GNCM: 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.
GNCM
Largest movements
- Cash -€30,119
down €30,119 (-10.8%), from €277,940 to €247,821
mainly Contributions, distributions and other (-€117,582) and Receivables within one year (-€7,888)
- Tangible fixed assets -€10,225
down €10,225 (-21.9%), from €46,707 to €36,483
- Receivables within one year +€7,888
up €7,888 (+32867.6%), from €24 to €7,912
of which Other amounts receivable: +€7,912
- Reserves -€36,768
down €36,768 (-13.1%), from €281,380 to €244,612
- Other debts +€3,274
up €3,274 (+150.5%), from €2,176 to €5,450
- Gross operating margin -€16,156
down €16,156 (-11.5%), from €140,651 to €124,495
- Taxes -€6,119
down €6,119 (-16.2%), from €37,700 to €31,581
- Depreciation +€1,839
up €1,839 (+19.3%), from €9,542 to €11,381
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 | €326,724 | €294,303 | -€32,422 | -9.9% |
| Fixed assets | 21/28 | €46,957 | €36,733 | -€10,225 | -21.8% |
| Tangible fixed assets | 22/27 | €46,707 | €36,483 | -€10,225 | -21.9% |
| Furniture and vehicles | 24 | €46,707 | €36,483 | -€10,225 | -21.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €279,767 | €257,570 | -€22,197 | -7.9% |
| Amounts receivable within one year | 40/41 | €24 | €7,912 | +€7,888 | +32867.6% |
| Trade receivables | 40 | €24 | €0 | -€24 | -100.0% |
| Other amounts receivable | 41 | - | €7,912 | +€7,912 | |
| Cash at bank and in hand | 54/58 | €277,940 | €247,821 | -€30,119 | -10.8% |
| Deferred charges and accrued income | 490/1 | €1,803 | €1,837 | +€34 | +1.9% |
| Total equity and liabilities | 10/49 | €326,724 | €294,303 | -€32,422 | -9.9% |
| Equity | 10/15 | €299,930 | €263,162 | -€36,768 | -12.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €281,380 | €244,612 | -€36,768 | -13.1% |
| Distributable reserves | 133 | €281,380 | €244,612 | -€36,768 | -13.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €26,795 | €31,141 | +€4,346 | +16.2% |
| Amounts payable within one year | 42/48 | €26,795 | €31,141 | +€4,346 | +16.2% |
| Trade debts | 44 | €342 | €200 | -€142 | -41.5% |
| Suppliers | 440/4 | €342 | €200 | -€142 | -41.5% |
| Taxes, remuneration and social security | 45 | €24,277 | €25,491 | +€1,214 | +5.0% |
| Taxes | 450/3 | €24,277 | €25,491 | +€1,214 | +5.0% |
| Other amounts payable | 47/48 | €2,176 | €5,450 | +€3,274 | +150.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,542 | €11,381 | +€1,839 | +19.3% |
| Other operating charges | 640/8 | €573 | €671 | +€98 | +17.1% |
| Gross operating margin | 9900 | €140,651 | €124,495 | -€16,156 | -11.5% |
| Operating profit (loss) | 9901 | €130,537 | €112,443 | -€18,093 | -13.9% |
| Financial income | 75/76B | €1 | €8 | +€7 | +1488.0% |
| Recurring financial income | 75 | €1 | €8 | +€7 | +1488.0% |
| Financial charges | 65/66B | €164 | €56 | -€108 | -66.1% |
| Recurring financial charges | 65 | €164 | €56 | -€108 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | €130,373 | €112,396 | -€17,977 | -13.8% |
| Income taxes | 67/77 | €37,700 | €31,581 | -€6,119 | -16.2% |
| Profit (loss) for the period | 9904 | €92,673 | €80,815 | -€11,858 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €92,673 | €80,815 | -€11,858 | -12.8% |
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 8 October 2026 via checked.be.