G.S.L.: what changed
What changed
G.S.L.
NACE 35.110, Production of electricity from non-renewable sources
filed annual accounts (NBB)
Net result for the year
€152,606
2024 · -€269,786+€422,393
Equity
€1.4m
2024 · €1.4m+€25,110
Cash
€122,065
2024 · €178,898-€56,833
Balance sheet total
€2.7m
2024 · €2.5m+€180,775
Largest movements
Assets
- Stocks and contracts +€378,001
up €378,001 (+55.2%), from €684,893 to €1.1m
- Receivables within one year -€151,788
down €151,788 (-14.4%), from €1.1m to €902,194
of which Trade receivables: -€176,163
- Cash -€56,833
down €56,833 (-31.8%), from €178,898 to €122,065
mainly Stocks and contracts (-€378,001) and Investment in fixed assets (net) (-€155,169)
- Deferred charges and accrued income +€32,589
up €32,589 (+252%), from €12,916 to €45,505
Equity and liabilities
- Other debts +€120,000
up €120,000, from €0 to €120,000
- Debts after one year -€75,000
down €75,000 (-26.1%), from €287,500 to €212,500
- Trade debts +€56,378
up €56,378 (+12.5%), from €450,251 to €506,628
- Accrued charges and deferred income +€54,287
up €54,287 (+17.1%), from €318,022 to €372,309
- Reserves +€32,606
up €32,606 (+3.5%), from €933,595 to €966,201
Income statement
- Gross operating margin +€322,492
up €322,492 (+3,093%), from €10,426 to €332,918
- Depreciation -€92,339
down €92,339 (-34.4%), from €268,702 to €176,363
- Other operating charges -€6,243
down €6,243 (-29.4%), from €21,200 to €14,957
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€269,786
Gross operating margin
+€322,492
Depreciation
+€92,339
Other operating charges
+€6,243
Financial income
+€606
Financial charges
+€588
Taxes
+€125
Result 2025
€152,606
raises the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€300,832
Investment
-€155,169
Financing
-€202,496
Cash 2024
€178,898
From operations (derived)
+€300,832
Net result for the year
+€152,606
Depreciation
+€176,363
Stocks and contracts
-€378,001
Receivables within one year
+€151,788
Deferred charges and accrued income
-€32,589
Trade debts
+€56,378
Other debts
+€120,000
Accrued charges and deferred income
+€54,287
Investment (derived)
-€155,169
Investment in fixed assets (net)
-€155,169
Financing
-€202,496
Debts after one year
-€75,000
Contributions, distributions and other
-€127,496
Cash 2025
€122,065
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,541,231 | €2,722,006 | +€180,775 | +7.1% |
| Fixed assets | 21/28 | €610,543 | €589,349 | -€21,195 | -3.5% |
| Tangible fixed assets | 22/27 | €608,396 | €587,201 | -€21,195 | -3.5% |
| Land and buildings | 22 | €506,102 | €377,360 | -€128,742 | -25.4% |
| Plant, machinery and equipment | 23 | €3,800 | €1,227 | -€2,573 | -67.7% |
| Furniture and vehicles | 24 | €15,089 | €129,528 | +€114,439 | +758% |
| Other tangible fixed assets | 26 | €83,405 | €79,086 | -€4,319 | -5.2% |
| Financial fixed assets | 28 | €2,147 | €2,147 | = | 0.0% |
| Current assets | 29/58 | €1,930,688 | €2,132,657 | +€201,970 | +10.5% |
| Stocks and contracts in progress | 3 | €684,893 | €1,062,894 | +€378,001 | +55.2% |
| Stocks | 30/36 | €684,893 | €1,062,894 | +€378,001 | +55.2% |
| Amounts receivable within one year | 40/41 | €1,053,982 | €902,194 | -€151,788 | -14.4% |
| Trade receivables | 40 | €896,887 | €720,724 | -€176,163 | -19.6% |
| Other amounts receivable | 41 | €157,095 | €181,470 | +€24,375 | +15.5% |
| Cash at bank and in hand | 54/58 | €178,898 | €122,065 | -€56,833 | -31.8% |
| Deferred charges and accrued income | 490/1 | €12,916 | €45,505 | +€32,589 | +252% |
| Total equity and liabilities | 10/49 | €2,541,231 | €2,722,006 | +€180,775 | +7.1% |
| Equity | 10/15 | €1,410,458 | €1,435,569 | +€25,110 | +1.8% |
| Contributions | 10/11 | €457,701 | €457,701 | = | 0.0% |
| Reserves | 13 | €933,595 | €966,201 | +€32,606 | +3.5% |
| Distributable reserves | 133 | €933,595 | €966,201 | +€32,606 | +3.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €19,163 | €11,667 | -€7,496 | -39.1% |
| Amounts payable | 17/49 | €1,130,773 | €1,286,438 | +€155,664 | +13.8% |
| Amounts payable after more than one year | 17 | €287,500 | €212,500 | -€75,000 | -26.1% |
| Financial debts | 170/4 | €287,500 | €212,500 | -€75,000 | -26.1% |
| Amounts payable within one year | 42/48 | €525,251 | €701,628 | +€176,378 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €450,251 | €506,628 | +€56,378 | +12.5% |
| Suppliers | 440/4 | €450,251 | €506,628 | +€56,378 | +12.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €120,000 | +€120,000 | |
| Accrued charges and deferred income | 492/3 | €318,022 | €372,309 | +€54,287 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,702 | €176,363 | -€92,339 | -34.4% |
| Other operating charges | 640/8 | €21,200 | €14,957 | -€6,243 | -29.4% |
| Gross operating margin | 9900 | €10,426 | €332,918 | +€322,492 | +3,093% |
| Operating profit (loss) | 9901 | -€279,476 | €141,598 | +€421,074 | |
| Financial income | 75/76B | €13,037 | €13,643 | +€606 | +4.6% |
| Recurring financial income | 75 | €13,037 | €13,643 | +€606 | +4.6% |
| Financial charges | 65/66B | €3,189 | €2,601 | -€588 | -18.4% |
| Recurring financial charges | 65 | €3,189 | €2,601 | -€588 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€269,628 | €152,640 | +€422,268 | |
| Income taxes | 67/77 | €159 | €33 | -€125 | -79.0% |
| Profit (loss) for the period | 9904 | -€269,786 | €152,606 | +€422,393 | |
| Profit (loss) for the period to be appropriated | 9905 | -€269,786 | €152,606 | +€422,393 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.