GAZ-EL: 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.
GAZ-EL
Largest movements
- Stocks and contracts +€37,993
up €37,993 (+338%), from €11,256 to €49,249
of which Contracts in progress: +€20,593
- Cash -€19,754
down €19,754 (-68.9%), from €28,685 to €8,931
mainly Stocks and contracts (-€37,993) and Debts after one year (-€5,704)
- Tangible fixed assets -€6,284
down €6,284 (-81.9%), from €7,672 to €1,389
of which Furniture and vehicles: -€6,092
- Deferred charges and accrued income +€1,247
up €1,247 (+67.6%), from €1,845 to €3,092
- Trade debts +€12,349
up €12,349 (+187%), from €6,589 to €18,938
- Profit (loss) carried forward +€10,247
up €10,247 (+754%), from €1,360 to €11,606
- Debts after one year -€5,704
down €5,704 (-76.7%), from €7,436 to €1,731
- Other debts -€4,218
down €4,218 (-8.2%), from €51,642 to €47,424
- Advances received +€2,180
new in 2025: €2,180
- Depreciation -€5,328
down €5,328 (-45.9%), from €11,611 to €6,284
- Gross operating margin -€5,063
down €5,063 (-19.4%), from €26,146 to €21,083
- Other operating charges -€2,885
down €2,885 (-83.5%), from €3,456 to €570
- Taxes +€1,298
up €1,298 (+52.5%), from €2,470 to €3,767
- Financial charges -€1,030
down €1,030 (-81.5%), from €1,265 to €234
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 | €91,898 | €104,932 | +€13,034 | +14.2% |
| Fixed assets | 21/28 | €9,622 | €3,339 | -€6,284 | -65.3% |
| Tangible fixed assets | 22/27 | €7,672 | €1,389 | -€6,284 | -81.9% |
| Plant, machinery and equipment | 23 | €192 | - | -€192 | |
| Furniture and vehicles | 24 | €7,480 | €1,389 | -€6,092 | -81.4% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €82,276 | €101,593 | +€19,318 | +23.5% |
| Stocks and contracts in progress | 3 | €11,256 | €49,249 | +€37,993 | +338% |
| Stocks | 30/36 | €11,256 | €28,656 | +€17,400 | +155% |
| Contracts in progress | 37 | - | €20,593 | +€20,593 | |
| Amounts receivable within one year | 40/41 | €40,489 | €40,322 | -€167 | -0.4% |
| Trade receivables | 40 | €30,504 | €40,322 | +€9,818 | +32.2% |
| Other amounts receivable | 41 | €9,985 | - | -€9,985 | |
| Cash at bank and in hand | 54/58 | €28,685 | €8,931 | -€19,754 | -68.9% |
| Deferred charges and accrued income | 490/1 | €1,845 | €3,092 | +€1,247 | +67.6% |
| Total equity and liabilities | 10/49 | €91,898 | €104,932 | +€13,034 | +14.2% |
| Equity | 10/15 | €13,930 | €24,177 | +€10,247 | +73.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €171 | €171 | = | 0.0% |
| Non-distributable reserves | 130/1 | €171 | €171 | = | 0.0% |
| Reserves not available under the articles | 1311 | €171 | €171 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,360 | €11,606 | +€10,247 | +754% |
| Amounts payable | 17/49 | €77,968 | €80,755 | +€2,787 | +3.6% |
| Amounts payable after more than one year | 17 | €7,436 | €1,731 | -€5,704 | -76.7% |
| Financial debts | 170/4 | €7,436 | €1,731 | -€5,704 | -76.7% |
| Amounts payable within one year | 42/48 | €70,532 | €79,023 | +€8,492 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €7,831 | €5,704 | -€2,126 | -27.2% |
| Trade debts | 44 | €6,589 | €18,938 | +€12,349 | +187% |
| Suppliers | 440/4 | €6,589 | €18,938 | +€12,349 | +187% |
| Advances received on contracts in progress | 46 | - | €2,180 | +€2,180 | |
| Taxes, remuneration and social security | 45 | €4,470 | €4,778 | +€308 | +6.9% |
| Taxes | 450/3 | €4,470 | €4,778 | +€308 | +6.9% |
| Other amounts payable | 47/48 | €51,642 | €47,424 | -€4,218 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,611 | €6,284 | -€5,328 | -45.9% |
| Other operating charges | 640/8 | €3,456 | €570 | -€2,885 | -83.5% |
| Gross operating margin | 9900 | €26,146 | €21,083 | -€5,063 | -19.4% |
| Operating profit (loss) | 9901 | €11,079 | €14,229 | +€3,150 | +28.4% |
| Financial income | 75/76B | €10 | €20 | +€10 | +104% |
| Recurring financial income | 75 | €10 | €20 | +€10 | +104% |
| Financial charges | 65/66B | €1,265 | €234 | -€1,030 | -81.5% |
| Recurring financial charges | 65 | €1,265 | €234 | -€1,030 | -81.5% |
| Profit (loss) for the period before taxes | 9903 | €9,824 | €14,014 | +€4,190 | +42.7% |
| Income taxes | 67/77 | €2,470 | €3,767 | +€1,298 | +52.5% |
| Profit (loss) for the period | 9904 | €7,354 | €10,247 | +€2,893 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,354 | €10,247 | +€2,893 | +39.3% |
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 27 October 2026 via checked.be.