GATCO: 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.
GATCO
Largest movements
- Current investments +€104,169
up €104,169 (+62.9%), from €165,507 to €269,676
- Receivables within one year +€78,070
up €78,070 (+416%), from €18,789 to €96,859
of which Trade receivables: +€79,296
- Cash -€44,600
down €44,600 (-82.7%), from €53,901 to €9,302
mainly Contributions, distributions and other (-€245,416) and Current investments (-€104,169)
- Deferred charges and accrued income -€7,060
down €7,060 (-71.5%), from €9,869 to €2,809
- Profit (loss) carried forward -€245,416
down €245,416 (-100%), from €245,416 to €0
- Other debts +€212,160
up €212,160 (+2,507%), from €8,461 to €220,621
- Reserves +€134,858
up €134,858 (+235%), from €57,382 to €192,240
- Tax, wage and social debts +€15,780
up €15,780 (+3,507%), from €450 to €16,230
- Trade debts +€13,028
up €13,028 (+10,020%), from €130 to €13,158
- Gross operating margin +€146,724
up €146,724 (+166%), from €88,568 to €235,292
- Taxes +€46,891
up €46,891 (+259%), from €18,109 to €65,000
- Financial charges +€26,657
up €26,657 (+348%), from €7,668 to €34,325
- Financial income -€12,172
down €12,172 (-72.4%), from €16,808 to €4,636
- Depreciation -€6,199
down €6,199 (-57.1%), from €10,861 to €4,662
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 | €421,166 | €549,927 | +€128,762 | +30.6% |
| Fixed assets | 21/28 | €173,099 | €171,282 | -€1,818 | -1.1% |
| Tangible fixed assets | 22/27 | €173,099 | €171,282 | -€1,818 | -1.1% |
| Land and buildings | 22 | €171,786 | €168,169 | -€3,617 | -2.1% |
| Furniture and vehicles | 24 | €1,313 | €3,113 | +€1,800 | +137% |
| Current assets | 29/58 | €248,066 | €378,646 | +€130,579 | +52.6% |
| Amounts receivable within one year | 40/41 | €18,789 | €96,859 | +€78,070 | +416% |
| Trade receivables | 40 | €16,676 | €95,973 | +€79,296 | +476% |
| Other amounts receivable | 41 | €2,112 | €886 | -€1,226 | -58.1% |
| Current investments | 50/53 | €165,507 | €269,676 | +€104,169 | +62.9% |
| Cash at bank and in hand | 54/58 | €53,901 | €9,302 | -€44,600 | -82.7% |
| Deferred charges and accrued income | 490/1 | €9,869 | €2,809 | -€7,060 | -71.5% |
| Total equity and liabilities | 10/49 | €421,166 | €549,927 | +€128,762 | +30.6% |
| Equity | 10/15 | €303,798 | €193,240 | -€110,558 | -36.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €57,382 | €192,240 | +€134,858 | +235% |
| Distributable reserves | 133 | €57,382 | €192,240 | +€134,858 | +235% |
| Profit (loss) carried forward | 14 | €245,416 | €0 | -€245,416 | -100% |
| Amounts payable | 17/49 | €117,368 | €356,687 | +€239,319 | +204% |
| Amounts payable after more than one year | 17 | €107,559 | €101,274 | -€6,285 | -5.8% |
| Financial debts | 170/4 | €107,559 | €101,274 | -€6,285 | -5.8% |
| Amounts payable within one year | 42/48 | €9,041 | €255,413 | +€246,372 | +2,725% |
| Current portion of amounts payable after more than one year | 42 | - | €5,405 | +€5,405 | |
| Trade debts | 44 | €130 | €13,158 | +€13,028 | +10,020% |
| Suppliers | 440/4 | €130 | €13,158 | +€13,028 | +10,020% |
| Taxes, remuneration and social security | 45 | €450 | €16,230 | +€15,780 | +3,507% |
| Taxes | 450/3 | €450 | €16,230 | +€15,780 | +3,507% |
| Other amounts payable | 47/48 | €8,461 | €220,621 | +€212,160 | +2,507% |
| Accrued charges and deferred income | 492/3 | €768 | €0 | -€768 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,861 | €4,662 | -€6,199 | -57.1% |
| Other operating charges | 640/8 | €1,027 | €1,083 | +€56 | +5.5% |
| Gross operating margin | 9900 | €88,568 | €235,292 | +€146,724 | +166% |
| Operating profit (loss) | 9901 | €76,681 | €229,548 | +€152,866 | +199% |
| Financial income | 75/76B | €16,808 | €4,636 | -€12,172 | -72.4% |
| Recurring financial income | 75 | €16,808 | €4,636 | -€12,172 | -72.4% |
| Financial charges | 65/66B | €7,668 | €34,325 | +€26,657 | +348% |
| Recurring financial charges | 65 | €7,668 | €34,325 | +€26,657 | +348% |
| Profit (loss) for the period before taxes | 9903 | €85,821 | €199,858 | +€114,037 | +133% |
| Income taxes | 67/77 | €18,109 | €65,000 | +€46,891 | +259% |
| Profit (loss) for the period | 9904 | €67,713 | €134,858 | +€67,145 | +99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €67,713 | €134,858 | +€67,145 | +99.2% |
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 15 October 2026 via checked.be.