GCMS: 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.
GCMS
Largest movements
- Tangible fixed assets -€115,922
down €115,922 (-30.8%), from €376,134 to €260,212
of which Other tangible fixed assets: -€72,686
- Cash +€92,104
up €92,104 (+610.2%), from €15,093 to €107,197
mainly Other debts (+€296,265) and Net result for the year (+€81,537)
- Receivables within one year +€21,567
up €21,567 (+1109.2%), from €1,944 to €23,512
of which Trade receivables: +€23,499
- Other debts +€296,265
up €296,265 (+4114.6%), from €7,200 to €303,465
- Reserves -€143,849
down €143,849 (-23.9%), from €601,618 to €457,769
- Debts after one year -€82,687
down €82,687 (-32.2%), from €256,457 to €173,771
- Contributions -€79,112
no longer reported in 2025 (was €79,112)
- Tax, wage and social debts +€14,609
up €14,609 (+152.4%), from €9,583 to €24,192
- Gross operating margin -€171,543
down €171,543 (-44.4%), from €386,728 to €215,185
- Taxes -€51,723
down €51,723 (-56.3%), from €91,815 to €40,092
- Depreciation -€11,497
down €11,497 (-12.4%), from €92,369 to €80,872
- Financial income -€6,852
down €6,852 (-38.6%), from €17,763 to €10,911
- Other operating charges +€5,643
up €5,643 (+70.1%), from €8,046 to €13,689
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 | €1,058,052 | €1,050,721 | -€7,331 | -0.7% |
| Fixed assets | 21/28 | €426,204 | €310,282 | -€115,922 | -27.2% |
| Tangible fixed assets | 22/27 | €376,134 | €260,212 | -€115,922 | -30.8% |
| Plant, machinery and equipment | 23 | €6,369 | €5,863 | -€507 | -8.0% |
| Furniture and vehicles | 24 | €78,779 | €36,051 | -€42,729 | -54.2% |
| Other tangible fixed assets | 26 | €290,985 | €218,298 | -€72,686 | -25.0% |
| Financial fixed assets | 28 | €50,070 | €50,070 | = | 0.0% |
| Current assets | 29/58 | €631,848 | €740,439 | +€108,591 | +17.2% |
| Amounts receivable within one year | 40/41 | €1,944 | €23,512 | +€21,567 | +1109.2% |
| Trade receivables | 40 | - | €23,499 | +€23,499 | |
| Other amounts receivable | 41 | €1,944 | €13 | -€1,932 | -99.3% |
| Current investments | 50/53 | €610,000 | €605,000 | -€5,000 | -0.8% |
| Cash at bank and in hand | 54/58 | €15,093 | €107,197 | +€92,104 | +610.2% |
| Deferred charges and accrued income | 490/1 | €4,810 | €4,730 | -€80 | -1.7% |
| Total equity and liabilities | 10/49 | €1,058,052 | €1,050,721 | -€7,331 | -0.7% |
| Equity | 10/15 | €680,730 | €457,769 | -€222,961 | -32.8% |
| Contributions | 10/11 | €79,112 | - | -€79,112 | |
| Reserves | 13 | €601,618 | €457,769 | -€143,849 | -23.9% |
| Distributable reserves | 133 | €601,618 | €457,769 | -€143,849 | -23.9% |
| Amounts payable | 17/49 | €377,322 | €592,952 | +€215,631 | +57.1% |
| Amounts payable after more than one year | 17 | €256,457 | €173,771 | -€82,687 | -32.2% |
| Financial debts | 170/4 | €256,457 | €173,771 | -€82,687 | -32.2% |
| Amounts payable within one year | 42/48 | €114,767 | €413,787 | +€299,020 | +260.5% |
| Current portion of amounts payable after more than one year | 42 | €66,074 | €54,824 | -€11,250 | -17.0% |
| Financial debts | 43 | €78 | €222 | +€144 | +184.9% |
| Credit institutions | 430/8 | €78 | €222 | +€144 | +184.9% |
| Trade debts | 44 | €1,400 | €652 | -€748 | -53.4% |
| Suppliers | 440/4 | €1,400 | €652 | -€748 | -53.4% |
| Advances received on contracts in progress | 46 | €30,431 | €30,431 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,583 | €24,192 | +€14,609 | +152.4% |
| Taxes | 450/3 | €9,583 | €24,192 | +€14,609 | +152.4% |
| Other amounts payable | 47/48 | €7,200 | €303,465 | +€296,265 | +4114.6% |
| Accrued charges and deferred income | 492/3 | €6,097 | €5,395 | -€703 | -11.5% |
| Non-recurring operating income | 76A | €14,932 | - | -€14,932 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,369 | €80,872 | -€11,497 | -12.4% |
| Other operating charges | 640/8 | €8,046 | €13,689 | +€5,643 | +70.1% |
| Gross operating margin | 9900 | €386,728 | €215,185 | -€171,543 | -44.4% |
| Operating profit (loss) | 9901 | €286,313 | €120,624 | -€165,690 | -57.9% |
| Financial income | 75/76B | €17,763 | €10,911 | -€6,852 | -38.6% |
| Recurring financial income | 75 | €17,763 | €10,911 | -€6,852 | -38.6% |
| Financial charges | 65/66B | €14,156 | €9,906 | -€4,250 | -30.0% |
| Recurring financial charges | 65 | €14,156 | €9,792 | -€4,364 | -30.8% |
| Non-recurring financial charges | 66B | - | €114 | +€114 | |
| Profit (loss) for the period before taxes | 9903 | €289,921 | €121,629 | -€168,292 | -58.0% |
| Income taxes | 67/77 | €91,815 | €40,092 | -€51,723 | -56.3% |
| Profit (loss) for the period | 9904 | €198,106 | €81,537 | -€116,568 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €198,106 | €81,537 | -€116,568 | -58.8% |
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 9 October 2026 via checked.be.