GAZOE: 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.
GAZOE
Largest movements
- Receivables after one year +€55,806
new in 2025: €55,806
- Tangible fixed assets -€16,831
down €16,831 (-7.3%), from €230,943 to €214,112
of which Furniture and vehicles: -€11,093
- Cash -€13,826
down €13,826 (-70.6%), from €19,586 to €5,760
mainly Receivables after one year (-€55,806) and Investment in fixed assets (net) (-€9,543)
- Reserves +€16,111
up €16,111 (+13.8%), from €116,915 to €133,026
of which Distributable reserves: +€16,111
- Other debts +€5,346
up €5,346 (+2.9%), from €186,719 to €192,065
- Financial charges -€5,218
down €5,218 (-36.3%), from €14,359 to €9,140
- Depreciation +€3,040
up €3,040 (+13.0%), from €23,334 to €26,374
- Financial income +€2,424
up €2,424 (+863%), from €281 to €2,704
- Taxes +€987
up €987 (+15.4%), from €6,427 to €7,413
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 | €329,560 | €356,453 | +€26,893 | +8.2% |
| Fixed assets | 21/28 | €230,943 | €214,112 | -€16,831 | -7.3% |
| Tangible fixed assets | 22/27 | €230,943 | €214,112 | -€16,831 | -7.3% |
| Land and buildings | 22 | €207,571 | €198,996 | -€8,575 | -4.1% |
| Plant, machinery and equipment | 23 | €2,302 | €5,138 | +€2,836 | +123% |
| Furniture and vehicles | 24 | €21,071 | €9,978 | -€11,093 | -52.6% |
| Current assets | 29/58 | €98,617 | €142,341 | +€43,724 | +44.3% |
| Amounts receivable after more than one year | 29 | - | €55,806 | +€55,806 | |
| Other amounts receivable | 291 | - | €55,806 | +€55,806 | |
| Amounts receivable within one year | 40/41 | €76,387 | €75,379 | -€1,008 | -1.3% |
| Trade receivables | 40 | €75,813 | €74,719 | -€1,095 | -1.4% |
| Other amounts receivable | 41 | €573 | €660 | +€87 | +15.1% |
| Cash at bank and in hand | 54/58 | €19,586 | €5,760 | -€13,826 | -70.6% |
| Deferred charges and accrued income | 490/1 | €2,644 | €5,397 | +€2,753 | +104% |
| Total equity and liabilities | 10/49 | €329,560 | €356,453 | +€26,893 | +8.2% |
| Equity | 10/15 | €129,315 | €145,426 | +€16,111 | +12.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €116,915 | €133,026 | +€16,111 | +13.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,400 | €1,400 | = | 0.0% |
| Distributable reserves | 133 | €115,515 | €131,626 | +€16,111 | +13.9% |
| Amounts payable | 17/49 | €200,245 | €211,027 | +€10,782 | +5.4% |
| Amounts payable within one year | 42/48 | €200,245 | €211,027 | +€10,782 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,262 | €6,759 | +€2,497 | +58.6% |
| Suppliers | 440/4 | €4,262 | €6,759 | +€2,497 | +58.6% |
| Taxes, remuneration and social security | 45 | €9,263 | €12,202 | +€2,939 | +31.7% |
| Taxes | 450/3 | €9,263 | €10,204 | +€941 | +10.2% |
| Remuneration and social security | 454/9 | - | €1,998 | +€1,998 | |
| Other amounts payable | 47/48 | €186,719 | €192,065 | +€5,346 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,334 | €26,374 | +€3,040 | +13.0% |
| Other operating charges | 640/8 | €1,573 | €1,535 | -€39 | -2.4% |
| Gross operating margin | 9900 | €57,733 | €57,869 | +€136 | +0.2% |
| Operating profit (loss) | 9901 | €32,826 | €29,960 | -€2,866 | -8.7% |
| Financial income | 75/76B | €281 | €2,704 | +€2,424 | +863% |
| Recurring financial income | 75 | €281 | €2,704 | +€2,424 | +863% |
| Financial charges | 65/66B | €14,359 | €9,140 | -€5,218 | -36.3% |
| Recurring financial charges | 65 | €14,359 | €9,140 | -€5,218 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | €18,748 | €23,524 | +€4,776 | +25.5% |
| Income taxes | 67/77 | €6,427 | €7,413 | +€987 | +15.4% |
| Profit (loss) for the period | 9904 | €12,321 | €16,111 | +€3,790 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,321 | €16,111 | +€3,790 | +30.8% |
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 14 October 2026 via checked.be.