GNG: 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.
What changed
GNG
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€42,815
2024 · €96,446-€53,631
Equity
€600,776
2024 · €557,961+€42,815
Cash
€738
2024 · €3,154-€2,416
Balance sheet total
€927,099
2024 · €987,613-€60,514
Largest movements
Assets
- Receivables within one year -€29,315
down €29,315 (-95.9%), from €30,558 to €1,243
of which Trade receivables: -€30,000
- Receivables after one year -€22,500
down €22,500 (-9.0%), from €250,000 to €227,500
Equity and liabilities
- Other debts -€72,564
down €72,564 (-58.0%), from €125,128 to €52,564
- Reserves +€42,815
up €42,815 (+36.5%), from €117,261 to €160,076
- Debts after one year -€26,903
down €26,903 (-14.3%), from €187,815 to €160,912
of which Financial debts: -€70,004
Income statement
- Gross operating margin -€89,424
down €89,424 (-55.2%), from €161,930 to €72,507
- Taxes -€25,069
down €25,069 (-59.0%), from €42,522 to €17,452
- Depreciation -€11,003
down €11,003 (-42.1%), from €26,123 to €15,120
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.
Result 2024
€96,446
Gross operating margin
-€89,424
Depreciation
+€11,003
Other operating charges
-€566
Other operating items
+€1
Financial income
+€438
Financial charges
-€153
Taxes
+€25,069
Result 2025
€42,815
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€32,414
Investment
-€7,927
Financing
-€26,903
Cash 2024
€3,154
From operations (derived)
+€32,414
Net result for the year
+€42,815
Depreciation
+€15,120
Receivables after one year
+€22,500
Receivables within one year
+€29,315
Deferred charges and accrued income
-€910
Trade debts
-€210
Tax, wage and social debts
+€1,678
Other debts
-€72,564
Accrued charges and deferred income
-€5,330
Investment (derived)
-€7,927
Investment in fixed assets (net)
-€7,927
Financing
-€26,903
Debts after one year
-€26,903
Cash 2025
€738
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €987,613 | €927,099 | -€60,514 | -6.1% |
| Fixed assets | 21/28 | €702,808 | €695,615 | -€7,193 | -1.0% |
| Tangible fixed assets | 22/27 | €133,724 | €126,531 | -€7,193 | -5.4% |
| Land and buildings | 22 | €123,127 | €118,870 | -€4,257 | -3.5% |
| Furniture and vehicles | 24 | €10,596 | €7,661 | -€2,936 | -27.7% |
| Financial fixed assets | 28 | €569,084 | €569,084 | = | 0.0% |
| Current assets | 29/58 | €284,806 | €231,485 | -€53,321 | -18.7% |
| Amounts receivable after more than one year | 29 | €250,000 | €227,500 | -€22,500 | -9.0% |
| Other amounts receivable | 291 | €250,000 | €227,500 | -€22,500 | -9.0% |
| Amounts receivable within one year | 40/41 | €30,558 | €1,243 | -€29,315 | -95.9% |
| Trade receivables | 40 | €30,000 | €0 | -€30,000 | -100% |
| Other amounts receivable | 41 | €558 | €1,243 | +€685 | +123% |
| Cash at bank and in hand | 54/58 | €3,154 | €738 | -€2,416 | -76.6% |
| Deferred charges and accrued income | 490/1 | €1,094 | €2,004 | +€910 | +83.2% |
| Total equity and liabilities | 10/49 | €987,613 | €927,099 | -€60,514 | -6.1% |
| Equity | 10/15 | €557,961 | €600,776 | +€42,815 | +7.7% |
| Contributions | 10/11 | €440,700 | €440,700 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €117,261 | €160,076 | +€42,815 | +36.5% |
| Distributable reserves | 133 | €117,261 | €160,076 | +€42,815 | +36.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €429,652 | €326,323 | -€103,329 | -24.0% |
| Amounts payable after more than one year | 17 | €187,815 | €160,912 | -€26,903 | -14.3% |
| Financial debts | 170/4 | €149,137 | €79,133 | -€70,004 | -46.9% |
| Other amounts payable | 178/9 | €38,678 | €81,779 | +€43,101 | +111% |
| Amounts payable within one year | 42/48 | €218,123 | €147,028 | -€71,096 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €70,004 | €70,004 | = | 0.0% |
| Trade debts | 44 | €4,239 | €4,029 | -€210 | -5.0% |
| Suppliers | 440/4 | €4,239 | €4,029 | -€210 | -5.0% |
| Taxes, remuneration and social security | 45 | €18,752 | €20,430 | +€1,678 | +8.9% |
| Taxes | 450/3 | €16,032 | €20,430 | +€4,398 | +27.4% |
| Remuneration and social security | 454/9 | €2,720 | €0 | -€2,720 | -100% |
| Other amounts payable | 47/48 | €125,128 | €52,564 | -€72,564 | -58.0% |
| Accrued charges and deferred income | 492/3 | €23,714 | €18,384 | -€5,330 | -22.5% |
| Non-recurring operating income | 76A | €555 | €0 | -€555 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,123 | €15,120 | -€11,003 | -42.1% |
| Other operating charges | 640/8 | €3,064 | €3,631 | +€566 | +18.5% |
| Non-recurring operating charges | 66A | €1 | €0 | -€1 | -100% |
| Gross operating margin | 9900 | €161,930 | €72,507 | -€89,424 | -55.2% |
| Operating profit (loss) | 9901 | €132,742 | €53,756 | -€78,986 | -59.5% |
| Financial income | 75/76B | €14,550 | €14,988 | +€438 | +3.0% |
| Recurring financial income | 75 | €14,550 | €14,988 | +€438 | +3.0% |
| Financial charges | 65/66B | €8,324 | €8,477 | +€153 | +1.8% |
| Recurring financial charges | 65 | €8,324 | €8,477 | +€153 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €138,968 | €60,267 | -€78,700 | -56.6% |
| Income taxes | 67/77 | €42,522 | €17,452 | -€25,069 | -59.0% |
| Profit (loss) for the period | 9904 | €96,446 | €42,815 | -€53,631 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,446 | €42,815 | -€53,631 | -55.6% |
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 20 October 2026 via checked.be.