GC: what changed
Two fiscal 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.
GC
Largest movements
- Tangible fixed assets +€644,775
up €644,775 (+130.7%), from €493,283 to €1.1m
of which Assets under construction and advance payments: +€655,344
- Cash -€128,394
down €128,394 (-82.7%), from €155,268 to €26,874
mainly Investment in fixed assets (net) (-€654,391) and Contributions, distributions and other (-€60,000)
- Deferred charges and accrued income +€17,212
up €17,212 (+658.7%), from €2,613 to €19,825
- Debts after one year +€513,258
up €513,258 (+153.2%), from €335,000 to €848,258
of which Financial debts: +€413,258
- Other operating charges -€35,292
down €35,292 (-96.0%), from €36,763 to €1,471
- Financial charges +€23,355
up €23,355 (+5125.9%), from €456 to €23,811
- Gross operating margin +€13,545
up €13,545 (+17.0%), from €79,514 to €93,059
- Depreciation -€9,712
down €9,712 (-62.7%), from €15,501 to €5,789
- Taxes -€5,548
down €5,548 (-81.5%), from €6,808 to €1,261
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.
Cash bridge derived
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 | €710,917 | €1,239,082 | +€528,165 | +74.3% |
| Fixed assets | 21/28 | €495,596 | €1,144,198 | +€648,602 | +130.9% |
| Intangible fixed assets | 21 | €2,013 | €0 | -€2,013 | -100.0% |
| Tangible fixed assets | 22/27 | €493,283 | €1,138,058 | +€644,775 | +130.7% |
| Land and buildings | 22 | €335,000 | €335,000 | = | 0.0% |
| Furniture and vehicles | 24 | €17,392 | €7,896 | -€9,496 | -54.6% |
| Other tangible fixed assets | 26 | €4,748 | €3,675 | -€1,073 | -22.6% |
| Assets under construction and advance payments | 27 | €136,143 | €791,488 | +€655,344 | +481.4% |
| Financial fixed assets | 28 | €300 | €6,140 | +€5,840 | +1946.7% |
| Current assets | 29/58 | €215,322 | €94,884 | -€120,437 | -55.9% |
| Amounts receivable within one year | 40/41 | €57,440 | €48,185 | -€9,255 | -16.1% |
| Trade receivables | 40 | €1,349 | €0 | -€1,349 | -100.0% |
| Other amounts receivable | 41 | €56,092 | €48,185 | -€7,906 | -14.1% |
| Cash at bank and in hand | 54/58 | €155,268 | €26,874 | -€128,394 | -82.7% |
| Deferred charges and accrued income | 490/1 | €2,613 | €19,825 | +€17,212 | +658.7% |
| Total equity and liabilities | 10/49 | €710,917 | €1,239,082 | +€528,165 | +74.3% |
| Equity | 10/15 | €308,805 | €309,533 | +€728 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €290,205 | €290,933 | +€728 | +0.3% |
| Distributable reserves | 133 | €290,205 | €290,933 | +€728 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €402,112 | €929,549 | +€527,437 | +131.2% |
| Amounts payable after more than one year | 17 | €335,000 | €848,258 | +€513,258 | +153.2% |
| Financial debts | 170/4 | €335,000 | €748,258 | +€413,258 | +123.4% |
| Other amounts payable | 178/9 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €67,112 | €77,346 | +€10,234 | +15.2% |
| Trade debts | 44 | €1,833 | €2,852 | +€1,018 | +55.5% |
| Suppliers | 440/4 | €1,833 | €2,852 | +€1,018 | +55.5% |
| Taxes, remuneration and social security | 45 | €14,279 | €23,495 | +€9,216 | +64.5% |
| Taxes | 450/3 | €10,179 | €19,395 | +€9,216 | +90.5% |
| Remuneration and social security | 454/9 | €4,100 | €4,100 | = | 0.0% |
| Other amounts payable | 47/48 | €51,000 | €51,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €3,945 | +€3,945 | |
| Non-recurring operating income | 76A | - | €3,162 | +€3,162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,501 | €5,789 | -€9,712 | -62.7% |
| Other operating charges | 640/8 | €36,763 | €1,471 | -€35,292 | -96.0% |
| Gross operating margin | 9900 | €79,514 | €93,059 | +€13,545 | +17.0% |
| Operating profit (loss) | 9901 | €27,250 | €85,799 | +€58,549 | +214.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €456 | €23,811 | +€23,355 | +5125.9% |
| Recurring financial charges | 65 | €456 | €23,811 | +€23,355 | +5125.9% |
| Profit (loss) for the period before taxes | 9903 | €26,795 | €61,989 | +€35,194 | +131.3% |
| Income taxes | 67/77 | €6,808 | €1,261 | -€5,548 | -81.5% |
| Profit (loss) for the period | 9904 | €19,986 | €60,728 | +€40,741 | +203.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,986 | €60,728 | +€40,741 | +203.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.