GPG: 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.
GPG
Largest movements
- Receivables within one year -€41,565
down €41,565 (-64.9%), from €64,065 to €22,500
of which Trade receivables: -€42,288
- Tangible fixed assets -€31,417
down €31,417 (-23.0%), from €136,693 to €105,277
- Cash +€20,915
up €20,915 (+116.5%), from €17,946 to €38,861
mainly Depreciation (+€47,244) and Receivables within one year (+€41,565)
- Stocks and contracts -€6,452
down €6,452 (-100.0%), from €6,452 to €0
- Deferred charges and accrued income -€6,412
down €6,412 (-88.7%), from €7,227 to €814
- Debts after one year -€35,480
down €35,480 (-42.5%), from €83,390 to €47,910
- Other debts -€21,475
down €21,475 (-87.9%), from €24,441 to €2,966
- Trade debts -€18,191
down €18,191 (-61.9%), from €29,407 to €11,216
- Reserves +€9,392
up €9,392 (+30.1%), from €31,191 to €40,583
- Current portion of long-term debt +€4,536
up €4,536 (+12.2%), from €37,300 to €41,836
- Gross operating margin +€12,099
up €12,099 (+22.6%), from €53,507 to €65,606
- Depreciation -€3,211
down €3,211 (-6.4%), from €50,455 to €47,244
- Taxes +€2,123
up €2,123, from €0 to €2,123
- Financial charges -€885
down €885 (-13.9%), from €6,389 to €5,504
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 | €232,383 | €167,451 | -€64,932 | -27.9% |
| Fixed assets | 21/28 | €136,693 | €105,277 | -€31,417 | -23.0% |
| Tangible fixed assets | 22/27 | €136,693 | €105,277 | -€31,417 | -23.0% |
| Plant, machinery and equipment | 23 | €11,295 | €7,262 | -€4,032 | -35.7% |
| Furniture and vehicles | 24 | €86,994 | €77,360 | -€9,634 | -11.1% |
| Leasing and similar rights | 25 | €31,635 | €16,755 | -€14,880 | -47.0% |
| Other tangible fixed assets | 26 | €6,770 | €3,898 | -€2,871 | -42.4% |
| Current assets | 29/58 | €95,689 | €62,175 | -€33,515 | -35.0% |
| Stocks and contracts in progress | 3 | €6,452 | €0 | -€6,452 | -100.0% |
| Stocks | 30/36 | €6,452 | €0 | -€6,452 | -100.0% |
| Amounts receivable within one year | 40/41 | €64,065 | €22,500 | -€41,565 | -64.9% |
| Trade receivables | 40 | €58,998 | €16,709 | -€42,288 | -71.7% |
| Other amounts receivable | 41 | €5,067 | €5,790 | +€723 | +14.3% |
| Cash at bank and in hand | 54/58 | €17,946 | €38,861 | +€20,915 | +116.5% |
| Deferred charges and accrued income | 490/1 | €7,227 | €814 | -€6,412 | -88.7% |
| Total equity and liabilities | 10/49 | €232,383 | €167,451 | -€64,932 | -27.9% |
| Equity | 10/15 | €52,191 | €61,583 | +€9,392 | +18.0% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €31,191 | €40,583 | +€9,392 | +30.1% |
| Distributable reserves | 133 | €31,191 | €40,583 | +€9,392 | +30.1% |
| Amounts payable | 17/49 | €180,192 | €105,868 | -€74,324 | -41.2% |
| Amounts payable after more than one year | 17 | €83,390 | €47,910 | -€35,480 | -42.5% |
| Financial debts | 170/4 | €83,390 | €47,910 | -€35,480 | -42.5% |
| Amounts payable within one year | 42/48 | €94,681 | €56,018 | -€38,663 | -40.8% |
| Current portion of amounts payable after more than one year | 42 | €37,300 | €41,836 | +€4,536 | +12.2% |
| Trade debts | 44 | €29,407 | €11,216 | -€18,191 | -61.9% |
| Suppliers | 440/4 | €29,407 | €11,216 | -€18,191 | -61.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,533 | €0 | -€3,533 | -100.0% |
| Taxes | 450/3 | €3,533 | €0 | -€3,533 | -100.0% |
| Other amounts payable | 47/48 | €24,441 | €2,966 | -€21,475 | -87.9% |
| Accrued charges and deferred income | 492/3 | €2,121 | €1,940 | -€181 | -8.5% |
| Non-recurring operating income | 76A | €4,500 | €10,331 | +€5,831 | +129.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,455 | €47,244 | -€3,211 | -6.4% |
| Other operating charges | 640/8 | €916 | €1,093 | +€177 | +19.3% |
| Non-recurring operating charges | 66A | €162 | €465 | +€303 | +186.6% |
| Gross operating margin | 9900 | €53,507 | €65,606 | +€12,099 | +22.6% |
| Operating profit (loss) | 9901 | €1,974 | €16,804 | +€14,830 | +751.3% |
| Financial income | 75/76B | €0 | €216 | +€216 | |
| Recurring financial income | 75 | €0 | €216 | +€216 | |
| Financial charges | 65/66B | €6,389 | €5,504 | -€885 | -13.9% |
| Recurring financial charges | 65 | €6,389 | €5,504 | -€885 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,415 | €11,516 | +€15,931 | |
| Income taxes | 67/77 | €0 | €2,123 | +€2,123 | |
| Profit (loss) for the period | 9904 | -€4,415 | €9,392 | +€13,808 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,415 | €9,392 | +€13,808 |
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 3 October 2026 via checked.be.