GC SMILE: 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 SMILE
Largest movements
- Tangible fixed assets +€665,439
up €665,439 (+5,376%), from €12,378 to €677,817
of which Land and buildings: +€649,229
- Cash -€57,161
down €57,161 (-39.0%), from €146,721 to €89,559
mainly Investment in fixed assets (net) (-€668,078) and Trade debts (-€137)
- Debts after one year +€522,187
new in 2025: €522,187
- Reserves +€41,321
up €41,321 (+23.2%), from €178,289 to €219,610
- Current portion of long-term debt +€27,813
new in 2025: €27,813
- Tax, wage and social debts +€9,666
up €9,666 (+31.8%), from €30,441 to €40,107
- Purchases and services +€113,949
up €113,949 (+139%), from €82,001 to €195,949
- Gross operating margin -€89,406
down €89,406 (-58.9%), from €151,675 to €62,269
- Taxes -€15,774
down €15,774 (-51.8%), from €30,441 to €14,666
- Other operating charges +€2,021
up €2,021 (+522%), from €387 to €2,408
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 | €212,888 | €813,739 | +€600,851 | +282% |
| Fixed assets | 21/28 | €12,432 | €677,872 | +€665,439 | +5,353% |
| Tangible fixed assets | 22/27 | €12,378 | €677,817 | +€665,439 | +5,376% |
| Land and buildings | 22 | - | €649,229 | +€649,229 | |
| Plant, machinery and equipment | 23 | €300 | €27,889 | +€27,589 | +9,196% |
| Furniture and vehicles | 24 | - | €699 | +€699 | |
| Other tangible fixed assets | 26 | €12,078 | - | -€12,078 | |
| Financial fixed assets | 28 | €54 | €54 | = | 0.0% |
| Current assets | 29/58 | €200,456 | €135,868 | -€64,589 | -32.2% |
| Amounts receivable within one year | 40/41 | €53,735 | €46,308 | -€7,427 | -13.8% |
| Trade receivables | 40 | €236 | - | -€236 | |
| Other amounts receivable | 41 | €53,499 | €46,308 | -€7,191 | -13.4% |
| Cash at bank and in hand | 54/58 | €146,721 | €89,559 | -€57,161 | -39.0% |
| Total equity and liabilities | 10/49 | €212,888 | €813,739 | +€600,851 | +282% |
| Equity | 10/15 | €182,289 | €223,610 | +€41,321 | +22.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €178,289 | €219,610 | +€41,321 | +23.2% |
| Distributable reserves | 133 | €178,289 | €219,610 | +€41,321 | +23.2% |
| Amounts payable | 17/49 | €30,599 | €590,129 | +€559,530 | +1,829% |
| Amounts payable after more than one year | 17 | - | €522,187 | +€522,187 | |
| Financial debts | 170/4 | - | €522,187 | +€522,187 | |
| Amounts payable within one year | 42/48 | €30,599 | €67,941 | +€37,342 | +122% |
| Current portion of amounts payable after more than one year | 42 | - | €27,813 | +€27,813 | |
| Trade debts | 44 | €158 | €22 | -€137 | -86.2% |
| Suppliers | 440/4 | €158 | €22 | -€137 | -86.2% |
| Taxes, remuneration and social security | 45 | €30,441 | €40,107 | +€9,666 | +31.8% |
| Taxes | 450/3 | €30,441 | €40,107 | +€9,666 | +31.8% |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Goods, raw materials, services and sundry goods | 60/61 | €82,001 | €195,949 | +€113,949 | +139% |
| Remuneration, social security and pensions | 62 | €183 | €417 | +€234 | +127% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,711 | €2,638 | +€927 | +54.2% |
| Other operating charges | 640/8 | €387 | €2,408 | +€2,021 | +522% |
| Non-recurring operating charges | 66A | - | €10 | +€10 | |
| Gross operating margin | 9900 | €151,675 | €62,269 | -€89,406 | -58.9% |
| Operating profit (loss) | 9901 | €149,393 | €56,795 | -€92,598 | -62.0% |
| Financial charges | 65/66B | €107 | €808 | +€702 | +659% |
| Recurring financial charges | 65 | €107 | €808 | +€702 | +659% |
| Profit (loss) for the period before taxes | 9903 | €149,287 | €55,987 | -€93,299 | -62.5% |
| Income taxes | 67/77 | €30,441 | €14,666 | -€15,774 | -51.8% |
| Profit (loss) for the period | 9904 | €118,846 | €41,321 | -€77,525 | -65.2% |
| Profit (loss) for the period to be appropriated | 9905 | €118,846 | €41,321 | -€77,525 | -65.2% |
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 24 October 2026 via checked.be.