G.P.S.: 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.P.S.
Largest movements
- Receivables within one year -€4.1m
down €4.1m (-75.8%), from €5.4m to €1.3m
- Tangible fixed assets -€90,852
down €90,852 (-10.8%), from €842,949 to €752,097
of which Land and buildings: -€49,971
- Stocks and contracts -€88,107
down €88,107 (-60.9%), from €144,713 to €56,606
- Trade debts -€4.7m
down €4.7m (-94.9%), from €4.9m to €250,815
- Profit (loss) carried forward +€363,419
up €363,419 (+31.2%), from €1.2m to €1.5m
- Gross operating margin +€70,729
up €70,729 (+13.6%), from €518,717 to €589,446
- Taxes +€19,382
up €19,382 (+17.9%), from €108,140 to €127,522
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 | €6,451,372 | €2,145,830 | -€4.3m | -66.7% |
| Fixed assets | 21/28 | €842,949 | €752,097 | -€90,852 | -10.8% |
| Tangible fixed assets | 22/27 | €842,949 | €752,097 | -€90,852 | -10.8% |
| Land and buildings | 22 | €770,654 | €720,683 | -€49,971 | -6.5% |
| Plant, machinery and equipment | 23 | €5,617 | €4,672 | -€945 | -16.8% |
| Furniture and vehicles | 24 | €66,678 | €26,742 | -€39,936 | -59.9% |
| Current assets | 29/58 | €5,608,423 | €1,393,733 | -€4.2m | -75.1% |
| Stocks and contracts in progress | 3 | €144,713 | €56,606 | -€88,107 | -60.9% |
| Stocks | 30/36 | €144,713 | €56,606 | -€88,107 | -60.9% |
| Amounts receivable within one year | 40/41 | €5,412,477 | €1,308,533 | -€4.1m | -75.8% |
| Trade receivables | 40 | €5,412,477 | €1,308,533 | -€4.1m | -75.8% |
| Cash at bank and in hand | 54/58 | €41,775 | €14,088 | -€27,687 | -66.3% |
| Deferred charges and accrued income | 490/1 | €9,458 | €14,506 | +€5,048 | +53.4% |
| Total equity and liabilities | 10/49 | €6,451,372 | €2,145,830 | -€4.3m | -66.7% |
| Equity | 10/15 | €1,499,530 | €1,862,949 | +€363,419 | +24.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €125,184 | €109,536 | -€15,648 | -12.5% |
| Reserves | 13 | €189,634 | €205,282 | +€15,648 | +8.3% |
| Distributable reserves | 133 | €189,634 | €205,282 | +€15,648 | +8.3% |
| Profit (loss) carried forward | 14 | €1,166,120 | €1,529,539 | +€363,419 | +31.2% |
| Amounts payable | 17/49 | €4,951,842 | €282,881 | -€4.7m | -94.3% |
| Amounts payable within one year | 42/48 | €4,951,842 | €282,881 | -€4.7m | -94.3% |
| Trade debts | 44 | €4,923,717 | €250,815 | -€4.7m | -94.9% |
| Suppliers | 440/4 | €4,923,717 | €250,815 | -€4.7m | -94.9% |
| Taxes, remuneration and social security | 45 | €27,158 | €31,111 | +€3,953 | +14.6% |
| Taxes | 450/3 | €27,158 | €31,111 | +€3,953 | +14.6% |
| Other amounts payable | 47/48 | €967 | €955 | -€12 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,248 | €90,852 | -€3,396 | -3.6% |
| Other operating charges | 640/8 | €7,276 | €7,584 | +€308 | +4.2% |
| Gross operating margin | 9900 | €518,717 | €589,446 | +€70,729 | +13.6% |
| Operating profit (loss) | 9901 | €417,193 | €491,010 | +€73,817 | +17.7% |
| Financial income | 75/76B | €107 | €14 | -€93 | -86.9% |
| Recurring financial income | 75 | €107 | €14 | -€93 | -86.9% |
| Financial charges | 65/66B | €156 | €83 | -€73 | -46.8% |
| Recurring financial charges | 65 | €156 | €83 | -€73 | -46.8% |
| Profit (loss) for the period before taxes | 9903 | €417,144 | €490,941 | +€73,797 | +17.7% |
| Income taxes | 67/77 | €108,140 | €127,522 | +€19,382 | +17.9% |
| Profit (loss) for the period | 9904 | €309,004 | €363,419 | +€54,415 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €309,004 | €363,419 | +€54,415 | +17.6% |
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 20 October 2026 via checked.be.