GDCO: what changed
Two fiscal 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.
GDCO
Largest movements
- Tangible fixed assets -€39,803
down €39,803 (-25.3%), from €157,215 to €117,413
of which Furniture and vehicles: -€47,037
- Cash +€16,265
up €16,265 (+9.3%), from €174,329 to €190,594
mainly Depreciation (+€50,390) and Net result for the year (+€34,568)
- Reserves -€16,792
down €16,792 (-5.2%), from €322,204 to €305,412
of which Non-distributable reserves: -€16,792
- Trade debts -€6,381
down €6,381 (-64.9%), from €9,837 to €3,456
- Gross operating margin -€54,821
down €54,821 (-34.6%), from €158,574 to €103,752
- Taxes -€20,091
down €20,091 (-51.4%), from €39,117 to €19,026
- Depreciation +€16,500
up €16,500 (+48.7%), from €33,890 to €50,390
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 | €357,164 | €335,191 | -€21,973 | -6.2% |
| Fixed assets | 21/28 | €157,215 | €117,413 | -€39,803 | -25.3% |
| Tangible fixed assets | 22/27 | €157,215 | €117,413 | -€39,803 | -25.3% |
| Plant, machinery and equipment | 23 | €42 | €9,235 | +€9,193 | +22067.4% |
| Furniture and vehicles | 24 | €141,931 | €94,894 | -€47,037 | -33.1% |
| Other tangible fixed assets | 26 | €15,242 | €13,284 | -€1,958 | -12.8% |
| Current assets | 29/58 | €199,948 | €217,778 | +€17,829 | +8.9% |
| Amounts receivable within one year | 40/41 | €23,470 | €23,055 | -€415 | -1.8% |
| Trade receivables | 40 | €23,470 | €23,055 | -€415 | -1.8% |
| Cash at bank and in hand | 54/58 | €174,329 | €190,594 | +€16,265 | +9.3% |
| Deferred charges and accrued income | 490/1 | €2,150 | €4,129 | +€1,979 | +92.1% |
| Total equity and liabilities | 10/49 | €357,164 | €335,191 | -€21,973 | -6.2% |
| Equity | 10/15 | €328,404 | €311,612 | -€16,792 | -5.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €322,204 | €305,412 | -€16,792 | -5.2% |
| Non-distributable reserves | 130/1 | €277,586 | €260,794 | -€16,792 | -6.0% |
| Other | 1319 | €277,586 | €260,794 | -€16,792 | -6.0% |
| Tax-exempt reserves | 132 | €44,618 | €44,618 | = | 0.0% |
| Amounts payable | 17/49 | €28,760 | €23,579 | -€5,181 | -18.0% |
| Amounts payable within one year | 42/48 | €28,511 | €23,397 | -€5,114 | -17.9% |
| Trade debts | 44 | €9,837 | €3,456 | -€6,381 | -64.9% |
| Suppliers | 440/4 | €9,837 | €3,456 | -€6,381 | -64.9% |
| Taxes, remuneration and social security | 45 | €16,203 | €17,724 | +€1,521 | +9.4% |
| Taxes | 450/3 | €16,203 | €17,724 | +€1,521 | +9.4% |
| Other amounts payable | 47/48 | €2,470 | €2,217 | -€253 | -10.3% |
| Accrued charges and deferred income | 492/3 | €249 | €182 | -€67 | -27.0% |
| Non-recurring operating income | 76A | €13,058 | - | -€13,058 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,890 | €50,390 | +€16,500 | +48.7% |
| Other operating charges | 640/8 | €1,676 | €1,646 | -€30 | -1.8% |
| Non-recurring operating charges | 66A | €310 | €190 | -€120 | -38.7% |
| Gross operating margin | 9900 | €158,574 | €103,752 | -€54,821 | -34.6% |
| Operating profit (loss) | 9901 | €122,698 | €51,526 | -€71,172 | -58.0% |
| Financial income | 75/76B | €2,186 | €2,526 | +€341 | +15.6% |
| Recurring financial income | 75 | €2,186 | €2,526 | +€341 | +15.6% |
| Financial charges | 65/66B | €714 | €458 | -€256 | -35.8% |
| Recurring financial charges | 65 | €714 | €458 | -€256 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €124,170 | €53,594 | -€70,575 | -56.8% |
| Income taxes | 67/77 | €39,117 | €19,026 | -€20,091 | -51.4% |
| Profit (loss) for the period | 9904 | €85,053 | €34,568 | -€50,485 | -59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €85,053 | €34,568 | -€50,485 | -59.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.