G.C. ASSOCIATES: 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.
G.C. ASSOCIATES
Largest movements
- Receivables within one year +€36,537
up €36,537 (+41.7%), from €87,528 to €124,064
of which Trade receivables: +€55,560
- Tangible fixed assets -€6,549
down €6,549 (-9.3%), from €70,614 to €64,064
of which Land and buildings: -€4,550
- Other debts +€34,216
up €34,216 (+144%), from €23,844 to €58,060
- Reserves +€5,999
up €5,999 (+14.0%), from €42,794 to €48,793
- Current portion of long-term debt -€5,854
down €5,854 (-50.0%), from €11,707 to €5,854
- Trade debts -€4,694
down €4,694 (-82.9%), from €5,664 to €970
- Gross operating margin -€42,670
down €42,670 (-67.3%), from €63,439 to €20,769
- Taxes -€15,021
down €15,021 (-80.6%), from €18,631 to €3,610
- Other operating charges +€1,154
up €1,154 (+1,425%), from €81 to €1,235
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 | €158,698 | €188,764 | +€30,066 | +18.9% |
| Fixed assets | 21/28 | €70,614 | €64,064 | -€6,549 | -9.3% |
| Tangible fixed assets | 22/27 | €70,614 | €64,064 | -€6,549 | -9.3% |
| Land and buildings | 22 | €62,765 | €58,215 | -€4,550 | -7.2% |
| Plant, machinery and equipment | 23 | €5,725 | €4,941 | -€784 | -13.7% |
| Furniture and vehicles | 24 | €2,123 | €908 | -€1,215 | -57.2% |
| Current assets | 29/58 | €88,084 | €124,700 | +€36,615 | +41.6% |
| Amounts receivable within one year | 40/41 | €87,528 | €124,064 | +€36,537 | +41.7% |
| Trade receivables | 40 | - | €55,560 | +€55,560 | |
| Other amounts receivable | 41 | €87,528 | €68,504 | -€19,023 | -21.7% |
| Cash at bank and in hand | 54/58 | €557 | €635 | +€79 | +14.1% |
| Total equity and liabilities | 10/49 | €158,698 | €188,764 | +€30,066 | +18.9% |
| Equity | 10/15 | €110,340 | €116,339 | +€5,999 | +5.4% |
| Contributions | 10/11 | €67,546 | €67,546 | = | 0.0% |
| Reserves | 13 | €42,794 | €48,793 | +€5,999 | +14.0% |
| Distributable reserves | 133 | €42,794 | €48,793 | +€5,999 | +14.0% |
| Amounts payable | 17/49 | €48,358 | €72,425 | +€24,066 | +49.8% |
| Amounts payable within one year | 42/48 | €46,106 | €69,525 | +€23,419 | +50.8% |
| Current portion of amounts payable after more than one year | 42 | €11,707 | €5,854 | -€5,854 | -50.0% |
| Trade debts | 44 | €5,664 | €970 | -€4,694 | -82.9% |
| Suppliers | 440/4 | €5,664 | €970 | -€4,694 | -82.9% |
| Taxes, remuneration and social security | 45 | €4,891 | €4,642 | -€249 | -5.1% |
| Taxes | 450/3 | €4,891 | €4,642 | -€249 | -5.1% |
| Other amounts payable | 47/48 | €23,844 | €58,060 | +€34,216 | +144% |
| Accrued charges and deferred income | 492/3 | €2,252 | €2,899 | +€647 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,549 | €6,549 | +€0 | 0.0% |
| Other operating charges | 640/8 | €81 | €1,235 | +€1,154 | +1,425% |
| Gross operating margin | 9900 | €63,439 | €20,769 | -€42,670 | -67.3% |
| Operating profit (loss) | 9901 | €56,809 | €12,984 | -€43,824 | -77.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,768 | €3,375 | +€607 | +21.9% |
| Recurring financial charges | 65 | €2,768 | €3,375 | +€607 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €54,040 | €9,610 | -€44,431 | -82.2% |
| Income taxes | 67/77 | €18,631 | €3,610 | -€15,021 | -80.6% |
| Profit (loss) for the period | 9904 | €35,410 | €5,999 | -€29,410 | -83.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,410 | €5,999 | -€29,410 | -83.1% |
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 15 October 2026 via checked.be.