GAUME D'OR: 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.
GAUME D'OR
Largest movements
- Tangible fixed assets +€818,130
up €818,130 (+30.0%), from €2.7m to €3.5m
of which Land and buildings: +€716,815
- Receivables within one year -€87,592
down €87,592 (-85.5%), from €102,497 to €14,905
of which Other amounts receivable: -€46,215
- Debts after one year +€670,836
up €670,836 (+107%), from €627,981 to €1.3m
- Trade debts +€95,332
up €95,332 (+96.3%), from €99,041 to €194,373
- Profit (loss) carried forward -€77,438
down €77,438 (-87.9%), from -€88,097 to -€165,535
- Gross operating margin -€70,633
down €70,633 (-39.8%), from €177,423 to €106,790
- Financial charges +€22,839
up €22,839 (+153%), from €14,938 to €37,777
- Depreciation +€20,425
up €20,425 (+21.6%), from €94,738 to €115,162
- Staff costs +€19,089
new in 2025: €19,089
- Other operating charges +€2,203
up €2,203 (+20.4%), from €10,813 to €13,016
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 | €2,867,372 | €3,616,542 | +€749,170 | +26.1% |
| Fixed assets | 21/28 | €2,726,908 | €3,545,039 | +€818,130 | +30.0% |
| Tangible fixed assets | 22/27 | €2,726,878 | €3,545,009 | +€818,130 | +30.0% |
| Land and buildings | 22 | €2,693,267 | €3,410,083 | +€716,815 | +26.6% |
| Plant, machinery and equipment | 23 | €7,653 | €90,334 | +€82,681 | +1,080% |
| Furniture and vehicles | 24 | €25,958 | €44,592 | +€18,633 | +71.8% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €140,464 | €71,504 | -€68,960 | -49.1% |
| Amounts receivable within one year | 40/41 | €102,497 | €14,905 | -€87,592 | -85.5% |
| Trade receivables | 40 | €56,088 | €14,711 | -€41,377 | -73.8% |
| Other amounts receivable | 41 | €46,409 | €194 | -€46,215 | -99.6% |
| Cash at bank and in hand | 54/58 | €35,378 | €53,884 | +€18,506 | +52.3% |
| Deferred charges and accrued income | 490/1 | €2,590 | €2,715 | +€125 | +4.8% |
| Total equity and liabilities | 10/49 | €2,867,372 | €3,616,542 | +€749,170 | +26.1% |
| Equity | 10/15 | €748,908 | €671,470 | -€77,438 | -10.3% |
| Contributions | 10/11 | €837,005 | €837,005 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,097 | -€165,535 | -€77,438 | -87.9% |
| Amounts payable | 17/49 | €2,118,465 | €2,945,073 | +€826,608 | +39.0% |
| Amounts payable after more than one year | 17 | €627,981 | €1,298,817 | +€670,836 | +107% |
| Financial debts | 170/4 | €627,981 | €1,298,817 | +€670,836 | +107% |
| Amounts payable within one year | 42/48 | €1,489,074 | €1,643,222 | +€154,148 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €57,873 | €65,332 | +€7,460 | +12.9% |
| Trade debts | 44 | €99,041 | €194,373 | +€95,332 | +96.3% |
| Suppliers | 440/4 | €99,041 | €194,373 | +€95,332 | +96.3% |
| Advances received on contracts in progress | 46 | €57,540 | €82,242 | +€24,702 | +42.9% |
| Taxes, remuneration and social security | 45 | - | €6,541 | +€6,541 | |
| Taxes | 450/3 | - | €1,659 | +€1,659 | |
| Remuneration and social security | 454/9 | - | €4,882 | +€4,882 | |
| Other amounts payable | 47/48 | €1,274,621 | €1,294,733 | +€20,112 | +1.6% |
| Accrued charges and deferred income | 492/3 | €1,409 | €3,033 | +€1,624 | +115% |
| Remuneration, social security and pensions | 62 | - | €19,089 | +€19,089 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,738 | €115,162 | +€20,425 | +21.6% |
| Other operating charges | 640/8 | €10,813 | €13,016 | +€2,203 | +20.4% |
| Gross operating margin | 9900 | €177,423 | €106,790 | -€70,633 | -39.8% |
| Operating profit (loss) | 9901 | €71,872 | -€40,477 | -€112,349 | |
| Financial income | 75/76B | €820 | €817 | -€3 | -0.4% |
| Recurring financial income | 75 | €820 | €817 | -€3 | -0.4% |
| Financial charges | 65/66B | €14,938 | €37,777 | +€22,839 | +153% |
| Recurring financial charges | 65 | €14,938 | €37,777 | +€22,839 | +153% |
| Profit (loss) for the period before taxes | 9903 | €57,754 | -€77,438 | -€135,192 | |
| Profit (loss) for the period | 9904 | €57,754 | -€77,438 | -€135,192 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,754 | -€77,438 | -€135,192 |
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 29 October 2026 via checked.be.