Gent-Privilege: 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.
Gent-Privilege
Largest movements
- Receivables within one year +€633,407
up €633,407 (+152.4%), from €415,671 to €1.0m
of which Other amounts receivable: +€761,581
- Cash +€281,506
up €281,506 (+639.6%), from €44,011 to €325,516
mainly Short-term financial debts (+€750,000) and Net result for the year (+€236,045)
- Tangible fixed assets +€182,812
up €182,812 (+21.8%), from €839,976 to €1.0m
of which Assets under construction and advance payments: +€279,773
- Financial fixed assets -€163,112
no longer reported in 2025 (was €163,112)
- Short-term financial debts +€750,000
new in 2025: €750,000
- Reserves +€236,045
up €236,045 (+25.5%), from €926,264 to €1.2m
of which Distributable reserves: +€236,045
- Trade debts +€144,016
up €144,016 (+433.6%), from €33,216 to €177,232
- Accrued charges and deferred income -€137,382
down €137,382 (-98.1%), from €140,016 to €2,634
- Current portion of long-term debt -€81,250
no longer reported in 2025 (was €81,250)
- Gross operating margin -€96,291
down €96,291 (-21.0%), from €458,504 to €362,213
- Financial income +€56,859
up €56,859 (+2666.9%), from €2,132 to €58,991
- Other operating charges -€24,304
down €24,304 (-94.9%), from €25,614 to €1,310
- Financial charges -€10,323
down €10,323 (-46.3%), from €22,301 to €11,978
- Taxes -€9,581
down €9,581 (-11.6%), from €82,815 to €73,234
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 | €1,472,650 | €2,404,626 | +€931,975 | +63.3% |
| Formation expenses | 20 | €7,538 | €5,862 | -€1,676 | -22.2% |
| Fixed assets | 21/28 | €1,003,089 | €1,022,788 | +€19,700 | +2.0% |
| Tangible fixed assets | 22/27 | €839,976 | €1,022,788 | +€182,812 | +21.8% |
| Land and buildings | 22 | €654,490 | €557,529 | -€96,961 | -14.8% |
| Assets under construction and advance payments | 27 | €185,486 | €465,260 | +€279,773 | +150.8% |
| Financial fixed assets | 28 | €163,112 | - | -€163,112 | |
| Current assets | 29/58 | €462,023 | €1,375,975 | +€913,952 | +197.8% |
| Amounts receivable within one year | 40/41 | €415,671 | €1,049,079 | +€633,407 | +152.4% |
| Trade receivables | 40 | €152,252 | €24,079 | -€128,173 | -84.2% |
| Other amounts receivable | 41 | €263,419 | €1,025,000 | +€761,581 | +289.1% |
| Cash at bank and in hand | 54/58 | €44,011 | €325,516 | +€281,506 | +639.6% |
| Deferred charges and accrued income | 490/1 | €2,341 | €1,380 | -€961 | -41.0% |
| Total equity and liabilities | 10/49 | €1,472,650 | €2,404,626 | +€931,975 | +63.3% |
| Equity | 10/15 | €1,155,566 | €1,391,610 | +€236,045 | +20.4% |
| Contributions | 10/11 | €229,302 | €229,302 | = | 0.0% |
| Capital | 10 | €229,302 | €229,302 | = | 0.0% |
| Issued capital | 100 | €278,880 | €278,880 | = | 0.0% |
| Uncalled capital | 101 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €926,264 | €1,162,309 | +€236,045 | +25.5% |
| Non-distributable reserves | 130/1 | €27,888 | €27,888 | = | 0.0% |
| Legal reserve | 130 | €27,888 | €27,888 | = | 0.0% |
| Distributable reserves | 133 | €898,376 | €1,134,421 | +€236,045 | +26.3% |
| Amounts payable | 17/49 | €317,085 | €1,013,015 | +€695,930 | +219.5% |
| Amounts payable within one year | 42/48 | €177,069 | €1,010,381 | +€833,312 | +470.6% |
| Current portion of amounts payable after more than one year | 42 | €81,250 | - | -€81,250 | |
| Financial debts | 43 | - | €750,000 | +€750,000 | |
| Credit institutions | 430/8 | - | €750,000 | +€750,000 | |
| Trade debts | 44 | €33,216 | €177,232 | +€144,016 | +433.6% |
| Suppliers | 440/4 | €33,216 | €177,232 | +€144,016 | +433.6% |
| Taxes, remuneration and social security | 45 | €57,815 | €78,361 | +€20,546 | +35.5% |
| Taxes | 450/3 | €57,815 | €78,361 | +€20,546 | +35.5% |
| Other amounts payable | 47/48 | €4,788 | €4,788 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €140,016 | €2,634 | -€137,382 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,804 | €98,637 | +€834 | +0.9% |
| Other operating charges | 640/8 | €25,614 | €1,310 | -€24,304 | -94.9% |
| Gross operating margin | 9900 | €458,504 | €362,213 | -€96,291 | -21.0% |
| Operating profit (loss) | 9901 | €335,087 | €262,266 | -€72,820 | -21.7% |
| Financial income | 75/76B | €2,132 | €58,991 | +€56,859 | +2666.9% |
| Recurring financial income | 75 | €2,132 | €58,991 | +€56,859 | +2666.9% |
| Financial charges | 65/66B | €22,301 | €11,978 | -€10,323 | -46.3% |
| Recurring financial charges | 65 | €22,301 | €11,978 | -€10,323 | -46.3% |
| Profit (loss) for the period before taxes | 9903 | €314,917 | €309,279 | -€5,638 | -1.8% |
| Income taxes | 67/77 | €82,815 | €73,234 | -€9,581 | -11.6% |
| Profit (loss) for the period | 9904 | €232,102 | €236,045 | +€3,943 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €232,102 | €236,045 | +€3,943 | +1.7% |
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 7 October 2026 via checked.be.