GDC: 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.
GDC
Largest movements
- Receivables within one year +€111,272
up €111,272 (+90.6%), from €122,839 to €234,110
of which Other amounts receivable: +€105,206
- Tangible fixed assets -€99,950
down €99,950 (-5.5%), from €1.8m to €1.7m
of which Land and buildings: -€102,848
- Cash -€63,360
down €63,360 (-69.4%), from €91,304 to €27,944
mainly Receivables within one year (-€111,272) and Debts after one year (-€81,652)
- Debts after one year -€81,652
down €81,652 (-2.9%), from €2.8m to €2.7m
of which Financial debts: -€81,652
- Trade debts +€41,934
up €41,934 (+62.0%), from €67,649 to €109,583
- Financial income -€154,332
down €154,332 (-53.5%), from €288,248 to €133,916
- Taxes -€35,559
down €35,559 (-100.0%), from €35,559 to €0
- Other operating charges -€17,400
down €17,400 (-27.2%), from €63,883 to €46,483
- Financial charges -€17,037
down €17,037 (-49.4%), from €34,487 to €17,451
- Gross operating margin +€7,186
up €7,186 (+31.6%), from €22,736 to €29,922
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 | €4,006,249 | €3,982,583 | -€23,667 | -0.6% |
| Fixed assets | 21/28 | €1,828,611 | €1,728,661 | -€99,950 | -5.5% |
| Tangible fixed assets | 22/27 | €1,828,611 | €1,728,661 | -€99,950 | -5.5% |
| Land and buildings | 22 | €1,828,611 | €1,725,763 | -€102,848 | -5.6% |
| Furniture and vehicles | 24 | - | €2,898 | +€2,898 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,177,639 | €2,253,922 | +€76,283 | +3.5% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,839 | €234,110 | +€111,272 | +90.6% |
| Trade receivables | 40 | €43,818 | €49,884 | +€6,066 | +13.8% |
| Other amounts receivable | 41 | €79,021 | €184,226 | +€105,206 | +133.1% |
| Current investments | 50/53 | €1,961,424 | €1,989,126 | +€27,701 | +1.4% |
| Cash at bank and in hand | 54/58 | €91,304 | €27,944 | -€63,360 | -69.4% |
| Deferred charges and accrued income | 490/1 | €1,071 | €1,742 | +€671 | +62.6% |
| Total equity and liabilities | 10/49 | €4,006,249 | €3,982,583 | -€23,667 | -0.6% |
| Equity | 10/15 | €906,223 | €938,441 | +€32,218 | +3.6% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €356,223 | €388,441 | +€32,218 | +9.0% |
| Amounts payable | 17/49 | €3,100,027 | €3,044,142 | -€55,885 | -1.8% |
| Amounts payable after more than one year | 17 | €2,827,659 | €2,746,007 | -€81,652 | -2.9% |
| Financial debts | 170/4 | €2,825,056 | €2,743,404 | -€81,652 | -2.9% |
| Other amounts payable | 178/9 | €2,603 | €2,603 | = | 0.0% |
| Amounts payable within one year | 42/48 | €266,030 | €294,461 | +€28,431 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €147,633 | €181,708 | +€34,075 | +23.1% |
| Trade debts | 44 | €67,649 | €109,583 | +€41,934 | +62.0% |
| Suppliers | 440/4 | €67,649 | €109,583 | +€41,934 | +62.0% |
| Taxes, remuneration and social security | 45 | €9,910 | - | -€9,910 | |
| Taxes | 450/3 | €9,910 | - | -€9,910 | |
| Other amounts payable | 47/48 | €40,837 | €3,170 | -€37,668 | -92.2% |
| Accrued charges and deferred income | 492/3 | €6,338 | €3,674 | -€2,664 | -42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,121 | €67,686 | +€1,564 | +2.4% |
| Other operating charges | 640/8 | €63,883 | €46,483 | -€17,400 | -27.2% |
| Gross operating margin | 9900 | €22,736 | €29,922 | +€7,186 | +31.6% |
| Operating profit (loss) | 9901 | -€107,268 | -€84,247 | +€23,021 | +21.5% |
| Financial income | 75/76B | €288,248 | €133,916 | -€154,332 | -53.5% |
| Recurring financial income | 75 | €288,248 | €133,916 | -€154,332 | -53.5% |
| Financial charges | 65/66B | €34,487 | €17,451 | -€17,037 | -49.4% |
| Recurring financial charges | 65 | €34,487 | €17,451 | -€17,037 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | €146,493 | €32,218 | -€114,275 | -78.0% |
| Income taxes | 67/77 | €35,559 | €0 | -€35,559 | -100.0% |
| Profit (loss) for the period | 9904 | €110,934 | €32,218 | -€78,716 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €110,934 | €32,218 | -€78,716 | -71.0% |
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 10 October 2026 via checked.be.