Gpixel: 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.
Gpixel
Largest movements
- Stocks and contracts +€2.7m
up €2.7m (+25.7%), from €10.5m to €13.2m
of which Contracts in progress: +€2.9m
- Deferred charges and accrued income +€780,031
up €780,031 (+85.5%), from €912,544 to €1.7m
- Cash +€420,004
up €420,004 (+64.5%), from €651,254 to €1.1m
mainly Advances received (+€2.6m) and Other debts (+€1.5m)
- Tangible fixed assets +€236,538
up €236,538 (+47.6%), from €496,557 to €733,095
of which Plant, machinery and equipment: +€364,400
- Advances received +€2.6m
up €2.6m (+34.5%), from €7.5m to €10.2m
- Trade debts -€1.6m
down €1.6m (-46.5%), from €3.4m to €1.8m
- Other debts +€1.5m
new in 2025: €1.5m
- Profit (loss) carried forward +€822,370
up €822,370 (+91.6%), from €897,933 to €1.7m
- Debts after one year +€646,997
new in 2025: €646,997
- Staff costs +€758,211
up €758,211 (+20.7%), from €3.7m to €4.4m
- Gross operating margin +€603,850
up €603,850 (+13.3%), from €4.5m to €5.2m
- Financial income +€281,652
up €281,652 (+177.5%), from €158,659 to €440,311
- Depreciation +€64,164
up €64,164 (+86.7%), from €74,008 to €138,172
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 | €14,641,472 | €18,794,020 | +€4.2m | +28.4% |
| Fixed assets | 21/28 | €835,055 | €1,081,082 | +€246,027 | +29.5% |
| Intangible fixed assets | 21 | €7,693 | €4,104 | -€3,589 | -46.7% |
| Tangible fixed assets | 22/27 | €496,557 | €733,095 | +€236,538 | +47.6% |
| Plant, machinery and equipment | 23 | €56,367 | €420,767 | +€364,400 | +646.5% |
| Furniture and vehicles | 24 | €52,551 | €61,058 | +€8,507 | +16.2% |
| Assets under construction and advance payments | 27 | €387,639 | €251,270 | -€136,369 | -35.2% |
| Financial fixed assets | 28 | €330,805 | €343,883 | +€13,078 | +4.0% |
| Current assets | 29/58 | €13,806,417 | €17,712,938 | +€3.9m | +28.3% |
| Stocks and contracts in progress | 3 | €10,523,677 | €13,232,841 | +€2.7m | +25.7% |
| Stocks | 30/36 | €637,390 | €487,126 | -€150,264 | -23.6% |
| Contracts in progress | 37 | €9,886,288 | €12,745,715 | +€2.9m | +28.9% |
| Amounts receivable within one year | 40/41 | €1,718,941 | €1,716,264 | -€2,677 | -0.2% |
| Trade receivables | 40 | €1,620,576 | €1,654,446 | +€33,870 | +2.1% |
| Other amounts receivable | 41 | €98,365 | €61,818 | -€36,547 | -37.2% |
| Cash at bank and in hand | 54/58 | €651,254 | €1,071,258 | +€420,004 | +64.5% |
| Deferred charges and accrued income | 490/1 | €912,544 | €1,692,575 | +€780,031 | +85.5% |
| Total equity and liabilities | 10/49 | €14,641,472 | €18,794,020 | +€4.2m | +28.4% |
| Equity | 10/15 | €3,241,933 | €4,064,303 | +€822,370 | +25.4% |
| Contributions | 10/11 | €2,280,000 | €2,280,000 | = | 0.0% |
| Capital | 10 | €640,000 | €640,000 | = | 0.0% |
| Issued capital | 100 | €640,000 | €640,000 | = | 0.0% |
| Outside capital | 11 | €1,640,000 | €1,640,000 | = | 0.0% |
| Share premium | 1100/10 | €1,640,000 | €1,640,000 | = | 0.0% |
| Reserves | 13 | €64,000 | €64,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64,000 | €64,000 | = | 0.0% |
| Legal reserve | 130 | €64,000 | €64,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €897,933 | €1,720,303 | +€822,370 | +91.6% |
| Amounts payable | 17/49 | €11,399,539 | €14,729,717 | +€3.3m | +29.2% |
| Amounts payable after more than one year | 17 | - | €646,997 | +€646,997 | |
| Other amounts payable | 178/9 | - | €646,997 | +€646,997 | |
| Amounts payable within one year | 42/48 | €11,399,539 | €14,082,720 | +€2.7m | +23.5% |
| Trade debts | 44 | €3,416,691 | €1,826,601 | -€1.6m | -46.5% |
| Suppliers | 440/4 | €3,416,691 | €1,826,601 | -€1.6m | -46.5% |
| Advances received on contracts in progress | 46 | €7,548,673 | €10,150,675 | +€2.6m | +34.5% |
| Taxes, remuneration and social security | 45 | €434,175 | €628,623 | +€194,448 | +44.8% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €434,175 | €628,623 | +€194,448 | +44.8% |
| Other amounts payable | 47/48 | - | €1,476,821 | +€1.5m | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €3,655,809 | €4,414,020 | +€758,211 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,008 | €138,172 | +€64,164 | +86.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,538 | €10,533 | -€15,005 | -58.8% |
| Other operating charges | 640/8 | €2,072 | €2,649 | +€577 | +27.8% |
| Non-recurring operating charges | 66A | €98 | €2,474 | +€2,376 | +2424.5% |
| Gross operating margin | 9900 | €4,547,724 | €5,151,574 | +€603,850 | +13.3% |
| Operating profit (loss) | 9901 | €790,199 | €583,726 | -€206,473 | -26.1% |
| Financial income | 75/76B | €158,659 | €440,311 | +€281,652 | +177.5% |
| Recurring financial income | 75 | €158,659 | €440,311 | +€281,652 | +177.5% |
| Financial charges | 65/66B | €245,419 | €196,667 | -€48,752 | -19.9% |
| Recurring financial charges | 65 | €245,419 | €196,667 | -€48,752 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €703,440 | €827,370 | +€123,930 | +17.6% |
| Income taxes | 67/77 | €4,066 | €5,000 | +€934 | +23.0% |
| Profit (loss) for the period | 9904 | €699,374 | €822,370 | +€122,996 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €699,374 | €822,370 | +€122,996 | +17.6% |
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 2 October 2026 via checked.be.