GAYCO: 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.
GAYCO
Largest movements
- Cash +€28,943
up €28,943 (+61.6%), from €46,953 to €75,895
mainly Other debts (+€23,133) and Net result for the year (+€5,903)
- Other debts +€23,133
up €23,133 (+15,239%), from €152 to €23,285
- Profit (loss) carried forward +€5,903
up €5,903 (+115%), from €5,113 to €11,016
- Tax, wage and social debts -€1,046
down €1,046 (-9.0%), from €11,612 to €10,566
of which Taxes: -€1,046
- Provisions -€45,600
no longer reported in 2025 (was €45,600)
- Financial charges +€42,899
up €42,899 (+31,293%), from €137 to €43,036
- Gross operating margin -€13,150
down €13,150 (-19.7%), from €66,621 to €53,471
- Taxes -€11,571
down €11,571 (-79.0%), from €14,645 to €3,074
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 | €70,397 | €98,558 | +€28,162 | +40.0% |
| Fixed assets | 21/28 | €1,980 | €1,491 | -€489 | -24.7% |
| Tangible fixed assets | 22/27 | €1,888 | €1,399 | -€489 | -25.9% |
| Plant, machinery and equipment | 23 | €1,888 | €1,399 | -€489 | -25.9% |
| Financial fixed assets | 28 | €92 | €92 | = | 0.0% |
| Current assets | 29/58 | €68,417 | €97,067 | +€28,650 | +41.9% |
| Amounts receivable within one year | 40/41 | €21,464 | €21,172 | -€292 | -1.4% |
| Trade receivables | 40 | €21,109 | €18,887 | -€2,222 | -10.5% |
| Other amounts receivable | 41 | €355 | €2,285 | +€1,929 | +543% |
| Cash at bank and in hand | 54/58 | €46,953 | €75,895 | +€28,943 | +61.6% |
| Total equity and liabilities | 10/49 | €70,397 | €98,558 | +€28,162 | +40.0% |
| Equity | 10/15 | €8,113 | €14,016 | +€5,903 | +72.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,113 | €11,016 | +€5,903 | +115% |
| Provisions and deferred taxes | 16 | €45,600 | €45,600 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €45,600 | €45,600 | = | 0.0% |
| Pensions and similar obligations | 160 | €45,600 | €45,600 | = | 0.0% |
| Amounts payable | 17/49 | €16,684 | €38,942 | +€22,259 | +133% |
| Amounts payable within one year | 42/48 | €13,615 | €35,901 | +€22,285 | +164% |
| Trade debts | 44 | €1,852 | €2,050 | +€198 | +10.7% |
| Suppliers | 440/4 | €1,852 | €2,050 | +€198 | +10.7% |
| Taxes, remuneration and social security | 45 | €11,612 | €10,566 | -€1,046 | -9.0% |
| Taxes | 450/3 | €8,612 | €7,566 | -€1,046 | -12.1% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €152 | €23,285 | +€23,133 | +15,239% |
| Accrued charges and deferred income | 492/3 | €3,069 | €3,042 | -€27 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €555 | €489 | -€67 | -12.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €45,600 | - | -€45,600 | |
| Other operating charges | 640/8 | €577 | €973 | +€396 | +68.6% |
| Gross operating margin | 9900 | €66,621 | €53,471 | -€13,150 | -19.7% |
| Operating profit (loss) | 9901 | €19,889 | €52,010 | +€32,121 | +162% |
| Financial income | 75/76B | €6 | €3 | -€3 | -42.9% |
| Recurring financial income | 75 | €6 | €3 | -€3 | -42.9% |
| Financial charges | 65/66B | €137 | €43,036 | +€42,899 | +31,293% |
| Recurring financial charges | 65 | €137 | €43,036 | +€42,899 | +31,293% |
| Profit (loss) for the period before taxes | 9903 | €19,757 | €8,977 | -€10,781 | -54.6% |
| Income taxes | 67/77 | €14,645 | €3,074 | -€11,571 | -79.0% |
| Profit (loss) for the period | 9904 | €5,113 | €5,903 | +€790 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,113 | €5,903 | +€790 | +15.5% |
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 31 October 2026 via checked.be.