G.S.B.: 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.B.
Largest movements
- Cash -€51,294
down €51,294 (-84.7%), from €60,541 to €9,247
mainly Debts after one year (-€30,953) and Other debts (-€29,221)
- Tangible fixed assets -€34,781
down €34,781 (-5.7%), from €609,833 to €575,052
of which Land and buildings: -€33,585
- Debts after one year -€30,953
down €30,953 (-10.0%), from €310,790 to €279,837
of which Financial debts: -€30,953
- Other debts -€29,221
down €29,221 (-85.4%), from €34,201 to €4,980
- Tax, wage and social debts -€20,424
down €20,424 (-100%), from €20,424 to €0
of which Taxes: -€16,023
- Gross operating margin -€511,071
down €511,071 (-84.9%), from €601,675 to €90,604
- Taxes -€30,664
down €30,664 (-87.2%), from €35,164 to €4,500
- Financial charges -€24,007
down €24,007 (-71.3%), from €33,658 to €9,651
of which Financial charges: -€20,608
- Staff costs -€23,421
down €23,421 (-62.5%), from €37,445 to €14,024
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 | €751,892 | €670,057 | -€81,834 | -10.9% |
| Fixed assets | 21/28 | €626,977 | €589,229 | -€37,748 | -6.0% |
| Intangible fixed assets | 21 | €8,144 | €5,177 | -€2,967 | -36.4% |
| Tangible fixed assets | 22/27 | €609,833 | €575,052 | -€34,781 | -5.7% |
| Land and buildings | 22 | €601,534 | €567,950 | -€33,585 | -5.6% |
| Furniture and vehicles | 24 | €268 | €1,075 | +€807 | +301% |
| Other tangible fixed assets | 26 | €8,031 | €6,027 | -€2,003 | -24.9% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €124,915 | €80,828 | -€44,086 | -35.3% |
| Amounts receivable within one year | 40/41 | €61,476 | €68,407 | +€6,931 | +11.3% |
| Trade receivables | 40 | €9,169 | €43,654 | +€34,485 | +376% |
| Other amounts receivable | 41 | €52,307 | €24,753 | -€27,554 | -52.7% |
| Cash at bank and in hand | 54/58 | €60,541 | €9,247 | -€51,294 | -84.7% |
| Deferred charges and accrued income | 490/1 | €2,898 | €3,174 | +€276 | +9.5% |
| Total equity and liabilities | 10/49 | €751,892 | €670,057 | -€81,834 | -10.9% |
| Equity | 10/15 | €318,969 | €321,774 | +€2,805 | +0.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €256,969 | €255,229 | -€1,740 | -0.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €44,076 | €42,336 | -€1,740 | -3.9% |
| Distributable reserves | 133 | €206,693 | €206,693 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €4,545 | +€4,545 | |
| Provisions and deferred taxes | 16 | €22,696 | €21,800 | -€896 | -3.9% |
| Deferred taxes | 168 | €22,696 | €21,800 | -€896 | -3.9% |
| Amounts payable | 17/49 | €410,227 | €326,484 | -€83,743 | -20.4% |
| Amounts payable after more than one year | 17 | €310,790 | €279,837 | -€30,953 | -10.0% |
| Financial debts | 170/4 | €310,790 | €279,837 | -€30,953 | -10.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €99,437 | €46,646 | -€52,791 | -53.1% |
| Current portion of amounts payable after more than one year | 42 | €30,127 | €30,953 | +€826 | +2.7% |
| Financial debts | 43 | €37 | €214 | +€177 | +473% |
| Credit institutions | 430/8 | €37 | - | -€37 | |
| Other loans | 439 | - | €214 | +€214 | |
| Trade debts | 44 | €14,648 | €10,500 | -€4,148 | -28.3% |
| Suppliers | 440/4 | €14,648 | €10,500 | -€4,148 | -28.3% |
| Taxes, remuneration and social security | 45 | €20,424 | €0 | -€20,424 | -100% |
| Taxes | 450/3 | €16,023 | €0 | -€16,023 | -100% |
| Remuneration and social security | 454/9 | €4,401 | €0 | -€4,401 | -100% |
| Other amounts payable | 47/48 | €34,201 | €4,980 | -€29,221 | -85.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €486,693 | €0 | -€486,693 | -100% |
| Remuneration, social security and pensions | 62 | €37,445 | €14,024 | -€23,421 | -62.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,969 | €56,223 | +€3,254 | +6.1% |
| Other operating charges | 640/8 | €9,737 | €4,305 | -€5,431 | -55.8% |
| Gross operating margin | 9900 | €601,675 | €90,604 | -€511,071 | -84.9% |
| Operating profit (loss) | 9901 | €501,524 | €16,052 | -€485,472 | -96.8% |
| Financial income | 75/76B | €848 | €9 | -€839 | -99.0% |
| Recurring financial income | 75 | €848 | €9 | -€839 | -99.0% |
| Financial charges | 65/66B | €33,658 | €9,651 | -€24,007 | -71.3% |
| Recurring financial charges | 65 | €30,259 | €9,651 | -€20,608 | -68.1% |
| Non-recurring financial charges | 66B | €3,399 | €0 | -€3,399 | -100% |
| Profit (loss) for the period before taxes | 9903 | €468,714 | €6,409 | -€462,305 | -98.6% |
| Transfer from deferred taxes | 780 | €896 | €896 | = | 0.0% |
| Income taxes | 67/77 | €35,164 | €4,500 | -€30,664 | -87.2% |
| Profit (loss) for the period | 9904 | €434,446 | €2,805 | -€431,641 | -99.4% |
| Transfer from tax-exempt reserves | 789 | €1,740 | €1,740 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €436,185 | €4,545 | -€431,641 | -99.0% |
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 16 October 2026 via checked.be.