GAXP: 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.
GAXP
Largest movements
- Cash +€97,466
up €97,466 (+107.5%), from €90,652 to €188,118
mainly Net result for the year (+€78,794) and Tax, wage and social debts (+€28,889)
- Tangible fixed assets +€16,002
up €16,002 (+197.4%), from €8,106 to €24,108
- Receivables within one year -€9,366
down €9,366 (-10.3%), from €90,949 to €81,583
of which Trade receivables: -€8,846
- Profit (loss) carried forward +€78,794
up €78,794 (+47.6%), from €165,497 to €244,292
- Tax, wage and social debts +€28,889
up €28,889 (+75.9%), from €38,066 to €66,955
of which Taxes: +€27,533
- Trade debts -€3,227
down €3,227 (-98.4%), from €3,278 to €51
- Gross operating margin +€27,025
up €27,025 (+21.3%), from €126,816 to €153,840
- Taxes +€6,047
up €6,047 (+34.3%), from €17,653 to €23,700
- Depreciation +€5,865
up €5,865 (+432.4%), from €1,356 to €7,221
- Other operating charges +€2,456
up €2,456 (+68.5%), from €3,585 to €6,040
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 | €209,342 | €313,798 | +€104,456 | +49.9% |
| Fixed assets | 21/28 | €15,686 | €31,688 | +€16,002 | +102.0% |
| Tangible fixed assets | 22/27 | €8,106 | €24,108 | +€16,002 | +197.4% |
| Furniture and vehicles | 24 | €8,106 | €24,108 | +€16,002 | +197.4% |
| Financial fixed assets | 28 | €7,580 | €7,580 | = | 0.0% |
| Current assets | 29/58 | €193,655 | €282,110 | +€88,454 | +45.7% |
| Stocks and contracts in progress | 3 | €12,055 | €12,350 | +€295 | +2.5% |
| Stocks | 30/36 | €12,055 | €12,350 | +€295 | +2.5% |
| Amounts receivable within one year | 40/41 | €90,949 | €81,583 | -€9,366 | -10.3% |
| Trade receivables | 40 | €33,500 | €24,654 | -€8,846 | -26.4% |
| Other amounts receivable | 41 | €57,449 | €56,929 | -€519 | -0.9% |
| Cash at bank and in hand | 54/58 | €90,652 | €188,118 | +€97,466 | +107.5% |
| Deferred charges and accrued income | 490/1 | - | €58 | +€58 | |
| Total equity and liabilities | 10/49 | €209,342 | €313,798 | +€104,456 | +49.9% |
| Equity | 10/15 | €167,997 | €246,792 | +€78,794 | +46.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Outside capital | 11 | €2,500 | - | -€2,500 | |
| Other | 1109/19 | €2,500 | - | -€2,500 | |
| Profit (loss) carried forward | 14 | €165,497 | €244,292 | +€78,794 | +47.6% |
| Amounts payable | 17/49 | €41,344 | €67,006 | +€25,662 | +62.1% |
| Amounts payable within one year | 42/48 | €41,344 | €67,006 | +€25,662 | +62.1% |
| Trade debts | 44 | €3,278 | €51 | -€3,227 | -98.4% |
| Suppliers | 440/4 | €3,278 | €51 | -€3,227 | -98.4% |
| Taxes, remuneration and social security | 45 | €38,066 | €66,955 | +€28,889 | +75.9% |
| Taxes | 450/3 | €27,468 | €55,000 | +€27,533 | +100.2% |
| Remuneration and social security | 454/9 | €10,599 | €11,955 | +€1,356 | +12.8% |
| Remuneration, social security and pensions | 62 | €38,508 | €37,894 | -€614 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,356 | €7,221 | +€5,865 | +432.4% |
| Other operating charges | 640/8 | €3,585 | €6,040 | +€2,456 | +68.5% |
| Gross operating margin | 9900 | €126,816 | €153,840 | +€27,025 | +21.3% |
| Operating profit (loss) | 9901 | €83,366 | €102,685 | +€19,318 | +23.2% |
| Financial income | 75/76B | €915 | - | -€915 | |
| Recurring financial income | 75 | €915 | - | -€915 | |
| Financial charges | 65/66B | €28 | €191 | +€163 | +581.6% |
| Recurring financial charges | 65 | €28 | €191 | +€163 | +581.6% |
| Profit (loss) for the period before taxes | 9903 | €84,254 | €102,494 | +€18,241 | +21.6% |
| Income taxes | 67/77 | €17,653 | €23,700 | +€6,047 | +34.3% |
| Profit (loss) for the period | 9904 | €66,600 | €78,794 | +€12,194 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,600 | €78,794 | +€12,194 | +18.3% |
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 4 October 2026 via checked.be.