GDP Cover: 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.
GDP Cover
Largest movements
- Financial fixed assets -€279,493
down €279,493 (-33.6%), from €830,891 to €551,398
- Tangible fixed assets -€236,242
no longer reported in 2025 (was €236,242)
of which Land and buildings: -€235,771
- Cash +€61,801
up €61,801 (+376%), from €16,420 to €78,222
mainly Net result for the year (+€2.1m) and Investment in fixed assets (net) (+€515,264)
- Receivables within one year +€18,518
up €18,518 (+282%), from €6,562 to €25,079
of which Trade receivables: +€12,630
- Reserves -€225,037
down €225,037 (-26.3%), from €856,561 to €631,524
- Debts after one year -€201,604
no longer reported in 2025 (was €201,604)
- Current portion of long-term debt -€14,009
no longer reported in 2025 (was €14,009)
- Financial income +€2.1m
up €2.1m (+3,504%), from €60,000 to €2.2m
of which Non-recurring financial income: +€2.2m
- Taxes +€64,738
up €64,738 (+1,883%), from €3,438 to €68,177
- Depreciation -€20,157
down €20,157 (-97.7%), from €20,628 to €471
- Gross operating margin +€8,834
up €8,834 (+21.5%), from €41,170 to €50,004
- Other operating charges -€1,778
down €1,778 (-49.8%), from €3,567 to €1,789
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 | €1,092,505 | €655,676 | -€436,829 | -40.0% |
| Fixed assets | 21/28 | €1,067,133 | €551,398 | -€515,735 | -48.3% |
| Tangible fixed assets | 22/27 | €236,242 | - | -€236,242 | |
| Land and buildings | 22 | €235,771 | - | -€235,771 | |
| Furniture and vehicles | 24 | €471 | - | -€471 | |
| Financial fixed assets | 28 | €830,891 | €551,398 | -€279,493 | -33.6% |
| Current assets | 29/58 | €25,372 | €104,278 | +€78,906 | +311% |
| Amounts receivable within one year | 40/41 | €6,562 | €25,079 | +€18,518 | +282% |
| Trade receivables | 40 | - | €12,630 | +€12,630 | |
| Other amounts receivable | 41 | €6,562 | €12,449 | +€5,888 | +89.7% |
| Cash at bank and in hand | 54/58 | €16,420 | €78,222 | +€61,801 | +376% |
| Deferred charges and accrued income | 490/1 | €2,390 | €977 | -€1,413 | -59.1% |
| Total equity and liabilities | 10/49 | €1,092,505 | €655,676 | -€436,829 | -40.0% |
| Equity | 10/15 | €875,161 | €650,124 | -€225,037 | -25.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €856,561 | €631,524 | -€225,037 | -26.3% |
| Distributable reserves | 133 | €856,561 | €631,524 | -€225,037 | -26.3% |
| Amounts payable | 17/49 | €217,344 | €5,552 | -€211,792 | -97.4% |
| Amounts payable after more than one year | 17 | €201,604 | - | -€201,604 | |
| Financial debts | 170/4 | €201,604 | - | -€201,604 | |
| Amounts payable within one year | 42/48 | €14,773 | €5,552 | -€9,221 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €14,009 | - | -€14,009 | |
| Trade debts | 44 | €387 | €847 | +€459 | +119% |
| Suppliers | 440/4 | €387 | €847 | +€459 | +119% |
| Taxes, remuneration and social security | 45 | - | €4,706 | +€4,706 | |
| Taxes | 450/3 | - | €1,640 | +€1,640 | |
| Remuneration and social security | 454/9 | - | €3,066 | +€3,066 | |
| Other amounts payable | 47/48 | €377 | - | -€377 | |
| Accrued charges and deferred income | 492/3 | €968 | - | -€968 | |
| Non-recurring operating income | 76A | - | €3,439 | +€3,439 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,628 | €471 | -€20,157 | -97.7% |
| Other operating charges | 640/8 | €3,567 | €1,789 | -€1,778 | -49.8% |
| Gross operating margin | 9900 | €41,170 | €50,004 | +€8,834 | +21.5% |
| Operating profit (loss) | 9901 | €16,976 | €47,744 | +€30,768 | +181% |
| Financial income | 75/76B | €60,000 | €2,162,694 | +€2.1m | +3,504% |
| Recurring financial income | 75 | €60,000 | €2,162,694 | +€2.1m | +3,504% |
| Non-recurring financial income | 76B | - | €2,162,694 | +€2.2m | |
| Financial charges | 65/66B | €5,723 | €7,298 | +€1,576 | +27.5% |
| Recurring financial charges | 65 | €5,723 | €7,298 | +€1,576 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €71,253 | €2,203,140 | +€2.1m | +2,992% |
| Income taxes | 67/77 | €3,438 | €68,177 | +€64,738 | +1,883% |
| Profit (loss) for the period | 9904 | €67,815 | €2,134,963 | +€2.1m | +3,048% |
| Profit (loss) for the period to be appropriated | 9905 | €67,815 | €2,134,963 | +€2.1m | +3,048% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.