G.S. MANAGEMENT: 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. MANAGEMENT
Largest movements
- Cash +€1.5m
up €1.5m (+166%), from €894,619 to €2.4m
mainly Net result for the year (+€6.0m) and Current investments (+€1.0m)
- Current investments -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Financial fixed assets +€310,000
up €310,000 (+81.6%), from €379,721 to €689,721
- Receivables after one year +€250,000
up €250,000 (+174%), from €144,000 to €394,000
- Profit (loss) carried forward +€916,378
up €916,378 (+54.3%), from €1.7m to €2.6m
- Tax, wage and social debts +€112,233
up €112,233 (+15.6%), from €717,686 to €829,919
of which Taxes: +€115,123
- Gross operating margin +€272,264
up €272,264 (+3.5%), from €7.7m to €8.0m
- Financial income -€95,366
down €95,366 (-75.5%), from €126,354 to €30,988
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 | €2,436,621 | €3,490,625 | +€1.1m | +43.3% |
| Fixed assets | 21/28 | €393,453 | €710,457 | +€317,004 | +80.6% |
| Tangible fixed assets | 22/27 | €13,732 | €20,736 | +€7,004 | +51.0% |
| Furniture and vehicles | 24 | €13,732 | €20,736 | +€7,004 | +51.0% |
| Financial fixed assets | 28 | €379,721 | €689,721 | +€310,000 | +81.6% |
| Current assets | 29/58 | €2,043,168 | €2,780,167 | +€736,999 | +36.1% |
| Amounts receivable after more than one year | 29 | €144,000 | €394,000 | +€250,000 | +174% |
| Other amounts receivable | 291 | €144,000 | €394,000 | +€250,000 | +174% |
| Amounts receivable within one year | 40/41 | €300 | €4,300 | +€4,000 | +1,333% |
| Trade receivables | 40 | €0 | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | €300 | €300 | = | 0.0% |
| Current investments | 50/53 | €1,000,000 | €0 | -€1.0m | -100% |
| Cash at bank and in hand | 54/58 | €894,619 | €2,375,830 | +€1.5m | +166% |
| Deferred charges and accrued income | 490/1 | €4,249 | €6,038 | +€1,789 | +42.1% |
| Total equity and liabilities | 10/49 | €2,436,621 | €3,490,625 | +€1.1m | +43.3% |
| Equity | 10/15 | €1,717,044 | €2,633,422 | +€916,378 | +53.4% |
| Contributions | 10/11 | €20,100 | €20,100 | = | 0.0% |
| Reserves | 13 | €10,791 | €10,791 | = | 0.0% |
| Distributable reserves | 133 | €10,791 | €10,791 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,686,153 | €2,602,531 | +€916,378 | +54.3% |
| Amounts payable | 17/49 | €719,577 | €857,203 | +€137,626 | +19.1% |
| Amounts payable within one year | 42/48 | €719,577 | €857,203 | +€137,626 | +19.1% |
| Trade debts | 44 | €1,693 | €12,412 | +€10,718 | +633% |
| Suppliers | 440/4 | €1,693 | €12,412 | +€10,718 | +633% |
| Taxes, remuneration and social security | 45 | €717,686 | €829,919 | +€112,233 | +15.6% |
| Taxes | 450/3 | €709,016 | €824,139 | +€115,123 | +16.2% |
| Remuneration and social security | 454/9 | €8,670 | €5,780 | -€2,890 | -33.3% |
| Other amounts payable | 47/48 | €198 | €14,873 | +€14,674 | +7,396% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,059 | €3,950 | -€2,109 | -34.8% |
| Other operating charges | 640/8 | €1,422 | €8,331 | +€6,909 | +486% |
| Gross operating margin | 9900 | €7,678,307 | €7,950,570 | +€272,264 | +3.5% |
| Operating profit (loss) | 9901 | €7,670,826 | €7,938,289 | +€267,463 | +3.5% |
| Financial income | 75/76B | €126,354 | €30,988 | -€95,366 | -75.5% |
| Recurring financial income | 75 | €126,354 | €30,988 | -€95,366 | -75.5% |
| Financial charges | 65/66B | €2,571 | €1,866 | -€706 | -27.5% |
| Recurring financial charges | 65 | €2,571 | €1,866 | -€706 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €7,794,608 | €7,967,411 | +€172,803 | +2.2% |
| Income taxes | 67/77 | €1,986,417 | €1,964,881 | -€21,536 | -1.1% |
| Profit (loss) for the period | 9904 | €5,808,191 | €6,002,531 | +€194,340 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,808,191 | €6,002,531 | +€194,340 | +3.3% |
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 18 October 2026 via checked.be.