GAZZOTTI: what changed
Two fiscal 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.
GAZZOTTI
Largest movements
- Cash +€28,170
up €28,170 (+24.2%), from €116,466 to €144,636
mainly Other debts (+€47,859) and Net result for the year (+€37,330)
- Tangible fixed assets -€22,972
down €22,972 (-6.6%), from €349,560 to €326,588
of which Land and buildings: -€12,852
- Receivables within one year +€19,961
up €19,961 (+108.5%), from €18,400 to €38,361
of which Trade receivables: +€21,102
- Other debts +€47,859
up €47,859 (+36817.1%), from €130 to €47,989
- Reserves -€10,658
down €10,658 (-9.8%), from €109,063 to €98,404
- Tax, wage and social debts -€8,228
down €8,228 (-54.1%), from €15,205 to €6,976
- Debts after one year -€7,692
no longer reported in 2025 (was €7,692)
- Gross operating margin +€87,685
up €87,685, from -€24,179 to €63,506
- Depreciation -€4,379
down €4,379 (-16.0%), from €27,351 to €22,972
- Taxes +€3,733
up €3,733 (+2716.9%), from €137 to €3,871
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.
Cash bridge derived
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 | €602,671 | €622,847 | +€20,176 | +3.3% |
| Fixed assets | 21/28 | €349,586 | €326,588 | -€22,999 | -6.6% |
| Tangible fixed assets | 22/27 | €349,560 | €326,588 | -€22,972 | -6.6% |
| Land and buildings | 22 | €315,751 | €302,899 | -€12,852 | -4.1% |
| Plant, machinery and equipment | 23 | €27,132 | €20,618 | -€6,514 | -24.0% |
| Furniture and vehicles | 24 | €6,676 | €3,071 | -€3,606 | -54.0% |
| Financial fixed assets | 28 | €26 | - | -€26 | |
| Current assets | 29/58 | €253,084 | €296,259 | +€43,175 | +17.1% |
| Amounts receivable after more than one year | 29 | €116,979 | €111,982 | -€4,997 | -4.3% |
| Other amounts receivable | 291 | €116,979 | €111,982 | -€4,997 | -4.3% |
| Amounts receivable within one year | 40/41 | €18,400 | €38,361 | +€19,961 | +108.5% |
| Trade receivables | 40 | €11,729 | €32,831 | +€21,102 | +179.9% |
| Other amounts receivable | 41 | €6,671 | €5,530 | -€1,141 | -17.1% |
| Cash at bank and in hand | 54/58 | €116,466 | €144,636 | +€28,170 | +24.2% |
| Deferred charges and accrued income | 490/1 | €1,240 | €1,281 | +€41 | +3.3% |
| Total equity and liabilities | 10/49 | €602,671 | €622,847 | +€20,176 | +3.3% |
| Equity | 10/15 | €568,248 | €557,589 | -€10,658 | -1.9% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €109,063 | €98,404 | -€10,658 | -9.8% |
| Distributable reserves | 133 | €109,063 | €98,404 | -€10,658 | -9.8% |
| Profit (loss) carried forward | 14 | €438,734 | €438,734 | = | 0.0% |
| Amounts payable | 17/49 | €34,423 | €65,258 | +€30,835 | +89.6% |
| Amounts payable after more than one year | 17 | €7,692 | - | -€7,692 | |
| Financial debts | 170/4 | €7,692 | - | -€7,692 | |
| Amounts payable within one year | 42/48 | €26,731 | €65,258 | +€38,527 | +144.1% |
| Current portion of amounts payable after more than one year | 42 | €10,149 | €7,692 | -€2,457 | -24.2% |
| Trade debts | 44 | €1,248 | €2,601 | +€1,354 | +108.5% |
| Suppliers | 440/4 | €1,248 | €2,601 | +€1,354 | +108.5% |
| Taxes, remuneration and social security | 45 | €15,205 | €6,976 | -€8,228 | -54.1% |
| Taxes | 450/3 | €15,205 | €6,976 | -€8,228 | -54.1% |
| Other amounts payable | 47/48 | €130 | €47,989 | +€47,859 | +36817.1% |
| Non-recurring operating income | 76A | €29 | €386 | +€357 | +1249.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,351 | €22,972 | -€4,379 | -16.0% |
| Other operating charges | 640/8 | €2,906 | €3,003 | +€97 | +3.3% |
| Non-recurring operating charges | 66A | €541 | €317 | -€224 | -41.4% |
| Gross operating margin | 9900 | -€24,179 | €63,506 | +€87,685 | |
| Operating profit (loss) | 9901 | -€54,977 | €37,213 | +€92,190 | |
| Financial income | 75/76B | €4,433 | €4,346 | -€87 | -2.0% |
| Recurring financial income | 75 | €4,433 | €4,346 | -€87 | -2.0% |
| Financial charges | 65/66B | €527 | €358 | -€169 | -32.1% |
| Recurring financial charges | 65 | €527 | €358 | -€169 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | -€51,071 | €41,201 | +€92,272 | |
| Income taxes | 67/77 | €137 | €3,871 | +€3,733 | +2716.9% |
| Profit (loss) for the period | 9904 | -€51,209 | €37,330 | +€88,539 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,209 | €37,330 | +€88,539 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.