GCC: 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.
What changed
GCC
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€69,972
2024 · €86,718-€16,746
Equity
€4.6m
2024 · €1.3m+€3.3m
Cash
€1,102
2024 · €45,526-€44,424
Balance sheet total
€5.3m
2024 · €2.1m+€3.2m
Largest movements
Assets
- Tangible fixed assets +€3.2m
up €3.2m (+1,046%), from €310,437 to €3.6m
of which Land and buildings: +€3.2m
Equity and liabilities
- Revaluation surpluses +€3.2m
new in 2025: €3.2m
- Reserves +€69,972
up €69,972 (+5.8%), from €1.2m to €1.3m
of which Distributable reserves: +€69,972
Income statement
- Gross operating margin -€6,277
down €6,277 (-6.0%), from €104,323 to €98,046
- Financial income -€4,479
down €4,479 (-11.7%), from €38,285 to €33,805
- Depreciation +€2,088
up €2,088 (+12.3%), from €16,955 to €19,043
- Other operating charges +€1,860
up €1,860 (+354%), from €525 to €2,384
- Financial charges +€1,631
up €1,631 (+12.1%), from €13,484 to €15,115
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.
Result 2024
€86,718
Gross operating margin
-€6,277
Depreciation
-€2,088
Other operating charges
-€1,860
Financial income
-€4,479
Financial charges
-€1,631
Taxes
-€410
Result 2025
€69,972
lowers the result
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.
From operations
+€71,642
Investment
-€3.3m
Financing
+€3.2m
Cash 2024
€45,526
From operations (derived)
+€71,642
Net result for the year
+€69,972
Depreciation
+€19,043
Receivables within one year
+€19,059
Smaller working-capital items
+€1,976
Tax, wage and social debts
-€12,794
Other debts
-€40,373
Accrued charges and deferred income
+€14,760
Investment (derived)
-€3.3m
Investment in fixed assets (net)
-€3.3m
Current investments
-€39,052
Financing
+€3.2m
Debts after one year
-€51,456
Current portion of long-term debt
+€1,408
Short-term financial debts
+€2,039
Contributions, distributions and other
+€3.2m
Cash 2025
€1,102
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,060,768 | €5,284,242 | +€3.2m | +156% |
| Fixed assets | 21/28 | €510,437 | €3,758,339 | +€3.2m | +636% |
| Tangible fixed assets | 22/27 | €310,437 | €3,558,340 | +€3.2m | +1,046% |
| Land and buildings | 22 | €306,126 | €3,555,261 | +€3.2m | +1,061% |
| Plant, machinery and equipment | 23 | €1,202 | €688 | -€514 | -42.8% |
| Furniture and vehicles | 24 | €3,110 | €2,391 | -€718 | -23.1% |
| Financial fixed assets | 28 | €199,999 | €199,999 | = | 0.0% |
| Current assets | 29/58 | €1,550,331 | €1,525,902 | -€24,429 | -1.6% |
| Amounts receivable within one year | 40/41 | €20,301 | €1,242 | -€19,059 | -93.9% |
| Trade receivables | 40 | €18,467 | €303 | -€18,164 | -98.4% |
| Other amounts receivable | 41 | €1,834 | €939 | -€895 | -48.8% |
| Current investments | 50/53 | €1,482,154 | €1,521,206 | +€39,052 | +2.6% |
| Cash at bank and in hand | 54/58 | €45,526 | €1,102 | -€44,424 | -97.6% |
| Deferred charges and accrued income | 490/1 | €2,351 | €2,352 | +€1 | +0.1% |
| Total equity and liabilities | 10/49 | €2,060,768 | €5,284,242 | +€3.2m | +156% |
| Equity | 10/15 | €1,278,715 | €4,586,629 | +€3.3m | +259% |
| Contributions | 10/11 | €80,600 | €80,600 | = | 0.0% |
| Capital | 10 | €80,600 | €80,600 | = | 0.0% |
| Issued capital | 100 | €80,600 | €80,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,237,941 | +€3.2m | |
| Reserves | 13 | €1,198,115 | €1,268,088 | +€69,972 | +5.8% |
| Non-distributable reserves | 130/1 | €8,060 | €8,060 | = | 0.0% |
| Legal reserve | 130 | €8,060 | €8,060 | = | 0.0% |
| Distributable reserves | 133 | €1,190,055 | €1,260,028 | +€69,972 | +5.9% |
| Amounts payable | 17/49 | €782,053 | €697,613 | -€84,440 | -10.8% |
| Amounts payable after more than one year | 17 | €402,304 | €350,849 | -€51,456 | -12.8% |
| Financial debts | 170/4 | €182,304 | €130,849 | -€51,456 | -28.2% |
| Other amounts payable | 178/9 | €220,000 | €220,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €109,640 | €61,896 | -€47,744 | -43.5% |
| Current portion of amounts payable after more than one year | 42 | €50,067 | €51,474 | +€1,408 | +2.8% |
| Financial debts | 43 | - | €2,039 | +€2,039 | |
| Credit institutions | 430/8 | - | €2,039 | +€2,039 | |
| Trade debts | 44 | €1,266 | €3,243 | +€1,977 | +156% |
| Suppliers | 440/4 | €1,266 | €3,243 | +€1,977 | +156% |
| Taxes, remuneration and social security | 45 | €13,795 | €1,001 | -€12,794 | -92.7% |
| Taxes | 450/3 | €13,795 | €1,001 | -€12,794 | -92.7% |
| Other amounts payable | 47/48 | €44,512 | €4,139 | -€40,373 | -90.7% |
| Accrued charges and deferred income | 492/3 | €270,109 | €284,869 | +€14,760 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,955 | €19,043 | +€2,088 | +12.3% |
| Other operating charges | 640/8 | €525 | €2,384 | +€1,860 | +354% |
| Gross operating margin | 9900 | €104,323 | €98,046 | -€6,277 | -6.0% |
| Operating profit (loss) | 9901 | €86,843 | €76,619 | -€10,225 | -11.8% |
| Financial income | 75/76B | €38,285 | €33,805 | -€4,479 | -11.7% |
| Recurring financial income | 75 | €38,285 | €33,805 | -€4,479 | -11.7% |
| Financial charges | 65/66B | €13,484 | €15,115 | +€1,631 | +12.1% |
| Recurring financial charges | 65 | €13,484 | €15,115 | +€1,631 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €111,644 | €95,309 | -€16,335 | -14.6% |
| Income taxes | 67/77 | €24,926 | €25,337 | +€410 | +1.6% |
| Profit (loss) for the period | 9904 | €86,718 | €69,972 | -€16,746 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,718 | €69,972 | -€16,746 | -19.3% |
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 20 October 2026 via checked.be.