GTN Packaging: 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.
GTN Packaging
Largest movements
- Receivables within one year +€83,512
up €83,512 (+89.1%), from €93,738 to €177,251
of which Trade receivables: +€95,478
- Cash +€11,760
up €11,760 (+10250.3%), from €115 to €11,875
mainly Net result for the year (+€166,901) and Trade debts (+€166,331)
- Tangible fixed assets -€10,720
down €10,720 (-47.7%), from €22,469 to €11,749
- Other debts -€253,939
down €253,939 (-93.5%), from €271,691 to €17,752
- Profit (loss) carried forward +€166,901
up €166,901 (+86.2%), from -€193,686 to -€26,785
- Trade debts +€166,331
up €166,331 (+549.7%), from €30,258 to €196,589
- Tax, wage and social debts +€5,259
new in 2025: €5,259
- Gross operating margin +€25,454
up €25,454 (+16.0%), from €159,022 to €184,476
- Write-downs +€6,386
new in 2025: €6,386
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 | €116,323 | €200,875 | +€84,552 | +72.7% |
| Fixed assets | 21/28 | €22,469 | €11,749 | -€10,720 | -47.7% |
| Tangible fixed assets | 22/27 | €22,469 | €11,749 | -€10,720 | -47.7% |
| Other tangible fixed assets | 26 | €22,469 | €11,749 | -€10,720 | -47.7% |
| Current assets | 29/58 | €93,853 | €189,126 | +€95,273 | +101.5% |
| Amounts receivable within one year | 40/41 | €93,738 | €177,251 | +€83,512 | +89.1% |
| Trade receivables | 40 | €81,773 | €177,251 | +€95,478 | +116.8% |
| Other amounts receivable | 41 | €11,965 | - | -€11,965 | |
| Cash at bank and in hand | 54/58 | €115 | €11,875 | +€11,760 | +10250.3% |
| Total equity and liabilities | 10/49 | €116,323 | €200,875 | +€84,552 | +72.7% |
| Equity | 10/15 | -€185,626 | -€18,725 | +€166,901 | +89.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€193,686 | -€26,785 | +€166,901 | +86.2% |
| Amounts payable | 17/49 | €301,949 | €219,600 | -€82,348 | -27.3% |
| Amounts payable within one year | 42/48 | €301,949 | €219,600 | -€82,348 | -27.3% |
| Trade debts | 44 | €30,258 | €196,589 | +€166,331 | +549.7% |
| Suppliers | 440/4 | €30,258 | €196,589 | +€166,331 | +549.7% |
| Taxes, remuneration and social security | 45 | - | €5,259 | +€5,259 | |
| Taxes | 450/3 | - | €5,259 | +€5,259 | |
| Other amounts payable | 47/48 | €271,691 | €17,752 | -€253,939 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,134 | €10,720 | -€1,413 | -11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,386 | +€6,386 | |
| Other operating charges | 640/8 | €449 | €400 | -€50 | -11.0% |
| Gross operating margin | 9900 | €159,022 | €184,476 | +€25,454 | +16.0% |
| Operating profit (loss) | 9901 | €146,439 | €166,970 | +€20,531 | +14.0% |
| Financial charges | 65/66B | €41 | €69 | +€28 | +68.8% |
| Recurring financial charges | 65 | €41 | €69 | +€28 | +68.8% |
| Profit (loss) for the period before taxes | 9903 | €146,398 | €166,901 | +€20,503 | +14.0% |
| Profit (loss) for the period | 9904 | €146,398 | €166,901 | +€20,503 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €146,398 | €166,901 | +€20,503 | +14.0% |
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 6 October 2026 via checked.be.