FGCM: 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.
FGCM
Largest movements
- Tangible fixed assets +€29,325
up €29,325 (+5.1%), from €579,651 to €608,976
of which Assets under construction and advance payments: +€46,389
- Other debts +€188,084
up €188,084 (+149%), from €126,389 to €314,474
- Current portion of long-term debt -€114,503
down €114,503 (-68.3%), from €167,550 to €53,048
- Debts after one year -€46,405
down €46,405 (-5.6%), from €835,065 to €788,659
- Financial charges +€17,060
up €17,060 (+149%), from €11,442 to €28,503
- Gross operating margin +€3,923
up €3,923 (+6.7%), from €58,769 to €62,692
- Depreciation -€1,602
down €1,602 (-7.4%), from €21,625 to €20,022
- Other operating charges -€1,340
down €1,340 (-30.6%), from €4,385 to €3,044
- Taxes +€936
up €936 (+15.4%), from €6,075 to €7,011
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 | €1,265,626 | €1,295,720 | +€30,094 | +2.4% |
| Fixed assets | 21/28 | €1,250,805 | €1,280,130 | +€29,325 | +2.3% |
| Tangible fixed assets | 22/27 | €579,651 | €608,976 | +€29,325 | +5.1% |
| Land and buildings | 22 | €570,485 | €550,946 | -€19,539 | -3.4% |
| Plant, machinery and equipment | 23 | €9,166 | €11,641 | +€2,475 | +27.0% |
| Assets under construction and advance payments | 27 | - | €46,389 | +€46,389 | |
| Financial fixed assets | 28 | €671,154 | €671,154 | = | 0.0% |
| Current assets | 29/58 | €14,821 | €15,590 | +€769 | +5.2% |
| Amounts receivable within one year | 40/41 | €563 | €563 | = | 0.0% |
| Other amounts receivable | 41 | €563 | €563 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,258 | €9,956 | -€4,302 | -30.2% |
| Deferred charges and accrued income | 490/1 | - | €5,071 | +€5,071 | |
| Total equity and liabilities | 10/49 | €1,265,626 | €1,295,720 | +€30,094 | +2.4% |
| Equity | 10/15 | €115,638 | €119,801 | +€4,163 | +3.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,178 | €69,341 | +€4,163 | +6.4% |
| Amounts payable | 17/49 | €1,149,988 | €1,175,918 | +€25,931 | +2.3% |
| Amounts payable after more than one year | 17 | €835,065 | €788,659 | -€46,405 | -5.6% |
| Financial debts | 170/4 | €835,065 | €788,659 | -€46,405 | -5.6% |
| Amounts payable within one year | 42/48 | €307,444 | €387,259 | +€79,815 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €167,550 | €53,048 | -€114,503 | -68.3% |
| Trade debts | 44 | €4,542 | €14,017 | +€9,475 | +209% |
| Suppliers | 440/4 | €4,542 | €14,017 | +€9,475 | +209% |
| Taxes, remuneration and social security | 45 | €8,963 | €5,721 | -€3,242 | -36.2% |
| Taxes | 450/3 | €8,963 | €5,721 | -€3,242 | -36.2% |
| Other amounts payable | 47/48 | €126,389 | €314,474 | +€188,084 | +149% |
| Accrued charges and deferred income | 492/3 | €7,479 | - | -€7,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,625 | €20,022 | -€1,602 | -7.4% |
| Other operating charges | 640/8 | €4,385 | €3,044 | -€1,340 | -30.6% |
| Gross operating margin | 9900 | €58,769 | €62,692 | +€3,923 | +6.7% |
| Operating profit (loss) | 9901 | €32,759 | €39,625 | +€6,866 | +21.0% |
| Financial income | 75/76B | - | €51 | +€51 | |
| Recurring financial income | 75 | - | €51 | +€51 | |
| Financial charges | 65/66B | €11,442 | €28,503 | +€17,060 | +149% |
| Recurring financial charges | 65 | €11,442 | €28,503 | +€17,060 | +149% |
| Profit (loss) for the period before taxes | 9903 | €21,317 | €11,174 | -€10,143 | -47.6% |
| Income taxes | 67/77 | €6,075 | €7,011 | +€936 | +15.4% |
| Profit (loss) for the period | 9904 | €15,242 | €4,163 | -€11,079 | -72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,242 | €4,163 | -€11,079 | -72.7% |
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 21 October 2026 via checked.be.