GTLC: 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.
GTLC
Largest movements
- Receivables within one year -€25,168
down €25,168 (-32.9%), from €76,457 to €51,289
of which Trade receivables: -€22,650
- Cash +€18,771
up €18,771 (+6.8%), from €277,852 to €296,622
mainly Other debts (+€89,753) and Net result for the year (+€59,829)
- Tangible fixed assets +€10,053
up €10,053 (+18.0%), from €55,882 to €65,935
of which Other tangible fixed assets: +€11,811
- Other debts +€89,753
up €89,753 (+537.3%), from €16,704 to €106,458
- Reserves -€75,491
down €75,491 (-20.8%), from €362,144 to €286,653
of which Distributable reserves: -€75,491
- Tax, wage and social debts -€14,804
down €14,804 (-58.2%), from €25,449 to €10,645
of which Taxes: -€9,188
- Gross operating margin -€16,099
down €16,099 (-14.1%), from €114,220 to €98,121
- Depreciation -€4,230
down €4,230 (-22.6%), from €18,740 to €14,510
- Taxes -€2,829
down €2,829 (-11.0%), from €25,833 to €23,003
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 | €411,272 | €414,642 | +€3,370 | +0.8% |
| Fixed assets | 21/28 | €55,882 | €65,935 | +€10,053 | +18.0% |
| Tangible fixed assets | 22/27 | €55,882 | €65,935 | +€10,053 | +18.0% |
| Plant, machinery and equipment | 23 | €6,926 | €9,740 | +€2,815 | +40.6% |
| Furniture and vehicles | 24 | €15,982 | €11,409 | -€4,573 | -28.6% |
| Other tangible fixed assets | 26 | €32,974 | €44,785 | +€11,811 | +35.8% |
| Current assets | 29/58 | €355,391 | €348,707 | -€6,683 | -1.9% |
| Amounts receivable within one year | 40/41 | €76,457 | €51,289 | -€25,168 | -32.9% |
| Trade receivables | 40 | €62,774 | €40,124 | -€22,650 | -36.1% |
| Other amounts receivable | 41 | €13,683 | €11,165 | -€2,518 | -18.4% |
| Cash at bank and in hand | 54/58 | €277,852 | €296,622 | +€18,771 | +6.8% |
| Deferred charges and accrued income | 490/1 | €1,082 | €796 | -€286 | -26.5% |
| Total equity and liabilities | 10/49 | €411,272 | €414,642 | +€3,370 | +0.8% |
| Equity | 10/15 | €368,344 | €292,853 | -€75,491 | -20.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €362,144 | €286,653 | -€75,491 | -20.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €91 | €91 | = | 0.0% |
| Distributable reserves | 133 | €360,199 | €284,707 | -€75,491 | -21.0% |
| Amounts payable | 17/49 | €42,928 | €121,789 | +€78,861 | +183.7% |
| Amounts payable within one year | 42/48 | €42,928 | €121,789 | +€78,861 | +183.7% |
| Trade debts | 44 | €775 | €4,687 | +€3,912 | +504.8% |
| Suppliers | 440/4 | €775 | €4,687 | +€3,912 | +504.8% |
| Taxes, remuneration and social security | 45 | €25,449 | €10,645 | -€14,804 | -58.2% |
| Taxes | 450/3 | €19,833 | €10,645 | -€9,188 | -46.3% |
| Remuneration and social security | 454/9 | €5,616 | - | -€5,616 | |
| Other amounts payable | 47/48 | €16,704 | €106,458 | +€89,753 | +537.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,740 | €14,510 | -€4,230 | -22.6% |
| Other operating charges | 640/8 | €1,457 | €610 | -€848 | -58.2% |
| Gross operating margin | 9900 | €114,220 | €98,121 | -€16,099 | -14.1% |
| Operating profit (loss) | 9901 | €94,023 | €83,002 | -€11,022 | -11.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €331 | €171 | -€160 | -48.4% |
| Recurring financial charges | 65 | €331 | €171 | -€160 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €93,693 | €82,832 | -€10,861 | -11.6% |
| Income taxes | 67/77 | €25,833 | €23,003 | -€2,829 | -11.0% |
| Profit (loss) for the period | 9904 | €67,860 | €59,829 | -€8,031 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €67,860 | €59,829 | -€8,031 | -11.8% |
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 12 October 2026 via checked.be.