G.T.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.
G.T.C.
Largest movements
- Intangible fixed assets -€92,770
down €92,770 (-33.3%), from €278,310 to €185,540
- Cash -€18,642
down €18,642 (-46.4%), from €40,146 to €21,504
mainly Debts after one year (-€104,601) and Net result for the year (-€38,598)
- Tangible fixed assets -€15,591
down €15,591 (-6.2%), from €250,397 to €234,806
of which Land and buildings: -€13,683
- Debts after one year -€104,601
down €104,601 (-78.2%), from €133,745 to €29,144
- Profit (loss) carried forward -€38,598
down €38,598 (-1.0%), from -€3.8m to -€3.8m
- Other debts +€21,685
up €21,685 (+1.2%), from €1.8m to €1.8m
- Gross operating margin +€69,230
up €69,230 (+65.5%), from €105,701 to €174,931
- Staff costs +€8,244
up €8,244 (+16.4%), from €50,209 to €58,453
- Financial charges -€7,220
down €7,220 (-43.8%), from €16,502 to €9,282
- Financial income -€3,056
down €3,056 (-83.6%), from €3,657 to €601
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 | €648,270 | €520,417 | -€127,853 | -19.7% |
| Fixed assets | 21/28 | €601,324 | €493,283 | -€108,041 | -18.0% |
| Intangible fixed assets | 21 | €278,310 | €185,540 | -€92,770 | -33.3% |
| Tangible fixed assets | 22/27 | €250,397 | €234,806 | -€15,591 | -6.2% |
| Land and buildings | 22 | €241,708 | €228,025 | -€13,683 | -5.7% |
| Plant, machinery and equipment | 23 | €8,689 | €6,781 | -€1,908 | -22.0% |
| Financial fixed assets | 28 | €72,617 | €72,937 | +€320 | +0.4% |
| Current assets | 29/58 | €46,946 | €27,134 | -€19,812 | -42.2% |
| Amounts receivable within one year | 40/41 | €931 | €191 | -€741 | -79.5% |
| Trade receivables | 40 | €852 | €0 | -€852 | -100.0% |
| Other amounts receivable | 41 | €79 | €191 | +€111 | +140% |
| Cash at bank and in hand | 54/58 | €40,146 | €21,504 | -€18,642 | -46.4% |
| Deferred charges and accrued income | 490/1 | €5,869 | €5,439 | -€430 | -7.3% |
| Total equity and liabilities | 10/49 | €648,270 | €520,417 | -€127,853 | -19.7% |
| Equity | 10/15 | -€1,421,498 | -€1,460,096 | -€38,598 | -2.7% |
| Contributions | 10/11 | €118,746 | €118,746 | = | 0.0% |
| Capital | 10 | €118,746 | €118,746 | = | 0.0% |
| Issued capital | 100 | €118,746 | €118,746 | = | 0.0% |
| Reserves | 13 | €2,211,853 | €2,211,853 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,853 | €11,853 | = | 0.0% |
| Legal reserve | 130 | €11,853 | €11,853 | = | 0.0% |
| Distributable reserves | 133 | €2,200,000 | €2,200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,752,098 | -€3,790,696 | -€38,598 | -1.0% |
| Amounts payable | 17/49 | €2,069,768 | €1,980,513 | -€89,255 | -4.3% |
| Amounts payable after more than one year | 17 | €133,745 | €29,144 | -€104,601 | -78.2% |
| Financial debts | 170/4 | €133,745 | €29,144 | -€104,601 | -78.2% |
| Amounts payable within one year | 42/48 | €1,935,995 | €1,951,369 | +€15,374 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €107,193 | €104,601 | -€2,591 | -2.4% |
| Trade debts | 44 | €14,274 | €8,191 | -€6,083 | -42.6% |
| Suppliers | 440/4 | €14,274 | €8,191 | -€6,083 | -42.6% |
| Taxes, remuneration and social security | 45 | €11,053 | €13,416 | +€2,363 | +21.4% |
| Taxes | 450/3 | €4,247 | €5,588 | +€1,341 | +31.6% |
| Remuneration and social security | 454/9 | €6,806 | €7,828 | +€1,022 | +15.0% |
| Other amounts payable | 47/48 | €1,803,475 | €1,825,160 | +€21,685 | +1.2% |
| Accrued charges and deferred income | 492/3 | €28 | €0 | -€28 | -100% |
| Remuneration, social security and pensions | 62 | €50,209 | €58,453 | +€8,244 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,126 | €122,779 | +€1,653 | +1.4% |
| Other operating charges | 640/8 | €23,479 | €23,616 | +€137 | +0.6% |
| Gross operating margin | 9900 | €105,701 | €174,931 | +€69,230 | +65.5% |
| Operating profit (loss) | 9901 | -€89,114 | -€29,917 | +€59,196 | +66.4% |
| Financial income | 75/76B | €3,657 | €601 | -€3,056 | -83.6% |
| Recurring financial income | 75 | €3,657 | €601 | -€3,056 | -83.6% |
| Financial charges | 65/66B | €16,502 | €9,282 | -€7,220 | -43.8% |
| Recurring financial charges | 65 | €16,502 | €9,282 | -€7,220 | -43.8% |
| Profit (loss) for the period before taxes | 9903 | -€101,958 | -€38,598 | +€63,360 | +62.1% |
| Profit (loss) for the period | 9904 | -€101,958 | -€38,598 | +€63,360 | +62.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€101,958 | -€38,598 | +€63,360 | +62.1% |
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.