GORGON: 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.
GORGON
Largest movements
- Tangible fixed assets -€70,786
down €70,786 (-14.6%), from €486,067 to €415,281
of which Land and buildings: -€54,653
- Cash +€32,665
up €32,665 (+528%), from €6,191 to €38,856
mainly Other debts (+€77,289) and Depreciation (+€70,786)
- Other debts +€77,289
up €77,289 (+14.6%), from €528,825 to €606,114
- Debts after one year -€30,000
no longer reported in 2025 (was €30,000)
- Short-term financial debts -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Reserves -€29,078
down €29,078 (-9.5%), from €305,526 to €276,448
of which Tax-exempt reserves: -€29,078
- Gross operating margin +€3,170
up €3,170 (+11.2%), from €28,252 to €31,422
- Financial charges -€1,921
down €1,921 (-58.9%), from €3,262 to €1,341
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 | €1,502,321 | €1,463,077 | -€39,244 | -2.6% |
| Fixed assets | 21/28 | €1,490,455 | €1,419,668 | -€70,786 | -4.7% |
| Tangible fixed assets | 22/27 | €486,067 | €415,281 | -€70,786 | -14.6% |
| Land and buildings | 22 | €375,113 | €320,460 | -€54,653 | -14.6% |
| Plant, machinery and equipment | 23 | €110,955 | €94,821 | -€16,133 | -14.5% |
| Financial fixed assets | 28 | €1,004,387 | €1,004,387 | = | 0.0% |
| Current assets | 29/58 | €11,866 | €43,409 | +€31,543 | +266% |
| Amounts receivable within one year | 40/41 | €5,675 | €4,552 | -€1,122 | -19.8% |
| Other amounts receivable | 41 | €5,675 | €4,552 | -€1,122 | -19.8% |
| Cash at bank and in hand | 54/58 | €6,191 | €38,856 | +€32,665 | +528% |
| Total equity and liabilities | 10/49 | €1,502,321 | €1,463,077 | -€39,244 | -2.6% |
| Equity | 10/15 | €807,360 | €780,635 | -€26,725 | -3.3% |
| Contributions | 10/11 | €345,000 | €345,000 | = | 0.0% |
| Reserves | 13 | €305,526 | €276,448 | -€29,078 | -9.5% |
| Tax-exempt reserves | 132 | €117,124 | €88,046 | -€29,078 | -24.8% |
| Distributable reserves | 133 | €188,402 | €188,402 | = | 0.0% |
| Profit (loss) carried forward | 14 | €156,834 | €159,187 | +€2,353 | +1.5% |
| Provisions and deferred taxes | 16 | €60,337 | €45,357 | -€14,980 | -24.8% |
| Deferred taxes | 168 | €60,337 | €45,357 | -€14,980 | -24.8% |
| Amounts payable | 17/49 | €634,624 | €637,085 | +€2,461 | +0.4% |
| Amounts payable after more than one year | 17 | €30,000 | - | -€30,000 | |
| Financial debts | 170/4 | €30,000 | - | -€30,000 | |
| Amounts payable within one year | 42/48 | €604,624 | €637,085 | +€32,461 | +5.4% |
| Financial debts | 43 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Credit institutions | 430/8 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Trade debts | 44 | €1,440 | €971 | -€469 | -32.6% |
| Suppliers | 440/4 | €1,440 | €971 | -€469 | -32.6% |
| Taxes, remuneration and social security | 45 | €14,359 | - | -€14,359 | |
| Taxes | 450/3 | €14,359 | - | -€14,359 | |
| Other amounts payable | 47/48 | €528,825 | €606,114 | +€77,289 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,786 | €70,786 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,095 | €998 | -€97 | -8.8% |
| Gross operating margin | 9900 | €28,252 | €31,422 | +€3,170 | +11.2% |
| Operating profit (loss) | 9901 | -€43,630 | -€40,363 | +€3,267 | +7.5% |
| Financial charges | 65/66B | €3,262 | €1,341 | -€1,921 | -58.9% |
| Recurring financial charges | 65 | €3,262 | €1,341 | -€1,921 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | -€46,892 | -€41,704 | +€5,188 | +11.1% |
| Transfer from deferred taxes | 780 | €14,980 | €14,980 | = | 0.0% |
| Income taxes | 67/77 | -€266 | - | +€266 | |
| Profit (loss) for the period | 9904 | -€31,646 | -€26,725 | +€4,922 | +15.6% |
| Transfer from tax-exempt reserves | 789 | €29,078 | €29,078 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,568 | €2,353 | +€4,922 |
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 14 October 2026 via checked.be.