GCMT: 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.
GCMT
Largest movements
- Cash -€58,108
down €58,108 (-62.9%), from €92,412 to €34,303
mainly Contributions, distributions and other (-€145,000) and Current investments (-€12,000)
- Receivables after one year -€14,500
no longer reported in 2025 (was €14,500)
- Current investments +€12,000
up €12,000 (+46.2%), from €26,000 to €38,000
- Receivables within one year -€11,745
down €11,745 (-64.7%), from €18,150 to €6,405
- Tangible fixed assets -€5,114
down €5,114 (-40.1%), from €12,738 to €7,624
- Profit (loss) carried forward -€78,996
down €78,996 (-49.3%), from €160,196 to €81,200
- Gross operating margin +€51,798
up €51,798 (+139.9%), from €37,036 to €88,835
- Taxes +€10,339
up €10,339 (+150.9%), from €6,850 to €17,189
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 | €168,299 | €88,740 | -€79,559 | -47.3% |
| Fixed assets | 21/28 | €12,738 | €7,624 | -€5,114 | -40.1% |
| Tangible fixed assets | 22/27 | €12,738 | €7,624 | -€5,114 | -40.1% |
| Furniture and vehicles | 24 | €12,738 | €7,624 | -€5,114 | -40.1% |
| Current assets | 29/58 | €155,561 | €81,116 | -€74,445 | -47.9% |
| Amounts receivable after more than one year | 29 | €14,500 | - | -€14,500 | |
| Other amounts receivable | 291 | €14,500 | - | -€14,500 | |
| Amounts receivable within one year | 40/41 | €18,150 | €6,405 | -€11,745 | -64.7% |
| Other amounts receivable | 41 | €18,150 | €6,405 | -€11,745 | -64.7% |
| Current investments | 50/53 | €26,000 | €38,000 | +€12,000 | +46.2% |
| Cash at bank and in hand | 54/58 | €92,412 | €34,303 | -€58,108 | -62.9% |
| Deferred charges and accrued income | 490/1 | €4,500 | €2,408 | -€2,091 | -46.5% |
| Total equity and liabilities | 10/49 | €168,299 | €88,740 | -€79,559 | -47.3% |
| Equity | 10/15 | €163,696 | €84,700 | -€78,996 | -48.3% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,196 | €81,200 | -€78,996 | -49.3% |
| Amounts payable | 17/49 | €4,603 | €4,040 | -€563 | -12.2% |
| Amounts payable within one year | 42/48 | €4,163 | €3,600 | -€563 | -13.5% |
| Taxes, remuneration and social security | 45 | €3,600 | €3,600 | = | 0.0% |
| Taxes | 450/3 | €3,600 | €3,600 | = | 0.0% |
| Other amounts payable | 47/48 | €563 | - | -€563 | |
| Accrued charges and deferred income | 492/3 | €440 | €440 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,080 | €5,114 | +€34 | +0.7% |
| Other operating charges | 640/8 | €1,224 | €925 | -€299 | -24.4% |
| Gross operating margin | 9900 | €37,036 | €88,835 | +€51,798 | +139.9% |
| Operating profit (loss) | 9901 | €30,732 | €82,796 | +€52,063 | +169.4% |
| Financial income | 75/76B | €938 | €442 | -€495 | -52.8% |
| Recurring financial income | 75 | €938 | €442 | -€495 | -52.8% |
| Financial charges | 65/66B | €75 | €45 | -€30 | -39.6% |
| Recurring financial charges | 65 | €75 | €45 | -€30 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €31,595 | €83,193 | +€51,597 | +163.3% |
| Income taxes | 67/77 | €6,850 | €17,189 | +€10,339 | +150.9% |
| Profit (loss) for the period | 9904 | €24,745 | €66,004 | +€41,259 | +166.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,745 | €66,004 | +€41,259 | +166.7% |
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 4 October 2026 via checked.be.