G.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.S.
Largest movements
- Cash +€56,051
up €56,051 (+88.8%), from €63,094 to €119,145
mainly Trade debts (+€68,607) and Receivables within one year (+€13,572)
- Receivables within one year -€13,572
down €13,572 (-4.9%), from €278,051 to €264,480
of which Trade receivables: -€17,770
- Deferred charges and accrued income -€8,768
down €8,768 (-87.5%), from €10,018 to €1,250
- Trade debts +€68,607
up €68,607 (+41.4%), from €165,879 to €234,486
- Other debts -€19,384
down €19,384 (-93.0%), from €20,846 to €1,462
- Tax, wage and social debts -€11,807
down €11,807 (-24.4%), from €48,456 to €36,650
of which Taxes: -€19,284
- Staff costs +€60,490
up €60,490 (+33.7%), from €179,746 to €240,236
- Gross operating margin +€23,847
up €23,847 (+10.8%), from €220,359 to €244,206
- Taxes -€6,428
down €6,428 (-57.6%), from €11,163 to €4,735
- Financial charges +€2,453
up €2,453 (+36.2%), from €6,782 to €9,235
of which Non-recurring financial charges: +€2,358
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 | €395,194 | €429,597 | +€34,403 | +8.7% |
| Fixed assets | 21/28 | €1,647 | €2,770 | +€1,123 | +68.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €77 | - | -€77 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €77 | - | -€77 | |
| Financial fixed assets | 28 | €1,570 | €2,770 | +€1,200 | +76.5% |
| Current assets | 29/58 | €393,547 | €426,827 | +€33,280 | +8.5% |
| Stocks and contracts in progress | 3 | €9,385 | €8,954 | -€431 | -4.6% |
| Stocks | 30/36 | €9,385 | €8,954 | -€431 | -4.6% |
| Amounts receivable within one year | 40/41 | €278,051 | €264,480 | -€13,572 | -4.9% |
| Trade receivables | 40 | €272,771 | €255,001 | -€17,770 | -6.5% |
| Other amounts receivable | 41 | €5,281 | €9,479 | +€4,198 | +79.5% |
| Current investments | 50/53 | €32,999 | €32,999 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €63,094 | €119,145 | +€56,051 | +88.8% |
| Deferred charges and accrued income | 490/1 | €10,018 | €1,250 | -€8,768 | -87.5% |
| Total equity and liabilities | 10/49 | €395,194 | €429,597 | +€34,403 | +8.7% |
| Equity | 10/15 | €159,841 | €156,999 | -€2,842 | -1.8% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,841 | €134,999 | -€2,842 | -2.1% |
| Amounts payable | 17/49 | €235,353 | €272,598 | +€37,245 | +15.8% |
| Amounts payable within one year | 42/48 | €235,181 | €272,598 | +€37,417 | +15.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €165,879 | €234,486 | +€68,607 | +41.4% |
| Suppliers | 440/4 | €165,879 | €234,486 | +€68,607 | +41.4% |
| Taxes, remuneration and social security | 45 | €48,456 | €36,650 | -€11,807 | -24.4% |
| Taxes | 450/3 | €26,370 | €7,086 | -€19,284 | -73.1% |
| Remuneration and social security | 454/9 | €22,086 | €29,563 | +€7,478 | +33.9% |
| Other amounts payable | 47/48 | €20,846 | €1,462 | -€19,384 | -93.0% |
| Accrued charges and deferred income | 492/3 | €172 | €0 | -€172 | -99.9% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €179,746 | €240,236 | +€60,490 | +33.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €565 | €77 | -€488 | -86.3% |
| Other operating charges | 640/8 | €2,948 | €3,688 | +€741 | +25.1% |
| Gross operating margin | 9900 | €220,359 | €244,206 | +€23,847 | +10.8% |
| Operating profit (loss) | 9901 | €37,100 | €204 | -€36,896 | -99.4% |
| Financial income | 75/76B | €11,478 | €10,924 | -€554 | -4.8% |
| Recurring financial income | 75 | €5,339 | €10,924 | +€5,584 | +104.6% |
| Non-recurring financial income | 76B | €6,139 | - | -€6,139 | |
| Financial charges | 65/66B | €6,782 | €9,235 | +€2,453 | +36.2% |
| Recurring financial charges | 65 | €6,782 | €6,877 | +€95 | +1.4% |
| Non-recurring financial charges | 66B | - | €2,358 | +€2,358 | |
| Profit (loss) for the period before taxes | 9903 | €41,796 | €1,893 | -€39,903 | -95.5% |
| Income taxes | 67/77 | €11,163 | €4,735 | -€6,428 | -57.6% |
| Profit (loss) for the period | 9904 | €30,633 | -€2,842 | -€33,475 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,633 | -€2,842 | -€33,475 |
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 9 October 2026 via checked.be.