GNBC: 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.
GNBC
Largest movements
- Cash -€112,074
down €112,074 (-45.3%), from €247,432 to €135,359
mainly Other debts (-€184,482) and Investment in fixed assets (net) (-€84,603)
- Tangible fixed assets -€33,340
down €33,340 (-4.9%), from €683,852 to €650,513
of which Other tangible fixed assets: -€111,349
- Receivables within one year -€28,851
down €28,851 (-42.5%), from €67,964 to €39,113
of which Trade receivables: -€29,039
- Other debts -€184,482
down €184,482 (-35.5%), from €519,669 to €335,187
- Reserves +€29,335
up €29,335 (+13.9%), from €211,254 to €240,590
of which Distributable reserves: +€29,335
- Trade debts -€19,454
down €19,454 (-20.1%), from €96,650 to €77,196
- Gross operating margin -€179,555
down €179,555 (-49.6%), from €361,712 to €182,156
- Taxes -€46,333
down €46,333 (-84.9%), from €54,556 to €8,224
- Depreciation +€7,958
up €7,958 (+7.2%), from €109,984 to €117,942
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 | €1,015,901 | €842,977 | -€172,924 | -17.0% |
| Fixed assets | 21/28 | €683,852 | €650,513 | -€33,340 | -4.9% |
| Tangible fixed assets | 22/27 | €683,852 | €650,513 | -€33,340 | -4.9% |
| Plant, machinery and equipment | 23 | €6,774 | €76,289 | +€69,515 | +1026.2% |
| Furniture and vehicles | 24 | €27 | €8,521 | +€8,494 | +31273.6% |
| Other tangible fixed assets | 26 | €677,051 | €565,702 | -€111,349 | -16.4% |
| Current assets | 29/58 | €332,049 | €192,464 | -€139,585 | -42.0% |
| Stocks and contracts in progress | 3 | €15,382 | €16,243 | +€862 | +5.6% |
| Stocks | 30/36 | €15,382 | €16,243 | +€862 | +5.6% |
| Amounts receivable within one year | 40/41 | €67,964 | €39,113 | -€28,851 | -42.5% |
| Trade receivables | 40 | €52,514 | €23,475 | -€29,039 | -55.3% |
| Other amounts receivable | 41 | €15,450 | €15,638 | +€188 | +1.2% |
| Cash at bank and in hand | 54/58 | €247,432 | €135,359 | -€112,074 | -45.3% |
| Deferred charges and accrued income | 490/1 | €1,271 | €1,749 | +€478 | +37.6% |
| Total equity and liabilities | 10/49 | €1,015,901 | €842,977 | -€172,924 | -17.0% |
| Equity | 10/15 | €379,854 | €409,190 | +€29,335 | +7.7% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €211,254 | €240,590 | +€29,335 | +13.9% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €192,504 | €221,840 | +€29,335 | +15.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €636,047 | €433,787 | -€202,260 | -31.8% |
| Amounts payable within one year | 42/48 | €636,047 | €433,332 | -€202,715 | -31.9% |
| Trade debts | 44 | €96,650 | €77,196 | -€19,454 | -20.1% |
| Suppliers | 440/4 | €96,650 | €77,196 | -€19,454 | -20.1% |
| Advances received on contracts in progress | 46 | €6,375 | €5,990 | -€385 | -6.0% |
| Taxes, remuneration and social security | 45 | €13,353 | €14,959 | +€1,606 | +12.0% |
| Taxes | 450/3 | €13,353 | €14,959 | +€1,606 | +12.0% |
| Other amounts payable | 47/48 | €519,669 | €335,187 | -€184,482 | -35.5% |
| Accrued charges and deferred income | 492/3 | - | €456 | +€456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,984 | €117,942 | +€7,958 | +7.2% |
| Other operating charges | 640/8 | €3,554 | €3,607 | +€53 | +1.5% |
| Gross operating margin | 9900 | €361,712 | €182,156 | -€179,555 | -49.6% |
| Operating profit (loss) | 9901 | €248,174 | €60,607 | -€187,566 | -75.6% |
| Financial income | 75/76B | €1,579 | €54 | -€1,524 | -96.6% |
| Recurring financial income | 75 | €1,579 | €54 | -€1,524 | -96.6% |
| Financial charges | 65/66B | €24,684 | €23,103 | -€1,582 | -6.4% |
| Recurring financial charges | 65 | €24,684 | €23,103 | -€1,582 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €225,068 | €37,559 | -€187,509 | -83.3% |
| Income taxes | 67/77 | €54,556 | €8,224 | -€46,333 | -84.9% |
| Profit (loss) for the period | 9904 | €170,511 | €29,335 | -€141,176 | -82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €170,511 | €29,335 | -€141,176 | -82.8% |
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.