GACON: what changed
What changed
GACON
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€81,095
2024 · €41,551+€39,544
Equity
€230,276
2024 · €160,951+€69,325
Cash
€196,462
2024 · €44,191+€152,271
Balance sheet total
€289,996
2024 · €187,418+€102,578
Largest movements
Assets
- Cash +€152,271
up €152,271 (+345%), from €44,191 to €196,462
mainly Net result for the year (+€81,095) and Current investments (+€50,000)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
Equity and liabilities
- Reserves +€69,325
up €69,325 (+43.9%), from €157,951 to €227,276
- Tax, wage and social debts +€18,621
up €18,621 (+161%), from €11,567 to €30,188
of which Taxes: +€20,928
- Other debts +€10,005
new in 2025: €10,005
- Short-term financial debts +€4,100
up €4,100 (+70.7%), from €5,800 to €9,900
Income statement
- Gross operating margin +€57,118
up €57,118 (+101%), from €56,601 to €113,719
- Taxes +€12,931
up €12,931 (+109%), from €11,896 to €24,827
- Financial charges +€3,559
up €3,559 (+182%), from €1,951 to €5,511
of which Financial charges: +€4,672
- Financial income -€1,685
down €1,685 (-65.7%), from €2,564 to €879
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€41,551
Gross operating margin
+€57,118
Depreciation
+€477
Other operating charges
+€125
Financial income
-€1,685
Financial charges
-€3,559
Taxes
-€12,931
Result 2025
€81,095
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€109,941
Investment
+€50,000
Financing
-€7,670
Cash 2024
€44,191
From operations (derived)
+€109,941
Net result for the year
+€81,095
Depreciation
+€2,246
Receivables within one year
-€1,782
Deferred charges and accrued income
-€772
Trade debts
+€1,146
Tax, wage and social debts
+€18,621
Other debts
+€10,005
Accrued charges and deferred income
-€618
Investment (derived)
+€50,000
Current investments
+€50,000
Financing
-€7,670
Short-term financial debts
+€4,100
Contributions, distributions and other
-€11,770
Cash 2025
€196,462
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €187,418 | €289,996 | +€102,578 | +54.7% |
| Fixed assets | 21/28 | €6,423 | €4,177 | -€2,246 | -35.0% |
| Tangible fixed assets | 22/27 | €6,423 | €4,177 | -€2,246 | -35.0% |
| Plant, machinery and equipment | 23 | €598 | €0 | -€598 | -100% |
| Furniture and vehicles | 24 | €2,305 | €1,443 | -€863 | -37.4% |
| Other tangible fixed assets | 26 | €3,520 | €2,734 | -€786 | -22.3% |
| Current assets | 29/58 | €180,995 | €285,820 | +€104,825 | +57.9% |
| Amounts receivable within one year | 40/41 | €86,103 | €87,884 | +€1,782 | +2.1% |
| Trade receivables | 40 | €21,175 | €29,166 | +€7,991 | +37.7% |
| Other amounts receivable | 41 | €64,927 | €58,718 | -€6,209 | -9.6% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €44,191 | €196,462 | +€152,271 | +345% |
| Deferred charges and accrued income | 490/1 | €701 | €1,474 | +€772 | +110% |
| Total equity and liabilities | 10/49 | €187,418 | €289,996 | +€102,578 | +54.7% |
| Equity | 10/15 | €160,951 | €230,276 | +€69,325 | +43.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €157,951 | €227,276 | +€69,325 | +43.9% |
| Distributable reserves | 133 | €157,951 | €227,276 | +€69,325 | +43.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,467 | €59,721 | +€33,253 | +126% |
| Amounts payable within one year | 42/48 | €25,849 | €59,721 | +€33,871 | +131% |
| Financial debts | 43 | €5,800 | €9,900 | +€4,100 | +70.7% |
| Credit institutions | 430/8 | €5,800 | €9,900 | +€4,100 | +70.7% |
| Trade debts | 44 | €8,482 | €9,628 | +€1,146 | +13.5% |
| Suppliers | 440/4 | €8,482 | €9,628 | +€1,146 | +13.5% |
| Taxes, remuneration and social security | 45 | €11,567 | €30,188 | +€18,621 | +161% |
| Taxes | 450/3 | €5,950 | €26,878 | +€20,928 | +352% |
| Remuneration and social security | 454/9 | €5,617 | €3,310 | -€2,307 | -41.1% |
| Other amounts payable | 47/48 | - | €10,005 | +€10,005 | |
| Accrued charges and deferred income | 492/3 | €618 | €0 | -€618 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,723 | €2,246 | -€477 | -17.5% |
| Other operating charges | 640/8 | €1,044 | €919 | -€125 | -12.0% |
| Gross operating margin | 9900 | €56,601 | €113,719 | +€57,118 | +101% |
| Operating profit (loss) | 9901 | €52,834 | €110,554 | +€57,720 | +109% |
| Financial income | 75/76B | €2,564 | €879 | -€1,685 | -65.7% |
| Recurring financial income | 75 | €2,564 | €879 | -€1,685 | -65.7% |
| Financial charges | 65/66B | €1,951 | €5,511 | +€3,559 | +182% |
| Recurring financial charges | 65 | €839 | €5,511 | +€4,672 | +557% |
| Non-recurring financial charges | 66B | €1,112 | €0 | -€1,112 | -100% |
| Profit (loss) for the period before taxes | 9903 | €53,447 | €105,922 | +€52,475 | +98.2% |
| Income taxes | 67/77 | €11,896 | €24,827 | +€12,931 | +109% |
| Profit (loss) for the period | 9904 | €41,551 | €81,095 | +€39,544 | +95.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,551 | €81,095 | +€39,544 | +95.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.