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 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€229,761
2024 · €347,978-€118,217
Equity
€2.0m
2024 · €1.5m+€507,756
Cash
€85,170
2024 · €97,044-€11,874
Balance sheet total
€10.7m
2024 · €9.7m+€967,869
Largest movements
Assets
- Tangible fixed assets +€975,522
up €975,522 (+11.9%), from €8.2m to €9.2m
of which Land and buildings: +€997,640
Equity and liabilities
- Debts after one year +€390,584
up €390,584 (+5.3%), from €7.4m to €7.8m
of which Financial debts: +€904,292
- Profit (loss) carried forward +€291,785
up €291,785 (+22.0%), from €1.3m to €1.6m
- Reserves +€215,971
up €215,971 (+193%), from €112,189 to €328,160
Income statement
- Gross operating margin -€103,864
down €103,864 (-10.2%), from €1.0m to €912,912
- Financial charges +€35,765
up €35,765 (+19.9%), from €179,463 to €215,228
- Taxes -€27,318
down €27,318 (-25.6%), from €106,678 to €79,360
- Depreciation +€23,645
up €23,645 (+6.7%), from €351,253 to €374,898
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
€347,978
Gross operating margin
-€103,864
Depreciation
-€23,645
Write-downs
-€815
Other operating charges
-€3,888
Financial income
-€4,667
Financial charges
-€35,765
Taxes
+€27,318
Deferred taxes and other
+€27,109
Result 2025
€229,761
raises the resultlowers the resultnot broken down further in the accounts
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
+€599,754
Investment
-€1.4m
Financing
+€738,792
Cash 2024
€97,044
From operations (derived)
+€599,754
Net result for the year
+€229,761
Depreciation
+€374,898
Smaller working-capital items
-€2,581
Provisions
+€62,746
Tax, wage and social debts
-€60,548
Other debts
-€9,498
Accrued charges and deferred income
+€4,976
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
+€738,792
Debts after one year
+€390,584
Current portion of long-term debt
+€70,213
Contributions, distributions and other
+€277,995
Cash 2025
€85,170
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,722,579 | €10,690,448 | +€967,869 | +10.0% |
| Fixed assets | 21/28 | €9,572,475 | €10,547,997 | +€975,522 | +10.2% |
| Tangible fixed assets | 22/27 | €8,225,315 | €9,200,837 | +€975,522 | +11.9% |
| Land and buildings | 22 | €8,202,645 | €9,200,285 | +€997,640 | +12.2% |
| Other tangible fixed assets | 26 | €770 | €552 | -€218 | -28.3% |
| Assets under construction and advance payments | 27 | €21,900 | - | -€21,900 | |
| Financial fixed assets | 28 | €1,347,160 | €1,347,160 | = | 0.0% |
| Current assets | 29/58 | €150,104 | €142,451 | -€7,653 | -5.1% |
| Amounts receivable within one year | 40/41 | €37,928 | €39,020 | +€1,092 | +2.9% |
| Trade receivables | 40 | €26,622 | €22,068 | -€4,554 | -17.1% |
| Other amounts receivable | 41 | €11,306 | €16,952 | +€5,646 | +49.9% |
| Cash at bank and in hand | 54/58 | €97,044 | €85,170 | -€11,874 | -12.2% |
| Deferred charges and accrued income | 490/1 | €15,132 | €18,261 | +€3,129 | +20.7% |
| Total equity and liabilities | 10/49 | €9,722,579 | €10,690,448 | +€967,869 | +10.0% |
| Equity | 10/15 | €1,458,876 | €1,966,632 | +€507,756 | +34.8% |
| Contributions | 10/11 | €20,452 | €20,452 | = | 0.0% |
| Reserves | 13 | €112,189 | €328,160 | +€215,971 | +193% |
| Tax-exempt reserves | 132 | €112,189 | €328,160 | +€215,971 | +193% |
| Profit (loss) carried forward | 14 | €1,326,235 | €1,618,020 | +€291,785 | +22.0% |
| Provisions and deferred taxes | 16 | €47,238 | €109,984 | +€62,746 | +133% |
| Deferred taxes | 168 | €47,238 | €109,984 | +€62,746 | +133% |
| Amounts payable | 17/49 | €8,216,465 | €8,613,832 | +€397,367 | +4.8% |
| Amounts payable after more than one year | 17 | €7,367,776 | €7,758,360 | +€390,584 | +5.3% |
| Financial debts | 170/4 | €6,782,227 | €7,686,519 | +€904,292 | +13.3% |
| Other amounts payable | 178/9 | €585,549 | €71,841 | -€513,708 | -87.7% |
| Amounts payable within one year | 42/48 | €783,124 | €784,931 | +€1,807 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €627,785 | €697,998 | +€70,213 | +11.2% |
| Trade debts | 44 | €4,489 | €6,129 | +€1,640 | +36.5% |
| Suppliers | 440/4 | €4,489 | €6,129 | +€1,640 | +36.5% |
| Taxes, remuneration and social security | 45 | €66,012 | €5,464 | -€60,548 | -91.7% |
| Taxes | 450/3 | €66,012 | €5,464 | -€60,548 | -91.7% |
| Other amounts payable | 47/48 | €84,838 | €75,340 | -€9,498 | -11.2% |
| Accrued charges and deferred income | 492/3 | €65,565 | €70,541 | +€4,976 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €351,253 | €374,898 | +€23,645 | +6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€662 | €153 | +€815 | |
| Other operating charges | 640/8 | €79,879 | €83,767 | +€3,888 | +4.9% |
| Gross operating margin | 9900 | €1,016,776 | €912,912 | -€103,864 | -10.2% |
| Operating profit (loss) | 9901 | €586,306 | €454,094 | -€132,212 | -22.5% |
| Financial income | 75/76B | €45,003 | €40,336 | -€4,667 | -10.4% |
| Recurring financial income | 75 | €45,003 | €40,336 | -€4,667 | -10.4% |
| Financial charges | 65/66B | €179,463 | €215,228 | +€35,765 | +19.9% |
| Recurring financial charges | 65 | €179,463 | €215,228 | +€35,765 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €451,846 | €279,202 | -€172,644 | -38.2% |
| Transfer from deferred taxes | 780 | €2,810 | €29,919 | +€27,109 | +965% |
| Income taxes | 67/77 | €106,678 | €79,360 | -€27,318 | -25.6% |
| Profit (loss) for the period | 9904 | €347,978 | €229,761 | -€118,217 | -34.0% |
| Transfer from tax-exempt reserves | 789 | €6,306 | €62,024 | +€55,718 | +884% |
| Profit (loss) for the period to be appropriated | 9905 | €354,284 | €291,785 | -€62,499 | -17.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.