GC MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€50,617
up €50,617 (+15.6%), from €325,261 to €375,878
mainly Net result for the year (+€92,447) and Accrued charges and deferred income (+€10,480)
- Reserves +€92,447
up €92,447 (+68.3%), from €135,287 to €227,734
of which Distributable reserves: +€92,447
- Other debts -€34,569
down €34,569 (-37.4%), from €92,481 to €57,912
- Tax, wage and social debts -€18,216
down €18,216 (-67.7%), from €26,898 to €8,681
- Accrued charges and deferred income +€10,480
up €10,480 (+303%), from €3,457 to €13,938
- Financial charges +€6,032
up €6,032 (+137%), from €4,415 to €10,448
of which Financial charges: +€6,634
- Gross operating margin -€4,084
down €4,084 (-2.7%), from €149,762 to €145,677
- Financial income +€2,657
new in 2025: €2,657
- Taxes -€1,639
down €1,639 (-3.5%), from €46,280 to €44,641
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 | €665,852 | €721,259 | +€55,407 | +8.3% |
| Fixed assets | 21/28 | €340,000 | €340,000 | = | 0.0% |
| Financial fixed assets | 28 | €340,000 | €340,000 | = | 0.0% |
| Current assets | 29/58 | €325,852 | €381,259 | +€55,407 | +17.0% |
| Amounts receivable within one year | 40/41 | €230 | €5,028 | +€4,799 | +2,087% |
| Trade receivables | 40 | €230 | €5,028 | +€4,799 | +2,087% |
| Cash at bank and in hand | 54/58 | €325,261 | €375,878 | +€50,617 | +15.6% |
| Deferred charges and accrued income | 490/1 | €361 | €352 | -€9 | -2.4% |
| Total equity and liabilities | 10/49 | €665,852 | €721,259 | +€55,407 | +8.3% |
| Equity | 10/15 | €141,487 | €233,934 | +€92,447 | +65.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €135,287 | €227,734 | +€92,447 | +68.3% |
| Tax-exempt reserves | 132 | €36,908 | €36,908 | = | 0.0% |
| Distributable reserves | 133 | €98,379 | €190,826 | +€92,447 | +94.0% |
| Amounts payable | 17/49 | €524,365 | €487,325 | -€37,040 | -7.1% |
| Amounts payable after more than one year | 17 | €400,000 | €400,000 | = | 0.0% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €120,908 | €73,387 | -€47,521 | -39.3% |
| Trade debts | 44 | €1,529 | €6,794 | +€5,265 | +344% |
| Suppliers | 440/4 | €1,529 | €6,794 | +€5,265 | +344% |
| Taxes, remuneration and social security | 45 | €26,898 | €8,681 | -€18,216 | -67.7% |
| Taxes | 450/3 | €26,898 | €8,681 | -€18,216 | -67.7% |
| Other amounts payable | 47/48 | €92,481 | €57,912 | -€34,569 | -37.4% |
| Accrued charges and deferred income | 492/3 | €3,457 | €13,938 | +€10,480 | +303% |
| Other operating charges | 640/8 | €687 | €799 | +€112 | +16.2% |
| Gross operating margin | 9900 | €149,762 | €145,677 | -€4,084 | -2.7% |
| Operating profit (loss) | 9901 | €149,074 | €144,878 | -€4,196 | -2.8% |
| Financial income | 75/76B | - | €2,657 | +€2,657 | |
| Recurring financial income | 75 | - | €2,657 | +€2,657 | |
| Financial charges | 65/66B | €4,415 | €10,448 | +€6,032 | +137% |
| Recurring financial charges | 65 | €3,813 | €10,448 | +€6,634 | +174% |
| Non-recurring financial charges | 66B | €602 | - | -€602 | |
| Profit (loss) for the period before taxes | 9903 | €144,659 | €137,088 | -€7,571 | -5.2% |
| Income taxes | 67/77 | €46,280 | €44,641 | -€1,639 | -3.5% |
| Profit (loss) for the period | 9904 | €98,379 | €92,447 | -€5,932 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,379 | €92,447 | -€5,932 | -6.0% |
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.