GACJAC: 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.
GACJAC
Largest movements
- Cash -€644,836
down €644,836 (-85.6%), from €753,063 to €108,227
mainly Current investments (-€382,979) and Investment in fixed assets (net) (-€362,070)
- Current investments +€382,979
new in 2025: €382,979
- Financial fixed assets +€354,663
up €354,663 (+6.7%), from €5.3m to €5.6m
- Debts after one year +€400,000
up €400,000 (+32.0%), from €1.3m to €1.7m
- Other debts -€176,739
down €176,739 (-73.8%), from €239,355 to €62,616
- Profit (loss) carried forward -€68,750
down €68,750 (-6.9%), from €998,504 to €929,755
- Gross operating margin -€988,148
down €988,148, from €913,941 to -€74,207
- Taxes -€208,357
down €208,357 (-91.4%), from €227,893 to €19,537
- Other operating charges -€98,195
down €98,195 (-98.6%), from €99,585 to €1,390
- Financial charges +€90,141
up €90,141 (+102.0%), from €88,335 to €178,476
of which Non-recurring financial charges: +€92,007
- Financial income +€51,722
up €51,722 (+28.9%), from €179,177 to €230,899
of which Financial income: +€145,397
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 | €6,146,695 | €6,244,277 | +€97,582 | +1.6% |
| Fixed assets | 21/28 | €5,294,601 | €5,655,631 | +€361,030 | +6.8% |
| Tangible fixed assets | 22/27 | €14,268 | €20,636 | +€6,368 | +44.6% |
| Furniture and vehicles | 24 | €1,460 | €2,240 | +€779 | +53.4% |
| Other tangible fixed assets | 26 | €12,808 | €18,396 | +€5,589 | +43.6% |
| Financial fixed assets | 28 | €5,280,333 | €5,634,995 | +€354,663 | +6.7% |
| Current assets | 29/58 | €852,094 | €588,646 | -€263,448 | -30.9% |
| Amounts receivable within one year | 40/41 | €95,392 | €93,806 | -€1,586 | -1.7% |
| Trade receivables | 40 | €1,079 | €1,079 | = | 0.0% |
| Other amounts receivable | 41 | €94,313 | €92,728 | -€1,586 | -1.7% |
| Current investments | 50/53 | - | €382,979 | +€382,979 | |
| Cash at bank and in hand | 54/58 | €753,063 | €108,227 | -€644,836 | -85.6% |
| Deferred charges and accrued income | 490/1 | €3,639 | €3,634 | -€6 | -0.2% |
| Total equity and liabilities | 10/49 | €6,146,695 | €6,244,277 | +€97,582 | +1.6% |
| Equity | 10/15 | €4,564,254 | €4,495,505 | -€68,750 | -1.5% |
| Contributions | 10/11 | €3,400,000 | €3,400,000 | = | 0.0% |
| Capital | 10 | €3,400,000 | €3,400,000 | = | 0.0% |
| Issued capital | 100 | €3,400,000 | €3,400,000 | = | 0.0% |
| Reserves | 13 | €165,750 | €165,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €165,750 | €165,750 | = | 0.0% |
| Legal reserve | 130 | €165,750 | €165,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €998,504 | €929,755 | -€68,750 | -6.9% |
| Amounts payable | 17/49 | €1,582,441 | €1,748,772 | +€166,332 | +10.5% |
| Amounts payable after more than one year | 17 | €1,250,000 | €1,650,000 | +€400,000 | +32.0% |
| Financial debts | 170/4 | €1,250,000 | €1,650,000 | +€400,000 | +32.0% |
| Amounts payable within one year | 42/48 | €303,968 | €96,745 | -€207,223 | -68.2% |
| Trade debts | 44 | €17,449 | €12,342 | -€5,107 | -29.3% |
| Suppliers | 440/4 | €17,449 | €12,342 | -€5,107 | -29.3% |
| Taxes, remuneration and social security | 45 | €47,163 | €21,787 | -€25,377 | -53.8% |
| Taxes | 450/3 | €38,793 | €21,787 | -€17,007 | -43.8% |
| Remuneration and social security | 454/9 | €8,370 | - | -€8,370 | |
| Other amounts payable | 47/48 | €239,355 | €62,616 | -€176,739 | -73.8% |
| Accrued charges and deferred income | 492/3 | €28,473 | €2,027 | -€26,445 | -92.9% |
| Non-recurring operating income | 76A | €1,003,554 | - | -€1.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348 | €1,039 | +€691 | +198.4% |
| Other operating charges | 640/8 | €99,585 | €1,390 | -€98,195 | -98.6% |
| Gross operating margin | 9900 | €913,941 | -€74,207 | -€988,148 | |
| Operating profit (loss) | 9901 | €814,007 | -€76,636 | -€890,644 | |
| Financial income | 75/76B | €179,177 | €230,899 | +€51,722 | +28.9% |
| Recurring financial income | 75 | €50,141 | €195,538 | +€145,397 | +290.0% |
| Non-recurring financial income | 76B | €129,036 | €35,361 | -€93,675 | -72.6% |
| Financial charges | 65/66B | €88,335 | €178,476 | +€90,141 | +102.0% |
| Recurring financial charges | 65 | €88,335 | €86,469 | -€1,866 | -2.1% |
| Non-recurring financial charges | 66B | - | €92,007 | +€92,007 | |
| Profit (loss) for the period before taxes | 9903 | €904,849 | -€24,213 | -€929,062 | |
| Income taxes | 67/77 | €227,893 | €19,537 | -€208,357 | -91.4% |
| Profit (loss) for the period | 9904 | €676,956 | -€43,750 | -€720,705 | |
| Profit (loss) for the period to be appropriated | 9905 | €676,956 | -€43,750 | -€720,705 |
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.