GORSCO: 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.
GORSCO
Largest movements
- Current investments +€400,283
up €400,283 (+36.2%), from €1.1m to €1.5m
- Cash -€144,689
down €144,689 (-68.2%), from €212,280 to €67,591
mainly Contributions, distributions and other (-€808,097) and Current investments (-€400,283)
- Other debts +€621,354
up €621,354 (+1,014%), from €61,257 to €682,611
- Reserves -€435,189
down €435,189 (-29.1%), from €1.5m to €1.1m
of which Distributable reserves: -€435,189
- Trade debts +€38,286
up €38,286 (+1,247%), from €3,069 to €41,355
- Tax, wage and social debts +€30,835
up €30,835 (+134%), from €23,052 to €53,887
- Gross operating margin -€25,242
down €25,242 (-4.9%), from €513,892 to €488,651
- Financial income +€18,540
up €18,540 (+24.9%), from €74,585 to €93,125
of which Financial income: +€21,040
- Taxes -€13,862
down €13,862 (-8.6%), from €161,519 to €147,657
- Financial charges +€8,995
up €8,995 (+173%), from €5,186 to €14,180
- Depreciation +€7,748
up €7,748 (+33.7%), from €22,969 to €30,718
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,656,528 | €1,905,063 | +€248,536 | +15.0% |
| Fixed assets | 21/28 | €116,337 | €122,319 | +€5,982 | +5.1% |
| Tangible fixed assets | 22/27 | €115,587 | €121,569 | +€5,982 | +5.2% |
| Land and buildings | 22 | €38,940 | €34,032 | -€4,908 | -12.6% |
| Plant, machinery and equipment | 23 | €21,524 | €25,712 | +€4,188 | +19.5% |
| Furniture and vehicles | 24 | €43,124 | €33,854 | -€9,270 | -21.5% |
| Other tangible fixed assets | 26 | €11,999 | €27,972 | +€15,973 | +133% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €1,540,191 | €1,782,744 | +€242,553 | +15.7% |
| Stocks and contracts in progress | 3 | €128,840 | €133,309 | +€4,469 | +3.5% |
| Stocks | 30/36 | €128,840 | €133,309 | +€4,469 | +3.5% |
| Amounts receivable within one year | 40/41 | €93,070 | €75,559 | -€17,511 | -18.8% |
| Trade receivables | 40 | €83,359 | €75,269 | -€8,090 | -9.7% |
| Other amounts receivable | 41 | €9,712 | €291 | -€9,421 | -97.0% |
| Current investments | 50/53 | €1,106,001 | €1,506,284 | +€400,283 | +36.2% |
| Cash at bank and in hand | 54/58 | €212,280 | €67,591 | -€144,689 | -68.2% |
| Total equity and liabilities | 10/49 | €1,656,528 | €1,905,063 | +€248,536 | +15.0% |
| Equity | 10/15 | €1,562,399 | €1,127,210 | -€435,189 | -27.9% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,497,399 | €1,062,210 | -€435,189 | -29.1% |
| Tax-exempt reserves | 132 | €18,745 | €18,745 | = | 0.0% |
| Distributable reserves | 133 | €1,478,654 | €1,043,465 | -€435,189 | -29.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €94,128 | €777,853 | +€683,725 | +726% |
| Amounts payable within one year | 42/48 | €87,378 | €777,853 | +€690,475 | +790% |
| Trade debts | 44 | €3,069 | €41,355 | +€38,286 | +1,247% |
| Suppliers | 440/4 | €3,069 | €41,355 | +€38,286 | +1,247% |
| Taxes, remuneration and social security | 45 | €23,052 | €53,887 | +€30,835 | +134% |
| Taxes | 450/3 | €23,052 | €53,887 | +€30,835 | +134% |
| Other amounts payable | 47/48 | €61,257 | €682,611 | +€621,354 | +1,014% |
| Accrued charges and deferred income | 492/3 | €6,750 | €0 | -€6,750 | -100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,969 | €30,718 | +€7,748 | +33.7% |
| Other operating charges | 640/8 | €13,992 | €16,313 | +€2,321 | +16.6% |
| Gross operating margin | 9900 | €513,892 | €488,651 | -€25,242 | -4.9% |
| Operating profit (loss) | 9901 | €476,931 | €441,620 | -€35,311 | -7.4% |
| Financial income | 75/76B | €74,585 | €93,125 | +€18,540 | +24.9% |
| Recurring financial income | 75 | €72,085 | €93,125 | +€21,040 | +29.2% |
| Non-recurring financial income | 76B | €2,500 | - | -€2,500 | |
| Financial charges | 65/66B | €5,186 | €14,180 | +€8,995 | +173% |
| Recurring financial charges | 65 | €5,186 | €14,180 | +€8,995 | +173% |
| Profit (loss) for the period before taxes | 9903 | €546,330 | €520,565 | -€25,766 | -4.7% |
| Income taxes | 67/77 | €161,519 | €147,657 | -€13,862 | -8.6% |
| Profit (loss) for the period | 9904 | €384,811 | €372,908 | -€11,903 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €384,811 | €372,908 | -€11,903 | -3.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.