G.A.C: 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.
What changed
G.A.C
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,857
2024 · €113,680-€80,823
Equity
€269,487
2024 · €236,630+€32,857
Cash
€16,984
2024 · €7,556+€9,428
Balance sheet total
€8.4m
2024 · €8.6m-€227,934
Largest movements
Assets
- Stocks and contracts -€167,112
down €167,112 (-10.8%), from €1.5m to €1.4m
Equity and liabilities
- Short-term financial debts -€1.4m
down €1.4m (-59.8%), from €2.4m to €956,249
- Debts after one year +€706,530
up €706,530 (+20.1%), from €3.5m to €4.2m
of which Financial debts: +€706,530
- Other debts +€491,517
up €491,517 (+24.1%), from €2.0m to €2.5m
Income statement
- Gross operating margin -€132,708
down €132,708 (-19.6%), from €675,423 to €542,715
- Financial charges -€51,678
down €51,678 (-16.4%), from €314,378 to €262,700
- Depreciation +€17,218
up €17,218 (+8.5%), from €203,166 to €220,384
- Other operating charges -€16,760
down €16,760 (-36.2%), from €46,242 to €29,483
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.
Result 2024
€113,680
Gross operating margin
-€132,708
Depreciation
-€17,218
Other operating charges
+€16,760
Financial income
+€665
Financial charges
+€51,678
Result 2025
€32,857
raises the resultlowers the result
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.
From operations
+€882,246
Investment
-€200,868
Financing
-€671,951
Cash 2024
€7,556
From operations (derived)
+€882,246
Net result for the year
+€32,857
Depreciation
+€220,384
Stocks and contracts
+€167,112
Receivables within one year
+€46,045
Deferred charges and accrued income
+€4,689
Provisions
-€2,044
Trade debts
-€78,313
Other debts
+€491,517
Investment (derived)
-€200,868
Investment in fixed assets (net)
-€200,868
Financing
-€671,951
Debts after one year
+€706,530
Current portion of long-term debt
+€45,311
Short-term financial debts
-€1.4m
Cash 2025
€16,984
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,645,849 | €8,417,915 | -€227,934 | -2.6% |
| Fixed assets | 21/28 | €6,957,579 | €6,938,063 | -€19,516 | -0.3% |
| Tangible fixed assets | 22/27 | €6,957,579 | €6,938,063 | -€19,516 | -0.3% |
| Land and buildings | 22 | €6,957,579 | €6,938,063 | -€19,516 | -0.3% |
| Current assets | 29/58 | €1,688,269 | €1,479,851 | -€208,418 | -12.3% |
| Stocks and contracts in progress | 3 | €1,544,323 | €1,377,211 | -€167,112 | -10.8% |
| Stocks | 30/36 | €1,544,323 | €1,377,211 | -€167,112 | -10.8% |
| Amounts receivable within one year | 40/41 | €130,790 | €84,745 | -€46,045 | -35.2% |
| Trade receivables | 40 | €30,250 | €30,250 | = | 0.0% |
| Other amounts receivable | 41 | €100,540 | €54,495 | -€46,045 | -45.8% |
| Cash at bank and in hand | 54/58 | €7,556 | €16,984 | +€9,428 | +125% |
| Deferred charges and accrued income | 490/1 | €5,600 | €911 | -€4,689 | -83.7% |
| Total equity and liabilities | 10/49 | €8,645,849 | €8,417,915 | -€227,934 | -2.6% |
| Equity | 10/15 | €236,630 | €269,487 | +€32,857 | +13.9% |
| Contributions | 10/11 | €62,002 | €62,002 | = | 0.0% |
| Capital | 10 | €62,002 | €62,002 | = | 0.0% |
| Issued capital | 100 | €62,002 | €62,002 | = | 0.0% |
| Revaluation surpluses | 12 | €562,585 | €538,474 | -€24,112 | -4.3% |
| Reserves | 13 | €275,703 | €295,844 | +€20,142 | +7.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €66,170 | €62,200 | -€3,970 | -6.0% |
| Distributable reserves | 133 | €203,333 | €227,444 | +€24,112 | +11.9% |
| Profit (loss) carried forward | 14 | -€663,660 | -€626,832 | +€36,827 | +5.5% |
| Provisions and deferred taxes | 16 | €34,072 | €32,028 | -€2,044 | -6.0% |
| Deferred taxes | 168 | €34,072 | €32,028 | -€2,044 | -6.0% |
| Amounts payable | 17/49 | €8,375,147 | €8,116,400 | -€258,747 | -3.1% |
| Amounts payable after more than one year | 17 | €3,512,090 | €4,218,620 | +€706,530 | +20.1% |
| Financial debts | 170/4 | €3,511,640 | €4,218,170 | +€706,530 | +20.1% |
| Other amounts payable | 178/9 | €450 | €450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,863,056 | €3,897,779 | -€965,277 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €214,327 | €259,638 | +€45,311 | +21.1% |
| Financial debts | 43 | €2,380,040 | €956,249 | -€1.4m | -59.8% |
| Credit institutions | 430/8 | €2,380,040 | €956,249 | -€1.4m | -59.8% |
| Trade debts | 44 | €233,058 | €154,745 | -€78,313 | -33.6% |
| Suppliers | 440/4 | €233,058 | €154,745 | -€78,313 | -33.6% |
| Other amounts payable | 47/48 | €2,035,631 | €2,527,147 | +€491,517 | +24.1% |
| Non-recurring operating income | 76A | €289,643 | €0 | -€289,643 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,166 | €220,384 | +€17,218 | +8.5% |
| Other operating charges | 640/8 | €46,242 | €29,483 | -€16,760 | -36.2% |
| Gross operating margin | 9900 | €675,423 | €542,715 | -€132,708 | -19.6% |
| Operating profit (loss) | 9901 | €426,014 | €292,848 | -€133,166 | -31.3% |
| Financial income | 75/76B | €0 | €665 | +€665 | +664,900% |
| Recurring financial income | 75 | €0 | €665 | +€665 | +664,900% |
| Financial charges | 65/66B | €314,378 | €262,700 | -€51,678 | -16.4% |
| Recurring financial charges | 65 | €314,378 | €262,700 | -€51,678 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €111,636 | €30,813 | -€80,823 | -72.4% |
| Transfer from deferred taxes | 780 | €2,044 | €2,044 | = | 0.0% |
| Profit (loss) for the period | 9904 | €113,680 | €32,857 | -€80,823 | -71.1% |
| Transfer from tax-exempt reserves | 789 | €3,970 | €3,970 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,650 | €36,827 | -€80,823 | -68.7% |
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 16 October 2026 via checked.be.