GORAM: 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.
GORAM
Largest movements
- Stocks and contracts +€498,820
up €498,820 (+46.2%), from €1.1m to €1.6m
- Tangible fixed assets -€209,349
down €209,349 (-35.4%), from €590,731 to €381,382
of which Land and buildings: -€198,910
- Debts after one year +€317,217
up €317,217 (+21.4%), from €1.5m to €1.8m
of which Financial debts: +€1.5m
- Tax, wage and social debts -€20,797
down €20,797 (-79.7%), from €26,088 to €5,291
- Gross operating margin -€245,969
down €245,969 (-54.8%), from €449,062 to €203,093
- Other operating charges -€47,575
down €47,575 (-75.6%), from €62,908 to €15,333
- Provisions +€39,602
no longer reported in 2025 (was -€39,602)
- Taxes -€34,005
down €34,005 (-46.0%), from €74,000 to €39,995
- Financial charges -€13,532
down €13,532 (-20.5%), from €65,970 to €52,438
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 | €1,686,324 | €1,982,582 | +€296,258 | +17.6% |
| Fixed assets | 21/28 | €590,731 | €381,382 | -€209,349 | -35.4% |
| Tangible fixed assets | 22/27 | €590,731 | €381,382 | -€209,349 | -35.4% |
| Land and buildings | 22 | €541,937 | €343,027 | -€198,910 | -36.7% |
| Furniture and vehicles | 24 | €46,767 | €36,767 | -€10,000 | -21.4% |
| Other tangible fixed assets | 26 | €2,027 | €1,588 | -€439 | -21.6% |
| Current assets | 29/58 | €1,095,593 | €1,601,200 | +€505,607 | +46.1% |
| Stocks and contracts in progress | 3 | €1,078,695 | €1,577,514 | +€498,820 | +46.2% |
| Stocks | 30/36 | €1,078,695 | €1,577,514 | +€498,820 | +46.2% |
| Amounts receivable within one year | 40/41 | €10,000 | €14,574 | +€4,574 | +45.7% |
| Trade receivables | 40 | €10,000 | €3,279 | -€6,721 | -67.2% |
| Other amounts receivable | 41 | - | €11,296 | +€11,296 | |
| Cash at bank and in hand | 54/58 | €6,188 | €8,393 | +€2,205 | +35.6% |
| Deferred charges and accrued income | 490/1 | €711 | €719 | +€8 | +1.1% |
| Total equity and liabilities | 10/49 | €1,686,324 | €1,982,582 | +€296,258 | +17.6% |
| Equity | 10/15 | €100,389 | €108,710 | +€8,320 | +8.3% |
| Contributions | 10/11 | €100,068 | €100,068 | = | 0.0% |
| Reserves | 13 | - | €8,000 | +€8,000 | |
| Distributable reserves | 133 | - | €8,000 | +€8,000 | |
| Profit (loss) carried forward | 14 | €321 | €642 | +€320 | +99.8% |
| Amounts payable | 17/49 | €1,585,935 | €1,873,873 | +€287,938 | +18.2% |
| Amounts payable after more than one year | 17 | €1,484,842 | €1,802,058 | +€317,217 | +21.4% |
| Financial debts | 170/4 | €309,062 | €1,802,058 | +€1.5m | +483.1% |
| Other amounts payable | 178/9 | €1,175,779 | - | -€1.2m | |
| Amounts payable within one year | 42/48 | €98,709 | €64,224 | -€34,485 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €69,181 | €56,448 | -€12,733 | -18.4% |
| Trade debts | 44 | €3,441 | €2,485 | -€955 | -27.8% |
| Suppliers | 440/4 | €3,441 | €2,485 | -€955 | -27.8% |
| Taxes, remuneration and social security | 45 | €26,088 | €5,291 | -€20,797 | -79.7% |
| Taxes | 450/3 | €26,088 | €5,291 | -€20,797 | -79.7% |
| Accrued charges and deferred income | 492/3 | €2,384 | €7,591 | +€5,207 | +218.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,370 | €22,006 | -€364 | -1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€39,602 | - | +€39,602 | |
| Other operating charges | 640/8 | €62,908 | €15,333 | -€47,575 | -75.6% |
| Gross operating margin | 9900 | €449,062 | €203,093 | -€245,969 | -54.8% |
| Operating profit (loss) | 9901 | €403,387 | €165,754 | -€237,633 | -58.9% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €65,970 | €52,438 | -€13,532 | -20.5% |
| Recurring financial charges | 65 | €65,970 | €52,438 | -€13,532 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €337,418 | €113,316 | -€224,102 | -66.4% |
| Income taxes | 67/77 | €74,000 | €39,995 | -€34,005 | -46.0% |
| Profit (loss) for the period | 9904 | €263,418 | €73,320 | -€190,097 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €263,418 | €73,320 | -€190,097 | -72.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.