GCG: what changed
Two fiscal 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.
GCG
Largest movements
- Tangible fixed assets -€67,954
down €67,954 (-18.7%), from €362,628 to €294,675
of which Other tangible fixed assets: -€34,307
- Receivables within one year -€23,990
down €23,990 (-63.1%), from €38,048 to €14,058
of which Trade receivables: -€24,051
- Stocks and contracts +€16,287
up €16,287 (+16.6%), from €98,227 to €114,513
- Deferred charges and accrued income -€15,213
down €15,213 (-79.7%), from €19,097 to €3,884
- Cash -€14,717
down €14,717 (-22.4%), from €65,644 to €50,927
mainly Debts after one year (-€49,563) and Trade debts (-€35,084)
- Debts after one year -€49,563
down €49,563 (-25.4%), from €195,284 to €145,721
- Trade debts -€35,084
down €35,084 (-13.5%), from €260,462 to €225,378
- Tax, wage and social debts -€8,474
down €8,474 (-38.9%), from €21,785 to €13,311
of which Remuneration and social security: -€9,075
- Profit (loss) carried forward -€7,218
down €7,218 (-10.0%), from -€72,040 to -€79,258
- Staff costs -€69,580
down €69,580 (-61.6%), from €113,018 to €43,438
- Gross operating margin -€48,200
down €48,200 (-25.0%), from €193,082 to €144,882
- Depreciation -€43,078
down €43,078 (-38.8%), from €111,032 to €67,954
- Financial charges -€9,358
down €9,358 (-23.0%), from €40,709 to €31,351
- Other operating charges +€8,299
up €8,299 (+448.3%), from €1,851 to €10,151
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 | €585,144 | €479,556 | -€105,588 | -18.0% |
| Fixed assets | 21/28 | €364,128 | €296,175 | -€67,954 | -18.7% |
| Tangible fixed assets | 22/27 | €362,628 | €294,675 | -€67,954 | -18.7% |
| Plant, machinery and equipment | 23 | €171,689 | €138,372 | -€33,317 | -19.4% |
| Furniture and vehicles | 24 | €527 | €197 | -€330 | -62.6% |
| Other tangible fixed assets | 26 | €190,413 | €156,105 | -€34,307 | -18.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €221,016 | €183,382 | -€37,634 | -17.0% |
| Stocks and contracts in progress | 3 | €98,227 | €114,513 | +€16,287 | +16.6% |
| Stocks | 30/36 | €98,227 | €114,513 | +€16,287 | +16.6% |
| Amounts receivable within one year | 40/41 | €38,048 | €14,058 | -€23,990 | -63.1% |
| Trade receivables | 40 | €24,849 | €798 | -€24,051 | -96.8% |
| Other amounts receivable | 41 | €13,198 | €13,260 | +€61 | +0.5% |
| Cash at bank and in hand | 54/58 | €65,644 | €50,927 | -€14,717 | -22.4% |
| Deferred charges and accrued income | 490/1 | €19,097 | €3,884 | -€15,213 | -79.7% |
| Total equity and liabilities | 10/49 | €585,144 | €479,556 | -€105,588 | -18.0% |
| Equity | 10/15 | €37,960 | €30,742 | -€7,218 | -19.0% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,040 | -€79,258 | -€7,218 | -10.0% |
| Amounts payable | 17/49 | €547,184 | €448,814 | -€98,370 | -18.0% |
| Amounts payable after more than one year | 17 | €195,284 | €145,721 | -€49,563 | -25.4% |
| Financial debts | 170/4 | €195,284 | €145,721 | -€49,563 | -25.4% |
| Amounts payable within one year | 42/48 | €341,916 | €295,303 | -€46,613 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €48,227 | €49,563 | +€1,336 | +2.8% |
| Trade debts | 44 | €260,462 | €225,378 | -€35,084 | -13.5% |
| Suppliers | 440/4 | €260,462 | €225,378 | -€35,084 | -13.5% |
| Taxes, remuneration and social security | 45 | €21,785 | €13,311 | -€8,474 | -38.9% |
| Taxes | 450/3 | €130 | €731 | +€602 | +464.1% |
| Remuneration and social security | 454/9 | €21,655 | €12,580 | -€9,075 | -41.9% |
| Other amounts payable | 47/48 | €11,441 | €7,051 | -€4,391 | -38.4% |
| Accrued charges and deferred income | 492/3 | €9,984 | €7,790 | -€2,194 | -22.0% |
| Remuneration, social security and pensions | 62 | €113,018 | €43,438 | -€69,580 | -61.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,032 | €67,954 | -€43,078 | -38.8% |
| Other operating charges | 640/8 | €1,851 | €10,151 | +€8,299 | +448.3% |
| Gross operating margin | 9900 | €193,082 | €144,882 | -€48,200 | -25.0% |
| Operating profit (loss) | 9901 | -€32,820 | €23,339 | +€56,159 | |
| Financial income | 75/76B | €1,619 | €1,525 | -€94 | -5.8% |
| Recurring financial income | 75 | €1,619 | €1,525 | -€94 | -5.8% |
| Financial charges | 65/66B | €40,709 | €31,351 | -€9,358 | -23.0% |
| Recurring financial charges | 65 | €40,709 | €31,351 | -€9,358 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€71,910 | -€6,487 | +€65,423 | +91.0% |
| Income taxes | 67/77 | €130 | €731 | +€602 | +464.1% |
| Profit (loss) for the period | 9904 | -€72,040 | -€7,218 | +€64,821 | +90.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,040 | -€7,218 | +€64,821 | +90.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.