G.D.S. CONSULT: 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.
G.D.S. CONSULT
Largest movements
- Current investments +€12.3m
new in 2025: €12.3m
- Financial fixed assets +€4.8m
up €4.8m (+7.0%), from €68.4m to €73.2m
- Receivables within one year +€2.2m
up €2.2m (+11.7%), from €18.7m to €20.9m
of which Other amounts receivable: +€2.2m
- Cash -€1.8m
down €1.8m (-98.6%), from €1.8m to €24,454
mainly Current investments (-€12.3m) and Investment in fixed assets (net) (-€4.8m)
- Profit (loss) carried forward +€11.6m
up €11.6m (+21.2%), from €54.5m to €66.1m
- Other debts +€5.9m
up €5.9m (+17.3%), from €34.3m to €40.3m
- Financial income +€14.9m
up €14.9m (+805%), from €1.9m to €16.8m
- Financial charges +€5.0m
up €5.0m (+16,800%), from €29,647 to €5.0m
- Other operating charges +€21,321
up €21,321 (+460%), from €4,633 to €25,954
- Staff costs +€10,290
up €10,290 (+24.6%), from €41,809 to €52,099
- Depreciation +€1,170
up €1,170 (+15.6%), from €7,513 to €8,682
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 | €89,218,410 | €106,710,525 | +€17.5m | +19.6% |
| Fixed assets | 21/28 | €68,414,469 | €73,220,756 | +€4.8m | +7.0% |
| Tangible fixed assets | 22/27 | €20,771 | €12,852 | -€7,918 | -38.1% |
| Plant, machinery and equipment | 23 | €882 | €685 | -€197 | -22.3% |
| Furniture and vehicles | 24 | €19,888 | €12,167 | -€7,722 | -38.8% |
| Financial fixed assets | 28 | €68,393,698 | €73,207,904 | +€4.8m | +7.0% |
| Current assets | 29/58 | €20,803,941 | €33,489,769 | +€12.7m | +61.0% |
| Amounts receivable within one year | 40/41 | €18,748,196 | €20,942,469 | +€2.2m | +11.7% |
| Trade receivables | 40 | €14,512 | €14,614 | +€102 | +0.7% |
| Other amounts receivable | 41 | €18,733,683 | €20,927,855 | +€2.2m | +11.7% |
| Current investments | 50/53 | - | €12,264,299 | +€12.3m | |
| Cash at bank and in hand | 54/58 | €1,787,748 | €24,454 | -€1.8m | -98.6% |
| Deferred charges and accrued income | 490/1 | €267,998 | €258,547 | -€9,451 | -3.5% |
| Total equity and liabilities | 10/49 | €89,218,410 | €106,710,525 | +€17.5m | +19.6% |
| Equity | 10/15 | €54,622,906 | €66,200,003 | +€11.6m | +21.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,485,406 | €66,062,503 | +€11.6m | +21.2% |
| Amounts payable | 17/49 | €34,595,504 | €40,510,522 | +€5.9m | +17.1% |
| Amounts payable after more than one year | 17 | €239,796 | €198,360 | -€41,437 | -17.3% |
| Financial debts | 170/4 | €238,263 | €196,826 | -€41,437 | -17.4% |
| Other amounts payable | 178/9 | €1,534 | €1,534 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,355,707 | €40,312,163 | +€6.0m | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €41,437 | €41,437 | = | 0.0% |
| Trade debts | 44 | €2,721 | €13,189 | +€10,468 | +385% |
| Suppliers | 440/4 | €2,721 | €13,189 | +€10,468 | +385% |
| Taxes, remuneration and social security | 45 | €4,707 | €3,543 | -€1,164 | -24.7% |
| Taxes | 450/3 | €1,341 | - | -€1,341 | |
| Remuneration and social security | 454/9 | €3,366 | €3,543 | +€178 | +5.3% |
| Other amounts payable | 47/48 | €34,306,843 | €40,253,994 | +€5.9m | +17.3% |
| Remuneration, social security and pensions | 62 | €41,809 | €52,099 | +€10,290 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,513 | €8,682 | +€1,170 | +15.6% |
| Other operating charges | 640/8 | €4,633 | €25,954 | +€21,321 | +460% |
| Gross operating margin | 9900 | -€74,436 | -€74,569 | -€133 | -0.2% |
| Operating profit (loss) | 9901 | -€128,390 | -€161,305 | -€32,914 | -25.6% |
| Financial income | 75/76B | €1,850,972 | €16,750,012 | +€14.9m | +805% |
| Recurring financial income | 75 | €1,850,972 | €16,750,012 | +€14.9m | +805% |
| Financial charges | 65/66B | €29,647 | €5,010,415 | +€5.0m | +16,800% |
| Recurring financial charges | 65 | €29,647 | €5,010,415 | +€5.0m | +16,800% |
| Profit (loss) for the period before taxes | 9903 | €1,692,935 | €11,578,292 | +€9.9m | +584% |
| Income taxes | 67/77 | €1,198 | €1,196 | -€2 | -0.1% |
| Profit (loss) for the period | 9904 | €1,691,738 | €11,577,096 | +€9.9m | +584% |
| Profit (loss) for the period to be appropriated | 9905 | €1,691,738 | €11,577,096 | +€9.9m | +584% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.