GAZACON: 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.
GAZACON
Largest movements
- Tangible fixed assets -€20,903
down €20,903 (-5.0%), from €414,469 to €393,566
of which Land and buildings: -€23,526
- Receivables within one year +€20,800
up €20,800 (+15.1%), from €137,466 to €158,266
of which Other amounts receivable: +€26,802
- Financial fixed assets +€12,500
new in 2025: €12,500
- Reserves +€35,731
up €35,731 (+11.9%), from €300,614 to €336,345
of which Distributable reserves: +€35,731
- Debts after one year -€22,634
down €22,634 (-16.5%), from €137,338 to €114,705
- Trade debts -€20,751
down €20,751 (-82.5%), from €25,147 to €4,396
- Other debts +€16,000
up €16,000 (+88.9%), from €18,000 to €34,000
- Gross operating margin +€15,452
up €15,452 (+12.5%), from €124,047 to €139,499
- Taxes +€6,955
up €6,955 (+23.2%), from €29,981 to €36,936
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 | €564,938 | €579,581 | +€14,642 | +2.6% |
| Fixed assets | 21/28 | €414,469 | €406,066 | -€8,403 | -2.0% |
| Tangible fixed assets | 22/27 | €414,469 | €393,566 | -€20,903 | -5.0% |
| Land and buildings | 22 | €400,130 | €376,604 | -€23,526 | -5.9% |
| Plant, machinery and equipment | 23 | €273 | €101 | -€172 | -63.0% |
| Furniture and vehicles | 24 | €14,065 | €16,860 | +€2,795 | +19.9% |
| Financial fixed assets | 28 | - | €12,500 | +€12,500 | |
| Current assets | 29/58 | €150,470 | €173,515 | +€23,045 | +15.3% |
| Amounts receivable within one year | 40/41 | €137,466 | €158,266 | +€20,800 | +15.1% |
| Trade receivables | 40 | €35,042 | €29,040 | -€6,002 | -17.1% |
| Other amounts receivable | 41 | €102,424 | €129,226 | +€26,802 | +26.2% |
| Cash at bank and in hand | 54/58 | €11,267 | €13,455 | +€2,188 | +19.4% |
| Deferred charges and accrued income | 490/1 | €1,737 | €1,794 | +€57 | +3.3% |
| Total equity and liabilities | 10/49 | €564,938 | €579,581 | +€14,642 | +2.6% |
| Equity | 10/15 | €327,614 | €363,345 | +€35,731 | +10.9% |
| Contributions | 10/11 | €27,000 | €27,000 | = | 0.0% |
| Reserves | 13 | €300,614 | €336,345 | +€35,731 | +11.9% |
| Tax-exempt reserves | 132 | €43,800 | €43,800 | = | 0.0% |
| Distributable reserves | 133 | €256,814 | €292,545 | +€35,731 | +13.9% |
| Amounts payable | 17/49 | €237,324 | €216,235 | -€21,089 | -8.9% |
| Amounts payable after more than one year | 17 | €137,338 | €114,705 | -€22,634 | -16.5% |
| Financial debts | 170/4 | €137,338 | €114,705 | -€22,634 | -16.5% |
| Amounts payable within one year | 42/48 | €99,986 | €101,531 | +€1,545 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €22,069 | €22,634 | +€565 | +2.6% |
| Trade debts | 44 | €25,147 | €4,396 | -€20,751 | -82.5% |
| Suppliers | 440/4 | €25,147 | €4,396 | -€20,751 | -82.5% |
| Taxes, remuneration and social security | 45 | €34,770 | €40,502 | +€5,731 | +16.5% |
| Taxes | 450/3 | €34,770 | €40,502 | +€5,731 | +16.5% |
| Other amounts payable | 47/48 | €18,000 | €34,000 | +€16,000 | +88.9% |
| Remuneration, social security and pensions | 62 | €13 | - | -€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,178 | €25,833 | -€1,345 | -5.0% |
| Other operating charges | 640/8 | €2,124 | €2,221 | +€97 | +4.6% |
| Gross operating margin | 9900 | €124,047 | €139,499 | +€15,452 | +12.5% |
| Operating profit (loss) | 9901 | €94,732 | €111,446 | +€16,714 | +17.6% |
| Financial income | 75/76B | €2,899 | €2,617 | -€281 | -9.7% |
| Recurring financial income | 75 | €2,899 | €2,617 | -€281 | -9.7% |
| Financial charges | 65/66B | €8,678 | €7,396 | -€1,282 | -14.8% |
| Recurring financial charges | 65 | €8,678 | €7,396 | -€1,282 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €88,952 | €106,667 | +€17,715 | +19.9% |
| Income taxes | 67/77 | €29,981 | €36,936 | +€6,955 | +23.2% |
| Profit (loss) for the period | 9904 | €58,971 | €69,731 | +€10,760 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,971 | €69,731 | +€10,760 | +18.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.