GACD: what changed
Two fiscal 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.
GACD
Largest movements
- Intangible fixed assets -€430,680
down €430,680 (-26.7%), from €1.6m to €1.2m
- Tangible fixed assets +€167,387
up €167,387 (+110.1%), from €152,052 to €319,439
of which Other tangible fixed assets: +€174,347
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash +€91,802
up €91,802 (+23.5%), from €390,269 to €482,071
mainly Depreciation (+€481,689) and Current investments (+€100,000)
- Receivables within one year +€65,617
up €65,617 (+14.4%), from €456,727 to €522,344
of which Other amounts receivable: +€37,370
- Debts after one year -€284,941
down €284,941 (-16.4%), from €1.7m to €1.4m
- Other debts +€50,000
up €50,000, from €0 to €50,000
- Profit (loss) carried forward -€33,753
down €33,753 (-43.3%), from €77,956 to €44,203
- Trade debts +€28,891
up €28,891 (+39.2%), from €73,784 to €102,675
- Current portion of long-term debt +€28,556
up €28,556 (+7.7%), from €369,786 to €398,341
- Staff costs +€56,138
up €56,138 (+11.2%), from €500,020 to €556,159
- Gross operating margin +€45,533
up €45,533 (+4.3%), from €1.1m to €1.1m
- Depreciation +€20,435
up €20,435 (+4.4%), from €461,254 to €481,689
- Taxes -€14,843
down €14,843 (-58.5%), from €25,369 to €10,526
- Financial income -€12,222
down €12,222 (-83.2%), from €14,687 to €2,465
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,719,763 | €2,520,192 | -€199,571 | -7.3% |
| Fixed assets | 21/28 | €1,768,061 | €1,504,767 | -€263,293 | -14.9% |
| Intangible fixed assets | 21 | €1,616,008 | €1,185,328 | -€430,680 | -26.7% |
| Tangible fixed assets | 22/27 | €152,052 | €319,439 | +€167,387 | +110.1% |
| Plant, machinery and equipment | 23 | €1,275 | €421 | -€854 | -67.0% |
| Furniture and vehicles | 24 | €61,007 | €54,901 | -€6,106 | -10.0% |
| Other tangible fixed assets | 26 | €89,770 | €264,117 | +€174,347 | +194.2% |
| Current assets | 29/58 | €951,703 | €1,015,425 | +€63,722 | +6.7% |
| Amounts receivable within one year | 40/41 | €456,727 | €522,344 | +€65,617 | +14.4% |
| Trade receivables | 40 | €134,635 | €162,882 | +€28,247 | +21.0% |
| Other amounts receivable | 41 | €322,092 | €359,462 | +€37,370 | +11.6% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €390,269 | €482,071 | +€91,802 | +23.5% |
| Deferred charges and accrued income | 490/1 | €4,707 | €11,009 | +€6,302 | +133.9% |
| Total equity and liabilities | 10/49 | €2,719,763 | €2,520,192 | -€199,571 | -7.3% |
| Equity | 10/15 | €483,556 | €450,653 | -€32,903 | -6.8% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €5,600 | €6,450 | +€850 | +15.2% |
| Non-distributable reserves | 130/1 | €5,600 | €6,450 | +€850 | +15.2% |
| Legal reserve | 130 | €5,600 | €6,450 | +€850 | +15.2% |
| Profit (loss) carried forward | 14 | €77,956 | €44,203 | -€33,753 | -43.3% |
| Amounts payable | 17/49 | €2,236,208 | €2,069,539 | -€166,668 | -7.5% |
| Amounts payable after more than one year | 17 | €1,733,896 | €1,448,955 | -€284,941 | -16.4% |
| Financial debts | 170/4 | €1,733,896 | €1,448,955 | -€284,941 | -16.4% |
| Amounts payable within one year | 42/48 | €502,311 | €620,584 | +€118,273 | +23.5% |
| Current portion of amounts payable after more than one year | 42 | €369,786 | €398,341 | +€28,556 | +7.7% |
| Trade debts | 44 | €73,784 | €102,675 | +€28,891 | +39.2% |
| Suppliers | 440/4 | €73,784 | €102,675 | +€28,891 | +39.2% |
| Taxes, remuneration and social security | 45 | €58,741 | €69,568 | +€10,826 | +18.4% |
| Taxes | 450/3 | €1,573 | €0 | -€1,573 | -100.0% |
| Remuneration and social security | 454/9 | €57,169 | €69,568 | +€12,399 | +21.7% |
| Other amounts payable | 47/48 | €0 | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €500,020 | €556,159 | +€56,138 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €461,254 | €481,689 | +€20,435 | +4.4% |
| Other operating charges | 640/8 | €1,965 | €7,317 | +€5,352 | +272.4% |
| Gross operating margin | 9900 | €1,052,206 | €1,097,739 | +€45,533 | +4.3% |
| Operating profit (loss) | 9901 | €88,967 | €52,574 | -€36,393 | -40.9% |
| Financial income | 75/76B | €14,687 | €2,465 | -€12,222 | -83.2% |
| Recurring financial income | 75 | €14,687 | €2,465 | -€12,222 | -83.2% |
| Financial charges | 65/66B | €28,778 | €27,416 | -€1,361 | -4.7% |
| Recurring financial charges | 65 | €28,778 | €27,416 | -€1,361 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €74,876 | €27,623 | -€47,253 | -63.1% |
| Income taxes | 67/77 | €25,369 | €10,526 | -€14,843 | -58.5% |
| Profit (loss) for the period | 9904 | €49,507 | €17,097 | -€32,410 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,507 | €17,097 | -€32,410 | -65.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.