GTR: what changed
GTR
Largest movements
- Cash -€35,321
down €35,321 (-42.5%), from €83,030 to €47,709
mainly Investment in fixed assets (net) (-€141,047) and Receivables within one year (-€34,490)
- Receivables within one year +€34,490
up €34,490 (+36.4%), from €94,791 to €129,281
of which Trade receivables: +€32,621
- Tangible fixed assets +€15,037
up €15,037 (+3.0%), from €508,033 to €523,069
of which Plant, machinery and equipment: +€14,887
- Reserves +€57,300
up €57,300 (+25.4%), from €225,860 to €283,160
- Tax, wage and social debts -€24,572
down €24,572 (-81.1%), from €30,317 to €5,745
- Other debts -€22,096
down €22,096 (-26.8%), from €82,465 to €60,369
- Debts after one year -€12,577
down €12,577 (-6.0%), from €208,794 to €196,217
- Trade debts +€8,552
up €8,552 (+61.8%), from €13,837 to €22,389
- Depreciation +€28,282
up €28,282 (+28.9%), from €97,728 to €126,011
- Gross operating margin +€26,092
up €26,092 (+12.3%), from €212,288 to €238,381
- Other operating charges +€4,558
up €4,558 (+46.5%), from €9,803 to €14,361
- Financial charges +€2,818
up €2,818 (+17.3%), from €16,248 to €19,066
- Taxes -€2,449
down €2,449 (-10.0%), from €24,584 to €22,135
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €687,832 | €702,688 | +€14,856 | +2.2% |
| Fixed assets | 21/28 | €508,303 | €523,339 | +€15,037 | +3.0% |
| Tangible fixed assets | 22/27 | €508,033 | €523,069 | +€15,037 | +3.0% |
| Land and buildings | 22 | €1,332 | €56 | -€1,276 | -95.8% |
| Plant, machinery and equipment | 23 | €75,621 | €90,508 | +€14,887 | +19.7% |
| Furniture and vehicles | 24 | €403,537 | €401,781 | -€1,755 | -0.4% |
| Other tangible fixed assets | 26 | €27,543 | €30,724 | +€3,181 | +11.6% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €179,530 | €179,349 | -€181 | -0.1% |
| Amounts receivable within one year | 40/41 | €94,791 | €129,281 | +€34,490 | +36.4% |
| Trade receivables | 40 | €94,001 | €126,622 | +€32,621 | +34.7% |
| Other amounts receivable | 41 | €790 | €2,659 | +€1,869 | +237% |
| Cash at bank and in hand | 54/58 | €83,030 | €47,709 | -€35,321 | -42.5% |
| Deferred charges and accrued income | 490/1 | €1,709 | €2,359 | +€650 | +38.0% |
| Total equity and liabilities | 10/49 | €687,832 | €702,688 | +€14,856 | +2.2% |
| Equity | 10/15 | €302,648 | €360,039 | +€57,392 | +19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €225,860 | €283,160 | +€57,300 | +25.4% |
| Distributable reserves | 133 | €225,860 | €283,160 | +€57,300 | +25.4% |
| Profit (loss) carried forward | 14 | €58,188 | €58,279 | +€92 | +0.2% |
| Amounts payable | 17/49 | €385,185 | €342,649 | -€42,536 | -11.0% |
| Amounts payable after more than one year | 17 | €208,794 | €196,217 | -€12,577 | -6.0% |
| Financial debts | 170/4 | €208,794 | €196,217 | -€12,577 | -6.0% |
| Amounts payable within one year | 42/48 | €176,391 | €146,431 | -€29,959 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €49,773 | €57,830 | +€8,057 | +16.2% |
| Financial debts | 43 | - | €99 | +€99 | |
| Credit institutions | 430/8 | - | €99 | +€99 | |
| Trade debts | 44 | €13,837 | €22,389 | +€8,552 | +61.8% |
| Suppliers | 440/4 | €13,837 | €22,389 | +€8,552 | +61.8% |
| Taxes, remuneration and social security | 45 | €30,317 | €5,745 | -€24,572 | -81.1% |
| Taxes | 450/3 | €30,317 | €5,745 | -€24,572 | -81.1% |
| Other amounts payable | 47/48 | €82,465 | €60,369 | -€22,096 | -26.8% |
| Non-recurring operating income | 76A | €207 | - | -€207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,728 | €126,011 | +€28,282 | +28.9% |
| Other operating charges | 640/8 | €9,803 | €14,361 | +€4,558 | +46.5% |
| Non-recurring operating charges | 66A | €2,332 | - | -€2,332 | |
| Gross operating margin | 9900 | €212,288 | €238,381 | +€26,092 | +12.3% |
| Operating profit (loss) | 9901 | €102,426 | €98,009 | -€4,417 | -4.3% |
| Financial income | 75/76B | €118 | €584 | +€466 | +394% |
| Recurring financial income | 75 | €118 | €584 | +€466 | +394% |
| Financial charges | 65/66B | €16,248 | €19,066 | +€2,818 | +17.3% |
| Recurring financial charges | 65 | €16,248 | €19,066 | +€2,818 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €86,296 | €79,527 | -€6,769 | -7.8% |
| Income taxes | 67/77 | €24,584 | €22,135 | -€2,449 | -10.0% |
| Profit (loss) for the period | 9904 | €61,712 | €57,392 | -€4,321 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,712 | €57,392 | -€4,321 | -7.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.