GC Concepts: 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.
GC Concepts
Largest movements
- Receivables within one year -€181,333
down €181,333 (-42.0%), from €431,761 to €250,428
of which Other amounts receivable: -€156,005
- Tangible fixed assets +€65,524
up €65,524 (+4.4%), from €1.5m to €1.6m
of which Land and buildings: +€273,453
- Cash +€29,081
up €29,081 (+17.0%), from €170,616 to €199,697
mainly Receivables within one year (+€181,333) and Depreciation (+€122,668)
- Reserves +€62,116
up €62,116 (+4.6%), from €1.3m to €1.4m
- Debts after one year -€60,075
down €60,075 (-7.5%), from €799,555 to €739,481
of which Financial debts: -€64,164
- Trade debts -€47,422
down €47,422 (-89.8%), from €52,790 to €5,369
- Gross operating margin -€182,838
down €182,838 (-42.8%), from €427,077 to €244,239
- Taxes -€58,485
down €58,485 (-70.7%), from €82,704 to €24,219
- Financial charges +€5,685
up €5,685 (+36.2%), from €15,697 to €21,382
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 | €2,361,066 | €2,280,275 | -€80,791 | -3.4% |
| Fixed assets | 21/28 | €1,501,144 | €1,571,642 | +€70,497 | +4.7% |
| Intangible fixed assets | 21 | €2,998 | €1,971 | -€1,026 | -34.2% |
| Tangible fixed assets | 22/27 | €1,498,147 | €1,563,670 | +€65,524 | +4.4% |
| Land and buildings | 22 | €1,038,625 | €1,312,079 | +€273,453 | +26.3% |
| Plant, machinery and equipment | 23 | €11,577 | €8,410 | -€3,166 | -27.4% |
| Furniture and vehicles | 24 | €131,435 | €92,720 | -€38,715 | -29.5% |
| Other tangible fixed assets | 26 | €7,969 | €11,951 | +€3,981 | +50.0% |
| Assets under construction and advance payments | 27 | €308,540 | €138,511 | -€170,030 | -55.1% |
| Financial fixed assets | 28 | - | €6,000 | +€6,000 | |
| Current assets | 29/58 | €859,922 | €708,633 | -€151,289 | -17.6% |
| Stocks and contracts in progress | 3 | €252,141 | €253,271 | +€1,130 | +0.4% |
| Stocks | 30/36 | €252,141 | €253,271 | +€1,130 | +0.4% |
| Amounts receivable within one year | 40/41 | €431,761 | €250,428 | -€181,333 | -42.0% |
| Trade receivables | 40 | €95,287 | €69,959 | -€25,327 | -26.6% |
| Other amounts receivable | 41 | €336,474 | €180,469 | -€156,005 | -46.4% |
| Cash at bank and in hand | 54/58 | €170,616 | €199,697 | +€29,081 | +17.0% |
| Deferred charges and accrued income | 490/1 | €5,404 | €5,237 | -€167 | -3.1% |
| Total equity and liabilities | 10/49 | €2,361,066 | €2,280,275 | -€80,791 | -3.4% |
| Equity | 10/15 | €1,382,395 | €1,444,511 | +€62,116 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €24,048 | €24,048 | = | 0.0% |
| Reserves | 13 | €1,339,747 | €1,401,863 | +€62,116 | +4.6% |
| Distributable reserves | 133 | €1,339,747 | €1,401,863 | +€62,116 | +4.6% |
| Amounts payable | 17/49 | €978,671 | €835,764 | -€142,907 | -14.6% |
| Amounts payable after more than one year | 17 | €799,555 | €739,481 | -€60,075 | -7.5% |
| Financial debts | 170/4 | €796,915 | €732,752 | -€64,164 | -8.1% |
| Other amounts payable | 178/9 | €2,640 | €6,729 | +€4,089 | +154.9% |
| Amounts payable within one year | 42/48 | €178,367 | €95,654 | -€82,712 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €83,380 | €64,164 | -€19,217 | -23.0% |
| Trade debts | 44 | €52,790 | €5,369 | -€47,422 | -89.8% |
| Suppliers | 440/4 | €52,790 | €5,369 | -€47,422 | -89.8% |
| Advances received on contracts in progress | 46 | €375 | €4,925 | +€4,550 | +1213.3% |
| Taxes, remuneration and social security | 45 | €40,212 | €19,888 | -€20,324 | -50.5% |
| Taxes | 450/3 | €40,212 | €19,888 | -€20,324 | -50.5% |
| Other amounts payable | 47/48 | €1,609 | €1,309 | -€300 | -18.7% |
| Accrued charges and deferred income | 492/3 | €749 | €629 | -€120 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,694 | €122,668 | -€2,025 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,502 | +€3,502 | |
| Other operating charges | 640/8 | €7,375 | €10,425 | +€3,050 | +41.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €427,077 | €244,239 | -€182,838 | -42.8% |
| Operating profit (loss) | 9901 | €295,008 | €107,644 | -€187,364 | -63.5% |
| Financial income | 75/76B | €19 | €73 | +€54 | +282.4% |
| Recurring financial income | 75 | €19 | €73 | +€54 | +282.4% |
| Financial charges | 65/66B | €15,697 | €21,382 | +€5,685 | +36.2% |
| Recurring financial charges | 65 | €15,697 | €21,382 | +€5,685 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €279,330 | €86,334 | -€192,996 | -69.1% |
| Income taxes | 67/77 | €82,704 | €24,219 | -€58,485 | -70.7% |
| Profit (loss) for the period | 9904 | €196,626 | €62,116 | -€134,510 | -68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €196,626 | €62,116 | -€134,510 | -68.4% |
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 9 October 2026 via checked.be.