GCM: 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.
GCM
Largest movements
- Financial fixed assets +€644,000
new in 2025: €644,000
- Cash -€145,255
down €145,255 (-62.8%), from €231,357 to €86,102
mainly Investment in fixed assets (net) (-€811,551) and Receivables within one year (-€89,327)
- Receivables within one year +€89,327
up €89,327 (+280.5%), from €31,847 to €121,175
of which Trade receivables: +€86,889
- Tangible fixed assets +€84,317
up €84,317 (+5.2%), from €1.6m to €1.7m
of which Land and buildings: +€64,875
- Reserves +€303,550
up €303,550 (+35.4%), from €858,274 to €1.2m
of which Distributable reserves: +€196,946
- Debts after one year +€146,677
up €146,677 (+21.0%), from €698,459 to €845,136
- Other debts +€123,456
up €123,456 (+10434.1%), from €1,183 to €124,639
- Current portion of long-term debt +€57,525
up €57,525 (+87.5%), from €65,756 to €123,280
- Provisions +€33,027
up €33,027 (+24.2%), from €136,284 to €169,310
of which Deferred taxes: +€33,027
- Gross operating margin +€168,547
up €168,547 (+40.3%), from €418,572 to €587,119
- Taxes -€13,898
down €13,898 (-11.9%), from €117,135 to €103,238
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 | €1,892,887 | €2,565,277 | +€672,390 | +35.5% |
| Fixed assets | 21/28 | €1,629,684 | €2,358,000 | +€728,317 | +44.7% |
| Tangible fixed assets | 22/27 | €1,629,684 | €1,714,000 | +€84,317 | +5.2% |
| Land and buildings | 22 | €1,614,308 | €1,679,183 | +€64,875 | +4.0% |
| Plant, machinery and equipment | 23 | €2,209 | €1,301 | -€908 | -41.1% |
| Furniture and vehicles | 24 | €13,167 | €33,517 | +€20,349 | +154.5% |
| Financial fixed assets | 28 | - | €644,000 | +€644,000 | |
| Current assets | 29/58 | €263,204 | €207,277 | -€55,927 | -21.2% |
| Amounts receivable within one year | 40/41 | €31,847 | €121,175 | +€89,327 | +280.5% |
| Trade receivables | 40 | €31,532 | €118,421 | +€86,889 | +275.6% |
| Other amounts receivable | 41 | €315 | €2,753 | +€2,438 | +774.8% |
| Cash at bank and in hand | 54/58 | €231,357 | €86,102 | -€145,255 | -62.8% |
| Total equity and liabilities | 10/49 | €1,892,887 | €2,565,277 | +€672,390 | +35.5% |
| Equity | 10/15 | €876,866 | €1,180,416 | +€303,550 | +34.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €858,274 | €1,161,824 | +€303,550 | +35.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €129,433 | €236,037 | +€106,604 | +82.4% |
| Distributable reserves | 133 | €726,982 | €923,928 | +€196,946 | +27.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €136,284 | €169,310 | +€33,027 | +24.2% |
| Provisions for liabilities and charges | 160/5 | €54,570 | €54,570 | = | 0.0% |
| Pensions and similar obligations | 160 | €54,570 | €54,570 | = | 0.0% |
| Deferred taxes | 168 | €81,714 | €114,740 | +€33,027 | +40.4% |
| Amounts payable | 17/49 | €879,737 | €1,215,550 | +€335,813 | +38.2% |
| Amounts payable after more than one year | 17 | €698,459 | €845,136 | +€146,677 | +21.0% |
| Financial debts | 170/4 | €698,459 | €845,136 | +€146,677 | +21.0% |
| Amounts payable within one year | 42/48 | €179,309 | €368,446 | +€189,137 | +105.5% |
| Current portion of amounts payable after more than one year | 42 | €65,756 | €123,280 | +€57,525 | +87.5% |
| Financial debts | 43 | €70,263 | €44,080 | -€26,183 | -37.3% |
| Other loans | 439 | €70,263 | €44,080 | -€26,183 | -37.3% |
| Trade debts | 44 | €122 | €2,472 | +€2,350 | +1918.7% |
| Suppliers | 440/4 | €122 | €2,472 | +€2,350 | +1918.7% |
| Taxes, remuneration and social security | 45 | €41,985 | €73,974 | +€31,989 | +76.2% |
| Taxes | 450/3 | €41,985 | €73,974 | +€31,989 | +76.2% |
| Other amounts payable | 47/48 | €1,183 | €124,639 | +€123,456 | +10434.1% |
| Accrued charges and deferred income | 492/3 | €1,969 | €1,969 | = | 0.0% |
| Non-recurring operating income | 76A | €9,589 | €166,534 | +€156,946 | +1636.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,078 | €83,235 | -€844 | -1.0% |
| Other operating charges | 640/8 | €15,190 | €12,129 | -€3,060 | -20.1% |
| Gross operating margin | 9900 | €418,572 | €587,119 | +€168,547 | +40.3% |
| Operating profit (loss) | 9901 | €319,304 | €491,755 | +€172,451 | +54.0% |
| Financial income | 75/76B | €2 | €0 | -€2 | -98.8% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -98.8% |
| Financial charges | 65/66B | €18,341 | €17,225 | -€1,117 | -6.1% |
| Recurring financial charges | 65 | €18,341 | €17,225 | -€1,117 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €300,964 | €474,531 | +€173,566 | +57.7% |
| Transfer from deferred taxes | 780 | €8,828 | €8,607 | -€221 | -2.5% |
| Transfer to deferred taxes | 680 | - | €41,634 | +€41,634 | |
| Income taxes | 67/77 | €117,135 | €103,238 | -€13,898 | -11.9% |
| Profit (loss) for the period | 9904 | €192,656 | €338,266 | +€145,610 | +75.6% |
| Transfer from tax-exempt reserves | 789 | €18,725 | €18,297 | -€429 | -2.3% |
| Transfer to tax-exempt reserves | 689 | - | €124,901 | +€124,901 | |
| Profit (loss) for the period to be appropriated | 9905 | €211,382 | €231,662 | +€20,280 | +9.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.