GCT: 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.
GCT
Largest movements
- Tangible fixed assets +€115,729
up €115,729 (+56.5%), from €204,852 to €320,581
of which Land and buildings: +€112,397
- Receivables within one year -€22,858
down €22,858 (-27.0%), from €84,620 to €61,762
of which Other amounts receivable: -€13,520
- Cash -€16,996
down €16,996 (-84.6%), from €20,078 to €3,082
mainly Investment in fixed assets (net) (-€145,374) and Trade debts (-€136,371)
- Deferred charges and accrued income +€10,445
up €10,445 (+1,077%), from €970 to €11,415
- Debts after one year +€217,335
up €217,335 (+1,002%), from €21,691 to €239,025
- Trade debts -€136,371
down €136,371 (-83.9%), from €162,479 to €26,108
- Other debts -€16,440
down €16,440 (-100%), from €16,440 to €0
- Current portion of long-term debt +€13,729
up €13,729 (+248%), from €5,544 to €19,273
- Reserves +€8,958
up €8,958 (+12.3%), from €73,055 to €82,013
- Gross operating margin -€66,776
down €66,776 (-57.7%), from €115,650 to €48,875
- Taxes -€24,263
down €24,263 (-96.0%), from €25,265 to €1,002
- Depreciation +€14,877
up €14,877 (+101%), from €14,768 to €29,645
- Financial charges +€9,037
up €9,037 (+425%), from €2,125 to €11,162
- Financial income +€2,180
up €2,180 (+1,900%), from €115 to €2,295
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 | €310,520 | €396,840 | +€86,320 | +27.8% |
| Fixed assets | 21/28 | €204,852 | €320,581 | +€115,729 | +56.5% |
| Tangible fixed assets | 22/27 | €204,852 | €320,581 | +€115,729 | +56.5% |
| Land and buildings | 22 | €132,094 | €244,491 | +€112,397 | +85.1% |
| Plant, machinery and equipment | 23 | €14,162 | €29,417 | +€15,255 | +108% |
| Furniture and vehicles | 24 | €26,186 | €21,521 | -€4,665 | -17.8% |
| Leasing and similar rights | 25 | €32,410 | €25,153 | -€7,258 | -22.4% |
| Current assets | 29/58 | €105,668 | €76,259 | -€29,409 | -27.8% |
| Amounts receivable within one year | 40/41 | €84,620 | €61,762 | -€22,858 | -27.0% |
| Trade receivables | 40 | €54,093 | €44,754 | -€9,338 | -17.3% |
| Other amounts receivable | 41 | €30,527 | €17,008 | -€13,520 | -44.3% |
| Cash at bank and in hand | 54/58 | €20,078 | €3,082 | -€16,996 | -84.6% |
| Deferred charges and accrued income | 490/1 | €970 | €11,415 | +€10,445 | +1,077% |
| Total equity and liabilities | 10/49 | €310,520 | €396,840 | +€86,320 | +27.8% |
| Equity | 10/15 | €76,055 | €85,013 | +€8,958 | +11.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €73,055 | €82,013 | +€8,958 | +12.3% |
| Distributable reserves | 133 | €73,055 | €82,013 | +€8,958 | +12.3% |
| Amounts payable | 17/49 | €234,465 | €311,827 | +€77,362 | +33.0% |
| Amounts payable after more than one year | 17 | €21,691 | €239,025 | +€217,335 | +1,002% |
| Financial debts | 170/4 | €21,691 | €239,025 | +€217,335 | +1,002% |
| Amounts payable within one year | 42/48 | €212,774 | €72,802 | -€139,972 | -65.8% |
| Current portion of amounts payable after more than one year | 42 | €5,544 | €19,273 | +€13,729 | +248% |
| Financial debts | 43 | - | €7,483 | +€7,483 | |
| Credit institutions | 430/8 | - | €7,483 | +€7,483 | |
| Trade debts | 44 | €162,479 | €26,108 | -€136,371 | -83.9% |
| Suppliers | 440/4 | €162,479 | €26,108 | -€136,371 | -83.9% |
| Taxes, remuneration and social security | 45 | €28,311 | €19,937 | -€8,374 | -29.6% |
| Taxes | 450/3 | €25,943 | €19,937 | -€6,006 | -23.2% |
| Remuneration and social security | 454/9 | €2,368 | €0 | -€2,368 | -100% |
| Other amounts payable | 47/48 | €16,440 | €0 | -€16,440 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,768 | €29,645 | +€14,877 | +101% |
| Other operating charges | 640/8 | €552 | €403 | -€149 | -27.0% |
| Gross operating margin | 9900 | €115,650 | €48,875 | -€66,776 | -57.7% |
| Operating profit (loss) | 9901 | €100,330 | €18,827 | -€81,504 | -81.2% |
| Financial income | 75/76B | €115 | €2,295 | +€2,180 | +1,900% |
| Recurring financial income | 75 | €115 | €2,295 | +€2,180 | +1,900% |
| Financial charges | 65/66B | €2,125 | €11,162 | +€9,037 | +425% |
| Recurring financial charges | 65 | €2,125 | €11,162 | +€9,037 | +425% |
| Profit (loss) for the period before taxes | 9903 | €98,320 | €9,960 | -€88,360 | -89.9% |
| Income taxes | 67/77 | €25,265 | €1,002 | -€24,263 | -96.0% |
| Profit (loss) for the period | 9904 | €73,055 | €8,958 | -€64,097 | -87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €73,055 | €8,958 | -€64,097 | -87.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.