Gaspard: 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.
Gaspard
Largest movements
- Receivables within one year -€68,558
down €68,558 (-40.7%), from €168,534 to €99,976
of which Trade receivables: -€57,952
- Cash +€57,559
up €57,559 (+25.1%), from €229,174 to €286,733
mainly Net result for the year (+€125,348) and Receivables within one year (+€68,558)
- Tangible fixed assets +€33,509
up €33,509 (+33.9%), from €98,784 to €132,293
of which Leasing and similar rights: +€73,220
- Deferred charges and accrued income +€12,000
up €12,000, from €0 to €12,000
- Debts after one year +€56,087
up €56,087 (+507.5%), from €11,052 to €67,139
- Reserves +€28,150
up €28,150 (+21.7%), from €130,000 to €158,150
of which Tax-exempt reserves: +€63,150
- Tax, wage and social debts -€27,150
down €27,150 (-22.9%), from €118,413 to €91,263
of which Taxes: -€24,178
- Other debts -€24,426
down €24,426 (-14.7%), from €165,889 to €141,463
- Current portion of long-term debt +€11,461
up €11,461 (+332.4%), from €3,448 to €14,909
- Staff costs -€59,358
down €59,358 (-22.3%), from €266,087 to €206,730
- Gross operating margin -€31,149
down €31,149 (-6.6%), from €473,782 to €442,632
- Depreciation +€12,341
up €12,341 (+26.9%), from €45,933 to €58,274
- Other operating charges -€10,640
down €10,640 (-58.0%), from €18,340 to €7,701
- Taxes +€5,624
up €5,624 (+17.3%), from €32,537 to €38,160
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 | €505,418 | €538,607 | +€33,189 | +6.6% |
| Formation expenses | 20 | €751 | €306 | -€445 | -59.3% |
| Fixed assets | 21/28 | €98,784 | €132,293 | +€33,509 | +33.9% |
| Tangible fixed assets | 22/27 | €98,784 | €132,293 | +€33,509 | +33.9% |
| Plant, machinery and equipment | 23 | €97,618 | €58,394 | -€39,224 | -40.2% |
| Furniture and vehicles | 24 | €1,166 | €678 | -€487 | -41.8% |
| Leasing and similar rights | 25 | - | €73,220 | +€73,220 | |
| Current assets | 29/58 | €405,883 | €406,009 | +€126 | 0.0% |
| Stocks and contracts in progress | 3 | €8,175 | €7,300 | -€875 | -10.7% |
| Stocks | 30/36 | €8,175 | €7,300 | -€875 | -10.7% |
| Amounts receivable within one year | 40/41 | €168,534 | €99,976 | -€68,558 | -40.7% |
| Trade receivables | 40 | €139,276 | €81,324 | -€57,952 | -41.6% |
| Other amounts receivable | 41 | €29,257 | €18,652 | -€10,606 | -36.2% |
| Cash at bank and in hand | 54/58 | €229,174 | €286,733 | +€57,559 | +25.1% |
| Deferred charges and accrued income | 490/1 | €0 | €12,000 | +€12,000 | |
| Total equity and liabilities | 10/49 | €505,418 | €538,607 | +€33,189 | +6.6% |
| Equity | 10/15 | €135,699 | €161,046 | +€25,348 | +18.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €130,000 | €158,150 | +€28,150 | +21.7% |
| Tax-exempt reserves | 132 | - | €63,150 | +€63,150 | |
| Distributable reserves | 133 | €130,000 | €95,000 | -€35,000 | -26.9% |
| Profit (loss) carried forward | 14 | €3,699 | €896 | -€2,802 | -75.8% |
| Amounts payable | 17/49 | €369,719 | €377,561 | +€7,842 | +2.1% |
| Amounts payable after more than one year | 17 | €11,052 | €67,139 | +€56,087 | +507.5% |
| Financial debts | 170/4 | €11,052 | €67,139 | +€56,087 | +507.5% |
| Amounts payable within one year | 42/48 | €358,668 | €310,422 | -€48,246 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €3,448 | €14,909 | +€11,461 | +332.4% |
| Trade debts | 44 | €70,917 | €62,787 | -€8,131 | -11.5% |
| Suppliers | 440/4 | €70,917 | €62,787 | -€8,131 | -11.5% |
| Taxes, remuneration and social security | 45 | €118,413 | €91,263 | -€27,150 | -22.9% |
| Taxes | 450/3 | €71,712 | €47,534 | -€24,178 | -33.7% |
| Remuneration and social security | 454/9 | €46,701 | €43,729 | -€2,972 | -6.4% |
| Other amounts payable | 47/48 | €165,889 | €141,463 | -€24,426 | -14.7% |
| Remuneration, social security and pensions | 62 | €266,087 | €206,730 | -€59,358 | -22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,933 | €58,274 | +€12,341 | +26.9% |
| Other operating charges | 640/8 | €18,340 | €7,701 | -€10,640 | -58.0% |
| Gross operating margin | 9900 | €473,782 | €442,632 | -€31,149 | -6.6% |
| Operating profit (loss) | 9901 | €143,421 | €169,928 | +€26,507 | +18.5% |
| Financial income | 75/76B | €317 | €44 | -€273 | -86.2% |
| Recurring financial income | 75 | €317 | €44 | -€273 | -86.2% |
| Financial charges | 65/66B | €3,143 | €6,464 | +€3,321 | +105.7% |
| Recurring financial charges | 65 | €3,143 | €6,464 | +€3,321 | +105.7% |
| Profit (loss) for the period before taxes | 9903 | €140,596 | €163,508 | +€22,913 | +16.3% |
| Income taxes | 67/77 | €32,537 | €38,160 | +€5,624 | +17.3% |
| Profit (loss) for the period | 9904 | €108,059 | €125,348 | +€17,289 | +16.0% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €108,059 | €62,198 | -€45,861 | -42.4% |
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.