GNADW: what changed
Two financial 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.
GNADW
Largest movements
- Cash +€178,704
up €178,704 (+143%), from €124,815 to €303,519
mainly Net result for the year (+€115,902) and Tax, wage and social debts (+€77,094)
- Receivables within one year -€66,600
down €66,600 (-68.8%), from €96,842 to €30,242
- Reserves +€115,902
up €115,902 (+167%), from €69,473 to €185,375
- Other debts -€79,870
down €79,870 (-78.8%), from €101,355 to €21,485
- Tax, wage and social debts +€77,094
up €77,094 (+206%), from €37,375 to €114,470
- Trade debts +€11,287
new in 2025: €11,287
- Accrued charges and deferred income -€9,372
no longer reported in 2025 (was €9,372)
- Gross operating margin +€59,301
up €59,301 (+55.0%), from €107,735 to €167,035
- Taxes +€12,341
up €12,341 (+33.0%), from €37,375 to €49,717
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.
Derived cash bridge
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 | €222,576 | €337,617 | +€115,041 | +51.7% |
| Fixed assets | 21/28 | €919 | €551 | -€368 | -40.1% |
| Tangible fixed assets | 22/27 | €919 | €551 | -€368 | -40.1% |
| Furniture and vehicles | 24 | €919 | €551 | -€368 | -40.1% |
| Current assets | 29/58 | €221,656 | €337,066 | +€115,409 | +52.1% |
| Amounts receivable within one year | 40/41 | €96,842 | €30,242 | -€66,600 | -68.8% |
| Trade receivables | 40 | €96,842 | €30,242 | -€66,600 | -68.8% |
| Cash at bank and in hand | 54/58 | €124,815 | €303,519 | +€178,704 | +143% |
| Deferred charges and accrued income | 490/1 | - | €3,305 | +€3,305 | |
| Total equity and liabilities | 10/49 | €222,576 | €337,617 | +€115,041 | +51.7% |
| Equity | 10/15 | €74,473 | €190,375 | +€115,902 | +156% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €69,473 | €185,375 | +€115,902 | +167% |
| Distributable reserves | 133 | €69,473 | €185,375 | +€115,902 | +167% |
| Amounts payable | 17/49 | €148,102 | €147,242 | -€861 | -0.6% |
| Amounts payable within one year | 42/48 | €138,730 | €147,242 | +€8,511 | +6.1% |
| Trade debts | 44 | - | €11,287 | +€11,287 | |
| Suppliers | 440/4 | - | €11,287 | +€11,287 | |
| Taxes, remuneration and social security | 45 | €37,375 | €114,470 | +€77,094 | +206% |
| Taxes | 450/3 | €37,375 | €114,470 | +€77,094 | +206% |
| Other amounts payable | 47/48 | €101,355 | €21,485 | -€79,870 | -78.8% |
| Accrued charges and deferred income | 492/3 | €9,372 | - | -€9,372 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186 | €368 | +€183 | +98.4% |
| Other operating charges | 640/8 | €600 | €866 | +€266 | +44.3% |
| Gross operating margin | 9900 | €107,735 | €167,035 | +€59,301 | +55.0% |
| Operating profit (loss) | 9901 | €106,948 | €165,801 | +€58,852 | +55.0% |
| Financial income | 75/76B | €0 | €12 | +€12 | +39,300% |
| Recurring financial income | 75 | €0 | €12 | +€12 | +39,300% |
| Financial charges | 65/66B | €100 | €194 | +€94 | +94.1% |
| Recurring financial charges | 65 | €100 | €194 | +€94 | +94.1% |
| Profit (loss) for the period before taxes | 9903 | €106,849 | €165,619 | +€58,770 | +55.0% |
| Income taxes | 67/77 | €37,375 | €49,717 | +€12,341 | +33.0% |
| Profit (loss) for the period | 9904 | €69,473 | €115,902 | +€46,429 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,473 | €115,902 | +€46,429 | +66.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.