GCN GROUP: 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.
GCN GROUP
Largest movements
- Tangible fixed assets +€141,460
up €141,460 (+142%), from €99,290 to €240,750
of which Furniture and vehicles: +€157,039
- Receivables within one year -€56,315
down €56,315 (-10.2%), from €551,291 to €494,976
of which Trade receivables: -€58,535
- Cash -€56,029
down €56,029 (-9.4%), from €594,055 to €538,026
mainly Other debts (-€200,000) and Investment in fixed assets (net) (-€182,300)
- Reserves +€334,791
up €334,791 (+40.6%), from €825,408 to €1.2m
of which Distributable reserves: +€334,791
- Other debts -€200,000
no longer reported in 2025 (was €200,000)
- Trade debts -€45,864
down €45,864 (-11.0%), from €417,968 to €372,104
- Tax, wage and social debts -€43,591
down €43,591 (-16.1%), from €270,328 to €226,737
of which Taxes: -€64,473
- Gross operating margin -€86,615
down €86,615 (-9.0%), from €959,755 to €873,139
- Other operating charges -€64,775
down €64,775 (-60.3%), from €107,468 to €42,694
- Taxes +€25,424
up €25,424 (+20.7%), from €122,985 to €148,409
- Staff costs -€18,581
down €18,581 (-5.6%), from €328,994 to €310,412
- Depreciation +€10,491
up €10,491 (+34.6%), from €30,349 to €40,840
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 | €1,993,956 | €2,039,293 | +€45,337 | +2.3% |
| Fixed assets | 21/28 | €102,356 | €243,816 | +€141,460 | +138% |
| Tangible fixed assets | 22/27 | €99,290 | €240,750 | +€141,460 | +142% |
| Plant, machinery and equipment | 23 | €85,135 | €69,556 | -€15,579 | -18.3% |
| Furniture and vehicles | 24 | €14,155 | €171,194 | +€157,039 | +1,109% |
| Financial fixed assets | 28 | €3,066 | €3,066 | = | 0.0% |
| Current assets | 29/58 | €1,891,600 | €1,795,477 | -€96,123 | -5.1% |
| Stocks and contracts in progress | 3 | €746,253 | €754,321 | +€8,068 | +1.1% |
| Stocks | 30/36 | €746,253 | €754,321 | +€8,068 | +1.1% |
| Amounts receivable within one year | 40/41 | €551,291 | €494,976 | -€56,315 | -10.2% |
| Trade receivables | 40 | €457,645 | €399,110 | -€58,535 | -12.8% |
| Other amounts receivable | 41 | €93,646 | €95,866 | +€2,220 | +2.4% |
| Cash at bank and in hand | 54/58 | €594,055 | €538,026 | -€56,029 | -9.4% |
| Deferred charges and accrued income | 490/1 | - | €8,154 | +€8,154 | |
| Total equity and liabilities | 10/49 | €1,993,956 | €2,039,293 | +€45,337 | +2.3% |
| Equity | 10/15 | €1,105,660 | €1,440,452 | +€334,791 | +30.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €825,408 | €1,160,199 | +€334,791 | +40.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €823,548 | €1,158,339 | +€334,791 | +40.7% |
| Profit (loss) carried forward | 14 | €261,653 | €261,653 | = | 0.0% |
| Amounts payable | 17/49 | €888,296 | €598,841 | -€289,454 | -32.6% |
| Amounts payable within one year | 42/48 | €888,296 | €598,841 | -€289,454 | -32.6% |
| Trade debts | 44 | €417,968 | €372,104 | -€45,864 | -11.0% |
| Suppliers | 440/4 | €417,968 | €372,104 | -€45,864 | -11.0% |
| Taxes, remuneration and social security | 45 | €270,328 | €226,737 | -€43,591 | -16.1% |
| Taxes | 450/3 | €229,438 | €164,965 | -€64,473 | -28.1% |
| Remuneration and social security | 454/9 | €40,890 | €61,772 | +€20,882 | +51.1% |
| Other amounts payable | 47/48 | €200,000 | - | -€200,000 | |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Remuneration, social security and pensions | 62 | €328,994 | €310,412 | -€18,581 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,349 | €40,840 | +€10,491 | +34.6% |
| Other operating charges | 640/8 | €107,468 | €42,694 | -€64,775 | -60.3% |
| Gross operating margin | 9900 | €959,755 | €873,139 | -€86,615 | -9.0% |
| Operating profit (loss) | 9901 | €492,943 | €479,193 | -€13,750 | -2.8% |
| Financial income | 75/76B | - | €5,963 | +€5,963 | |
| Recurring financial income | 75 | - | €5,963 | +€5,963 | |
| Financial charges | 65/66B | €2,054 | €1,956 | -€98 | -4.8% |
| Recurring financial charges | 65 | €2,054 | €1,956 | -€98 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €490,889 | €483,200 | -€7,689 | -1.6% |
| Income taxes | 67/77 | €122,985 | €148,409 | +€25,424 | +20.7% |
| Profit (loss) for the period | 9904 | €367,904 | €334,791 | -€33,112 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €367,904 | €334,791 | -€33,112 | -9.0% |
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 14 October 2026 via checked.be.