GDCRE: 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.
GDCRE
Largest movements
- Deferred charges and accrued income -€322,867
down €322,867 (-100.0%), from €322,867 to €0
- Receivables within one year -€196,975
down €196,975 (-86.1%), from €228,824 to €31,849
- Stocks and contracts +€39,129
up €39,129 (+2.0%), from €2.0m to €2.0m
- Cash +€30,721
up €30,721 (+25748.8%), from €119 to €30,840
mainly Deferred charges and accrued income (+€322,867) and Receivables within one year (+€196,975)
- Debts after one year -€335,264
down €335,264 (-18.5%), from €1.8m to €1.5m
- Current portion of long-term debt +€183,880
up €183,880 (+349.3%), from €52,635 to €236,516
- Profit (loss) carried forward -€142,195
down €142,195 (-170.2%), from -€83,532 to -€225,727
- Other debts -€100,100
down €100,100 (-28.2%), from €355,228 to €255,128
- Short-term financial debts -€72,000
down €72,000 (-100.0%), from €72,000 to €0
- Gross operating margin -€27,462
down €27,462, from €25,146 to -€2,316
- Financial charges +€26,341
up €26,341 (+26.5%), from €99,219 to €125,560
of which Financial charges: +€36,188
- Other operating charges +€4,865
up €4,865 (+51.4%), from €9,459 to €14,324
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 | €2,507,136 | €2,057,145 | -€449,992 | -17.9% |
| Current assets | 29/58 | €2,507,136 | €2,057,145 | -€449,992 | -17.9% |
| Stocks and contracts in progress | 3 | €1,955,327 | €1,994,456 | +€39,129 | +2.0% |
| Stocks | 30/36 | €1,955,327 | €1,994,456 | +€39,129 | +2.0% |
| Amounts receivable within one year | 40/41 | €228,824 | €31,849 | -€196,975 | -86.1% |
| Other amounts receivable | 41 | €228,824 | €31,849 | -€196,975 | -86.1% |
| Cash at bank and in hand | 54/58 | €119 | €30,840 | +€30,721 | +25748.8% |
| Deferred charges and accrued income | 490/1 | €322,867 | €0 | -€322,867 | -100.0% |
| Total equity and liabilities | 10/49 | €2,507,136 | €2,057,145 | -€449,992 | -17.9% |
| Equity | 10/15 | €30,934 | -€111,261 | -€142,195 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €94,465 | €94,465 | = | 0.0% |
| Distributable reserves | 133 | €94,465 | €94,465 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,532 | -€225,727 | -€142,195 | -170.2% |
| Amounts payable | 17/49 | €2,476,203 | €2,168,406 | -€307,797 | -12.4% |
| Amounts payable after more than one year | 17 | €1,809,553 | €1,474,289 | -€335,264 | -18.5% |
| Financial debts | 170/4 | €1,809,553 | €1,474,289 | -€335,264 | -18.5% |
| Amounts payable within one year | 42/48 | €656,150 | €674,953 | +€18,803 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €52,635 | €236,516 | +€183,880 | +349.3% |
| Financial debts | 43 | €72,000 | €0 | -€72,000 | -100.0% |
| Credit institutions | 430/8 | €72,000 | €0 | -€72,000 | -100.0% |
| Trade debts | 44 | €162,685 | €171,308 | +€8,623 | +5.3% |
| Suppliers | 440/4 | €162,685 | €171,308 | +€8,623 | +5.3% |
| Advances received on contracts in progress | 46 | - | €12,000 | +€12,000 | |
| Taxes, remuneration and social security | 45 | €13,602 | €0 | -€13,602 | -100.0% |
| Taxes | 450/3 | €13,602 | €0 | -€13,602 | -100.0% |
| Other amounts payable | 47/48 | €355,228 | €255,128 | -€100,100 | -28.2% |
| Accrued charges and deferred income | 492/3 | €10,500 | €19,164 | +€8,664 | +82.5% |
| Other operating charges | 640/8 | €9,459 | €14,324 | +€4,865 | +51.4% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €25,146 | -€2,316 | -€27,462 | |
| Operating profit (loss) | 9901 | €15,686 | -€16,641 | -€32,327 | |
| Financial income | 75/76B | €1 | €6 | +€5 | +519.0% |
| Recurring financial income | 75 | €1 | €6 | +€5 | +519.0% |
| Financial charges | 65/66B | €99,219 | €125,560 | +€26,341 | +26.5% |
| Recurring financial charges | 65 | €89,372 | €125,560 | +€36,188 | +40.5% |
| Non-recurring financial charges | 66B | €9,847 | - | -€9,847 | |
| Profit (loss) for the period before taxes | 9903 | -€83,532 | -€142,195 | -€58,663 | -70.2% |
| Profit (loss) for the period | 9904 | -€83,532 | -€142,195 | -€58,663 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,532 | -€142,195 | -€58,663 | -70.2% |
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.