GCM CONSTRUCT: 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 CONSTRUCT
Largest movements
- Tangible fixed assets +€83,194
up €83,194 (+7.9%), from €1.1m to €1.1m
of which Land and buildings: +€80,409
- Receivables within one year +€18,559
up €18,559 (+58.5%), from €31,747 to €50,306
of which Trade receivables: +€19,335
- Debts after one year +€71,264
up €71,264 (+7.2%), from €991,727 to €1.1m
- Trade debts +€18,147
up €18,147 (+60.6%), from €29,949 to €48,096
- Other debts +€17,651
up €17,651 (+95.2%), from €18,533 to €36,184
- Current portion of long-term debt +€15,275
up €15,275 (+44.6%), from €34,243 to €49,518
- Reserves -€13,530
down €13,530 (-77.6%), from €17,426 to €3,896
- Gross operating margin +€80,022
up €80,022, from -€4,074 to €75,948
- Depreciation +€11,730
up €11,730 (+34.5%), from €33,964 to €45,694
- Financial charges +€8,762
up €8,762 (+26.4%), from €33,196 to €41,958
- Financial income -€800
down €800 (-100%), from €800 to €0
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.
Derived cash bridge
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 | €1,094,689 | €1,207,685 | +€112,997 | +10.3% |
| Fixed assets | 21/28 | €1,057,228 | €1,143,662 | +€86,434 | +8.2% |
| Tangible fixed assets | 22/27 | €1,057,228 | €1,140,422 | +€83,194 | +7.9% |
| Land and buildings | 22 | €1,042,469 | €1,122,878 | +€80,409 | +7.7% |
| Plant, machinery and equipment | 23 | €9,879 | €14,096 | +€4,217 | +42.7% |
| Furniture and vehicles | 24 | €2,645 | €1,406 | -€1,239 | -46.8% |
| Other tangible fixed assets | 26 | €2,236 | €2,043 | -€193 | -8.6% |
| Financial fixed assets | 28 | €0 | €3,240 | +€3,240 | |
| Current assets | 29/58 | €37,461 | €64,024 | +€26,563 | +70.9% |
| Amounts receivable within one year | 40/41 | €31,747 | €50,306 | +€18,559 | +58.5% |
| Trade receivables | 40 | €27,551 | €46,886 | +€19,335 | +70.2% |
| Other amounts receivable | 41 | €4,196 | €3,420 | -€776 | -18.5% |
| Cash at bank and in hand | 54/58 | €4,262 | €12,153 | +€7,891 | +185% |
| Deferred charges and accrued income | 490/1 | €1,452 | €1,564 | +€113 | +7.8% |
| Total equity and liabilities | 10/49 | €1,094,689 | €1,207,685 | +€112,997 | +10.3% |
| Equity | 10/15 | €18,676 | €5,146 | -€13,530 | -72.4% |
| Contributions | 10/11 | €1,250 | €1,250 | = | 0.0% |
| Reserves | 13 | €17,426 | €3,896 | -€13,530 | -77.6% |
| Distributable reserves | 133 | €17,426 | €3,896 | -€13,530 | -77.6% |
| Amounts payable | 17/49 | €1,076,012 | €1,202,539 | +€126,527 | +11.8% |
| Amounts payable after more than one year | 17 | €991,727 | €1,062,991 | +€71,264 | +7.2% |
| Financial debts | 170/4 | €991,727 | €1,062,991 | +€71,264 | +7.2% |
| Amounts payable within one year | 42/48 | €84,285 | €139,548 | +€55,262 | +65.6% |
| Current portion of amounts payable after more than one year | 42 | €34,243 | €49,518 | +€15,275 | +44.6% |
| Trade debts | 44 | €29,949 | €48,096 | +€18,147 | +60.6% |
| Suppliers | 440/4 | €29,949 | €48,096 | +€18,147 | +60.6% |
| Taxes, remuneration and social security | 45 | €1,560 | €5,749 | +€4,189 | +269% |
| Taxes | 450/3 | €310 | €5,749 | +€5,439 | +1,754% |
| Remuneration and social security | 454/9 | €1,250 | €0 | -€1,250 | -100% |
| Other amounts payable | 47/48 | €18,533 | €36,184 | +€17,651 | +95.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,964 | €45,694 | +€11,730 | +34.5% |
| Other operating charges | 640/8 | €1,557 | €1,564 | +€8 | +0.5% |
| Gross operating margin | 9900 | -€4,074 | €75,948 | +€80,022 | |
| Operating profit (loss) | 9901 | -€39,595 | €28,690 | +€68,285 | |
| Financial income | 75/76B | €800 | €0 | -€800 | -100% |
| Recurring financial income | 75 | €800 | €0 | -€800 | -100% |
| Financial charges | 65/66B | €33,196 | €41,958 | +€8,762 | +26.4% |
| Recurring financial charges | 65 | €33,196 | €41,958 | +€8,762 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | -€71,990 | -€13,268 | +€58,722 | +81.6% |
| Income taxes | 67/77 | €255 | €262 | +€7 | +2.8% |
| Profit (loss) for the period | 9904 | -€72,245 | -€13,530 | +€58,715 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,245 | -€13,530 | +€58,715 | +81.3% |
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 17 October 2026 via checked.be.