GT-CAPITAL: 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.
GT-CAPITAL
Largest movements
- Current investments +€100,372
up €100,372 (+77.9%), from €128,776 to €229,148
- Cash -€20,193
down €20,193 (-46.9%), from €43,016 to €22,823
mainly Current investments (-€100,372) and Contributions, distributions and other (-€35,000)
- Receivables after one year +€17,318
new in 2025: €17,318
- Receivables within one year -€12,998
down €12,998 (-50.4%), from €25,801 to €12,803
of which Other amounts receivable: -€11,021
- Tangible fixed assets +€6,925
up €6,925 (+19.8%), from €34,900 to €41,825
of which Other tangible fixed assets: +€6,740
- Profit (loss) carried forward +€97,567
up €97,567 (+60.5%), from €161,337 to €258,905
- Other debts -€30,000
down €30,000 (-100%), from €30,000 to €0
- Trade debts +€29,668
up €29,668 (+864%), from €3,436 to €33,103
- Tax, wage and social debts -€4,079
down €4,079 (-13.2%), from €30,987 to €26,908
of which Taxes: -€4,079
- Current portion of long-term debt -€3,583
down €3,583 (-100%), from €3,583 to €0
- Gross operating margin +€98,855
up €98,855 (+114%), from €86,779 to €185,634
- Taxes +€15,171
up €15,171 (+51.5%), from €29,487 to €44,658
- Other operating charges +€6,951
up €6,951 (+522%), from €1,331 to €8,282
- Financial income -€6,430
down €6,430 (-21.5%), from €29,917 to €23,488
- Financial charges +€3,293
up €3,293 (+32.9%), from €10,005 to €13,298
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.
Derived cash bridge
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 | €234,649 | €323,916 | +€89,267 | +38.0% |
| Formation expenses | 20 | €371 | €0 | -€371 | -100% |
| Fixed assets | 21/28 | €34,900 | €41,825 | +€6,925 | +19.8% |
| Tangible fixed assets | 22/27 | €34,900 | €41,825 | +€6,925 | +19.8% |
| Plant, machinery and equipment | 23 | €1,175 | €566 | -€609 | -51.8% |
| Furniture and vehicles | 24 | €10,311 | €11,104 | +€793 | +7.7% |
| Other tangible fixed assets | 26 | €23,415 | €30,155 | +€6,740 | +28.8% |
| Current assets | 29/58 | €199,378 | €282,091 | +€82,713 | +41.5% |
| Amounts receivable after more than one year | 29 | - | €17,318 | +€17,318 | |
| Other amounts receivable | 291 | - | €17,318 | +€17,318 | |
| Amounts receivable within one year | 40/41 | €25,801 | €12,803 | -€12,998 | -50.4% |
| Trade receivables | 40 | €2,427 | €450 | -€1,977 | -81.5% |
| Other amounts receivable | 41 | €23,374 | €12,353 | -€11,021 | -47.2% |
| Current investments | 50/53 | €128,776 | €229,148 | +€100,372 | +77.9% |
| Cash at bank and in hand | 54/58 | €43,016 | €22,823 | -€20,193 | -46.9% |
| Deferred charges and accrued income | 490/1 | €1,785 | €0 | -€1,785 | -100% |
| Total equity and liabilities | 10/49 | €234,649 | €323,916 | +€89,267 | +38.0% |
| Equity | 10/15 | €166,337 | €263,905 | +€97,567 | +58.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €161,337 | €258,905 | +€97,567 | +60.5% |
| Amounts payable | 17/49 | €68,312 | €60,012 | -€8,300 | -12.2% |
| Amounts payable after more than one year | 17 | €306 | €0 | -€306 | -100% |
| Financial debts | 170/4 | €306 | €0 | -€306 | -100% |
| Amounts payable within one year | 42/48 | €68,006 | €60,012 | -€7,994 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €3,583 | €0 | -€3,583 | -100% |
| Trade debts | 44 | €3,436 | €33,103 | +€29,668 | +864% |
| Suppliers | 440/4 | €3,436 | €33,103 | +€29,668 | +864% |
| Taxes, remuneration and social security | 45 | €30,987 | €26,908 | -€4,079 | -13.2% |
| Taxes | 450/3 | €30,987 | €26,908 | -€4,079 | -13.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €30,000 | €0 | -€30,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,601 | €10,316 | +€2,715 | +35.7% |
| Other operating charges | 640/8 | €1,331 | €8,282 | +€6,951 | +522% |
| Non-recurring operating charges | 66A | €86 | €0 | -€86 | -100% |
| Gross operating margin | 9900 | €86,779 | €185,634 | +€98,855 | +114% |
| Operating profit (loss) | 9901 | €77,761 | €167,036 | +€89,274 | +115% |
| Financial income | 75/76B | €29,917 | €23,488 | -€6,430 | -21.5% |
| Recurring financial income | 75 | €29,917 | €23,488 | -€6,430 | -21.5% |
| Financial charges | 65/66B | €10,005 | €13,298 | +€3,293 | +32.9% |
| Recurring financial charges | 65 | €10,005 | €13,298 | +€3,293 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €97,674 | €177,225 | +€79,551 | +81.4% |
| Income taxes | 67/77 | €29,487 | €44,658 | +€15,171 | +51.5% |
| Profit (loss) for the period | 9904 | €68,187 | €132,567 | +€64,380 | +94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,187 | €132,567 | +€64,380 | +94.4% |
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 25 October 2026 via checked.be.