GBTEC: 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.
GBTEC
Largest movements
- Cash +€41,081
up €41,081 (+114%), from €36,148 to €77,229
mainly Net result for the year (+€37,397) and Depreciation (+€30,469)
- Tangible fixed assets +€11,168
up €11,168 (+5.3%), from €210,466 to €221,633
of which Furniture and vehicles: +€13,712
- Profit (loss) carried forward +€37,397
up €37,397 (+41.7%), from €89,723 to €127,121
- Accrued charges and deferred income +€10,180
up €10,180 (+51,206%), from €20 to €10,200
- Tax, wage and social debts +€5,388
up €5,388 (+6,494%), from €83 to €5,471
of which Taxes: +€5,471
- Gross operating margin +€16,283
up €16,283 (+24.9%), from €65,480 to €81,763
- Depreciation +€6,777
up €6,777 (+28.6%), from €23,692 to €30,469
- Taxes +€2,793
up €2,793 (+42.7%), from €6,540 to €9,334
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 | €261,816 | €317,510 | +€55,695 | +21.3% |
| Fixed assets | 21/28 | €210,587 | €221,754 | +€11,168 | +5.3% |
| Tangible fixed assets | 22/27 | €210,466 | €221,633 | +€11,168 | +5.3% |
| Land and buildings | 22 | €130,101 | €126,226 | -€3,875 | -3.0% |
| Plant, machinery and equipment | 23 | €1,574 | €1,310 | -€264 | -16.8% |
| Furniture and vehicles | 24 | €63,103 | €76,815 | +€13,712 | +21.7% |
| Other tangible fixed assets | 26 | €15,687 | €17,282 | +€1,595 | +10.2% |
| Financial fixed assets | 28 | €121 | €121 | = | 0.0% |
| Current assets | 29/58 | €51,229 | €95,756 | +€44,527 | +86.9% |
| Amounts receivable within one year | 40/41 | €14,172 | €17,322 | +€3,150 | +22.2% |
| Trade receivables | 40 | €1,679 | €17,233 | +€15,554 | +927% |
| Other amounts receivable | 41 | €12,493 | €89 | -€12,404 | -99.3% |
| Cash at bank and in hand | 54/58 | €36,148 | €77,229 | +€41,081 | +114% |
| Deferred charges and accrued income | 490/1 | €910 | €1,206 | +€296 | +32.5% |
| Total equity and liabilities | 10/49 | €261,816 | €317,510 | +€55,695 | +21.3% |
| Equity | 10/15 | €153,808 | €191,205 | +€37,397 | +24.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,484 | €45,484 | = | 0.0% |
| Distributable reserves | 133 | €45,484 | €45,484 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,723 | €127,121 | +€37,397 | +41.7% |
| Amounts payable | 17/49 | €108,008 | €126,306 | +€18,298 | +16.9% |
| Amounts payable after more than one year | 17 | €86,130 | €88,540 | +€2,410 | +2.8% |
| Financial debts | 170/4 | €86,130 | €88,540 | +€2,410 | +2.8% |
| Amounts payable within one year | 42/48 | €21,859 | €27,566 | +€5,708 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €16,566 | €18,303 | +€1,737 | +10.5% |
| Trade debts | 44 | €4,479 | €3,587 | -€891 | -19.9% |
| Suppliers | 440/4 | €4,479 | €3,587 | -€891 | -19.9% |
| Taxes, remuneration and social security | 45 | €83 | €5,471 | +€5,388 | +6,494% |
| Taxes | 450/3 | - | €5,471 | +€5,471 | |
| Remuneration and social security | 454/9 | €83 | - | -€83 | |
| Other amounts payable | 47/48 | €731 | €205 | -€526 | -72.0% |
| Accrued charges and deferred income | 492/3 | €20 | €10,200 | +€10,180 | +51,206% |
| Remuneration, social security and pensions | 62 | €528 | €470 | -€58 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,692 | €30,469 | +€6,777 | +28.6% |
| Other operating charges | 640/8 | €937 | €1,062 | +€126 | +13.4% |
| Gross operating margin | 9900 | €65,480 | €81,763 | +€16,283 | +24.9% |
| Operating profit (loss) | 9901 | €40,323 | €49,762 | +€9,439 | +23.4% |
| Financial income | 75/76B | €57 | €20 | -€37 | -64.4% |
| Recurring financial income | 75 | €57 | €20 | -€37 | -64.4% |
| Financial charges | 65/66B | €2,537 | €3,051 | +€514 | +20.3% |
| Recurring financial charges | 65 | €2,537 | €3,051 | +€514 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €37,843 | €46,731 | +€8,888 | +23.5% |
| Income taxes | 67/77 | €6,540 | €9,334 | +€2,793 | +42.7% |
| Profit (loss) for the period | 9904 | €31,303 | €37,397 | +€6,095 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,303 | €37,397 | +€6,095 | +19.5% |
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 13 October 2026 via checked.be.