GTC88: 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.
GTC88
Largest movements
- Receivables within one year -€65,242
down €65,242 (-19.9%), from €328,044 to €262,802
of which Other amounts receivable: -€145,726
- Cash -€39,807
down €39,807 (-17.6%), from €226,650 to €186,843
mainly Other debts (-€208,180) and Contributions, distributions and other (-€201,710)
- Deferred charges and accrued income -€18,526
down €18,526 (-91.9%), from €20,162 to €1,636
- Other debts -€208,180
down €208,180 (-50.8%), from €409,890 to €201,710
- Profit (loss) carried forward +€188,262
up €188,262 (+48.3%), from €389,972 to €578,234
- Debts after one year -€93,771
down €93,771 (-81.7%), from €114,734 to €20,963
- Current portion of long-term debt -€13,054
down €13,054 (-9.9%), from €132,259 to €119,205
- Gross operating margin -€56,453
down €56,453 (-9.8%), from €578,335 to €521,882
- Taxes -€13,661
down €13,661 (-9.3%), from €146,885 to €133,224
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 | €1,181,834 | €1,061,322 | -€120,512 | -10.2% |
| Fixed assets | 21/28 | €606,978 | €610,042 | +€3,064 | +0.5% |
| Tangible fixed assets | 22/27 | €10,251 | €13,315 | +€3,064 | +29.9% |
| Plant, machinery and equipment | 23 | €2,713 | €5,538 | +€2,824 | +104% |
| Furniture and vehicles | 24 | €3,263 | €3,502 | +€239 | +7.3% |
| Other tangible fixed assets | 26 | €4,275 | €4,275 | = | 0.0% |
| Financial fixed assets | 28 | €596,727 | €596,727 | = | 0.0% |
| Current assets | 29/58 | €574,856 | €451,281 | -€123,576 | -21.5% |
| Amounts receivable within one year | 40/41 | €328,044 | €262,802 | -€65,242 | -19.9% |
| Trade receivables | 40 | €41,121 | €121,605 | +€80,484 | +196% |
| Other amounts receivable | 41 | €286,923 | €141,197 | -€145,726 | -50.8% |
| Cash at bank and in hand | 54/58 | €226,650 | €186,843 | -€39,807 | -17.6% |
| Deferred charges and accrued income | 490/1 | €20,162 | €1,636 | -€18,526 | -91.9% |
| Total equity and liabilities | 10/49 | €1,181,834 | €1,061,322 | -€120,512 | -10.2% |
| Equity | 10/15 | €408,655 | €596,917 | +€188,262 | +46.1% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €6,183 | €6,183 | = | 0.0% |
| Distributable reserves | 133 | €6,183 | €6,183 | = | 0.0% |
| Profit (loss) carried forward | 14 | €389,972 | €578,234 | +€188,262 | +48.3% |
| Amounts payable | 17/49 | €773,179 | €464,405 | -€308,773 | -39.9% |
| Amounts payable after more than one year | 17 | €114,734 | €20,963 | -€93,771 | -81.7% |
| Financial debts | 170/4 | €114,734 | €20,963 | -€93,771 | -81.7% |
| Amounts payable within one year | 42/48 | €658,173 | €443,442 | -€214,730 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €132,259 | €119,205 | -€13,054 | -9.9% |
| Trade debts | 44 | €11,013 | €7,279 | -€3,734 | -33.9% |
| Suppliers | 440/4 | €11,013 | €7,279 | -€3,734 | -33.9% |
| Taxes, remuneration and social security | 45 | €105,011 | €115,249 | +€10,238 | +9.7% |
| Taxes | 450/3 | €105,011 | €115,249 | +€10,238 | +9.7% |
| Other amounts payable | 47/48 | €409,890 | €201,710 | -€208,180 | -50.8% |
| Accrued charges and deferred income | 492/3 | €272 | €0 | -€272 | -100% |
| Non-recurring operating income | 76A | €413 | €272 | -€141 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,632 | €2,938 | -€1,694 | -36.6% |
| Other operating charges | 640/8 | €1,855 | €1,213 | -€642 | -34.6% |
| Non-recurring operating charges | 66A | €2,568 | €0 | -€2,568 | -100% |
| Gross operating margin | 9900 | €578,335 | €521,882 | -€56,453 | -9.8% |
| Operating profit (loss) | 9901 | €569,280 | €517,730 | -€51,549 | -9.1% |
| Financial income | 75/76B | €19,765 | €14,196 | -€5,569 | -28.2% |
| Recurring financial income | 75 | €19,765 | €14,196 | -€5,569 | -28.2% |
| Financial charges | 65/66B | €10,383 | €8,731 | -€1,652 | -15.9% |
| Recurring financial charges | 65 | €10,383 | €8,731 | -€1,652 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €578,662 | €523,195 | -€55,466 | -9.6% |
| Income taxes | 67/77 | €146,885 | €133,224 | -€13,661 | -9.3% |
| Profit (loss) for the period | 9904 | €431,777 | €389,971 | -€41,806 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €431,777 | €389,971 | -€41,806 | -9.7% |
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 15 October 2026 via checked.be.