GCSG: what changed
GCSG
Largest movements
- Tangible fixed assets -€10,600
down €10,600 (-36.4%), from €29,143 to €18,543
of which Furniture and vehicles: -€7,476
- Deferred charges and accrued income -€5,519
down €5,519 (-30.9%), from €17,849 to €12,330
- Cash +€2,440
up €2,440 (+8.9%), from €27,431 to €29,871
mainly Depreciation (+€14,373) and Deferred charges and accrued income (+€5,519)
- Receivables within one year -€1,383
down €1,383 (-8.1%), from €17,060 to €15,678
- Other debts -€11,485
down €11,485 (-93.4%), from €12,295 to €809
- Debts after one year -€3,224
down €3,224 (-19.6%), from €16,450 to €13,226
- Tax, wage and social debts -€1,362
down €1,362 (-15.5%), from €8,799 to €7,437
- Gross operating margin +€5,907
up €5,907 (+51.7%), from €11,426 to €17,333
- Financial income -€1,340
down €1,340 (-99.5%), from €1,347 to €7
- Financial charges -€817
down €817 (-42.1%), from €1,944 to €1,126
- Taxes +€765
up €765 (+182%), from €421 to €1,186
- Depreciation +€697
up €697 (+5.1%), from €13,676 to €14,373
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,484 | €76,422 | -€15,062 | -16.5% |
| Fixed assets | 21/28 | €29,143 | €18,543 | -€10,600 | -36.4% |
| Tangible fixed assets | 22/27 | €29,143 | €18,543 | -€10,600 | -36.4% |
| Plant, machinery and equipment | 23 | €15,017 | €11,893 | -€3,124 | -20.8% |
| Furniture and vehicles | 24 | €14,127 | €6,650 | -€7,476 | -52.9% |
| Current assets | 29/58 | €62,341 | €57,879 | -€4,462 | -7.2% |
| Amounts receivable within one year | 40/41 | €17,060 | €15,678 | -€1,383 | -8.1% |
| Trade receivables | 40 | €17,060 | €15,678 | -€1,383 | -8.1% |
| Cash at bank and in hand | 54/58 | €27,431 | €29,871 | +€2,440 | +8.9% |
| Deferred charges and accrued income | 490/1 | €17,849 | €12,330 | -€5,519 | -30.9% |
| Total equity and liabilities | 10/49 | €91,484 | €76,422 | -€15,062 | -16.5% |
| Equity | 10/15 | €46,614 | €46,750 | +€135 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,300 | €25,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,440 | €23,440 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,715 | €2,850 | +€135 | +5.0% |
| Amounts payable | 17/49 | €44,870 | €29,673 | -€15,197 | -33.9% |
| Amounts payable after more than one year | 17 | €16,450 | €13,226 | -€3,224 | -19.6% |
| Financial debts | 170/4 | €16,450 | €13,226 | -€3,224 | -19.6% |
| Amounts payable within one year | 42/48 | €28,420 | €16,446 | -€11,974 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €3,163 | €3,224 | +€60 | +1.9% |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €4,163 | €4,974 | +€811 | +19.5% |
| Suppliers | 440/4 | €4,163 | €4,974 | +€811 | +19.5% |
| Taxes, remuneration and social security | 45 | €8,799 | €7,437 | -€1,362 | -15.5% |
| Taxes | 450/3 | €8,799 | €7,437 | -€1,362 | -15.5% |
| Other amounts payable | 47/48 | €12,295 | €809 | -€11,485 | -93.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,676 | €14,373 | +€697 | +5.1% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €11,426 | €17,333 | +€5,907 | +51.7% |
| Operating profit (loss) | 9901 | -€2,756 | €2,440 | +€5,196 | |
| Financial income | 75/76B | €1,347 | €7 | -€1,340 | -99.5% |
| Recurring financial income | 75 | €1,347 | €7 | -€1,340 | -99.5% |
| Financial charges | 65/66B | €1,944 | €1,126 | -€817 | -42.1% |
| Recurring financial charges | 65 | €1,944 | €1,126 | -€817 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,352 | €1,321 | +€4,673 | |
| Income taxes | 67/77 | €421 | €1,186 | +€765 | +182% |
| Profit (loss) for the period | 9904 | -€3,773 | €135 | +€3,908 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,773 | €135 | +€3,908 |
Next steps
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 2 November 2026 via checked.be.