GEPAT: 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.
GEPAT
Largest movements
- Cash +€146,814
up €146,814 (+42.6%), from €344,807 to €491,621
mainly Net result for the year (+€160,822) and Trade debts (+€11,767)
- Tangible fixed assets +€34,259
up €34,259 (+615.9%), from €5,562 to €39,821
- Reserves +€160,800
up €160,800 (+57.5%), from €279,673 to €440,473
of which Distributable reserves: +€160,800
- Trade debts +€11,767
up €11,767 (+198.5%), from €5,929 to €17,696
- Gross operating margin +€32,728
up €32,728 (+11.3%), from €288,937 to €321,664
- Staff costs +€16,946
up €16,946 (+37.4%), from €45,270 to €62,217
- Financial charges +€5,130
up €5,130 (+81.1%), from €6,324 to €11,454
- Depreciation +€3,611
up €3,611 (+967.8%), from €373 to €3,985
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 | €397,215 | €574,139 | +€176,924 | +44.5% |
| Fixed assets | 21/28 | €20,329 | €54,588 | +€34,259 | +168.5% |
| Tangible fixed assets | 22/27 | €5,562 | €39,821 | +€34,259 | +615.9% |
| Furniture and vehicles | 24 | €5,562 | €39,821 | +€34,259 | +615.9% |
| Financial fixed assets | 28 | €14,767 | €14,767 | = | 0.0% |
| Current assets | 29/58 | €376,886 | €519,551 | +€142,665 | +37.9% |
| Stocks and contracts in progress | 3 | €13,156 | €12,429 | -€726 | -5.5% |
| Stocks | 30/36 | €13,156 | €12,429 | -€726 | -5.5% |
| Amounts receivable within one year | 40/41 | €14,065 | €13,709 | -€356 | -2.5% |
| Trade receivables | 40 | €2,422 | €2,069 | -€352 | -14.6% |
| Other amounts receivable | 41 | €11,643 | €11,640 | -€4 | 0.0% |
| Cash at bank and in hand | 54/58 | €344,807 | €491,621 | +€146,814 | +42.6% |
| Deferred charges and accrued income | 490/1 | €4,859 | €1,792 | -€3,067 | -63.1% |
| Total equity and liabilities | 10/49 | €397,215 | €574,139 | +€176,924 | +44.5% |
| Equity | 10/15 | €299,075 | €459,896 | +€160,822 | +53.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €279,673 | €440,473 | +€160,800 | +57.5% |
| Non-distributable reserves | 130/1 | €51,314 | €51,314 | = | 0.0% |
| Other | 1319 | €51,314 | €51,314 | = | 0.0% |
| Distributable reserves | 133 | €228,359 | €389,159 | +€160,800 | +70.4% |
| Profit (loss) carried forward | 14 | €810 | €831 | +€22 | +2.7% |
| Amounts payable | 17/49 | €98,140 | €114,242 | +€16,102 | +16.4% |
| Amounts payable within one year | 42/48 | €97,557 | €113,316 | +€15,758 | +16.2% |
| Trade debts | 44 | €5,929 | €17,696 | +€11,767 | +198.5% |
| Suppliers | 440/4 | €5,929 | €17,696 | +€11,767 | +198.5% |
| Taxes, remuneration and social security | 45 | €21,873 | €22,619 | +€746 | +3.4% |
| Taxes | 450/3 | €21,413 | €14,278 | -€7,135 | -33.3% |
| Remuneration and social security | 454/9 | €460 | €8,341 | +€7,881 | +1714.3% |
| Other amounts payable | 47/48 | €69,755 | €73,000 | +€3,245 | +4.7% |
| Accrued charges and deferred income | 492/3 | €582 | €927 | +€344 | +59.1% |
| Non-recurring operating income | 76A | €934 | €826 | -€109 | -11.6% |
| Remuneration, social security and pensions | 62 | €45,270 | €62,217 | +€16,946 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373 | €3,985 | +€3,611 | +967.8% |
| Other operating charges | 640/8 | €11,751 | €12,882 | +€1,131 | +9.6% |
| Gross operating margin | 9900 | €288,937 | €321,664 | +€32,728 | +11.3% |
| Operating profit (loss) | 9901 | €231,542 | €242,581 | +€11,039 | +4.8% |
| Financial income | 75/76B | €10 | €1 | -€9 | -93.9% |
| Recurring financial income | 75 | €10 | €1 | -€9 | -93.9% |
| Financial charges | 65/66B | €6,324 | €11,454 | +€5,130 | +81.1% |
| Recurring financial charges | 65 | €6,324 | €11,454 | +€5,130 | +81.1% |
| Profit (loss) for the period before taxes | 9903 | €225,228 | €231,127 | +€5,899 | +2.6% |
| Income taxes | 67/77 | €70,301 | €70,306 | +€5 | 0.0% |
| Profit (loss) for the period | 9904 | €154,928 | €160,822 | +€5,894 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €154,928 | €160,822 | +€5,894 | +3.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.