G.D.C. Beheer: 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.D.C. Beheer
Largest movements
- Current investments -€52,800
down €52,800 (-49.9%), from €105,800 to €53,000
- Tangible fixed assets -€42,169
down €42,169 (-5.8%), from €731,640 to €689,471
- Receivables within one year +€30,879
up €30,879 (+29.4%), from €105,023 to €135,902
of which Other amounts receivable: +€15,981
- Cash -€20,409
down €20,409 (-55.6%), from €36,725 to €16,316
mainly Debts after one year (-€155,000) and Receivables within one year (-€30,879)
- Debts after one year -€155,000
down €155,000 (-55.0%), from €281,999 to €126,999
- Profit (loss) carried forward +€49,079
up €49,079 (+41.4%), from -€118,494 to -€69,415
- Accrued charges and deferred income +€13,875
up €13,875 (+155%), from €8,930 to €22,805
- Financial income +€64,393
up €64,393 (+1,745%), from €3,690 to €68,083
of which Non-recurring financial income: +€62,700
- Taxes -€48,042
down €48,042 (-77.4%), from €62,045 to €14,003
- Gross operating margin +€25,359
up €25,359 (+106%), from €24,007 to €49,366
- Write-downs -€8,800
down €8,800, from €4,400 to -€4,400
- Depreciation -€7,034
down €7,034 (-14.3%), from €49,203 to €42,169
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 | €1,294,361 | €1,210,005 | -€84,356 | -6.5% |
| Fixed assets | 21/28 | €731,640 | €689,471 | -€42,169 | -5.8% |
| Tangible fixed assets | 22/27 | €731,640 | €689,471 | -€42,169 | -5.8% |
| Land and buildings | 22 | €731,640 | €689,471 | -€42,169 | -5.8% |
| Current assets | 29/58 | €562,721 | €520,533 | -€42,188 | -7.5% |
| Stocks and contracts in progress | 3 | €311,493 | €311,493 | +€0 | 0.0% |
| Stocks | 30/36 | €311,493 | €311,493 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €105,023 | €135,902 | +€30,879 | +29.4% |
| Trade receivables | 40 | €13,115 | €28,012 | +€14,897 | +114% |
| Other amounts receivable | 41 | €91,909 | €107,890 | +€15,981 | +17.4% |
| Current investments | 50/53 | €105,800 | €53,000 | -€52,800 | -49.9% |
| Cash at bank and in hand | 54/58 | €36,725 | €16,316 | -€20,409 | -55.6% |
| Deferred charges and accrued income | 490/1 | €3,679 | €3,822 | +€143 | +3.9% |
| Total equity and liabilities | 10/49 | €1,294,361 | €1,210,005 | -€84,356 | -6.5% |
| Equity | 10/15 | €864,841 | €906,560 | +€41,719 | +4.8% |
| Contributions | 10/11 | €597,000 | €597,000 | = | 0.0% |
| Capital | 10 | €597,000 | €597,000 | = | 0.0% |
| Issued capital | 100 | €597,000 | €597,000 | = | 0.0% |
| Revaluation surpluses | 12 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €206,335 | €198,975 | -€7,360 | -3.6% |
| Non-distributable reserves | 130/1 | €7,728 | €7,728 | -€0 | 0.0% |
| Legal reserve | 130 | €7,728 | €7,728 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €92,058 | €84,698 | -€7,360 | -8.0% |
| Distributable reserves | 133 | €106,549 | €106,549 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€118,494 | -€69,415 | +€49,079 | +41.4% |
| Provisions and deferred taxes | 16 | €30,686 | €28,233 | -€2,453 | -8.0% |
| Deferred taxes | 168 | €30,686 | €28,233 | -€2,453 | -8.0% |
| Amounts payable | 17/49 | €398,834 | €275,212 | -€123,622 | -31.0% |
| Amounts payable after more than one year | 17 | €281,999 | €126,999 | -€155,000 | -55.0% |
| Financial debts | 170/4 | €281,999 | €126,999 | -€155,000 | -55.0% |
| Amounts payable within one year | 42/48 | €107,905 | €125,407 | +€17,502 | +16.2% |
| Trade debts | 44 | €27,825 | €33,205 | +€5,380 | +19.3% |
| Suppliers | 440/4 | €27,825 | €33,205 | +€5,380 | +19.3% |
| Taxes, remuneration and social security | 45 | €70,780 | €79,003 | +€8,223 | +11.6% |
| Taxes | 450/3 | €70,780 | €79,003 | +€8,223 | +11.6% |
| Other amounts payable | 47/48 | €9,300 | €13,200 | +€3,900 | +41.9% |
| Accrued charges and deferred income | 492/3 | €8,930 | €22,805 | +€13,875 | +155% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,203 | €42,169 | -€7,034 | -14.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,400 | -€4,400 | -€8,800 | |
| Other operating charges | 640/8 | €12,336 | €15,952 | +€3,616 | +29.3% |
| Gross operating margin | 9900 | €24,007 | €49,366 | +€25,359 | +106% |
| Operating profit (loss) | 9901 | -€41,932 | -€4,355 | +€37,577 | +89.6% |
| Financial income | 75/76B | €3,690 | €68,083 | +€64,393 | +1,745% |
| Recurring financial income | 75 | €3,690 | €5,383 | +€1,693 | +45.9% |
| Non-recurring financial income | 76B | - | €62,700 | +€62,700 | |
| Financial charges | 65/66B | €9,424 | €10,459 | +€1,035 | +11.0% |
| Recurring financial charges | 65 | €9,424 | €10,459 | +€1,035 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | -€47,666 | €53,269 | +€100,935 | |
| Transfer from deferred taxes | 780 | €209,486 | €2,453 | -€207,033 | -98.8% |
| Income taxes | 67/77 | €62,045 | €14,003 | -€48,042 | -77.4% |
| Profit (loss) for the period | 9904 | €99,776 | €41,720 | -€58,056 | -58.2% |
| Transfer from tax-exempt reserves | 789 | €75,481 | €7,360 | -€68,121 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €175,257 | €49,080 | -€126,177 | -72.0% |
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 26 October 2026 via checked.be.