galcap participations: 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.
galcap participations
Largest movements
- Deferred charges and accrued income +€3.2m
new in 2025: €3.2m
- Financial fixed assets +€2.7m
up €2.7m (+53.6%), from €5.1m to €7.8m
- Receivables within one year +€386,878
up €386,878 (+207%), from €187,026 to €573,904
of which Trade receivables: +€573,900
- Profit (loss) carried forward +€3.6m
up €3.6m, from -€1.7m to €1.9m
- Other debts +€2.7m
new in 2025: €2.7m
- Financial income +€3.2m
up €3.2m (+27,549%), from €11,466 to €3.2m
- Gross operating margin +€570,658
up €570,658, from -€9,377 to €561,281
- Taxes -€120,195
down €120,195 (-72.3%), from €166,195 to €46,000
- Other operating charges -€102,070
down €102,070 (-98.1%), from €104,050 to €1,980
- Financial charges -€17,643
down €17,643 (-89.8%), from €19,641 to €1,998
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,366,762 | €11,570,840 | +€6.2m | +116% |
| Fixed assets | 21/28 | €5,090,996 | €7,820,730 | +€2.7m | +53.6% |
| Financial fixed assets | 28 | €5,090,996 | €7,820,730 | +€2.7m | +53.6% |
| Current assets | 29/58 | €275,766 | €3,750,111 | +€3.5m | +1,260% |
| Amounts receivable within one year | 40/41 | €187,026 | €573,904 | +€386,878 | +207% |
| Trade receivables | 40 | - | €573,900 | +€573,900 | |
| Other amounts receivable | 41 | €187,026 | €4 | -€187,022 | -100.0% |
| Cash at bank and in hand | 54/58 | €88,740 | €5,866 | -€82,874 | -93.4% |
| Deferred charges and accrued income | 490/1 | - | €3,170,340 | +€3.2m | |
| Total equity and liabilities | 10/49 | €5,366,762 | €11,570,840 | +€6.2m | +116% |
| Equity | 10/15 | €4,956,803 | €8,572,932 | +€3.6m | +73.0% |
| Contributions | 10/11 | €6,666,702 | €6,666,702 | = | 0.0% |
| Reserves | 13 | €19,203 | €19,203 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,203 | €19,203 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,203 | €19,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,729,102 | €1,887,027 | +€3.6m | |
| Amounts payable | 17/49 | €409,959 | €2,997,908 | +€2.6m | +631% |
| Amounts payable after more than one year | 17 | €179 | - | -€179 | |
| Financial debts | 170/4 | €179 | - | -€179 | |
| Amounts payable within one year | 42/48 | €80,734 | €2,742,863 | +€2.7m | +3,297% |
| Trade debts | 44 | €50 | €8,863 | +€8,813 | +17,626% |
| Suppliers | 440/4 | €50 | €8,863 | +€8,813 | +17,626% |
| Taxes, remuneration and social security | 45 | €80,684 | €46,000 | -€34,684 | -43.0% |
| Taxes | 450/3 | €80,684 | €46,000 | -€34,684 | -43.0% |
| Other amounts payable | 47/48 | - | €2,688,000 | +€2.7m | |
| Accrued charges and deferred income | 492/3 | €329,046 | €255,045 | -€74,000 | -22.5% |
| Other operating charges | 640/8 | €104,050 | €1,980 | -€102,070 | -98.1% |
| Gross operating margin | 9900 | -€9,377 | €561,281 | +€570,658 | |
| Operating profit (loss) | 9901 | -€113,427 | €559,301 | +€672,728 | |
| Financial income | 75/76B | €11,466 | €3,170,348 | +€3.2m | +27,549% |
| Recurring financial income | 75 | €11,466 | €3,170,348 | +€3.2m | +27,549% |
| Financial charges | 65/66B | €19,641 | €1,998 | -€17,643 | -89.8% |
| Recurring financial charges | 65 | €19,641 | €1,998 | -€17,643 | -89.8% |
| Profit (loss) for the period before taxes | 9903 | -€121,601 | €3,727,651 | +€3.8m | |
| Income taxes | 67/77 | €166,195 | €46,000 | -€120,195 | -72.3% |
| Profit (loss) for the period | 9904 | -€287,796 | €3,681,651 | +€4.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€287,796 | €3,681,651 | +€4.0m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.