G.D.S.: 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.
G.D.S.
Largest movements
- Receivables within one year +€676,857
up €676,857 (+799.1%), from €84,700 to €761,557
of which Other amounts receivable: +€659,917
- Financial fixed assets -€222,682
down €222,682 (-30.3%), from €734,136 to €511,453
- Deferred charges and accrued income -€13,918
down €13,918 (-98.5%), from €14,126 to €208
- Tangible fixed assets -€13,596
down €13,596 (-28.2%), from €48,194 to €34,598
of which Furniture and vehicles: -€12,754
- Cash +€13,309
up €13,309 (+324.7%), from €4,100 to €17,409
mainly Net result for the year (+€343,334) and Investment in fixed assets (net) (+€219,139)
- Reserves +€343,334
up €343,334 (+70.6%), from €486,347 to €829,681
of which Distributable reserves: +€343,334
- Other debts +€115,971
up €115,971 (+77.3%), from €149,967 to €265,938
- Debts after one year -€26,350
down €26,350 (-38.2%), from €69,036 to €42,686
- Financial income +€315,351
up €315,351 (+9329.5%), from €3,380 to €318,731
- Gross operating margin -€21,322
down €21,322 (-23.4%), from €91,145 to €69,823
- Depreciation +€3,069
up €3,069 (+21.8%), from €14,071 to €17,139
- Taxes +€1,260
up €1,260 (+5.3%), from €23,756 to €25,016
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 | €885,255 | €1,325,225 | +€439,970 | +49.7% |
| Fixed assets | 21/28 | €782,330 | €546,051 | -€236,278 | -30.2% |
| Tangible fixed assets | 22/27 | €48,194 | €34,598 | -€13,596 | -28.2% |
| Land and buildings | 22 | €22,244 | €23,007 | +€763 | +3.4% |
| Plant, machinery and equipment | 23 | €2,238 | €633 | -€1,604 | -71.7% |
| Furniture and vehicles | 24 | €23,712 | €10,957 | -€12,754 | -53.8% |
| Financial fixed assets | 28 | €734,136 | €511,453 | -€222,682 | -30.3% |
| Current assets | 29/58 | €102,925 | €779,174 | +€676,249 | +657.0% |
| Amounts receivable within one year | 40/41 | €84,700 | €761,557 | +€676,857 | +799.1% |
| Trade receivables | 40 | €84,700 | €101,640 | +€16,940 | +20.0% |
| Other amounts receivable | 41 | - | €659,917 | +€659,917 | |
| Cash at bank and in hand | 54/58 | €4,100 | €17,409 | +€13,309 | +324.7% |
| Deferred charges and accrued income | 490/1 | €14,126 | €208 | -€13,918 | -98.5% |
| Total equity and liabilities | 10/49 | €885,255 | €1,325,225 | +€439,970 | +49.7% |
| Equity | 10/15 | €568,337 | €911,671 | +€343,334 | +60.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €486,347 | €829,681 | +€343,334 | +70.6% |
| Tax-exempt reserves | 132 | €6,134 | €6,134 | = | 0.0% |
| Distributable reserves | 133 | €480,213 | €823,548 | +€343,334 | +71.5% |
| Profit (loss) carried forward | 14 | €75,790 | €75,790 | = | 0.0% |
| Amounts payable | 17/49 | €316,918 | €413,554 | +€96,636 | +30.5% |
| Amounts payable after more than one year | 17 | €69,036 | €42,686 | -€26,350 | -38.2% |
| Financial debts | 170/4 | €69,036 | €42,686 | -€26,350 | -38.2% |
| Amounts payable within one year | 42/48 | €246,474 | €370,868 | +€124,394 | +50.5% |
| Current portion of amounts payable after more than one year | 42 | €26,950 | €26,350 | -€599 | -2.2% |
| Trade debts | 44 | €10,477 | €17,366 | +€6,889 | +65.8% |
| Suppliers | 440/4 | €10,477 | €17,366 | +€6,889 | +65.8% |
| Taxes, remuneration and social security | 45 | €59,080 | €61,213 | +€2,133 | +3.6% |
| Taxes | 450/3 | €56,080 | €54,213 | -€1,867 | -3.3% |
| Remuneration and social security | 454/9 | €3,000 | €7,000 | +€4,000 | +133.3% |
| Other amounts payable | 47/48 | €149,967 | €265,938 | +€115,971 | +77.3% |
| Accrued charges and deferred income | 492/3 | €1,407 | €0 | -€1,407 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,071 | €17,139 | +€3,069 | +21.8% |
| Other operating charges | 640/8 | €1,250 | €634 | -€616 | -49.3% |
| Gross operating margin | 9900 | €91,145 | €69,823 | -€21,322 | -23.4% |
| Operating profit (loss) | 9901 | €75,825 | €52,050 | -€23,775 | -31.4% |
| Financial income | 75/76B | €3,380 | €318,731 | +€315,351 | +9329.5% |
| Recurring financial income | 75 | €3,380 | €318,731 | +€315,351 | +9329.5% |
| Financial charges | 65/66B | €2,803 | €2,430 | -€372 | -13.3% |
| Recurring financial charges | 65 | €2,803 | €2,430 | -€372 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €76,402 | €368,350 | +€291,948 | +382.1% |
| Income taxes | 67/77 | €23,756 | €25,016 | +€1,260 | +5.3% |
| Profit (loss) for the period | 9904 | €52,646 | €343,334 | +€290,688 | +552.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,646 | €343,334 | +€290,688 | +552.2% |
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.