GORA Group: 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.
GORA Group
Largest movements
- Cash +€148,839
up €148,839 (+494%), from €30,137 to €178,976
mainly Net result for the year (+€105,671) and Accrued charges and deferred income (+€26,132)
- Receivables within one year -€7,311
down €7,311 (-40.8%), from €17,922 to €10,611
of which Trade receivables: -€6,183
- Tangible fixed assets -€5,526
down €5,526 (-21.8%), from €25,294 to €19,768
of which Furniture and vehicles: -€5,243
- Profit (loss) carried forward +€105,671
up €105,671 (+244%), from €43,356 to €149,027
- Accrued charges and deferred income +€26,132
new in 2025: €26,132
- Tax, wage and social debts +€4,718
up €4,718 (+49.5%), from €9,539 to €14,257
of which Taxes: +€4,218
- Gross operating margin +€88,988
up €88,988 (+156%), from €57,150 to €146,139
- Taxes +€17,718
up €17,718 (+163%), from €10,839 to €28,557
- Depreciation +€3,028
up €3,028 (+121%), from €2,498 to €5,526
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 | €73,353 | €209,505 | +€136,152 | +186% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €25,294 | €19,918 | -€5,376 | -21.3% |
| Tangible fixed assets | 22/27 | €25,294 | €19,768 | -€5,526 | -21.8% |
| Plant, machinery and equipment | 23 | €681 | €399 | -€283 | -41.5% |
| Furniture and vehicles | 24 | €24,613 | €19,369 | -€5,243 | -21.3% |
| Financial fixed assets | 28 | - | €150 | +€150 | |
| Current assets | 29/58 | €48,059 | €189,587 | +€141,528 | +294% |
| Amounts receivable within one year | 40/41 | €17,922 | €10,611 | -€7,311 | -40.8% |
| Trade receivables | 40 | €12,827 | €6,644 | -€6,183 | -48.2% |
| Other amounts receivable | 41 | €5,095 | €3,967 | -€1,127 | -22.1% |
| Cash at bank and in hand | 54/58 | €30,137 | €178,976 | +€148,839 | +494% |
| Total equity and liabilities | 10/49 | €73,353 | €209,505 | +€136,152 | +186% |
| Equity | 10/15 | €44,356 | €150,027 | +€105,671 | +238% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,356 | €149,027 | +€105,671 | +244% |
| Amounts payable | 17/49 | €28,997 | €59,478 | +€30,481 | +105% |
| Amounts payable within one year | 42/48 | €28,997 | €33,346 | +€4,349 | +15.0% |
| Trade debts | 44 | €18,629 | €19,089 | +€460 | +2.5% |
| Suppliers | 440/4 | €18,629 | €19,089 | +€460 | +2.5% |
| Taxes, remuneration and social security | 45 | €9,539 | €14,257 | +€4,718 | +49.5% |
| Taxes | 450/3 | €7,339 | €11,557 | +€4,218 | +57.5% |
| Remuneration and social security | 454/9 | €2,200 | €2,700 | +€500 | +22.7% |
| Other amounts payable | 47/48 | €829 | - | -€829 | |
| Accrued charges and deferred income | 492/3 | - | €26,132 | +€26,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,498 | €5,526 | +€3,028 | +121% |
| Other operating charges | 640/8 | €304 | €833 | +€529 | +174% |
| Non-recurring operating charges | 66A | - | €5,372 | +€5,372 | |
| Gross operating margin | 9900 | €57,150 | €146,139 | +€88,988 | +156% |
| Operating profit (loss) | 9901 | €54,349 | €134,408 | +€80,059 | +147% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €154 | €180 | +€25 | +16.5% |
| Recurring financial charges | 65 | €154 | €180 | +€25 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €54,195 | €134,228 | +€80,034 | +148% |
| Income taxes | 67/77 | €10,839 | €28,557 | +€17,718 | +163% |
| Profit (loss) for the period | 9904 | €43,356 | €105,671 | +€62,316 | +144% |
| Profit (loss) for the period to be appropriated | 9905 | €43,356 | €105,671 | +€62,316 | +144% |
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 16 October 2026 via checked.be.