GEAR2WIN: 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.
GEAR2WIN
Largest movements
- Stocks and contracts -€63,306
down €63,306 (-29.4%), from €215,598 to €152,293
- Cash -€16,592
no longer reported in 2025 (was €16,592)
mainly Net result for the year (-€92,038) and Trade debts (-€17,502)
- Receivables within one year -€14,029
down €14,029 (-46.8%), from €29,962 to €15,933
of which Trade receivables: -€13,905
- Reserves -€65,698
no longer reported in 2025 (was €65,698)
- Profit (loss) carried forward -€26,340
new in 2025: -€26,340
- Accrued charges and deferred income +€21,971
up €21,971 (+5,667%), from €388 to €22,359
- Trade debts -€17,502
down €17,502 (-35.4%), from €49,428 to €31,926
- Tax, wage and social debts -€6,688
down €6,688 (-25.6%), from €26,148 to €19,460
of which Remuneration and social security: -€7,017
- Gross operating margin -€171,940
down €171,940, from €88,988 to -€82,953
- Staff costs -€72,262
no longer reported in 2025 (was €72,262)
- Other operating charges -€3,739
down €3,739 (-91.2%), from €4,100 to €361
- Financial charges +€3,081
up €3,081 (+43.1%), from €7,142 to €10,222
- Taxes -€3,070
down €3,070, from €1,583 to -€1,487
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 | €267,185 | €172,826 | -€94,359 | -35.3% |
| Fixed assets | 21/28 | €918 | €486 | -€432 | -47.1% |
| Tangible fixed assets | 22/27 | €668 | €236 | -€432 | -64.7% |
| Plant, machinery and equipment | 23 | €668 | €236 | -€432 | -64.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €266,267 | €172,340 | -€93,927 | -35.3% |
| Stocks and contracts in progress | 3 | €215,598 | €152,293 | -€63,306 | -29.4% |
| Stocks | 30/36 | €215,598 | €152,293 | -€63,306 | -29.4% |
| Amounts receivable within one year | 40/41 | €29,962 | €15,933 | -€14,029 | -46.8% |
| Trade receivables | 40 | €27,409 | €13,504 | -€13,905 | -50.7% |
| Other amounts receivable | 41 | €2,553 | €2,429 | -€124 | -4.9% |
| Current investments | 50/53 | €4,115 | €4,115 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,592 | - | -€16,592 | |
| Total equity and liabilities | 10/49 | €267,185 | €172,826 | -€94,359 | -35.3% |
| Equity | 10/15 | €115,698 | €23,660 | -€92,038 | -79.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €65,698 | - | -€65,698 | |
| Distributable reserves | 133 | €65,698 | - | -€65,698 | |
| Profit (loss) carried forward | 14 | - | -€26,340 | -€26,340 | |
| Amounts payable | 17/49 | €151,487 | €149,166 | -€2,321 | -1.5% |
| Amounts payable after more than one year | 17 | €63,019 | €63,019 | = | 0.0% |
| Other amounts payable | 178/9 | €63,019 | €63,019 | = | 0.0% |
| Amounts payable within one year | 42/48 | €88,081 | €63,788 | -€24,292 | -27.6% |
| Financial debts | 43 | €1,720 | €2,101 | +€382 | +22.2% |
| Credit institutions | 430/8 | €1,720 | €2,101 | +€382 | +22.2% |
| Trade debts | 44 | €49,428 | €31,926 | -€17,502 | -35.4% |
| Suppliers | 440/4 | €49,428 | €31,926 | -€17,502 | -35.4% |
| Taxes, remuneration and social security | 45 | €26,148 | €19,460 | -€6,688 | -25.6% |
| Taxes | 450/3 | €19,131 | €19,460 | +€330 | +1.7% |
| Remuneration and social security | 454/9 | €7,017 | - | -€7,017 | |
| Other amounts payable | 47/48 | €10,785 | €10,301 | -€485 | -4.5% |
| Accrued charges and deferred income | 492/3 | €388 | €22,359 | +€21,971 | +5,667% |
| Remuneration, social security and pensions | 62 | €72,262 | - | -€72,262 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €432 | €432 | = | 0.0% |
| Other operating charges | 640/8 | €4,100 | €361 | -€3,739 | -91.2% |
| Gross operating margin | 9900 | €88,988 | -€82,953 | -€171,940 | |
| Operating profit (loss) | 9901 | €12,193 | -€83,745 | -€95,939 | |
| Financial income | 75/76B | €375 | €443 | +€68 | +18.2% |
| Recurring financial income | 75 | €375 | €443 | +€68 | +18.2% |
| Financial charges | 65/66B | €7,142 | €10,222 | +€3,081 | +43.1% |
| Recurring financial charges | 65 | €7,142 | €10,222 | +€3,081 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | €5,427 | -€93,525 | -€98,951 | |
| Income taxes | 67/77 | €1,583 | -€1,487 | -€3,070 | |
| Profit (loss) for the period | 9904 | €3,843 | -€92,038 | -€95,881 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,843 | -€92,038 | -€95,881 |
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 27 October 2026 via checked.be.