GDC Concept: 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 Concept
Largest movements
- Tangible fixed assets +€505,464
up €505,464 (+2447.2%), from €20,655 to €526,119
of which Land and buildings: +€506,257
- Receivables within one year -€186,097
down €186,097 (-74.6%), from €249,371 to €63,274
of which Trade receivables: -€208,458
- Cash +€99,056
up €99,056 (+1013.3%), from €9,776 to €108,831
mainly Debts after one year (+€356,157) and Receivables within one year (+€186,097)
- Stocks and contracts +€23,609
up €23,609 (+131.5%), from €17,952 to €41,561
- Debts after one year +€356,157
new in 2025: €356,157
- Profit (loss) carried forward +€98,366
up €98,366 (+67.7%), from €145,292 to €243,658
- Trade debts -€34,324
down €34,324 (-30.9%), from €111,047 to €76,723
- Current portion of long-term debt +€19,874
new in 2025: €19,874
- Gross operating margin +€44,979
up €44,979 (+31.4%), from €143,296 to €188,275
- Depreciation +€43,814
up €43,814 (+2532.7%), from €1,730 to €45,543
- Financial charges +€5,862
up €5,862 (+92.7%), from €6,325 to €12,186
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 | €298,749 | €746,061 | +€447,312 | +149.7% |
| Fixed assets | 21/28 | €20,655 | €526,119 | +€505,464 | +2447.2% |
| Tangible fixed assets | 22/27 | €20,655 | €526,119 | +€505,464 | +2447.2% |
| Land and buildings | 22 | - | €506,257 | +€506,257 | |
| Plant, machinery and equipment | 23 | - | €5,402 | +€5,402 | |
| Furniture and vehicles | 24 | €11,014 | €7,319 | -€3,695 | -33.5% |
| Other tangible fixed assets | 26 | €9,641 | €7,141 | -€2,500 | -25.9% |
| Current assets | 29/58 | €278,094 | €219,942 | -€58,153 | -20.9% |
| Stocks and contracts in progress | 3 | €17,952 | €41,561 | +€23,609 | +131.5% |
| Contracts in progress | 37 | €17,952 | €41,561 | +€23,609 | +131.5% |
| Amounts receivable within one year | 40/41 | €249,371 | €63,274 | -€186,097 | -74.6% |
| Trade receivables | 40 | €247,576 | €39,119 | -€208,458 | -84.2% |
| Other amounts receivable | 41 | €1,795 | €24,156 | +€22,361 | +1245.6% |
| Cash at bank and in hand | 54/58 | €9,776 | €108,831 | +€99,056 | +1013.3% |
| Deferred charges and accrued income | 490/1 | €995 | €6,275 | +€5,280 | +530.8% |
| Total equity and liabilities | 10/49 | €298,749 | €746,061 | +€447,312 | +149.7% |
| Equity | 10/15 | €147,242 | €245,608 | +€98,366 | +66.8% |
| Contributions | 10/11 | €1,950 | €1,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,292 | €243,658 | +€98,366 | +67.7% |
| Amounts payable | 17/49 | €151,507 | €500,453 | +€348,946 | +230.3% |
| Amounts payable after more than one year | 17 | - | €356,157 | +€356,157 | |
| Financial debts | 170/4 | - | €356,157 | +€356,157 | |
| Amounts payable within one year | 42/48 | €151,507 | €144,296 | -€7,211 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | - | €19,874 | +€19,874 | |
| Trade debts | 44 | €111,047 | €76,723 | -€34,324 | -30.9% |
| Suppliers | 440/4 | €111,047 | €76,723 | -€34,324 | -30.9% |
| Taxes, remuneration and social security | 45 | €40,460 | €47,699 | +€7,239 | +17.9% |
| Taxes | 450/3 | €40,460 | €47,699 | +€7,239 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,730 | €45,543 | +€43,814 | +2532.7% |
| Other operating charges | 640/8 | €2,668 | €2,749 | +€81 | +3.0% |
| Gross operating margin | 9900 | €143,296 | €188,275 | +€44,979 | +31.4% |
| Operating profit (loss) | 9901 | €138,899 | €139,983 | +€1,084 | +0.8% |
| Financial income | 75/76B | €784 | €113 | -€671 | -85.6% |
| Recurring financial income | 75 | €784 | €113 | -€671 | -85.6% |
| Financial charges | 65/66B | €6,325 | €12,186 | +€5,862 | +92.7% |
| Recurring financial charges | 65 | €6,325 | €12,186 | +€5,862 | +92.7% |
| Profit (loss) for the period before taxes | 9903 | €133,358 | €127,909 | -€5,449 | -4.1% |
| Income taxes | 67/77 | €29,324 | €29,544 | +€220 | +0.8% |
| Profit (loss) for the period | 9904 | €104,035 | €98,366 | -€5,669 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €104,035 | €98,366 | -€5,669 | -5.4% |
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 12 October 2026 via checked.be.