42,746 | -€1,763 | -4.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,983 | -€44,746 | -€1,763 | -4.1% |
| Amounts payable | 17/49 | €66,798 | €51,337 | -€15,461 | -23.1% |
| Amounts payable within one year | 42/48 | €64,854 | €51,337 | -€13,517 | -20.8% |
| Financial debts | 43 | €20,060 | €20,000 | -€60 | -0.3% |
| Credit institutions | 430/8 | €60 | €0 | -€60 | -100.0% |
| Other loans | 439 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €33,762 | €28,160 | -€5,601 | -16.6% |
| Suppliers | 440/4 | €33,762 | €28,160 | -€5,601 | -16.6% |
| Taxes, remuneration and social security | 45 | - | €51 | +€51 | |
| Taxes | 450/3 | - | €51 | +€51 | |
| Other amounts payable | 47/48 | €11,032 | €3,125 | -€7,907 | -71.7% |
| Accrued charges and deferred income | 492/3 | €1,944 | €0 | -€1,944 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403 | €403 | = | 0.0% |
| Other operating charges | 640/8 | €564 | €505 | -€60 | -10.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€2,372 | -€823 | +€1,549 | +65.3% |
| Operating profit (loss) | 9901 | -€3,340 | -€1,731 | +€1,608 | +48.2% |
| Financial income | 75/76B | €203 | €0 | -€203 | -100.0% |
| Recurring financial income | 75 | €203 | €0 | -€203 | -100.0% |
| Financial charges | 65/66B | €213 | €32 | -€181 | -85.2% |
| Recurring financial charges | 65 | €213 | €32 | -€181 | -85.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,350 | -€1,763 | +€1,587 | +47.4% |
| Profit (loss) for the period | 9904 | -€3,350 | -€1,763 | +€1,587 | +47.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,350 | -€1,763 | +€1,587 | +47.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.