GENPAP: 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.
GENPAP
Largest movements
- Tangible fixed assets -€45,643
down €45,643 (-15.9%), from €286,932 to €241,289
of which Other tangible fixed assets: -€25,958
- Financial fixed assets -€23,125
down €23,125 (-100.0%), from €23,125 to €0
- Cash -€21,104
down €21,104 (-27.0%), from €78,175 to €57,071
mainly Contributions, distributions and other (-€90,000) and Other debts (-€76,954)
- Stocks and contracts -€12,985
down €12,985 (-44.0%), from €29,511 to €16,526
- Other debts -€76,954
down €76,954 (-41.5%), from €185,291 to €108,336
- Debts after one year -€21,904
down €21,904 (-51.9%), from €42,189 to €20,285
- Trade debts -€14,557
down €14,557 (-17.2%), from €84,636 to €70,079
- Profit (loss) carried forward +€8,952
up €8,952 (+39.2%), from €22,845 to €31,798
- Gross operating margin +€39,908
up €39,908 (+6.9%), from €580,017 to €619,925
- Staff costs +€30,344
up €30,344 (+8.0%), from €380,842 to €411,187
- Taxes +€22,436
up €22,436 (+126.6%), from €17,718 to €40,154
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 | €469,632 | €369,636 | -€99,997 | -21.3% |
| Fixed assets | 21/28 | €310,056 | €241,289 | -€68,767 | -22.2% |
| Tangible fixed assets | 22/27 | €286,932 | €241,289 | -€45,643 | -15.9% |
| Plant, machinery and equipment | 23 | €58,032 | €38,347 | -€19,685 | -33.9% |
| Other tangible fixed assets | 26 | €228,900 | €202,942 | -€25,958 | -11.3% |
| Financial fixed assets | 28 | €23,125 | €0 | -€23,125 | -100.0% |
| Current assets | 29/58 | €159,576 | €128,347 | -€31,229 | -19.6% |
| Stocks and contracts in progress | 3 | €29,511 | €16,526 | -€12,985 | -44.0% |
| Stocks | 30/36 | €29,511 | €16,526 | -€12,985 | -44.0% |
| Amounts receivable within one year | 40/41 | €48,182 | €50,919 | +€2,737 | +5.7% |
| Trade receivables | 40 | €18,913 | €35,278 | +€16,365 | +86.5% |
| Other amounts receivable | 41 | €29,269 | €15,641 | -€13,628 | -46.6% |
| Cash at bank and in hand | 54/58 | €78,175 | €57,071 | -€21,104 | -27.0% |
| Deferred charges and accrued income | 490/1 | €3,709 | €3,831 | +€123 | +3.3% |
| Total equity and liabilities | 10/49 | €469,632 | €369,636 | -€99,997 | -21.3% |
| Equity | 10/15 | €90,495 | €99,448 | +€8,952 | +9.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,845 | €31,798 | +€8,952 | +39.2% |
| Amounts payable | 17/49 | €379,137 | €270,188 | -€108,949 | -28.7% |
| Amounts payable after more than one year | 17 | €42,189 | €20,285 | -€21,904 | -51.9% |
| Financial debts | 170/4 | €42,189 | €20,285 | -€21,904 | -51.9% |
| Amounts payable within one year | 42/48 | €336,255 | €249,148 | -€87,107 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €21,672 | €21,904 | +€232 | +1.1% |
| Trade debts | 44 | €84,636 | €70,079 | -€14,557 | -17.2% |
| Suppliers | 440/4 | €84,636 | €70,079 | -€14,557 | -17.2% |
| Taxes, remuneration and social security | 45 | €44,656 | €48,829 | +€4,173 | +9.3% |
| Taxes | 450/3 | - | €6,540 | +€6,540 | |
| Remuneration and social security | 454/9 | €44,656 | €42,289 | -€2,368 | -5.3% |
| Other amounts payable | 47/48 | €185,291 | €108,336 | -€76,954 | -41.5% |
| Accrued charges and deferred income | 492/3 | €694 | €756 | +€62 | +8.9% |
| Non-recurring operating income | 76A | €12,443 | €5,500 | -€6,944 | -55.8% |
| Remuneration, social security and pensions | 62 | €380,842 | €411,187 | +€30,344 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,089 | €48,000 | -€1,089 | -2.2% |
| Other operating charges | 640/8 | €1,081 | €790 | -€291 | -26.9% |
| Non-recurring operating charges | 66A | €44,020 | €17,386 | -€26,634 | -60.5% |
| Gross operating margin | 9900 | €580,017 | €619,925 | +€39,908 | +6.9% |
| Operating profit (loss) | 9901 | €104,985 | €142,563 | +€37,578 | +35.8% |
| Financial charges | 65/66B | €3,722 | €3,456 | -€265 | -7.1% |
| Recurring financial charges | 65 | €3,722 | €3,456 | -€265 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €101,263 | €139,106 | +€37,843 | +37.4% |
| Income taxes | 67/77 | €17,718 | €40,154 | +€22,436 | +126.6% |
| Profit (loss) for the period | 9904 | €83,545 | €98,952 | +€15,407 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €83,545 | €98,952 | +€15,407 | +18.4% |
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.