G.S.D.: 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.D.
Largest movements
- Tangible fixed assets +€45,652
up €45,652 (+7.3%), from €623,926 to €669,578
of which Leasing and similar rights: +€53,386
- Receivables within one year +€22,204
up €22,204 (+4077.9%), from €545 to €22,749
of which Other amounts receivable: +€22,749
- Cash +€20,673
up €20,673 (+196.9%), from €10,500 to €31,173
mainly Other debts (+€100,000) and Net result for the year (+€83,982)
- Other debts +€100,000
up €100,000, from €0 to €100,000
- Reserves -€16,000
down €16,000 (-9.3%), from €172,848 to €156,848
of which Distributable reserves: -€16,000
- Trade debts -€12,369
down €12,369 (-61.3%), from €20,167 to €7,798
- Current portion of long-term debt +€11,781
up €11,781 (+34.1%), from €34,517 to €46,298
- Gross operating margin +€86,794
up €86,794 (+72.9%), from €119,111 to €205,905
- Taxes +€17,730
up €17,730 (+153.3%), from €11,564 to €29,294
- Depreciation +€15,290
up €15,290 (+31.8%), from €48,096 to €63,387
- Other operating charges +€2,439
up €2,439 (+10.6%), from €22,916 to €25,355
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 | €640,773 | €731,134 | +€90,361 | +14.1% |
| Fixed assets | 21/28 | €623,926 | €669,578 | +€45,652 | +7.3% |
| Tangible fixed assets | 22/27 | €623,926 | €669,578 | +€45,652 | +7.3% |
| Land and buildings | 22 | €618,085 | €574,330 | -€43,755 | -7.1% |
| Plant, machinery and equipment | 23 | - | €23,916 | +€23,916 | |
| Furniture and vehicles | 24 | €5,840 | €17,946 | +€12,106 | +207.3% |
| Leasing and similar rights | 25 | - | €53,386 | +€53,386 | |
| Current assets | 29/58 | €16,848 | €61,556 | +€44,708 | +265.4% |
| Amounts receivable within one year | 40/41 | €545 | €22,749 | +€22,204 | +4077.9% |
| Trade receivables | 40 | €545 | €0 | -€545 | -100.0% |
| Other amounts receivable | 41 | €0 | €22,749 | +€22,749 | |
| Cash at bank and in hand | 54/58 | €10,500 | €31,173 | +€20,673 | +196.9% |
| Deferred charges and accrued income | 490/1 | €5,803 | €7,634 | +€1,831 | +31.5% |
| Total equity and liabilities | 10/49 | €640,773 | €731,134 | +€90,361 | +14.1% |
| Equity | 10/15 | €351,534 | €335,516 | -€16,018 | -4.6% |
| Contributions | 10/11 | €178,483 | €178,483 | = | 0.0% |
| Capital | 10 | €178,483 | €178,483 | = | 0.0% |
| Issued capital | 100 | €178,483 | €178,483 | = | 0.0% |
| Reserves | 13 | €172,848 | €156,848 | -€16,000 | -9.3% |
| Non-distributable reserves | 130/1 | €17,848 | €17,848 | = | 0.0% |
| Legal reserve | 130 | €17,848 | €17,848 | = | 0.0% |
| Distributable reserves | 133 | €155,000 | €139,000 | -€16,000 | -10.3% |
| Profit (loss) carried forward | 14 | €202 | €184 | -€18 | -8.8% |
| Amounts payable | 17/49 | €289,240 | €395,618 | +€106,378 | +36.8% |
| Amounts payable after more than one year | 17 | €233,031 | €239,997 | +€6,966 | +3.0% |
| Financial debts | 170/4 | €208,468 | €215,434 | +€6,966 | +3.3% |
| Other amounts payable | 178/9 | €24,563 | €24,563 | = | 0.0% |
| Amounts payable within one year | 42/48 | €56,209 | €155,621 | +€99,413 | +176.9% |
| Current portion of amounts payable after more than one year | 42 | €34,517 | €46,298 | +€11,781 | +34.1% |
| Trade debts | 44 | €20,167 | €7,798 | -€12,369 | -61.3% |
| Suppliers | 440/4 | €20,167 | €7,798 | -€12,369 | -61.3% |
| Taxes, remuneration and social security | 45 | €1,525 | €1,525 | = | 0.0% |
| Taxes | 450/3 | €1,525 | €1,525 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €100,000 | +€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,096 | €63,387 | +€15,290 | +31.8% |
| Other operating charges | 640/8 | €22,916 | €25,355 | +€2,439 | +10.6% |
| Gross operating margin | 9900 | €119,111 | €205,905 | +€86,794 | +72.9% |
| Operating profit (loss) | 9901 | €48,099 | €117,163 | +€69,064 | +143.6% |
| Financial income | 75/76B | €179 | €4 | -€174 | -97.7% |
| Recurring financial income | 75 | €179 | €4 | -€174 | -97.7% |
| Financial charges | 65/66B | €3,053 | €3,891 | +€838 | +27.5% |
| Recurring financial charges | 65 | €3,053 | €3,891 | +€838 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €45,225 | €113,276 | +€68,051 | +150.5% |
| Income taxes | 67/77 | €11,564 | €29,294 | +€17,730 | +153.3% |
| Profit (loss) for the period | 9904 | €33,661 | €83,982 | +€50,321 | +149.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,661 | €83,982 | +€50,321 | +149.5% |
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.