GAUDRY: 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.
GAUDRY
Largest movements
- Tangible fixed assets +€529,102
up €529,102 (+131.6%), from €402,074 to €931,176
of which Other tangible fixed assets: +€498,981
- Cash -€98,041
down €98,041 (-94.6%), from €103,627 to €5,586
mainly Investment in fixed assets (net) (-€618,153) and Other debts (-€358,100)
- Debts after one year +€850,805
up €850,805 (+65446.5%), from €1,300 to €852,105
of which Financial debts: +€848,845
- Other debts -€358,100
down €358,100 (-76.4%), from €468,982 to €110,882
- Profit (loss) carried forward -€110,830
down €110,830 (-87.0%), from €127,453 to €16,623
- Current portion of long-term debt +€36,099
new in 2025: €36,099
- Depreciation +€28,973
up €28,973 (+48.2%), from €60,078 to €89,051
- Financial charges +€12,358
up €12,358 (+9488.9%), from €130 to €12,489
- Gross operating margin +€8,182
up €8,182 (+8.9%), from €91,558 to €99,739
- Taxes -€4,613
down €4,613 (-97.2%), from €4,745 to €132
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 | €621,297 | €1,039,502 | +€418,206 | +67.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €402,074 | €931,176 | +€529,102 | +131.6% |
| Tangible fixed assets | 22/27 | €402,074 | €931,176 | +€529,102 | +131.6% |
| Furniture and vehicles | 24 | €2,074 | €32,196 | +€30,121 | +1452.1% |
| Other tangible fixed assets | 26 | €400,000 | €898,981 | +€498,981 | +124.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €219,222 | €108,326 | -€110,896 | -50.6% |
| Amounts receivable after more than one year | 29 | €88,150 | €83,950 | -€4,200 | -4.8% |
| Other amounts receivable | 291 | €88,150 | €83,950 | -€4,200 | -4.8% |
| Stocks and contracts in progress | 3 | €1,087 | €0 | -€1,087 | -100.0% |
| Stocks | 30/36 | €1,087 | €0 | -€1,087 | -100.0% |
| Amounts receivable within one year | 40/41 | €25,966 | €17,063 | -€8,903 | -34.3% |
| Trade receivables | 40 | €21,766 | €1,994 | -€19,772 | -90.8% |
| Other amounts receivable | 41 | €4,200 | €15,069 | +€10,869 | +258.8% |
| Cash at bank and in hand | 54/58 | €103,627 | €5,586 | -€98,041 | -94.6% |
| Deferred charges and accrued income | 490/1 | €392 | €1,727 | +€1,335 | +340.7% |
| Total equity and liabilities | 10/49 | €621,297 | €1,039,502 | +€418,206 | +67.3% |
| Equity | 10/15 | €132,453 | €21,623 | -€110,830 | -83.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,453 | €16,623 | -€110,830 | -87.0% |
| Amounts payable | 17/49 | €488,844 | €1,017,880 | +€529,036 | +108.2% |
| Amounts payable after more than one year | 17 | €1,300 | €852,105 | +€850,805 | +65446.5% |
| Financial debts | 170/4 | - | €848,845 | +€848,845 | |
| Other amounts payable | 178/9 | €1,300 | €3,260 | +€1,960 | +150.8% |
| Amounts payable within one year | 42/48 | €485,108 | €162,814 | -€322,294 | -66.4% |
| Current portion of amounts payable after more than one year | 42 | - | €36,099 | +€36,099 | |
| Trade debts | 44 | €740 | €4,184 | +€3,444 | +465.7% |
| Suppliers | 440/4 | €740 | €4,184 | +€3,444 | +465.7% |
| Taxes, remuneration and social security | 45 | €15,387 | €11,649 | -€3,737 | -24.3% |
| Taxes | 450/3 | €15,387 | €11,649 | -€3,737 | -24.3% |
| Other amounts payable | 47/48 | €468,982 | €110,882 | -€358,100 | -76.4% |
| Accrued charges and deferred income | 492/3 | €2,435 | €2,960 | +€525 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,078 | €89,051 | +€28,973 | +48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,087 | €1,087 | = | 0.0% |
| Other operating charges | 640/8 | €723 | €758 | +€35 | +4.9% |
| Non-recurring operating charges | 66A | €8,192 | €4,307 | -€3,885 | -47.4% |
| Gross operating margin | 9900 | €91,558 | €99,739 | +€8,182 | +8.9% |
| Operating profit (loss) | 9901 | €21,478 | €4,535 | -€16,942 | -78.9% |
| Financial income | 75/76B | €2,420 | €3,138 | +€718 | +29.7% |
| Recurring financial income | 75 | €2,420 | €3,138 | +€718 | +29.7% |
| Financial charges | 65/66B | €130 | €12,489 | +€12,358 | +9488.9% |
| Recurring financial charges | 65 | €130 | €12,489 | +€12,358 | +9488.9% |
| Profit (loss) for the period before taxes | 9903 | €23,768 | -€4,816 | -€28,583 | |
| Income taxes | 67/77 | €4,745 | €132 | -€4,613 | -97.2% |
| Profit (loss) for the period | 9904 | €19,023 | -€4,948 | -€23,970 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,023 | -€4,948 | -€23,970 |
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.