G.D.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.D.C.
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,665
2024 · €21,697-€9,032
Equity
€12.7m
2024 · €12.7m+€12,665
Cash
€519,640
2024 · €37,915+€481,725
Balance sheet total
€22.0m
2024 · €21.8m+€176,556
Largest movements
Assets
- Cash +€481,725
up €481,725 (+1270.5%), from €37,915 to €519,640
mainly Other debts (+€300,105) and Depreciation (+€193,482)
Equity and liabilities
- Other debts +€300,105
up €300,105 (+3.6%), from €8.3m to €8.6m
Income statement
- Financial charges +€49,985
up €49,985 (+23.0%), from €217,375 to €267,360
- Depreciation +€48,745
up €48,745 (+33.7%), from €144,737 to €193,482
- Taxes +€15,388
up €15,388 (+118.2%), from €13,015 to €28,403
- Other operating charges -€10,419
down €10,419 (-37.5%), from €27,811 to €17,392
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
€21,697
Gross operating margin
-€1,508
Depreciation
-€48,745
Other operating charges
+€10,419
Other operating items
+€100,000
Financial income
-€3,825
Financial charges
-€49,985
Taxes
-€15,388
Result 2025
€12,665
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.
From operations
+€563,269
Investment
-€81,544
Financing
€0
Cash 2024
€37,915
From operations (derived)
+€563,269
Net result for the year
+€12,665
Depreciation
+€193,482
Receivables within one year
+€193,231
Provisions
-€6,750
Trade debts
-€11,142
Tax, wage and social debts
-€118,322
Other debts
+€300,105
Investment (derived)
-€81,544
Investment in fixed assets (net)
-€81,544
Cash 2025
€519,640
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,838,044 | €22,014,600 | +€176,556 | +0.8% |
| Fixed assets | 21/28 | €8,078,476 | €7,966,538 | -€111,938 | -1.4% |
| Tangible fixed assets | 22/27 | €6,023,086 | €5,911,148 | -€111,938 | -1.9% |
| Land and buildings | 22 | €6,016,554 | €5,771,409 | -€245,145 | -4.1% |
| Furniture and vehicles | 24 | €6,532 | €139,739 | +€133,207 | +2039.3% |
| Financial fixed assets | 28 | €2,055,390 | €2,055,390 | = | 0.0% |
| Current assets | 29/58 | €13,759,568 | €14,048,062 | +€288,494 | +2.1% |
| Amounts receivable within one year | 40/41 | €13,721,653 | €13,528,422 | -€193,231 | -1.4% |
| Trade receivables | 40 | €60,575 | €504,000 | +€443,425 | +732.0% |
| Other amounts receivable | 41 | €13,661,078 | €13,024,422 | -€636,656 | -4.7% |
| Cash at bank and in hand | 54/58 | €37,915 | €519,640 | +€481,725 | +1270.5% |
| Total equity and liabilities | 10/49 | €21,838,044 | €22,014,600 | +€176,556 | +0.8% |
| Equity | 10/15 | €12,734,066 | €12,746,731 | +€12,665 | +0.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,693,406 | €1,679,797 | -€13,609 | -0.8% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,488,406 | €1,474,797 | -€13,609 | -0.9% |
| Distributable reserves | 133 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,790,660 | €10,816,934 | +€26,274 | +0.2% |
| Provisions and deferred taxes | 16 | €530,530 | €523,780 | -€6,750 | -1.3% |
| Deferred taxes | 168 | €530,530 | €523,780 | -€6,750 | -1.3% |
| Amounts payable | 17/49 | €8,573,448 | €8,744,089 | +€170,641 | +2.0% |
| Amounts payable within one year | 42/48 | €8,573,448 | €8,744,089 | +€170,641 | +2.0% |
| Trade debts | 44 | €103,376 | €92,234 | -€11,142 | -10.8% |
| Suppliers | 440/4 | €103,376 | €92,234 | -€11,142 | -10.8% |
| Taxes, remuneration and social security | 45 | €176,006 | €57,684 | -€118,322 | -67.2% |
| Taxes | 450/3 | €176,006 | €57,684 | -€118,322 | -67.2% |
| Other amounts payable | 47/48 | €8,294,066 | €8,594,171 | +€300,105 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,737 | €193,482 | +€48,745 | +33.7% |
| Other operating charges | 640/8 | €27,811 | €17,392 | -€10,419 | -37.5% |
| Non-recurring operating charges | 66A | €100,000 | - | -€100,000 | |
| Gross operating margin | 9900 | €512,563 | €511,055 | -€1,508 | -0.3% |
| Operating profit (loss) | 9901 | €240,015 | €300,181 | +€60,166 | +25.1% |
| Financial income | 75/76B | €5,322 | €1,497 | -€3,825 | -71.9% |
| Recurring financial income | 75 | €5,322 | €1,497 | -€3,825 | -71.9% |
| Financial charges | 65/66B | €217,375 | €267,360 | +€49,985 | +23.0% |
| Recurring financial charges | 65 | €217,375 | €267,360 | +€49,985 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €27,962 | €34,318 | +€6,356 | +22.7% |
| Transfer from deferred taxes | 780 | €6,750 | €6,750 | = | 0.0% |
| Income taxes | 67/77 | €13,015 | €28,403 | +€15,388 | +118.2% |
| Profit (loss) for the period | 9904 | €21,697 | €12,665 | -€9,032 | -41.6% |
| Transfer from tax-exempt reserves | 789 | €193,608 | €13,609 | -€179,999 | -93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €215,305 | €26,274 | -€189,031 | -87.8% |
Source: filed annual accounts (NBB), financial years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.