GCEF: 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.
GCEF
Largest movements
- Receivables within one year +€12,146
up €12,146 (+64.3%), from €18,897 to €31,043
of which Trade receivables: +€12,146
- Cash +€7,726
up €7,726 (+11.8%), from €65,624 to €73,350
mainly Net result for the year (+€21,009) and Depreciation (+€10,611)
- Tangible fixed assets -€4,413
down €4,413 (-10.6%), from €41,767 to €37,354
of which Furniture and vehicles: -€5,491
- Deferred charges and accrued income +€1,805
up €1,805 (+223.1%), from €809 to €2,613
- Profit (loss) carried forward +€15,009
up €15,009 (+24.4%), from €61,483 to €76,492
- Trade debts +€9,564
up €9,564 (+96.6%), from €9,897 to €19,461
- Debts after one year -€5,272
down €5,272 (-20.7%), from €25,441 to €20,169
- Other debts -€1,814
down €1,814 (-12.1%), from €15,034 to €13,220
- Tax, wage and social debts -€1,722
down €1,722 (-8.7%), from €19,881 to €18,159
of which Taxes: -€4,073
- Write-downs -€31,315
down €31,315, from €17,432 to -€13,882
- Gross operating margin -€30,303
down €30,303 (-35.0%), from €86,490 to €56,186
- Depreciation +€4,404
up €4,404 (+70.9%), from €6,208 to €10,611
- Staff costs +€2,300
up €2,300 (+9.0%), from €25,603 to €27,903
- Taxes -€1,502
down €1,502 (-13.7%), from €10,942 to €9,440
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.
Cash bridge derived
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 | €148,779 | €164,543 | +€15,764 | +10.6% |
| Fixed assets | 21/28 | €41,950 | €37,537 | -€4,413 | -10.5% |
| Tangible fixed assets | 22/27 | €41,767 | €37,354 | -€4,413 | -10.6% |
| Plant, machinery and equipment | 23 | €3,288 | €4,365 | +€1,077 | +32.8% |
| Furniture and vehicles | 24 | €38,479 | €32,988 | -€5,491 | -14.3% |
| Financial fixed assets | 28 | €183 | €183 | = | 0.0% |
| Current assets | 29/58 | €106,829 | €127,007 | +€20,177 | +18.9% |
| Amounts receivable after more than one year | 29 | €21,500 | €20,000 | -€1,500 | -7.0% |
| Trade receivables | 290 | €21,500 | €20,000 | -€1,500 | -7.0% |
| Amounts receivable within one year | 40/41 | €18,897 | €31,043 | +€12,146 | +64.3% |
| Trade receivables | 40 | €18,893 | €31,040 | +€12,146 | +64.3% |
| Other amounts receivable | 41 | €3 | €3 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,624 | €73,350 | +€7,726 | +11.8% |
| Deferred charges and accrued income | 490/1 | €809 | €2,613 | +€1,805 | +223.1% |
| Total equity and liabilities | 10/49 | €148,779 | €164,543 | +€15,764 | +10.6% |
| Equity | 10/15 | €78,527 | €93,535 | +€15,009 | +19.1% |
| Contributions | 10/11 | €15,184 | €15,184 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,483 | €76,492 | +€15,009 | +24.4% |
| Amounts payable | 17/49 | €70,253 | €71,008 | +€755 | +1.1% |
| Amounts payable after more than one year | 17 | €25,441 | €20,169 | -€5,272 | -20.7% |
| Financial debts | 170/4 | €25,441 | €20,169 | -€5,272 | -20.7% |
| Amounts payable within one year | 42/48 | €44,812 | €50,839 | +€6,027 | +13.4% |
| Trade debts | 44 | €9,897 | €19,461 | +€9,564 | +96.6% |
| Suppliers | 440/4 | €9,897 | €19,461 | +€9,564 | +96.6% |
| Taxes, remuneration and social security | 45 | €19,881 | €18,159 | -€1,722 | -8.7% |
| Taxes | 450/3 | €16,899 | €12,827 | -€4,073 | -24.1% |
| Remuneration and social security | 454/9 | €2,982 | €5,332 | +€2,350 | +78.8% |
| Other amounts payable | 47/48 | €15,034 | €13,220 | -€1,814 | -12.1% |
| Remuneration, social security and pensions | 62 | €25,603 | €27,903 | +€2,300 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,208 | €10,611 | +€4,404 | +70.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,432 | -€13,882 | -€31,315 | |
| Other operating charges | 640/8 | €387 | €129 | -€258 | -66.6% |
| Gross operating margin | 9900 | €86,490 | €56,186 | -€30,303 | -35.0% |
| Operating profit (loss) | 9901 | €36,859 | €31,425 | -€5,434 | -14.7% |
| Financial income | 75/76B | €407 | €100 | -€307 | -75.4% |
| Recurring financial income | 75 | €407 | €100 | -€307 | -75.4% |
| Financial charges | 65/66B | €938 | €1,076 | +€138 | +14.7% |
| Recurring financial charges | 65 | €938 | €1,076 | +€138 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €36,327 | €30,449 | -€5,879 | -16.2% |
| Income taxes | 67/77 | €10,942 | €9,440 | -€1,502 | -13.7% |
| Profit (loss) for the period | 9904 | €25,385 | €21,009 | -€4,377 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,385 | €21,009 | -€4,377 | -17.2% |
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 12 October 2026 via checked.be.