G.C.: 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.
G.C.
Largest movements
- Cash +€108,637
up €108,637 (+52.5%), from €206,817 to €315,454
mainly Net result for the year (+€81,859) and Investment in fixed assets (net) (+€69,805)
- Financial fixed assets -€69,805
no longer reported in 2025 (was €69,805)
- Tangible fixed assets -€13,265
down €13,265 (-31.8%), from €41,726 to €28,461
- Reserves +€34,386
up €34,386 (+13.7%), from €250,218 to €284,605
of which Distributable reserves: +€34,386
- Current portion of long-term debt -€11,876
down €11,876 (-83.3%), from €14,251 to €2,375
- Other debts +€3,594
up €3,594 (+30.7%), from €11,708 to €15,302
- Gross operating margin +€50,618
up €50,618 (+92.6%), from €54,662 to €105,280
- Taxes +€20,961
up €20,961 (+182.1%), from €11,508 to €32,469
- Financial income +€16,825
up €16,825 (+203.2%), from €8,282 to €25,108
of which Non-recurring financial income: +€15,195
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 | €324,268 | €349,070 | +€24,802 | +7.6% |
| Fixed assets | 21/28 | €111,531 | €28,461 | -€83,069 | -74.5% |
| Tangible fixed assets | 22/27 | €41,726 | €28,461 | -€13,265 | -31.8% |
| Furniture and vehicles | 24 | €41,726 | €28,461 | -€13,265 | -31.8% |
| Financial fixed assets | 28 | €69,805 | - | -€69,805 | |
| Current assets | 29/58 | €212,738 | €320,609 | +€107,871 | +50.7% |
| Amounts receivable within one year | 40/41 | €2,538 | €2,981 | +€443 | +17.5% |
| Other amounts receivable | 41 | €2,538 | €2,981 | +€443 | +17.5% |
| Cash at bank and in hand | 54/58 | €206,817 | €315,454 | +€108,637 | +52.5% |
| Deferred charges and accrued income | 490/1 | €3,383 | €2,174 | -€1,209 | -35.7% |
| Total equity and liabilities | 10/49 | €324,268 | €349,070 | +€24,802 | +7.6% |
| Equity | 10/15 | €280,114 | €314,500 | +€34,386 | +12.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €250,218 | €284,605 | +€34,386 | +13.7% |
| Tax-exempt reserves | 132 | €21,050 | €21,050 | = | 0.0% |
| Distributable reserves | 133 | €229,168 | €263,555 | +€34,386 | +15.0% |
| Profit (loss) carried forward | 14 | €11,303 | €11,303 | = | 0.0% |
| Amounts payable | 17/49 | €44,155 | €34,570 | -€9,584 | -21.7% |
| Amounts payable after more than one year | 17 | €2,375 | - | -€2,375 | |
| Financial debts | 170/4 | €2,375 | - | -€2,375 | |
| Amounts payable within one year | 42/48 | €41,299 | €34,570 | -€6,729 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €14,251 | €2,375 | -€11,876 | -83.3% |
| Trade debts | 44 | €705 | €1,448 | +€742 | +105.2% |
| Suppliers | 440/4 | €705 | €1,448 | +€742 | +105.2% |
| Taxes, remuneration and social security | 45 | €14,635 | €15,445 | +€810 | +5.5% |
| Taxes | 450/3 | €14,635 | €15,445 | +€810 | +5.5% |
| Other amounts payable | 47/48 | €11,708 | €15,302 | +€3,594 | +30.7% |
| Accrued charges and deferred income | 492/3 | €480 | - | -€480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,150 | €13,265 | +€114 | +0.9% |
| Other operating charges | 640/8 | €961 | €841 | -€120 | -12.5% |
| Gross operating margin | 9900 | €54,662 | €105,280 | +€50,618 | +92.6% |
| Operating profit (loss) | 9901 | €40,551 | €91,175 | +€50,624 | +124.8% |
| Financial income | 75/76B | €8,282 | €25,108 | +€16,825 | +203.2% |
| Recurring financial income | 75 | €8,282 | €9,912 | +€1,630 | +19.7% |
| Non-recurring financial income | 76B | - | €15,195 | +€15,195 | |
| Financial charges | 65/66B | €1,650 | €1,954 | +€304 | +18.4% |
| Recurring financial charges | 65 | €1,650 | €1,954 | +€304 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €47,183 | €114,328 | +€67,145 | +142.3% |
| Income taxes | 67/77 | €11,508 | €32,469 | +€20,961 | +182.1% |
| Profit (loss) for the period | 9904 | €35,674 | €81,859 | +€46,185 | +129.5% |
| Transfer from tax-exempt reserves | 789 | €21,050 | - | -€21,050 | |
| Transfer to tax-exempt reserves | 689 | €21,050 | - | -€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,674 | €81,859 | +€46,185 | +129.5% |
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 9 October 2026 via checked.be.