G.C.M.: 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.M.
Largest movements
- Current investments +€296,159
up €296,159 (+91.8%), from €322,721 to €618,880
- Cash -€92,380
down €92,380 (-52.9%), from €174,728 to €82,349
mainly Current investments (-€296,159) and Receivables within one year (-€43,549)
- Receivables within one year +€43,549
up €43,549 (+52.2%), from €83,350 to €126,899
of which Trade receivables: +€43,791
- Tangible fixed assets -€23,653
down €23,653 (-22.3%), from €105,870 to €82,217
of which Furniture and vehicles: -€22,956
- Reserves +€198,387
up €198,387 (+30.4%), from €652,154 to €850,541
- Tax, wage and social debts +€20,993
up €20,993 (+107%), from €19,594 to €40,587
- Gross operating margin +€49,484
up €49,484 (+20.8%), from €238,476 to €287,960
- Taxes +€25,252
up €25,252 (+37.5%), from €67,302 to €92,555
- Financial income +€24,091
up €24,091 (+220%), from €10,960 to €35,051
- Financial charges -€3,868
down €3,868 (-71.9%), from €5,378 to €1,510
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 | €688,414 | €912,963 | +€224,549 | +32.6% |
| Fixed assets | 21/28 | €106,510 | €82,857 | -€23,653 | -22.2% |
| Tangible fixed assets | 22/27 | €105,870 | €82,217 | -€23,653 | -22.3% |
| Plant, machinery and equipment | 23 | €855 | €158 | -€697 | -81.5% |
| Furniture and vehicles | 24 | €105,015 | €82,059 | -€22,956 | -21.9% |
| Financial fixed assets | 28 | €640 | €640 | = | 0.0% |
| Current assets | 29/58 | €581,904 | €830,106 | +€248,202 | +42.7% |
| Amounts receivable within one year | 40/41 | €83,350 | €126,899 | +€43,549 | +52.2% |
| Trade receivables | 40 | €82,647 | €126,438 | +€43,791 | +53.0% |
| Other amounts receivable | 41 | €703 | €461 | -€242 | -34.5% |
| Current investments | 50/53 | €322,721 | €618,880 | +€296,159 | +91.8% |
| Cash at bank and in hand | 54/58 | €174,728 | €82,349 | -€92,380 | -52.9% |
| Deferred charges and accrued income | 490/1 | €1,105 | €1,979 | +€874 | +79.1% |
| Total equity and liabilities | 10/49 | €688,414 | €912,963 | +€224,549 | +32.6% |
| Equity | 10/15 | €662,154 | €860,541 | +€198,387 | +30.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €652,154 | €850,541 | +€198,387 | +30.4% |
| Distributable reserves | 133 | €652,154 | €850,541 | +€198,387 | +30.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,260 | €52,422 | +€26,162 | +99.6% |
| Amounts payable within one year | 42/48 | €26,246 | €50,739 | +€24,493 | +93.3% |
| Trade debts | 44 | €2,586 | €3,155 | +€570 | +22.0% |
| Suppliers | 440/4 | €2,586 | €3,155 | +€570 | +22.0% |
| Taxes, remuneration and social security | 45 | €19,594 | €40,587 | +€20,993 | +107% |
| Taxes | 450/3 | €19,594 | €40,587 | +€20,993 | +107% |
| Other amounts payable | 47/48 | €4,066 | €6,997 | +€2,931 | +72.1% |
| Accrued charges and deferred income | 492/3 | €14 | €1,683 | +€1,669 | +11,704% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,245 | €28,534 | +€2,289 | +8.7% |
| Other operating charges | 640/8 | €1,012 | €1,439 | +€427 | +42.2% |
| Non-recurring operating charges | 66A | €360 | €586 | +€227 | +63.0% |
| Gross operating margin | 9900 | €238,476 | €287,960 | +€49,484 | +20.8% |
| Operating profit (loss) | 9901 | €210,859 | €257,400 | +€46,541 | +22.1% |
| Financial income | 75/76B | €10,960 | €35,051 | +€24,091 | +220% |
| Recurring financial income | 75 | €10,960 | €35,051 | +€24,091 | +220% |
| Financial charges | 65/66B | €5,378 | €1,510 | -€3,868 | -71.9% |
| Recurring financial charges | 65 | €5,378 | €1,510 | -€3,868 | -71.9% |
| Profit (loss) for the period before taxes | 9903 | €216,441 | €290,941 | +€74,501 | +34.4% |
| Income taxes | 67/77 | €67,302 | €92,555 | +€25,252 | +37.5% |
| Profit (loss) for the period | 9904 | €149,139 | €198,387 | +€49,248 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,139 | €198,387 | +€49,248 | +33.0% |
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.