GAPS INVEST: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
GAPS INVEST
Largest movements
- Cash +€112,808
up €112,808 (+102%), from €110,148 to €222,955
mainly Net result for the year (+€310,917) and Depreciation (+€105,921)
- Tangible fixed assets -€53,934
down €53,934 (-2.8%), from €2.0m to €1.9m
of which Land and buildings: -€40,490
- Reserves +€654,600
up €654,600 (+105%), from €621,796 to €1.3m
of which Distributable reserves: +€654,600
- Profit (loss) carried forward -€343,683
down €343,683 (-99.7%), from €344,606 to €923
- Debts after one year -€128,667
down €128,667 (-35.4%), from €363,000 to €234,333
- Other debts -€35,636
down €35,636 (-52.3%), from €68,080 to €32,444
- Tax, wage and social debts -€32,520
no longer reported in 2025 (was €32,520)
- Gross operating margin -€188,316
down €188,316 (-23.6%), from €798,833 to €610,517
- Depreciation -€119,288
down €119,288 (-53.0%), from €225,210 to €105,921
- Financial charges -€36,628
down €36,628 (-45.2%), from €80,994 to €44,365
- Other operating charges -€9,417
down €9,417 (-37.4%), from €25,181 to €15,765
- Taxes -€8,785
down €8,785 (-5.9%), from €148,020 to €139,235
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 | €2,067,838 | €2,142,967 | +€75,129 | +3.6% |
| Fixed assets | 21/28 | €1,952,265 | €1,901,170 | -€51,094 | -2.6% |
| Tangible fixed assets | 22/27 | €1,952,265 | €1,898,330 | -€53,934 | -2.8% |
| Land and buildings | 22 | €1,893,536 | €1,853,046 | -€40,490 | -2.1% |
| Plant, machinery and equipment | 23 | €53,301 | €45,285 | -€8,016 | -15.0% |
| Furniture and vehicles | 24 | €5,428 | €0 | -€5,428 | -100% |
| Financial fixed assets | 28 | - | €2,840 | +€2,840 | |
| Current assets | 29/58 | €115,573 | €241,796 | +€126,223 | +109% |
| Amounts receivable within one year | 40/41 | €382 | €11,155 | +€10,773 | +2,818% |
| Other amounts receivable | 41 | €382 | €11,155 | +€10,773 | +2,818% |
| Cash at bank and in hand | 54/58 | €110,148 | €222,955 | +€112,808 | +102% |
| Deferred charges and accrued income | 490/1 | €5,043 | €7,686 | +€2,643 | +52.4% |
| Total equity and liabilities | 10/49 | €2,067,838 | €2,142,967 | +€75,129 | +3.6% |
| Equity | 10/15 | €985,002 | €1,295,919 | +€310,917 | +31.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €621,796 | €1,276,396 | +€654,600 | +105% |
| Non-distributable reserves | 130/1 | €8,776 | €8,776 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,776 | €8,776 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,320 | €1,320 | = | 0.0% |
| Distributable reserves | 133 | €611,700 | €1,266,300 | +€654,600 | +107% |
| Profit (loss) carried forward | 14 | €344,606 | €923 | -€343,683 | -99.7% |
| Provisions and deferred taxes | 16 | €478,407 | €472,746 | -€5,661 | -1.2% |
| Provisions for liabilities and charges | 160/5 | €478,407 | €472,746 | -€5,661 | -1.2% |
| Other liabilities and charges | 164/5 | €478,407 | €472,746 | -€5,661 | -1.2% |
| Amounts payable | 17/49 | €604,429 | €374,302 | -€230,127 | -38.1% |
| Amounts payable after more than one year | 17 | €363,000 | €234,333 | -€128,667 | -35.4% |
| Financial debts | 170/4 | €363,000 | €234,333 | -€128,667 | -35.4% |
| Amounts payable within one year | 42/48 | €214,820 | €108,555 | -€106,265 | -49.5% |
| Current portion of amounts payable after more than one year | 42 | €94,801 | €74,301 | -€20,500 | -21.6% |
| Financial debts | 43 | €7 | - | -€7 | |
| Credit institutions | 430/8 | €7 | - | -€7 | |
| Trade debts | 44 | €19,413 | €1,810 | -€17,603 | -90.7% |
| Suppliers | 440/4 | €19,413 | €1,810 | -€17,603 | -90.7% |
| Taxes, remuneration and social security | 45 | €32,520 | - | -€32,520 | |
| Taxes | 450/3 | €32,520 | - | -€32,520 | |
| Other amounts payable | 47/48 | €68,080 | €32,444 | -€35,636 | -52.3% |
| Accrued charges and deferred income | 492/3 | €26,609 | €31,414 | +€4,805 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €225,210 | €105,921 | -€119,288 | -53.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,551 | -€5,661 | -€110 | -2.0% |
| Other operating charges | 640/8 | €25,181 | €15,765 | -€9,417 | -37.4% |
| Gross operating margin | 9900 | €798,833 | €610,517 | -€188,316 | -23.6% |
| Operating profit (loss) | 9901 | €553,993 | €494,492 | -€59,501 | -10.7% |
| Financial income | 75/76B | €1 | €26 | +€25 | +4,902% |
| Recurring financial income | 75 | €1 | €26 | +€25 | +4,902% |
| Financial charges | 65/66B | €80,994 | €44,365 | -€36,628 | -45.2% |
| Recurring financial charges | 65 | €80,994 | €44,365 | -€36,628 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €473,000 | €450,152 | -€22,848 | -4.8% |
| Income taxes | 67/77 | €148,020 | €139,235 | -€8,785 | -5.9% |
| Profit (loss) for the period | 9904 | €324,980 | €310,917 | -€14,063 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €324,980 | €310,917 | -€14,063 | -4.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.