GCorp: what changed
What changed
GCorp
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€114,772
2024 · €103,739+€11,034
Equity
€471,843
2024 · €357,071+€114,772
Cash
€24,398
2024 · €24,111+€287
Balance sheet total
€1.0m
2024 · €945,628+€81,348
Largest movements
Assets
- Receivables within one year +€49,783
up €49,783 (+28.0%), from €177,760 to €227,543
of which Other amounts receivable: +€30,423
- Tangible fixed assets +€30,129
up €30,129 (+70.7%), from €42,637 to €72,767
Equity and liabilities
- Profit (loss) carried forward +€63,750
new in 2025: €63,750
- Reserves +€51,022
up €51,022 (+17.8%), from €287,071 to €338,093
- Debts after one year -€37,729
down €37,729 (-8.7%), from €434,336 to €396,607
of which Financial debts: -€37,729
- Current portion of long-term debt +€11,875
up €11,875 (+16.5%), from €71,805 to €83,680
Income statement
- Financial charges -€5,024
down €5,024 (-25.2%), from €19,964 to €14,940
- Taxes -€4,866
down €4,866 (-29.8%), from €16,320 to €11,454
- Other operating charges -€2,340
down €2,340 (-93.0%), from €2,515 to €176
- Depreciation +€1,122
up €1,122 (+8.2%), from €13,711 to €14,833
- Gross operating margin -€692
down €692 (-1.0%), from €66,249 to €65,557
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€103,739
Gross operating margin
-€692
Depreciation
-€1,122
Other operating charges
+€2,340
Financial income
+€618
Financial charges
+€5,024
Taxes
+€4,866
Result 2025
€114,772
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€71,103
Investment
-€44,962
Financing
-€25,854
Cash 2024
€24,111
From operations (derived)
+€71,103
Net result for the year
+€114,772
Depreciation
+€14,833
Receivables within one year
-€49,783
Deferred charges and accrued income
-€1,148
Trade debts
+€2,941
Tax, wage and social debts
-€7,296
Other debts
-€3,465
Accrued charges and deferred income
+€250
Investment (derived)
-€44,962
Investment in fixed assets (net)
-€44,962
Financing
-€25,854
Debts after one year
-€37,729
Current portion of long-term debt
+€11,875
Cash 2025
€24,398
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €945,628 | €1,026,976 | +€81,348 | +8.6% |
| Fixed assets | 21/28 | €742,637 | €772,767 | +€30,129 | +4.1% |
| Tangible fixed assets | 22/27 | €42,637 | €72,767 | +€30,129 | +70.7% |
| Furniture and vehicles | 24 | €42,637 | €72,767 | +€30,129 | +70.7% |
| Financial fixed assets | 28 | €700,000 | €700,000 | = | 0.0% |
| Current assets | 29/58 | €202,991 | €254,209 | +€51,218 | +25.2% |
| Amounts receivable within one year | 40/41 | €177,760 | €227,543 | +€49,783 | +28.0% |
| Trade receivables | 40 | €67,760 | €87,120 | +€19,360 | +28.6% |
| Other amounts receivable | 41 | €110,000 | €140,423 | +€30,423 | +27.7% |
| Cash at bank and in hand | 54/58 | €24,111 | €24,398 | +€287 | +1.2% |
| Deferred charges and accrued income | 490/1 | €1,119 | €2,267 | +€1,148 | +103% |
| Total equity and liabilities | 10/49 | €945,628 | €1,026,976 | +€81,348 | +8.6% |
| Equity | 10/15 | €357,071 | €471,843 | +€114,772 | +32.1% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €287,071 | €338,093 | +€51,022 | +17.8% |
| Distributable reserves | 133 | €287,071 | €338,093 | +€51,022 | +17.8% |
| Profit (loss) carried forward | 14 | - | €63,750 | +€63,750 | |
| Amounts payable | 17/49 | €588,557 | €555,133 | -€33,425 | -5.7% |
| Amounts payable after more than one year | 17 | €434,336 | €396,607 | -€37,729 | -8.7% |
| Financial debts | 170/4 | €334,336 | €296,607 | -€37,729 | -11.3% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €153,221 | €157,276 | +€4,054 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €71,805 | €83,680 | +€11,875 | +16.5% |
| Trade debts | 44 | €145 | €3,086 | +€2,941 | +2,025% |
| Suppliers | 440/4 | €145 | €3,086 | +€2,941 | +2,025% |
| Taxes, remuneration and social security | 45 | €40,948 | €33,651 | -€7,296 | -17.8% |
| Taxes | 450/3 | €40,948 | €33,651 | -€7,296 | -17.8% |
| Other amounts payable | 47/48 | €40,324 | €36,859 | -€3,465 | -8.6% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,250 | +€250 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,711 | €14,833 | +€1,122 | +8.2% |
| Other operating charges | 640/8 | €2,515 | €176 | -€2,340 | -93.0% |
| Gross operating margin | 9900 | €66,249 | €65,557 | -€692 | -1.0% |
| Operating profit (loss) | 9901 | €50,022 | €50,548 | +€526 | +1.1% |
| Financial income | 75/76B | €90,000 | €90,618 | +€618 | +0.7% |
| Recurring financial income | 75 | €90,000 | €90,618 | +€618 | +0.7% |
| Financial charges | 65/66B | €19,964 | €14,940 | -€5,024 | -25.2% |
| Recurring financial charges | 65 | €19,964 | €14,940 | -€5,024 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €120,058 | €126,226 | +€6,168 | +5.1% |
| Income taxes | 67/77 | €16,320 | €11,454 | -€4,866 | -29.8% |
| Profit (loss) for the period | 9904 | €103,739 | €114,772 | +€11,034 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €103,739 | €114,772 | +€11,034 | +10.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.