GOREX: 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.
GOREX
Largest movements
- Receivables within one year +€8.3m
up €8.3m (+1042.5%), from €798,112 to €9.1m
of which Trade receivables: +€8.3m
- Cash -€738,595
down €738,595 (-61.8%), from €1.2m to €457,300
mainly Receivables within one year (-€8.3m) and Stocks and contracts (-€52,582)
- Trade debts +€6.9m
up €6.9m (+298898.9%), from €2,319 to €6.9m
- Reserves +€350,850
up €350,850 (+11.1%), from €3.1m to €3.5m
- Other debts +€317,488
up €317,488 (+390.8%), from €81,238 to €398,726
- Gross operating margin +€9,741
up €9,741 (+1.8%), from €527,172 to €536,912
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 | €3,552,017 | €11,163,188 | +€7.6m | +214.3% |
| Fixed assets | 21/28 | €24,442 | €1,388 | -€23,054 | -94.3% |
| Tangible fixed assets | 22/27 | €24,442 | €1,388 | -€23,054 | -94.3% |
| Land and buildings | 22 | €24,000 | - | -€24,000 | |
| Plant, machinery and equipment | 23 | €442 | €1,388 | +€946 | +213.8% |
| Current assets | 29/58 | €3,527,575 | €11,161,800 | +€7.6m | +216.4% |
| Stocks and contracts in progress | 3 | €1,533,083 | €1,585,665 | +€52,582 | +3.4% |
| Stocks | 30/36 | €1,533,083 | €1,585,665 | +€52,582 | +3.4% |
| Amounts receivable within one year | 40/41 | €798,112 | €9,118,590 | +€8.3m | +1042.5% |
| Trade receivables | 40 | €798,000 | €9,118,590 | +€8.3m | +1042.7% |
| Other amounts receivable | 41 | €112 | - | -€112 | |
| Cash at bank and in hand | 54/58 | €1,195,895 | €457,300 | -€738,595 | -61.8% |
| Deferred charges and accrued income | 490/1 | €485 | €246 | -€239 | -49.3% |
| Total equity and liabilities | 10/49 | €3,552,017 | €11,163,188 | +€7.6m | +214.3% |
| Equity | 10/15 | €3,276,754 | €3,627,604 | +€350,850 | +10.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €3,148,722 | €3,499,572 | +€350,850 | +11.1% |
| Distributable reserves | 133 | €3,148,722 | €3,499,572 | +€350,850 | +11.1% |
| Profit (loss) carried forward | 14 | €28,032 | €28,033 | +€0 | 0.0% |
| Amounts payable | 17/49 | €275,263 | €7,535,584 | +€7.3m | +2637.6% |
| Amounts payable within one year | 42/48 | €103,796 | €7,364,826 | +€7.3m | +6995.5% |
| Trade debts | 44 | €2,319 | €6,933,037 | +€6.9m | +298898.9% |
| Suppliers | 440/4 | €2,319 | €6,933,037 | +€6.9m | +298898.9% |
| Taxes, remuneration and social security | 45 | €20,239 | €33,063 | +€12,823 | +63.4% |
| Taxes | 450/3 | €20,239 | €33,063 | +€12,823 | +63.4% |
| Other amounts payable | 47/48 | €81,238 | €398,726 | +€317,488 | +390.8% |
| Accrued charges and deferred income | 492/3 | €171,467 | €170,758 | -€709 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,225 | €24,249 | +€25 | +0.1% |
| Other operating charges | 640/8 | €2,756 | €1,797 | -€959 | -34.8% |
| Gross operating margin | 9900 | €527,172 | €536,912 | +€9,741 | +1.8% |
| Operating profit (loss) | 9901 | €500,191 | €510,866 | +€10,674 | +2.1% |
| Financial income | 75/76B | €7,338 | €2,501 | -€4,837 | -65.9% |
| Recurring financial income | 75 | €7,338 | €2,501 | -€4,837 | -65.9% |
| Financial charges | 65/66B | €465 | €4,278 | +€3,813 | +820.9% |
| Recurring financial charges | 65 | €465 | €4,278 | +€3,813 | +820.9% |
| Profit (loss) for the period before taxes | 9903 | €507,065 | €509,089 | +€2,025 | +0.4% |
| Income taxes | 67/77 | €157,723 | €158,239 | +€516 | +0.3% |
| Profit (loss) for the period | 9904 | €349,342 | €350,850 | +€1,509 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €349,342 | €350,850 | +€1,509 | +0.4% |
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 8 October 2026 via checked.be.