GCM: 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.
GCM
Largest movements
- Cash +€434,330
up €434,330 (+46.0%), from €944,296 to €1.4m
mainly Other debts (+€870,803) and Net result for the year (+€777,408)
- Tangible fixed assets -€27,900
down €27,900 (-4.5%), from €621,184 to €593,284
- Other debts +€870,803
new in 2025: €870,803
- Reserves -€472,592
down €472,592 (-30.3%), from €1.6m to €1.1m
- Depreciation -€74,704
down €74,704 (-72.8%), from €102,604 to €27,900
- Financial charges +€29,830
up €29,830 (+24060.5%), from €124 to €29,954
- Taxes +€14,152
up €14,152 (+5.9%), from €238,478 to €252,629
- Gross operating margin +€11,847
up €11,847 (+1.1%), from €1.1m to €1.1m
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 | €1,680,264 | €2,083,972 | +€403,709 | +24.0% |
| Fixed assets | 21/28 | €621,184 | €593,284 | -€27,900 | -4.5% |
| Tangible fixed assets | 22/27 | €621,184 | €593,284 | -€27,900 | -4.5% |
| Land and buildings | 22 | €621,184 | €593,284 | -€27,900 | -4.5% |
| Current assets | 29/58 | €1,059,080 | €1,490,689 | +€431,609 | +40.8% |
| Amounts receivable within one year | 40/41 | €114,251 | €111,530 | -€2,721 | -2.4% |
| Trade receivables | 40 | €114,251 | €111,530 | -€2,721 | -2.4% |
| Cash at bank and in hand | 54/58 | €944,296 | €1,378,626 | +€434,330 | +46.0% |
| Deferred charges and accrued income | 490/1 | €533 | €533 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,680,264 | €2,083,972 | +€403,709 | +24.0% |
| Equity | 10/15 | €1,565,996 | €1,093,404 | -€472,592 | -30.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,560,996 | €1,088,404 | -€472,592 | -30.3% |
| Distributable reserves | 133 | €1,560,996 | €1,088,404 | -€472,592 | -30.3% |
| Amounts payable | 17/49 | €114,267 | €990,568 | +€876,301 | +766.9% |
| Amounts payable within one year | 42/48 | €114,267 | €990,568 | +€876,301 | +766.9% |
| Trade debts | 44 | €10,792 | €15,052 | +€4,260 | +39.5% |
| Suppliers | 440/4 | €10,792 | €15,052 | +€4,260 | +39.5% |
| Taxes, remuneration and social security | 45 | €103,476 | €104,714 | +€1,238 | +1.2% |
| Taxes | 450/3 | €103,476 | €100,949 | -€2,527 | -2.4% |
| Remuneration and social security | 454/9 | - | €3,765 | +€3,765 | |
| Other amounts payable | 47/48 | - | €870,803 | +€870,803 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,604 | €27,900 | -€74,704 | -72.8% |
| Other operating charges | 640/8 | €499 | €1,094 | +€594 | +118.9% |
| Gross operating margin | 9900 | €1,077,138 | €1,088,985 | +€11,847 | +1.1% |
| Operating profit (loss) | 9901 | €974,035 | €1,059,991 | +€85,957 | +8.8% |
| Financial charges | 65/66B | €124 | €29,954 | +€29,830 | +24060.5% |
| Recurring financial charges | 65 | €124 | €29,954 | +€29,830 | +24060.5% |
| Profit (loss) for the period before taxes | 9903 | €973,911 | €1,030,037 | +€56,126 | +5.8% |
| Income taxes | 67/77 | €238,478 | €252,629 | +€14,152 | +5.9% |
| Profit (loss) for the period | 9904 | €735,433 | €777,408 | +€41,975 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €735,433 | €777,408 | +€41,975 | +5.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.