GAZZETTA: 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.
GAZZETTA
Largest movements
- Cash +€14,893
up €14,893 (+430%), from €3,460 to €18,354
mainly Contributions, distributions and other (+€35,125) and Net result for the year (+€22,927)
- Tangible fixed assets +€12,715
up €12,715 (+132%), from €9,603 to €22,318
of which Plant, machinery and equipment: +€11,146
- Stocks and contracts +€4,039
up €4,039 (+63.1%), from €6,398 to €10,437
- Receivables within one year +€2,645
up €2,645 (+52,478%), from €5 to €2,650
of which Trade receivables: +€2,645
- Profit (loss) carried forward +€58,052
up €58,052 (+37.6%), from -€154,363 to -€96,312
- Other debts -€23,985
down €23,985 (-88.0%), from €27,260 to €3,275
- Trade debts +€4,264
up €4,264 (+15.1%), from €28,230 to €32,494
- Current portion of long-term debt -€2,468
down €2,468 (-31.7%), from €7,784 to €5,317
- Tax, wage and social debts -€1,332
down €1,332 (-1.8%), from €72,190 to €70,858
of which Remuneration and social security: -€32,544
- Gross operating margin +€53,507
up €53,507 (+12.7%), from €420,658 to €474,165
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 | €20,700 | €55,232 | +€34,532 | +167% |
| Fixed assets | 21/28 | €10,103 | €22,818 | +€12,715 | +126% |
| Tangible fixed assets | 22/27 | €9,603 | €22,318 | +€12,715 | +132% |
| Plant, machinery and equipment | 23 | €1,936 | €13,082 | +€11,146 | +576% |
| Furniture and vehicles | 24 | €1,771 | €4,193 | +€2,421 | +137% |
| Other tangible fixed assets | 26 | €5,895 | €5,043 | -€853 | -14.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €10,597 | €32,414 | +€21,817 | +206% |
| Stocks and contracts in progress | 3 | €6,398 | €10,437 | +€4,039 | +63.1% |
| Stocks | 30/36 | €6,398 | €10,437 | +€4,039 | +63.1% |
| Amounts receivable within one year | 40/41 | €5 | €2,650 | +€2,645 | +52,478% |
| Trade receivables | 40 | - | €2,645 | +€2,645 | |
| Other amounts receivable | 41 | €5 | €5 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,460 | €18,354 | +€14,893 | +430% |
| Deferred charges and accrued income | 490/1 | €734 | €973 | +€240 | +32.7% |
| Total equity and liabilities | 10/49 | €20,700 | €55,232 | +€34,532 | +167% |
| Equity | 10/15 | -€114,763 | -€56,712 | +€58,052 | +50.6% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Contributions outside capital | 11 | €36,000 | €36,000 | = | 0.0% |
| Other | 1109/19 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €3,600 | €3,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,600 | €3,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,600 | €3,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€154,363 | -€96,312 | +€58,052 | +37.6% |
| Amounts payable | 17/49 | €135,463 | €111,943 | -€23,520 | -17.4% |
| Amounts payable within one year | 42/48 | €135,463 | €111,943 | -€23,520 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €7,784 | €5,317 | -€2,468 | -31.7% |
| Trade debts | 44 | €28,230 | €32,494 | +€4,264 | +15.1% |
| Suppliers | 440/4 | €28,230 | €32,494 | +€4,264 | +15.1% |
| Taxes, remuneration and social security | 45 | €72,190 | €70,858 | -€1,332 | -1.8% |
| Taxes | 450/3 | €15,833 | €47,046 | +€31,213 | +197% |
| Remuneration and social security | 454/9 | €56,356 | €23,812 | -€32,544 | -57.7% |
| Other amounts payable | 47/48 | €27,260 | €3,275 | -€23,985 | -88.0% |
| Non-recurring operating income | 76A | - | €189 | +€189 | |
| Remuneration, social security and pensions | 62 | €432,646 | €434,691 | +€2,045 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,114 | €3,425 | +€311 | +10.0% |
| Other operating charges | 640/8 | €7,374 | €4,405 | -€2,969 | -40.3% |
| Non-recurring operating charges | 66A | €1,678 | €1,945 | +€267 | +15.9% |
| Gross operating margin | 9900 | €420,658 | €474,165 | +€53,507 | +12.7% |
| Operating profit (loss) | 9901 | -€24,155 | €29,698 | +€53,853 | |
| Financial income | 75/76B | - | €27 | +€27 | |
| Recurring financial income | 75 | - | €27 | +€27 | |
| Financial charges | 65/66B | €5,265 | €6,798 | +€1,534 | +29.1% |
| Recurring financial charges | 65 | €5,265 | €6,798 | +€1,534 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | -€29,420 | €22,927 | +€52,347 | |
| Profit (loss) for the period | 9904 | -€29,420 | €22,927 | +€52,347 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,420 | €22,927 | +€52,347 |
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 15 October 2026 via checked.be.