GTL CONSTRUCT: 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.
GTL CONSTRUCT
Largest movements
- Intangible fixed assets -€28,000
down €28,000 (-16.1%), from €173,830 to €145,830
- Cash -€13,079
down €13,079 (-56.2%), from €23,277 to €10,198
mainly Net result for the year (-€27,636) and Debts after one year (-€14,868)
- Profit (loss) carried forward -€27,636
down €27,636 (-111.2%), from -€24,855 to -€52,492
- Debts after one year -€14,868
down €14,868 (-7.4%), from €201,116 to €186,248
of which Financial debts: -€14,868
- Gross operating margin -€19,773
down €19,773 (-55.0%), from €35,933 to €16,160
- Taxes +€3,275
up €3,275 (+700.7%), from €467 to €3,743
- Other operating charges +€2,419
up €2,419 (+177.5%), from €1,363 to €3,782
- Financial charges -€717
down €717 (-14.4%), from €4,989 to €4,272
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 | €202,624 | €160,806 | -€41,817 | -20.6% |
| Fixed assets | 21/28 | €178,663 | €148,878 | -€29,785 | -16.7% |
| Intangible fixed assets | 21 | €173,830 | €145,830 | -€28,000 | -16.1% |
| Tangible fixed assets | 22/27 | €4,833 | €3,048 | -€1,785 | -36.9% |
| Furniture and vehicles | 24 | €4,833 | €833 | -€4,000 | -82.8% |
| Assets under construction and advance payments | 27 | - | €2,215 | +€2,215 | |
| Current assets | 29/58 | €23,961 | €11,928 | -€12,032 | -50.2% |
| Amounts receivable within one year | 40/41 | - | €1,730 | +€1,730 | |
| Trade receivables | 40 | - | €1,730 | +€1,730 | |
| Cash at bank and in hand | 54/58 | €23,277 | €10,198 | -€13,079 | -56.2% |
| Deferred charges and accrued income | 490/1 | €683 | - | -€683 | |
| Total equity and liabilities | 10/49 | €202,624 | €160,806 | -€41,817 | -20.6% |
| Equity | 10/15 | -€19,855 | -€47,492 | -€27,636 | -139.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,855 | -€52,492 | -€27,636 | -111.2% |
| Amounts payable | 17/49 | €222,479 | €208,298 | -€14,181 | -6.4% |
| Amounts payable after more than one year | 17 | €201,116 | €186,248 | -€14,868 | -7.4% |
| Financial debts | 170/4 | €71,806 | €56,939 | -€14,868 | -20.7% |
| Other amounts payable | 178/9 | €129,309 | €129,309 | = | 0.0% |
| Amounts payable within one year | 42/48 | €21,364 | €22,050 | +€687 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €14,126 | €14,868 | +€742 | +5.3% |
| Trade debts | 44 | €2,152 | €3,684 | +€1,532 | +71.2% |
| Suppliers | 440/4 | €2,152 | €3,684 | +€1,532 | +71.2% |
| Taxes, remuneration and social security | 45 | €2,586 | €999 | -€1,587 | -61.4% |
| Taxes | 450/3 | €2,586 | €999 | -€1,587 | -61.4% |
| Other amounts payable | 47/48 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,000 | €32,000 | = | 0.0% |
| Other operating charges | 640/8 | €1,363 | €3,782 | +€2,419 | +177.5% |
| Non-recurring operating charges | 66A | €1,618 | - | -€1,618 | |
| Gross operating margin | 9900 | €35,933 | €16,160 | -€19,773 | -55.0% |
| Operating profit (loss) | 9901 | €952 | -€19,622 | -€20,574 | |
| Financial charges | 65/66B | €4,989 | €4,272 | -€717 | -14.4% |
| Recurring financial charges | 65 | €4,989 | €4,272 | -€717 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,037 | -€23,894 | -€19,857 | -491.9% |
| Income taxes | 67/77 | €467 | €3,743 | +€3,275 | +700.7% |
| Profit (loss) for the period | 9904 | -€4,504 | -€27,636 | -€23,132 | -513.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,504 | -€27,636 | -€23,132 | -513.6% |
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 5 October 2026 via checked.be.