GearUp: 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.
GearUp
Largest movements
- Cash +€92,619
up €92,619 (+49.3%), from €188,027 to €280,647
mainly Net result for the year (+€59,910) and Receivables within one year (+€31,451)
- Receivables within one year -€31,451
down €31,451 (-49.3%), from €63,807 to €32,356
of which Trade receivables: -€20,451
- Tangible fixed assets -€9,764
down €9,764 (-21.2%), from €45,980 to €36,216
- Reserves +€35,681
up €35,681 (+14.3%), from €249,321 to €285,001
- Tax, wage and social debts +€12,516
up €12,516 (+88.2%), from €14,184 to €26,700
of which Taxes: +€12,999
- Other debts +€5,484
up €5,484 (+21.2%), from €25,922 to €31,407
- Trade debts -€3,621
down €3,621 (-91.8%), from €3,946 to €325
- Gross operating margin -€12,399
down €12,399 (-11.6%), from €106,966 to €94,567
- Depreciation +€8,443
up €8,443 (+639.0%), from €1,321 to €9,764
- Taxes -€5,424
down €5,424 (-18.2%), from €29,867 to €24,443
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 | €299,573 | €349,634 | +€50,060 | +16.7% |
| Fixed assets | 21/28 | €45,980 | €36,216 | -€9,764 | -21.2% |
| Tangible fixed assets | 22/27 | €45,980 | €36,216 | -€9,764 | -21.2% |
| Furniture and vehicles | 24 | €45,980 | €36,216 | -€9,764 | -21.2% |
| Current assets | 29/58 | €253,594 | €313,418 | +€59,824 | +23.6% |
| Amounts receivable within one year | 40/41 | €63,807 | €32,356 | -€31,451 | -49.3% |
| Trade receivables | 40 | €52,807 | €32,356 | -€20,451 | -38.7% |
| Other amounts receivable | 41 | €11,000 | - | -€11,000 | |
| Cash at bank and in hand | 54/58 | €188,027 | €280,647 | +€92,619 | +49.3% |
| Deferred charges and accrued income | 490/1 | €1,759 | €415 | -€1,344 | -76.4% |
| Total equity and liabilities | 10/49 | €299,573 | €349,634 | +€50,060 | +16.7% |
| Equity | 10/15 | €255,521 | €291,201 | +€35,681 | +14.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €249,321 | €285,001 | +€35,681 | +14.3% |
| Distributable reserves | 133 | €249,321 | €285,001 | +€35,681 | +14.3% |
| Amounts payable | 17/49 | €44,053 | €58,432 | +€14,380 | +32.6% |
| Amounts payable within one year | 42/48 | €44,053 | €58,432 | +€14,380 | +32.6% |
| Trade debts | 44 | €3,946 | €325 | -€3,621 | -91.8% |
| Suppliers | 440/4 | €3,946 | €325 | -€3,621 | -91.8% |
| Taxes, remuneration and social security | 45 | €14,184 | €26,700 | +€12,516 | +88.2% |
| Taxes | 450/3 | €13,610 | €26,610 | +€12,999 | +95.5% |
| Remuneration and social security | 454/9 | €574 | €91 | -€483 | -84.2% |
| Other amounts payable | 47/48 | €25,922 | €31,407 | +€5,484 | +21.2% |
| Non-recurring operating income | 76A | €2,300 | - | -€2,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,321 | €9,764 | +€8,443 | +639.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €106,966 | €94,567 | -€12,399 | -11.6% |
| Operating profit (loss) | 9901 | €105,257 | €84,403 | -€20,854 | -19.8% |
| Financial charges | 65/66B | €47 | €51 | +€4 | +8.5% |
| Recurring financial charges | 65 | €47 | €51 | +€4 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €105,210 | €84,352 | -€20,858 | -19.8% |
| Income taxes | 67/77 | €29,867 | €24,443 | -€5,424 | -18.2% |
| Profit (loss) for the period | 9904 | €75,343 | €59,910 | -€15,434 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €75,343 | €59,910 | -€15,434 | -20.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.