GCDS: 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.
GCDS
Largest movements
- Receivables within one year -€552
down €552 (-6.3%), from €8,710 to €8,159
- Cash -€258
down €258 (-1.5%), from €16,849 to €16,591
mainly Tax, wage and social debts (-€4,557) and Accrued charges and deferred income (-€650)
- Tax, wage and social debts -€4,557
down €4,557 (-71.6%), from €6,366 to €1,809
- Other debts +€2,854
up €2,854 (+42.6%), from €6,697 to €9,551
- Reserves +€843
up €843 (+9.5%), from €8,833 to €9,677
- Trade debts +€784
up €784 (+153%), from €513 to €1,297
- Accrued charges and deferred income -€650
down €650 (-100%), from €650 to €0
- Gross operating margin -€9,922
down €9,922 (-68.5%), from €14,476 to €4,554
- Taxes -€1,706
down €1,706 (-56.0%), from €3,046 to €1,340
- Depreciation -€1,594
down €1,594 (-100%), from €1,594 to €0
- Financial charges +€1,368
up €1,368 (+136%), from €1,003 to €2,371
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 | €25,559 | €24,833 | -€726 | -2.8% |
| Current assets | 29/58 | €25,559 | €24,833 | -€726 | -2.8% |
| Amounts receivable within one year | 40/41 | €8,710 | €8,159 | -€552 | -6.3% |
| Trade receivables | 40 | €8,710 | €8,159 | -€552 | -6.3% |
| Cash at bank and in hand | 54/58 | €16,849 | €16,591 | -€258 | -1.5% |
| Deferred charges and accrued income | 490/1 | - | €84 | +€84 | |
| Total equity and liabilities | 10/49 | €25,559 | €24,833 | -€726 | -2.8% |
| Equity | 10/15 | €11,333 | €12,177 | +€843 | +7.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €8,833 | €9,677 | +€843 | +9.5% |
| Distributable reserves | 133 | €8,833 | €9,677 | +€843 | +9.5% |
| Amounts payable | 17/49 | €14,226 | €12,657 | -€1,569 | -11.0% |
| Amounts payable within one year | 42/48 | €13,576 | €12,657 | -€919 | -6.8% |
| Trade debts | 44 | €513 | €1,297 | +€784 | +153% |
| Suppliers | 440/4 | €513 | €1,297 | +€784 | +153% |
| Taxes, remuneration and social security | 45 | €6,366 | €1,809 | -€4,557 | -71.6% |
| Taxes | 450/3 | €6,366 | €1,809 | -€4,557 | -71.6% |
| Other amounts payable | 47/48 | €6,697 | €9,551 | +€2,854 | +42.6% |
| Accrued charges and deferred income | 492/3 | €650 | €0 | -€650 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,594 | €0 | -€1,594 | -100% |
| Gross operating margin | 9900 | €14,476 | €4,554 | -€9,922 | -68.5% |
| Operating profit (loss) | 9901 | €12,883 | €4,554 | -€8,328 | -64.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €1,003 | €2,371 | +€1,368 | +136% |
| Recurring financial charges | 65 | €1,003 | €2,371 | +€1,368 | +136% |
| Profit (loss) for the period before taxes | 9903 | €11,880 | €2,184 | -€9,696 | -81.6% |
| Income taxes | 67/77 | €3,046 | €1,340 | -€1,706 | -56.0% |
| Profit (loss) for the period | 9904 | €8,833 | €843 | -€7,990 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,833 | €843 | -€7,990 | -90.5% |
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.