GC TO: 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 TO
Largest movements
- Receivables within one year -€134,403
down €134,403 (-58.0%), from €231,743 to €97,340
of which Trade receivables: -€147,099
- Receivables after one year -€120,253
no longer reported in 2025 (was €120,253)
- Intangible fixed assets -€17,470
down €17,470 (-11.2%), from €155,917 to €138,447
- Cash -€9,322
down €9,322 (-83.7%), from €11,134 to €1,812
mainly Trade debts (-€222,068) and Net result for the year (-€216,500)
- Deferred charges and accrued income -€7,812
down €7,812 (-27.7%), from €28,164 to €20,352
- Trade debts -€222,068
down €222,068 (-43.7%), from €508,032 to €285,964
- Profit (loss) carried forward -€216,500
down €216,500, from €26,044 to -€190,457
- Debts after one year +€135,901
new in 2025: €135,901
- Other debts +€12,633
up €12,633 (+355%), from €3,560 to €16,194
- Gross operating margin -€186,961
down €186,961, from €31,648 to -€155,313
- Write-downs +€38,438
new in 2025: €38,438
- Depreciation +€4,048
up €4,048 (+29.6%), from €13,672 to €17,720
- Financial charges +€3,607
up €3,607 (+142%), from €2,540 to €6,146
- Taxes -€2,263
down €2,263, from €2,221 to -€42
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 | €547,960 | €258,450 | -€289,510 | -52.8% |
| Formation expenses | 20 | €749 | €499 | -€250 | -33.4% |
| Fixed assets | 21/28 | €155,917 | €138,447 | -€17,470 | -11.2% |
| Intangible fixed assets | 21 | €155,917 | €138,447 | -€17,470 | -11.2% |
| Current assets | 29/58 | €391,294 | €119,504 | -€271,790 | -69.5% |
| Amounts receivable after more than one year | 29 | €120,253 | - | -€120,253 | |
| Other amounts receivable | 291 | €120,253 | - | -€120,253 | |
| Amounts receivable within one year | 40/41 | €231,743 | €97,340 | -€134,403 | -58.0% |
| Trade receivables | 40 | €230,531 | €83,432 | -€147,099 | -63.8% |
| Other amounts receivable | 41 | €1,212 | €13,908 | +€12,696 | +1,048% |
| Cash at bank and in hand | 54/58 | €11,134 | €1,812 | -€9,322 | -83.7% |
| Deferred charges and accrued income | 490/1 | €28,164 | €20,352 | -€7,812 | -27.7% |
| Total equity and liabilities | 10/49 | €547,960 | €258,450 | -€289,510 | -52.8% |
| Equity | 10/15 | €31,044 | -€185,457 | -€216,500 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,044 | -€190,457 | -€216,500 | |
| Amounts payable | 17/49 | €516,916 | €443,907 | -€73,009 | -14.1% |
| Amounts payable after more than one year | 17 | - | €135,901 | +€135,901 | |
| Other amounts payable | 178/9 | - | €135,901 | +€135,901 | |
| Amounts payable within one year | 42/48 | €516,916 | €304,506 | -€212,411 | -41.1% |
| Trade debts | 44 | €508,032 | €285,964 | -€222,068 | -43.7% |
| Suppliers | 440/4 | €508,032 | €285,964 | -€222,068 | -43.7% |
| Taxes, remuneration and social security | 45 | €5,324 | €2,348 | -€2,976 | -55.9% |
| Taxes | 450/3 | €5,324 | €2,348 | -€2,976 | -55.9% |
| Other amounts payable | 47/48 | €3,560 | €16,194 | +€12,633 | +355% |
| Accrued charges and deferred income | 492/3 | - | €3,500 | +€3,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,672 | €17,720 | +€4,048 | +29.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €38,438 | +€38,438 | |
| Other operating charges | 640/8 | €472 | €100 | -€372 | -78.8% |
| Gross operating margin | 9900 | €31,648 | -€155,313 | -€186,961 | |
| Operating profit (loss) | 9901 | €17,504 | -€211,571 | -€229,075 | |
| Financial income | 75/76B | - | €1,174 | +€1,174 | |
| Recurring financial income | 75 | - | €1,174 | +€1,174 | |
| Financial charges | 65/66B | €2,540 | €6,146 | +€3,607 | +142% |
| Recurring financial charges | 65 | €2,540 | €6,146 | +€3,607 | +142% |
| Profit (loss) for the period before taxes | 9903 | €14,964 | -€216,543 | -€231,507 | |
| Income taxes | 67/77 | €2,221 | -€42 | -€2,263 | |
| Profit (loss) for the period | 9904 | €12,743 | -€216,500 | -€229,244 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,743 | -€216,500 | -€229,244 |
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 26 October 2026 via checked.be.