GDAR: 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.
GDAR
Largest movements
- Deferred charges and accrued income +€49,744
up €49,744 (+858.7%), from €5,793 to €55,537
- Tangible fixed assets -€28,888
down €28,888 (-6.7%), from €431,199 to €402,311
of which Plant, machinery and equipment: -€19,517
- Cash +€9,335
up €9,335 (+16.4%), from €57,004 to €66,339
mainly Net result for the year (+€62,740) and Depreciation (+€28,888)
- Reserves +€62,000
up €62,000 (+172.9%), from €35,860 to €97,860
of which Distributable reserves: +€62,000
- Profit (loss) carried forward -€29,567
down €29,567 (-10.7%), from €275,732 to €246,165
- Debts after one year -€20,193
down €20,193 (-16.8%), from €119,854 to €99,661
- Tax, wage and social debts +€19,400
up €19,400 (+440.9%), from €4,400 to €23,800
- Gross operating margin +€54,108
up €54,108 (+68.2%), from €79,330 to €133,437
- Taxes +€22,822
up €22,822 (+166.6%), from €13,701 to €36,523
- Depreciation +€1,532
up €1,532 (+5.6%), from €27,356 to €28,888
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 | €503,537 | €535,453 | +€31,916 | +6.3% |
| Fixed assets | 21/28 | €431,199 | €402,311 | -€28,888 | -6.7% |
| Tangible fixed assets | 22/27 | €431,199 | €402,311 | -€28,888 | -6.7% |
| Land and buildings | 22 | €258,502 | €250,345 | -€8,157 | -3.2% |
| Plant, machinery and equipment | 23 | €169,508 | €149,991 | -€19,517 | -11.5% |
| Furniture and vehicles | 24 | €3,189 | €1,974 | -€1,215 | -38.1% |
| Current assets | 29/58 | €72,338 | €133,142 | +€60,804 | +84.1% |
| Amounts receivable within one year | 40/41 | €9,541 | €11,266 | +€1,725 | +18.1% |
| Trade receivables | 40 | - | €1,259 | +€1,259 | |
| Other amounts receivable | 41 | €9,541 | €10,007 | +€466 | +4.9% |
| Cash at bank and in hand | 54/58 | €57,004 | €66,339 | +€9,335 | +16.4% |
| Deferred charges and accrued income | 490/1 | €5,793 | €55,537 | +€49,744 | +858.7% |
| Total equity and liabilities | 10/49 | €503,537 | €535,453 | +€31,916 | +6.3% |
| Equity | 10/15 | €323,992 | €356,425 | +€32,433 | +10.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €35,860 | €97,860 | +€62,000 | +172.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €34,000 | €96,000 | +€62,000 | +182.4% |
| Profit (loss) carried forward | 14 | €275,732 | €246,165 | -€29,567 | -10.7% |
| Amounts payable | 17/49 | €179,545 | €179,027 | -€518 | -0.3% |
| Amounts payable after more than one year | 17 | €119,854 | €99,661 | -€20,193 | -16.8% |
| Financial debts | 170/4 | €119,854 | €99,661 | -€20,193 | -16.8% |
| Amounts payable within one year | 42/48 | €59,691 | €79,366 | +€19,675 | +33.0% |
| Current portion of amounts payable after more than one year | 42 | €19,500 | €19,733 | +€233 | +1.2% |
| Trade debts | 44 | €5,791 | €5,833 | +€43 | +0.7% |
| Suppliers | 440/4 | €5,791 | €5,833 | +€43 | +0.7% |
| Taxes, remuneration and social security | 45 | €4,400 | €23,800 | +€19,400 | +440.9% |
| Taxes | 450/3 | €4,400 | €23,800 | +€19,400 | +440.9% |
| Other amounts payable | 47/48 | €30,000 | €30,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,356 | €28,888 | +€1,532 | +5.6% |
| Other operating charges | 640/8 | €2,741 | €3,088 | +€347 | +12.7% |
| Gross operating margin | 9900 | €79,330 | €133,437 | +€54,108 | +68.2% |
| Operating profit (loss) | 9901 | €49,232 | €101,461 | +€52,229 | +106.1% |
| Financial income | 75/76B | €1,110 | €764 | -€346 | -31.2% |
| Recurring financial income | 75 | €1,110 | €764 | -€346 | -31.2% |
| Financial charges | 65/66B | €2,065 | €2,962 | +€897 | +43.4% |
| Recurring financial charges | 65 | €2,065 | €2,962 | +€897 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €48,278 | €99,263 | +€50,985 | +105.6% |
| Income taxes | 67/77 | €13,701 | €36,523 | +€22,822 | +166.6% |
| Profit (loss) for the period | 9904 | €34,577 | €62,740 | +€28,163 | +81.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,577 | €62,740 | +€28,163 | +81.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.