GALCYON: 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.
GALCYON
Largest movements
- Current investments -€533,100
no longer reported in 2025 (was €533,100)
- Financial fixed assets +€220,000
new in 2025: €220,000
- Receivables within one year -€44,737
down €44,737 (-13.5%), from €331,915 to €287,178
of which Other amounts receivable: -€42,822
- Cash -€43,214
down €43,214 (-93.5%), from €46,234 to €3,020
mainly Debts after one year (-€477,352) and Investment in fixed assets (net) (-€236,207)
- Deferred charges and accrued income +€24,400
up €24,400 (+113%), from €21,600 to €46,000
- Debts after one year -€477,352
down €477,352 (-31.2%), from €1.5m to €1.1m
- Current portion of long-term debt +€111,276
up €111,276 (+233%), from €47,779 to €159,055
- Other debts -€38,338
down €38,338 (-44.2%), from €86,650 to €48,312
- Reserves +€21,329
up €21,329 (+23.1%), from €92,272 to €113,601
of which Distributable reserves: +€21,329
- Gross operating margin +€27,678
up €27,678 (+63.9%), from €43,332 to €71,010
- Financial charges +€19,075
up €19,075 (+214%), from €8,909 to €27,985
of which Financial charges: +€18,055
- Depreciation +€14,533
up €14,533 (+464%), from €3,131 to €17,663
- Taxes -€12,705
down €12,705, from €11,072 to -€1,633
- Other operating charges +€1,106
up €1,106 (+29.6%), from €3,732 to €4,838
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 | €1,830,733 | €1,452,626 | -€378,107 | -20.7% |
| Fixed assets | 21/28 | €347,884 | €566,427 | +€218,543 | +62.8% |
| Tangible fixed assets | 22/27 | €347,884 | €346,427 | -€1,457 | -0.4% |
| Land and buildings | 22 | €30,551 | €29,023 | -€1,528 | -5.0% |
| Plant, machinery and equipment | 23 | €19,352 | €33,664 | +€14,312 | +74.0% |
| Furniture and vehicles | 24 | €36,673 | €32,884 | -€3,788 | -10.3% |
| Leasing and similar rights | 25 | €261,309 | €250,856 | -€10,452 | -4.0% |
| Financial fixed assets | 28 | - | €220,000 | +€220,000 | |
| Current assets | 29/58 | €1,482,849 | €886,198 | -€596,651 | -40.2% |
| Amounts receivable after more than one year | 29 | €550,000 | €550,000 | = | 0.0% |
| Other amounts receivable | 291 | €550,000 | €550,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €331,915 | €287,178 | -€44,737 | -13.5% |
| Trade receivables | 40 | €1,915 | - | -€1,915 | |
| Other amounts receivable | 41 | €330,000 | €287,178 | -€42,822 | -13.0% |
| Current investments | 50/53 | €533,100 | - | -€533,100 | |
| Cash at bank and in hand | 54/58 | €46,234 | €3,020 | -€43,214 | -93.5% |
| Deferred charges and accrued income | 490/1 | €21,600 | €46,000 | +€24,400 | +113% |
| Total equity and liabilities | 10/49 | €1,830,733 | €1,452,626 | -€378,107 | -20.7% |
| Equity | 10/15 | €142,272 | €163,601 | +€21,329 | +15.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €92,272 | €113,601 | +€21,329 | +23.1% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €87,272 | €108,601 | +€21,329 | +24.4% |
| Amounts payable | 17/49 | €1,688,461 | €1,289,025 | -€399,436 | -23.7% |
| Amounts payable after more than one year | 17 | €1,531,566 | €1,054,213 | -€477,352 | -31.2% |
| Financial debts | 170/4 | €1,531,566 | €1,054,213 | -€477,352 | -31.2% |
| Amounts payable within one year | 42/48 | €156,895 | €234,811 | +€77,916 | +49.7% |
| Current portion of amounts payable after more than one year | 42 | €47,779 | €159,055 | +€111,276 | +233% |
| Trade debts | 44 | €1,385 | €5,064 | +€3,679 | +266% |
| Suppliers | 440/4 | €1,385 | €5,064 | +€3,679 | +266% |
| Taxes, remuneration and social security | 45 | €21,081 | €22,380 | +€1,299 | +6.2% |
| Taxes | 450/3 | €21,081 | €22,380 | +€1,299 | +6.2% |
| Other amounts payable | 47/48 | €86,650 | €48,312 | -€38,338 | -44.2% |
| Remuneration, social security and pensions | 62 | - | €498 | +€498 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,131 | €17,663 | +€14,533 | +464% |
| Other operating charges | 640/8 | €3,732 | €4,838 | +€1,106 | +29.6% |
| Gross operating margin | 9900 | €43,332 | €71,010 | +€27,678 | +63.9% |
| Operating profit (loss) | 9901 | €36,469 | €48,011 | +€11,542 | +31.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €8,909 | €27,985 | +€19,075 | +214% |
| Recurring financial charges | 65 | €8,909 | €26,965 | +€18,055 | +203% |
| Non-recurring financial charges | 66B | - | €1,020 | +€1,020 | |
| Profit (loss) for the period before taxes | 9903 | €27,560 | €20,026 | -€7,534 | -27.3% |
| Income taxes | 67/77 | €11,072 | -€1,633 | -€12,705 | |
| Profit (loss) for the period | 9904 | €16,488 | €21,659 | +€5,171 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,488 | €21,659 | +€5,171 | +31.4% |
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 14 October 2026 via checked.be.