GC&S: 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&S
Largest movements
- Receivables within one year +€12,426
up €12,426 (+277%), from €4,487 to €16,913
of which Trade receivables: +€15,000
- Tangible fixed assets -€7,989
down €7,989 (-3.1%), from €259,014 to €251,025
of which Land and buildings: -€7,280
- Debts after one year -€12,581
down €12,581 (-6.0%), from €210,106 to €197,525
- Other debts +€9,515
up €9,515 (+49.3%), from €19,309 to €28,825
- Reserves +€6,806
up €6,806 (+49.2%), from €13,836 to €20,642
- Current portion of long-term debt +€5,279
up €5,279 (+44.0%), from €11,993 to €17,272
- Short-term financial debts -€4,117
down €4,117 (-98.0%), from €4,202 to €85
of which Credit institutions: -€4,202
- Gross operating margin +€39,648
up €39,648 (+154%), from €25,668 to €65,315
- Taxes +€7,645
up €7,645 (+936%), from €817 to €8,461
- Other operating charges +€2,349
up €2,349 (+147%), from €1,602 to €3,951
- Financial charges -€878
down €878 (-6.6%), from €13,262 to €12,383
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 | €277,431 | €284,643 | +€7,212 | +2.6% |
| Fixed assets | 21/28 | €259,014 | €251,025 | -€7,989 | -3.1% |
| Tangible fixed assets | 22/27 | €259,014 | €251,025 | -€7,989 | -3.1% |
| Land and buildings | 22 | €255,209 | €247,929 | -€7,280 | -2.9% |
| Furniture and vehicles | 24 | €3,805 | €3,096 | -€709 | -18.6% |
| Current assets | 29/58 | €18,417 | €33,618 | +€15,201 | +82.5% |
| Amounts receivable within one year | 40/41 | €4,487 | €16,913 | +€12,426 | +277% |
| Trade receivables | 40 | €0 | €15,000 | +€15,000 | |
| Other amounts receivable | 41 | €4,487 | €1,913 | -€2,574 | -57.4% |
| Cash at bank and in hand | 54/58 | €10,334 | €12,983 | +€2,649 | +25.6% |
| Deferred charges and accrued income | 490/1 | €3,597 | €3,723 | +€126 | +3.5% |
| Total equity and liabilities | 10/49 | €277,431 | €284,643 | +€7,212 | +2.6% |
| Equity | 10/15 | €26,336 | €33,142 | +€6,806 | +25.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €13,836 | €20,642 | +€6,806 | +49.2% |
| Distributable reserves | 133 | €13,836 | €20,642 | +€6,806 | +49.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €251,095 | €251,501 | +€406 | +0.2% |
| Amounts payable after more than one year | 17 | €210,106 | €197,525 | -€12,581 | -6.0% |
| Financial debts | 170/4 | €210,106 | €197,525 | -€12,581 | -6.0% |
| Amounts payable within one year | 42/48 | €40,989 | €52,283 | +€11,294 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €11,993 | €17,272 | +€5,279 | +44.0% |
| Financial debts | 43 | €4,202 | €85 | -€4,117 | -98.0% |
| Credit institutions | 430/8 | €4,202 | - | -€4,202 | |
| Other loans | 439 | - | €85 | +€85 | |
| Trade debts | 44 | €1,115 | €2,096 | +€981 | +87.9% |
| Suppliers | 440/4 | €1,115 | €2,096 | +€981 | +87.9% |
| Taxes, remuneration and social security | 45 | €4,370 | €4,006 | -€364 | -8.3% |
| Taxes | 450/3 | €4,370 | €4,006 | -€364 | -8.3% |
| Other amounts payable | 47/48 | €19,309 | €28,825 | +€9,515 | +49.3% |
| Accrued charges and deferred income | 492/3 | - | €1,693 | +€1,693 | |
| Non-recurring operating income | 76A | €4 | €0 | -€4 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,478 | €8,714 | +€235 | +2.8% |
| Other operating charges | 640/8 | €1,602 | €3,951 | +€2,349 | +147% |
| Gross operating margin | 9900 | €25,668 | €65,315 | +€39,648 | +154% |
| Operating profit (loss) | 9901 | €15,588 | €52,651 | +€37,063 | +238% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €13,262 | €12,383 | -€878 | -6.6% |
| Recurring financial charges | 65 | €13,262 | €12,383 | -€878 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €2,326 | €40,267 | +€37,941 | +1,631% |
| Income taxes | 67/77 | €817 | €8,461 | +€7,645 | +936% |
| Profit (loss) for the period | 9904 | €1,510 | €31,806 | +€30,297 | +2,007% |
| Profit (loss) for the period to be appropriated | 9905 | €1,510 | €31,806 | +€30,297 | +2,007% |
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 22 October 2026 via checked.be.