GCO: 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.
GCO
Largest movements
- Tangible fixed assets -€38,716
down €38,716 (-24.0%), from €161,629 to €122,913
of which Furniture and vehicles: -€35,021
- Receivables within one year +€30,132
up €30,132 (+252.7%), from €11,922 to €42,054
of which Trade receivables: +€27,357
- Other debts -€45,860
down €45,860 (-2.3%), from €2.0m to €2.0m
- Profit (loss) carried forward +€37,529
up €37,529, from -€24,322 to €13,207
- Gross operating margin +€74,090
up €74,090 (+1309.8%), from €5,656 to €79,747
- Other operating charges -€3,208
down €3,208 (-58.8%), from €5,452 to €2,244
- Depreciation -€3,191
down €3,191 (-7.6%), from €41,921 to €38,730
- Taxes -€917
down €917 (-39.8%), from €2,303 to €1,386
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 | €2,444,276 | €2,425,194 | -€19,082 | -0.8% |
| Fixed assets | 21/28 | €2,364,629 | €2,325,913 | -€38,716 | -1.6% |
| Tangible fixed assets | 22/27 | €161,629 | €122,913 | -€38,716 | -24.0% |
| Land and buildings | 22 | €25,166 | €21,972 | -€3,194 | -12.7% |
| Plant, machinery and equipment | 23 | €4,410 | €3,909 | -€501 | -11.3% |
| Furniture and vehicles | 24 | €125,053 | €90,032 | -€35,021 | -28.0% |
| Other tangible fixed assets | 26 | €7,000 | €7,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,203,000 | €2,203,000 | = | 0.0% |
| Current assets | 29/58 | €79,648 | €99,282 | +€19,634 | +24.7% |
| Amounts receivable after more than one year | 29 | €46,147 | €46,147 | = | 0.0% |
| Trade receivables | 290 | €46,147 | €46,147 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,922 | €42,054 | +€30,132 | +252.7% |
| Trade receivables | 40 | €10,250 | €37,607 | +€27,357 | +266.9% |
| Other amounts receivable | 41 | €1,672 | €4,448 | +€2,775 | +166.0% |
| Cash at bank and in hand | 54/58 | €21,578 | €11,080 | -€10,498 | -48.7% |
| Total equity and liabilities | 10/49 | €2,444,276 | €2,425,194 | -€19,082 | -0.8% |
| Equity | 10/15 | €421,130 | €458,659 | +€37,529 | +8.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €426,860 | €426,860 | = | 0.0% |
| 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 | €425,000 | €425,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,322 | €13,207 | +€37,529 | |
| Amounts payable | 17/49 | €2,023,146 | €1,966,535 | -€56,611 | -2.8% |
| Amounts payable within one year | 42/48 | €2,023,146 | €1,966,535 | -€56,611 | -2.8% |
| Financial debts | 43 | €1,606 | €787 | -€819 | -51.0% |
| Credit institutions | 430/8 | €1,606 | €787 | -€819 | -51.0% |
| Trade debts | 44 | €969 | €2,906 | +€1,937 | +199.9% |
| Suppliers | 440/4 | €969 | €2,906 | +€1,937 | +199.9% |
| Taxes, remuneration and social security | 45 | €11,869 | - | -€11,869 | |
| Taxes | 450/3 | €7,046 | - | -€7,046 | |
| Remuneration and social security | 454/9 | €4,822 | - | -€4,822 | |
| Other amounts payable | 47/48 | €2,008,703 | €1,962,843 | -€45,860 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,921 | €38,730 | -€3,191 | -7.6% |
| Other operating charges | 640/8 | €5,452 | €2,244 | -€3,208 | -58.8% |
| Non-recurring operating charges | 66A | €2,163 | - | -€2,163 | |
| Gross operating margin | 9900 | €5,656 | €79,747 | +€74,090 | +1309.8% |
| Operating profit (loss) | 9901 | -€43,880 | €38,773 | +€82,653 | |
| Financial income | 75/76B | €650 | €610 | -€40 | -6.1% |
| Recurring financial income | 75 | €650 | €610 | -€40 | -6.1% |
| Financial charges | 65/66B | €526 | €469 | -€57 | -10.9% |
| Recurring financial charges | 65 | €526 | €469 | -€57 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€43,756 | €38,915 | +€82,671 | |
| Income taxes | 67/77 | €2,303 | €1,386 | -€917 | -39.8% |
| Profit (loss) for the period | 9904 | -€46,059 | €37,529 | +€83,588 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,059 | €37,529 | +€83,588 |
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 5 October 2026 via checked.be.