GnD@rts: 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.
GnD@rts
Largest movements
- Cash -€35,826
down €35,826 (-61.7%), from €58,102 to €22,276
mainly Net result for the year (-€26,225) and Receivables within one year (-€18,677)
- Receivables within one year +€18,677
up €18,677 (+23.7%), from €78,656 to €97,333
of which Trade receivables: +€14,401
- Tangible fixed assets -€11,926
down €11,926 (-20.2%), from €58,940 to €47,014
of which Furniture and vehicles: -€11,926
- Stocks and contracts +€3,942
up €3,942 (+8.1%), from €48,695 to €52,637
- Profit (loss) carried forward -€26,225
down €26,225 (-150%), from -€17,455 to -€43,680
- Trade debts +€14,639
up €14,639 (+2,094%), from €699 to €15,338
- Tax, wage and social debts -€12,396
down €12,396 (-78.5%), from €15,782 to €3,386
of which Taxes: -€14,263
- Gross operating margin +€6,817
up €6,817 (+36.7%), from -€18,569 to -€11,752
- Depreciation -€1,060
down €1,060 (-6.1%), from €17,441 to €16,381
- Financial charges -€701
down €701 (-87.5%), from €801 to €100
- Other operating charges +€506
up €506 (+39.5%), from €1,282 to €1,789
- Financial income -€204
down €204 (-4.9%), from €4,143 to €3,938
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 | €250,560 | €226,578 | -€23,982 | -9.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €62,441 | €50,515 | -€11,926 | -19.1% |
| Tangible fixed assets | 22/27 | €58,940 | €47,014 | -€11,926 | -20.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €58,940 | €47,014 | -€11,926 | -20.2% |
| Financial fixed assets | 28 | €3,501 | €3,501 | = | 0.0% |
| Current assets | 29/58 | €188,118 | €176,063 | -€12,056 | -6.4% |
| Stocks and contracts in progress | 3 | €48,695 | €52,637 | +€3,942 | +8.1% |
| Stocks | 30/36 | €48,695 | €52,637 | +€3,942 | +8.1% |
| Amounts receivable within one year | 40/41 | €78,656 | €97,333 | +€18,677 | +23.7% |
| Trade receivables | 40 | €8,121 | €22,522 | +€14,401 | +177% |
| Other amounts receivable | 41 | €70,535 | €74,811 | +€4,276 | +6.1% |
| Current investments | 50/53 | €1,280 | €1,280 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,102 | €22,276 | -€35,826 | -61.7% |
| Deferred charges and accrued income | 490/1 | €1,386 | €2,537 | +€1,151 | +83.0% |
| Total equity and liabilities | 10/49 | €250,560 | €226,578 | -€23,982 | -9.6% |
| Equity | 10/15 | €234,078 | €207,853 | -€26,225 | -11.2% |
| Contributions | 10/11 | €223,600 | €223,600 | = | 0.0% |
| Reserves | 13 | €27,933 | €27,933 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,889 | €1,889 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,889 | €1,889 | = | 0.0% |
| Distributable reserves | 133 | €26,044 | €26,044 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,455 | -€43,680 | -€26,225 | -150% |
| Amounts payable | 17/49 | €16,482 | €18,725 | +€2,243 | +13.6% |
| Amounts payable within one year | 42/48 | €16,482 | €18,725 | +€2,243 | +13.6% |
| Trade debts | 44 | €699 | €15,338 | +€14,639 | +2,094% |
| Suppliers | 440/4 | €699 | €15,338 | +€14,639 | +2,094% |
| Taxes, remuneration and social security | 45 | €15,782 | €3,386 | -€12,396 | -78.5% |
| Taxes | 450/3 | €15,782 | €1,520 | -€14,263 | -90.4% |
| Remuneration and social security | 454/9 | - | €1,867 | +€1,867 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,441 | €16,381 | -€1,060 | -6.1% |
| Other operating charges | 640/8 | €1,282 | €1,789 | +€506 | +39.5% |
| Gross operating margin | 9900 | -€18,569 | -€11,752 | +€6,817 | +36.7% |
| Operating profit (loss) | 9901 | -€37,292 | -€29,921 | +€7,371 | +19.8% |
| Financial income | 75/76B | €4,143 | €3,938 | -€204 | -4.9% |
| Recurring financial income | 75 | €4,143 | €3,938 | -€204 | -4.9% |
| Financial charges | 65/66B | €801 | €100 | -€701 | -87.5% |
| Recurring financial charges | 65 | €801 | €100 | -€701 | -87.5% |
| Profit (loss) for the period before taxes | 9903 | -€33,950 | -€26,083 | +€7,868 | +23.2% |
| Income taxes | 67/77 | €130 | €142 | +€12 | +9.6% |
| Profit (loss) for the period | 9904 | -€34,080 | -€26,225 | +€7,855 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,080 | -€26,225 | +€7,855 | +23.0% |
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 27 October 2026 via checked.be.