GAUDEAMUS: 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.
GAUDEAMUS
Largest movements
- Receivables within one year -€35,053
down €35,053 (-41.5%), from €84,401 to €49,348
of which Trade receivables: -€29,376
- Cash -€5,565
down €5,565 (-25.7%), from €21,638 to €16,073
mainly Other debts (-€89,937) and Contributions, distributions and other (-€12,217)
- Other debts -€89,937
down €89,937 (-83.4%), from €107,826 to €17,889
- Reserves +€59,097
up €59,097 (+17.7%), from €334,419 to €393,516
- Debts after one year -€6,442
down €6,442 (-54.3%), from €11,868 to €5,425
- Tax, wage and social debts -€5,472
down €5,472 (-13.8%), from €39,768 to €34,296
- Gross operating margin +€38,926
up €38,926 (+61.0%), from €63,829 to €102,755
- Taxes +€10,148
up €10,148 (+56.1%), from €18,076 to €28,224
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 | €525,473 | €485,130 | -€40,343 | -7.7% |
| Fixed assets | 21/28 | €419,327 | €418,937 | -€390 | -0.1% |
| Intangible fixed assets | 21 | €1,170 | €780 | -€390 | -33.3% |
| Financial fixed assets | 28 | €418,157 | €418,157 | = | 0.0% |
| Current assets | 29/58 | €106,145 | €66,192 | -€39,953 | -37.6% |
| Amounts receivable within one year | 40/41 | €84,401 | €49,348 | -€35,053 | -41.5% |
| Trade receivables | 40 | €76,041 | €46,665 | -€29,376 | -38.6% |
| Other amounts receivable | 41 | €8,360 | €2,683 | -€5,677 | -67.9% |
| Cash at bank and in hand | 54/58 | €21,638 | €16,073 | -€5,565 | -25.7% |
| Deferred charges and accrued income | 490/1 | €106 | €771 | +€665 | +626% |
| Total equity and liabilities | 10/49 | €525,473 | €485,130 | -€40,343 | -7.7% |
| Equity | 10/15 | €353,019 | €412,116 | +€59,097 | +16.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €334,419 | €393,516 | +€59,097 | +17.7% |
| Distributable reserves | 133 | €334,419 | €393,516 | +€59,097 | +17.7% |
| Amounts payable | 17/49 | €172,454 | €73,014 | -€99,440 | -57.7% |
| Amounts payable after more than one year | 17 | €11,868 | €5,425 | -€6,442 | -54.3% |
| Financial debts | 170/4 | €11,868 | €5,425 | -€6,442 | -54.3% |
| Amounts payable within one year | 42/48 | €159,896 | €67,588 | -€92,307 | -57.7% |
| Financial debts | 43 | €9,580 | €13,015 | +€3,435 | +35.9% |
| Credit institutions | 430/8 | €9,580 | €13,015 | +€3,435 | +35.9% |
| Trade debts | 44 | €2,722 | €2,389 | -€333 | -12.2% |
| Suppliers | 440/4 | €2,722 | €2,389 | -€333 | -12.2% |
| Taxes, remuneration and social security | 45 | €39,768 | €34,296 | -€5,472 | -13.8% |
| Taxes | 450/3 | €39,768 | €34,296 | -€5,472 | -13.8% |
| Other amounts payable | 47/48 | €107,826 | €17,889 | -€89,937 | -83.4% |
| Accrued charges and deferred income | 492/3 | €690 | - | -€690 | |
| Non-recurring operating income | 76A | €7,566 | €4,465 | -€3,101 | -41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €390 | €390 | = | 0.0% |
| Other operating charges | 640/8 | €1,018 | €1,418 | +€399 | +39.2% |
| Gross operating margin | 9900 | €63,829 | €102,755 | +€38,926 | +61.0% |
| Operating profit (loss) | 9901 | €62,420 | €100,947 | +€38,526 | +61.7% |
| Financial income | 75/76B | €106 | - | -€106 | |
| Recurring financial income | 75 | €106 | - | -€106 | |
| Financial charges | 65/66B | €1,006 | €1,409 | +€403 | +40.0% |
| Recurring financial charges | 65 | €1,006 | €1,409 | +€403 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | €61,520 | €99,538 | +€38,017 | +61.8% |
| Income taxes | 67/77 | €18,076 | €28,224 | +€10,148 | +56.1% |
| Profit (loss) for the period | 9904 | €43,444 | €71,314 | +€27,869 | +64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €43,444 | €71,314 | +€27,869 | +64.1% |
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 26 October 2026 via checked.be.