GTC: 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.
GTC
Largest movements
- Receivables within one year +€85,385
up €85,385 (+49.5%), from €172,424 to €257,809
of which Trade receivables: +€47,990
- Tangible fixed assets -€5,016
down €5,016 (-9.7%), from €51,782 to €46,766
of which Furniture and vehicles: -€9,074
- Cash -€3,558
down €3,558 (-93.8%), from €3,793 to €235
mainly Receivables within one year (-€85,385) and Investment in fixed assets (net) (-€12,600)
- Profit (loss) carried forward +€37,931
up €37,931 (+43.2%), from €87,850 to €125,781
- Reserves +€20,000
up €20,000 (+1075.3%), from €1,860 to €21,860
- Current portion of long-term debt +€9,970
up €9,970 (+69.3%), from €14,390 to €24,360
- Trade debts +€8,241
up €8,241 (+10.2%), from €80,866 to €89,107
- Tax, wage and social debts -€5,757
down €5,757 (-16.2%), from €35,507 to €29,750
of which Taxes: -€6,684
- Staff costs +€15,472
up €15,472 (+11.7%), from €131,869 to €147,342
- Other operating charges -€3,598
down €3,598 (-72.1%), from €4,987 to €1,389
- Gross operating margin -€3,140
down €3,140 (-1.3%), from €240,801 to €237,661
- Taxes -€2,408
down €2,408 (-13.5%), from €17,782 to €15,374
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 | €239,074 | €315,510 | +€76,436 | +32.0% |
| Fixed assets | 21/28 | €54,782 | €48,766 | -€6,016 | -11.0% |
| Intangible fixed assets | 21 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Tangible fixed assets | 22/27 | €51,782 | €46,766 | -€5,016 | -9.7% |
| Land and buildings | 22 | - | €846 | +€846 | |
| Plant, machinery and equipment | 23 | €14,342 | €18,909 | +€4,568 | +31.9% |
| Furniture and vehicles | 24 | €33,374 | €24,300 | -€9,074 | -27.2% |
| Other tangible fixed assets | 26 | €4,066 | €2,711 | -€1,355 | -33.3% |
| Current assets | 29/58 | €184,292 | €266,744 | +€82,452 | +44.7% |
| Stocks and contracts in progress | 3 | €2,897 | €3,674 | +€777 | +26.8% |
| Stocks | 30/36 | €2,897 | €3,674 | +€777 | +26.8% |
| Amounts receivable within one year | 40/41 | €172,424 | €257,809 | +€85,385 | +49.5% |
| Trade receivables | 40 | €83,960 | €131,951 | +€47,990 | +57.2% |
| Other amounts receivable | 41 | €88,464 | €125,859 | +€37,395 | +42.3% |
| Cash at bank and in hand | 54/58 | €3,793 | €235 | -€3,558 | -93.8% |
| Deferred charges and accrued income | 490/1 | €5,178 | €5,025 | -€153 | -2.9% |
| Total equity and liabilities | 10/49 | €239,074 | €315,510 | +€76,436 | +32.0% |
| Equity | 10/15 | €108,310 | €166,241 | +€57,931 | +53.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €21,860 | +€20,000 | +1075.3% |
| Distributable reserves | 133 | €1,860 | €21,860 | +€20,000 | +1075.3% |
| Profit (loss) carried forward | 14 | €87,850 | €125,781 | +€37,931 | +43.2% |
| Amounts payable | 17/49 | €130,764 | €149,268 | +€18,504 | +14.2% |
| Amounts payable within one year | 42/48 | €130,764 | €144,518 | +€13,754 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €14,390 | €24,360 | +€9,970 | +69.3% |
| Financial debts | 43 | - | €1,301 | +€1,301 | |
| Credit institutions | 430/8 | - | €1,301 | +€1,301 | |
| Trade debts | 44 | €80,866 | €89,107 | +€8,241 | +10.2% |
| Suppliers | 440/4 | €80,866 | €89,107 | +€8,241 | +10.2% |
| Taxes, remuneration and social security | 45 | €35,507 | €29,750 | -€5,757 | -16.2% |
| Taxes | 450/3 | €26,423 | €19,739 | -€6,684 | -25.3% |
| Remuneration and social security | 454/9 | €9,085 | €10,011 | +€927 | +10.2% |
| Accrued charges and deferred income | 492/3 | - | €4,750 | +€4,750 | |
| Remuneration, social security and pensions | 62 | €131,869 | €147,342 | +€15,472 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,758 | €18,616 | -€1,142 | -5.8% |
| Other operating charges | 640/8 | €4,987 | €1,389 | -€3,598 | -72.1% |
| Gross operating margin | 9900 | €240,801 | €237,661 | -€3,140 | -1.3% |
| Operating profit (loss) | 9901 | €84,187 | €70,314 | -€13,873 | -16.5% |
| Financial income | 75/76B | €5,384 | €5,806 | +€422 | +7.8% |
| Recurring financial income | 75 | €5,384 | €5,806 | +€422 | +7.8% |
| Financial charges | 65/66B | €5,007 | €2,814 | -€2,192 | -43.8% |
| Recurring financial charges | 65 | €3,657 | €2,814 | -€842 | -23.0% |
| Non-recurring financial charges | 66B | €1,350 | - | -€1,350 | |
| Profit (loss) for the period before taxes | 9903 | €84,564 | €73,305 | -€11,259 | -13.3% |
| Income taxes | 67/77 | €17,782 | €15,374 | -€2,408 | -13.5% |
| Profit (loss) for the period | 9904 | €66,782 | €57,931 | -€8,850 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,782 | €57,931 | -€8,850 | -13.3% |
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 7 October 2026 via checked.be.