GCM: what changed
What changed
GCM
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€56,900
2024 · €30,058+€26,842
Equity
€98,644
2024 · €41,744+€56,900
Cash
€66,273
2024 · €43,844+€22,429
Balance sheet total
€471,856
2024 · €464,944+€6,911
Largest movements
Assets
- Cash +€22,429
up €22,429 (+51.2%), from €43,844 to €66,273
mainly Net result for the year (+€56,900) and Short-term financial debts (+€25,000)
- Tangible fixed assets -€17,492
down €17,492 (-4.2%), from €416,970 to €399,477
of which Land and buildings: -€11,395
Equity and liabilities
- Reserves +€56,900
up €56,900 (+155%), from €36,744 to €93,644
- Other debts -€53,957
down €53,957 (-71.4%), from €75,563 to €21,606
- Short-term financial debts +€25,000
new in 2025: €25,000
- Debts after one year -€21,963
down €21,963 (-7.7%), from €284,309 to €262,346
- Trade debts +€9,911
up €9,911 (+120%), from €8,248 to €18,159
Income statement
- Gross operating margin +€82,579
up €82,579 (+118%), from €70,236 to €152,815
- Other operating charges +€13,440
up €13,440 (+1,386%), from €970 to €14,410
- Taxes +€9,019
up €9,019 (+56.7%), from €15,903 to €24,923
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€30,058
Gross operating margin
+€82,579
Depreciation
+€315
Other operating charges
-€13,440
Other operating items
-€33,547
Financial charges
-€46
Taxes
-€9,019
Result 2025
€56,900
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€19,066
Investment
€0
Financing
+€3,363
Cash 2024
€43,844
From operations (derived)
+€19,066
Net result for the year
+€56,900
Depreciation
+€17,492
Receivables within one year
-€77
Deferred charges and accrued income
-€1,898
Trade debts
+€9,911
Tax, wage and social debts
-€9,305
Other debts
-€53,957
Financing
+€3,363
Debts after one year
-€21,963
Current portion of long-term debt
+€325
Short-term financial debts
+€25,000
Cash 2025
€66,273
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €464,944 | €471,856 | +€6,911 | +1.5% |
| Fixed assets | 21/28 | €416,970 | €399,477 | -€17,492 | -4.2% |
| Tangible fixed assets | 22/27 | €416,970 | €399,477 | -€17,492 | -4.2% |
| Land and buildings | 22 | €386,984 | €375,589 | -€11,395 | -2.9% |
| Plant, machinery and equipment | 23 | €8,506 | €7,549 | -€956 | -11.2% |
| Furniture and vehicles | 24 | €7,325 | €4,621 | -€2,705 | -36.9% |
| Other tangible fixed assets | 26 | €14,154 | €11,719 | -€2,436 | -17.2% |
| Current assets | 29/58 | €47,975 | €72,378 | +€24,403 | +50.9% |
| Amounts receivable within one year | 40/41 | - | €77 | +€77 | |
| Other amounts receivable | 41 | - | €77 | +€77 | |
| Cash at bank and in hand | 54/58 | €43,844 | €66,273 | +€22,429 | +51.2% |
| Deferred charges and accrued income | 490/1 | €4,131 | €6,028 | +€1,898 | +45.9% |
| Total equity and liabilities | 10/49 | €464,944 | €471,856 | +€6,911 | +1.5% |
| Equity | 10/15 | €41,744 | €98,644 | +€56,900 | +136% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,744 | €93,644 | +€56,900 | +155% |
| Distributable reserves | 133 | €36,744 | €93,644 | +€56,900 | +155% |
| Amounts payable | 17/49 | €423,201 | €373,212 | -€49,989 | -11.8% |
| Amounts payable after more than one year | 17 | €284,309 | €262,346 | -€21,963 | -7.7% |
| Financial debts | 170/4 | €284,309 | €262,346 | -€21,963 | -7.7% |
| Amounts payable within one year | 42/48 | €138,892 | €110,866 | -€28,026 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €21,637 | €21,963 | +€325 | +1.5% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €8,248 | €18,159 | +€9,911 | +120% |
| Suppliers | 440/4 | €8,248 | €18,159 | +€9,911 | +120% |
| Taxes, remuneration and social security | 45 | €33,443 | €24,138 | -€9,305 | -27.8% |
| Taxes | 450/3 | €33,443 | €19,070 | -€14,373 | -43.0% |
| Remuneration and social security | 454/9 | - | €5,068 | +€5,068 | |
| Other amounts payable | 47/48 | €75,563 | €21,606 | -€53,957 | -71.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,807 | €17,492 | -€315 | -1.8% |
| Other operating charges | 640/8 | €970 | €14,410 | +€13,440 | +1,386% |
| Non-recurring operating charges | 66A | - | €33,547 | +€33,547 | |
| Gross operating margin | 9900 | €70,236 | €152,815 | +€82,579 | +118% |
| Operating profit (loss) | 9901 | €51,459 | €87,366 | +€35,907 | +69.8% |
| Financial charges | 65/66B | €5,498 | €5,544 | +€46 | +0.8% |
| Recurring financial charges | 65 | €5,498 | €5,544 | +€46 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €45,962 | €81,823 | +€35,861 | +78.0% |
| Income taxes | 67/77 | €15,903 | €24,923 | +€9,019 | +56.7% |
| Profit (loss) for the period | 9904 | €30,058 | €56,900 | +€26,842 | +89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,058 | €56,900 | +€26,842 | +89.3% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.