GEARHEAD: 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.
GEARHEAD
Largest movements
- Cash +€461,541
up €461,541 (+1101.1%), from €41,917 to €503,458
mainly Net result for the year (+€299,302) and Tax, wage and social debts (+€138,995)
- Stocks and contracts +€125,128
up €125,128 (+170.2%), from €73,500 to €198,628
- Receivables within one year -€12,914
down €12,914 (-7.7%), from €167,901 to €154,987
of which Other amounts receivable: -€17,445
- Profit (loss) carried forward +€299,302
up €299,302 (+188.5%), from €158,804 to €458,106
- Tax, wage and social debts +€138,995
up €138,995 (+554.5%), from €25,066 to €164,061
- Trade debts +€135,459
up €135,459 (+159.0%), from €85,188 to €220,647
- Gross operating margin +€343,760
up €343,760 (+488.3%), from €70,399 to €414,160
- Taxes +€94,291
up €94,291 (+466.6%), from €20,209 to €114,500
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 | €283,318 | €857,073 | +€573,755 | +202.5% |
| Current assets | 29/58 | €283,318 | €857,073 | +€573,755 | +202.5% |
| Stocks and contracts in progress | 3 | €73,500 | €198,628 | +€125,128 | +170.2% |
| Stocks | 30/36 | €73,500 | €198,628 | +€125,128 | +170.2% |
| Amounts receivable within one year | 40/41 | €167,901 | €154,987 | -€12,914 | -7.7% |
| Trade receivables | 40 | €16,865 | €21,397 | +€4,531 | +26.9% |
| Other amounts receivable | 41 | €151,035 | €133,590 | -€17,445 | -11.6% |
| Cash at bank and in hand | 54/58 | €41,917 | €503,458 | +€461,541 | +1101.1% |
| Total equity and liabilities | 10/49 | €283,318 | €857,073 | +€573,755 | +202.5% |
| Equity | 10/15 | €173,064 | €472,366 | +€299,302 | +172.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €158,804 | €458,106 | +€299,302 | +188.5% |
| Amounts payable | 17/49 | €110,254 | €384,708 | +€274,454 | +248.9% |
| Amounts payable within one year | 42/48 | €110,254 | €384,708 | +€274,454 | +248.9% |
| Trade debts | 44 | €85,188 | €220,647 | +€135,459 | +159.0% |
| Suppliers | 440/4 | €85,188 | €220,647 | +€135,459 | +159.0% |
| Taxes, remuneration and social security | 45 | €25,066 | €164,061 | +€138,995 | +554.5% |
| Taxes | 450/3 | €25,066 | €164,061 | +€138,995 | +554.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,069 | - | -€3,069 | |
| Other operating charges | 640/8 | - | €218 | +€218 | |
| Gross operating margin | 9900 | €70,399 | €414,160 | +€343,760 | +488.3% |
| Operating profit (loss) | 9901 | €67,330 | €413,941 | +€346,611 | +514.8% |
| Financial charges | 65/66B | €390 | €140 | -€250 | -64.1% |
| Recurring financial charges | 65 | €390 | €140 | -€250 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €66,941 | €413,801 | +€346,861 | +518.2% |
| Income taxes | 67/77 | €20,209 | €114,500 | +€94,291 | +466.6% |
| Profit (loss) for the period | 9904 | €46,732 | €299,302 | +€252,570 | +540.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,732 | €299,302 | +€252,570 | +540.5% |
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 8 October 2026 via checked.be.