GDAK: 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.
GDAK
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash +€34,155
up €34,155 (+9.8%), from €350,110 to €384,265
mainly Net result for the year (+€119,822) and Depreciation (+€26,561)
- Tangible fixed assets -€24,318
down €24,318 (-5.9%), from €415,136 to €390,818
of which Land and buildings: -€24,464
- Receivables within one year -€21,380
down €21,380 (-57.5%), from €37,158 to €15,778
of which Trade receivables: -€30,333
- Reserves +€119,822
up €119,822 (+26.4%), from €453,913 to €573,735
- Debts after one year -€22,750
down €22,750 (-9.7%), from €235,470 to €212,720
- Gross operating margin +€26,223
up €26,223 (+17.7%), from €147,848 to €174,071
- Taxes -€7,660
down €7,660 (-24.4%), from €31,353 to €23,694
- Depreciation -€1,808
down €1,808 (-6.4%), from €28,369 to €26,561
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 | €828,262 | €913,100 | +€84,839 | +10.2% |
| Fixed assets | 21/28 | €415,297 | €390,818 | -€24,479 | -5.9% |
| Intangible fixed assets | 21 | €161 | €0 | -€161 | -100.0% |
| Tangible fixed assets | 22/27 | €415,136 | €390,818 | -€24,318 | -5.9% |
| Land and buildings | 22 | €411,894 | €387,430 | -€24,464 | -5.9% |
| Plant, machinery and equipment | 23 | €1,142 | €1,901 | +€759 | +66.5% |
| Furniture and vehicles | 24 | €2,099 | €1,487 | -€612 | -29.2% |
| Current assets | 29/58 | €412,965 | €522,282 | +€109,317 | +26.5% |
| Stocks and contracts in progress | 3 | €16,939 | €18,263 | +€1,324 | +7.8% |
| Stocks | 30/36 | €16,939 | €18,263 | +€1,324 | +7.8% |
| Amounts receivable within one year | 40/41 | €37,158 | €15,778 | -€21,380 | -57.5% |
| Trade receivables | 40 | €36,987 | €6,654 | -€30,333 | -82.0% |
| Other amounts receivable | 41 | €171 | €9,124 | +€8,953 | +5242.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €350,110 | €384,265 | +€34,155 | +9.8% |
| Deferred charges and accrued income | 490/1 | €8,758 | €3,976 | -€4,782 | -54.6% |
| Total equity and liabilities | 10/49 | €828,262 | €913,100 | +€84,839 | +10.2% |
| Equity | 10/15 | €472,513 | €592,335 | +€119,822 | +25.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €453,913 | €573,735 | +€119,822 | +26.4% |
| Distributable reserves | 133 | €453,913 | €573,735 | +€119,822 | +26.4% |
| Amounts payable | 17/49 | €355,749 | €320,765 | -€34,984 | -9.8% |
| Amounts payable after more than one year | 17 | €235,470 | €212,720 | -€22,750 | -9.7% |
| Financial debts | 170/4 | €235,470 | €212,720 | -€22,750 | -9.7% |
| Amounts payable within one year | 42/48 | €120,279 | €107,157 | -€13,121 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €24,302 | €24,632 | +€330 | +1.4% |
| Trade debts | 44 | €1,729 | €1,675 | -€54 | -3.1% |
| Suppliers | 440/4 | €1,729 | €1,675 | -€54 | -3.1% |
| Taxes, remuneration and social security | 45 | €10,504 | €2,638 | -€7,866 | -74.9% |
| Taxes | 450/3 | €10,504 | €193 | -€10,311 | -98.2% |
| Remuneration and social security | 454/9 | - | €2,445 | +€2,445 | |
| Other amounts payable | 47/48 | €83,743 | €78,212 | -€5,531 | -6.6% |
| Accrued charges and deferred income | 492/3 | - | €888 | +€888 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,369 | €26,561 | -€1,808 | -6.4% |
| Other operating charges | 640/8 | €4,095 | €4,204 | +€108 | +2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €147,848 | €174,071 | +€26,223 | +17.7% |
| Operating profit (loss) | 9901 | €115,384 | €143,307 | +€27,923 | +24.2% |
| Financial income | 75/76B | €4,022 | €3,821 | -€201 | -5.0% |
| Recurring financial income | 75 | €4,022 | €3,821 | -€201 | -5.0% |
| Financial charges | 65/66B | €3,871 | €3,612 | -€259 | -6.7% |
| Recurring financial charges | 65 | €3,871 | €3,612 | -€259 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €115,535 | €143,516 | +€27,981 | +24.2% |
| Income taxes | 67/77 | €31,353 | €23,694 | -€7,660 | -24.4% |
| Profit (loss) for the period | 9904 | €84,182 | €119,822 | +€35,640 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €84,182 | €119,822 | +€35,640 | +42.3% |
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 10 October 2026 via checked.be.