G.T.D. EXPRESS: 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.
What changed
G.T.D. EXPRESS
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€163,514
2024 · €14,638+€148,875
Equity
€1.1m
2024 · €897,166+€163,514
Cash
€476,545
2024 · €484,600-€8,055
Balance sheet total
€3.1m
2024 · €3.2m-€112,278
Largest movements
Assets
- Receivables within one year -€80,946
down €80,946 (-10.8%), from €748,365 to €667,418
of which Other amounts receivable: -€246,254
Equity and liabilities
- Other debts -€264,453
down €264,453 (-100%), from €264,453 to €0
- Advances received +€255,309
up €255,309 (+2,858%), from €8,933 to €264,242
- Reserves +€163,514
up €163,514 (+26.5%), from €617,306 to €780,820
of which Distributable reserves: +€163,514
- Current portion of long-term debt -€149,046
down €149,046 (-43.2%), from €345,336 to €196,291
- Trade debts -€147,871
down €147,871 (-16.7%), from €883,556 to €735,685
Income statement
- Staff costs -€85,505
down €85,505 (-14.9%), from €573,704 to €488,199
- Gross operating margin +€61,762
up €61,762 (+5.7%), from €1.1m to €1.1m
- Taxes +€32,839
up €32,839 (+69.9%), from €47,007 to €79,846
- Financial charges -€24,333
down €24,333 (-36.0%), from €67,597 to €43,264
- Other operating charges -€12,972
down €12,972 (-9.4%), from €137,512 to €124,541
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.
Result 2024
€14,638
Gross operating margin
+€61,762
Staff costs
+€85,505
Depreciation
-€1,286
Other operating charges
+€12,972
Other operating items
+€2,712
Financial income
-€4,284
Financial charges
+€24,333
Taxes
-€32,839
Result 2025
€163,514
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€271,139
Investment
-€221,559
Financing
-€57,635
Cash 2024
€484,600
From operations (derived)
+€271,139
Net result for the year
+€163,514
Depreciation
+€257,691
Receivables within one year
+€80,946
Deferred charges and accrued income
-€12,855
Trade debts
-€147,871
Tax, wage and social debts
-€57,815
Advances received
+€255,309
Other debts
-€264,453
Accrued charges and deferred income
-€3,328
Investment (derived)
-€221,559
Investment in fixed assets (net)
-€221,669
Current investments
+€110
Financing
-€57,635
Debts after one year
+€77,978
Current portion of long-term debt
-€149,046
Short-term financial debts
+€13,433
Cash 2025
€476,545
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,239,298 | €3,127,020 | -€112,278 | -3.5% |
| Fixed assets | 21/28 | €1,534,632 | €1,498,611 | -€36,022 | -2.3% |
| Intangible fixed assets | 21 | €3,945 | €2,245 | -€1,700 | -43.1% |
| Tangible fixed assets | 22/27 | €1,526,344 | €1,495,801 | -€30,543 | -2.0% |
| Land and buildings | 22 | €934,716 | €1,190,973 | +€256,257 | +27.4% |
| Plant, machinery and equipment | 23 | €15,836 | €18,268 | +€2,432 | +15.4% |
| Furniture and vehicles | 24 | €73,504 | €64,456 | -€9,048 | -12.3% |
| Leasing and similar rights | 25 | €502,288 | €222,104 | -€280,184 | -55.8% |
| Financial fixed assets | 28 | €4,343 | €565 | -€3,778 | -87.0% |
| Current assets | 29/58 | €1,704,666 | €1,628,410 | -€76,257 | -4.5% |
| Stocks and contracts in progress | 3 | €69,114 | €69,114 | = | 0.0% |
| Stocks | 30/36 | €69,114 | €69,114 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €748,365 | €667,418 | -€80,946 | -10.8% |
| Trade receivables | 40 | €441,118 | €606,425 | +€165,308 | +37.5% |
| Other amounts receivable | 41 | €307,247 | €60,993 | -€246,254 | -80.1% |
| Current investments | 50/53 | €77,360 | €77,250 | -€110 | -0.1% |
| Cash at bank and in hand | 54/58 | €484,600 | €476,545 | -€8,055 | -1.7% |
| Deferred charges and accrued income | 490/1 | €325,227 | €338,082 | +€12,855 | +4.0% |
| Total equity and liabilities | 10/49 | €3,239,298 | €3,127,020 | -€112,278 | -3.5% |
| Equity | 10/15 | €897,166 | €1,060,679 | +€163,514 | +18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €617,306 | €780,820 | +€163,514 | +26.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €577,946 | €741,460 | +€163,514 | +28.3% |
| Profit (loss) carried forward | 14 | €261,260 | €261,260 | = | 0.0% |
| Amounts payable | 17/49 | €2,342,133 | €2,066,341 | -€275,792 | -11.8% |
| Amounts payable after more than one year | 17 | €679,717 | €757,695 | +€77,978 | +11.5% |
| Financial debts | 170/4 | €679,717 | €757,695 | +€77,978 | +11.5% |
| Amounts payable within one year | 42/48 | €1,658,513 | €1,308,071 | -€350,442 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €345,336 | €196,291 | -€149,046 | -43.2% |
| Financial debts | 43 | €24,892 | €38,326 | +€13,433 | +54.0% |
| Credit institutions | 430/8 | €24,892 | €26,339 | +€1,447 | +5.8% |
| Other loans | 439 | - | €11,987 | +€11,987 | |
| Trade debts | 44 | €883,556 | €735,685 | -€147,871 | -16.7% |
| Suppliers | 440/4 | €883,556 | €735,685 | -€147,871 | -16.7% |
| Advances received on contracts in progress | 46 | €8,933 | €264,242 | +€255,309 | +2,858% |
| Taxes, remuneration and social security | 45 | €131,342 | €73,528 | -€57,815 | -44.0% |
| Taxes | 450/3 | €84,721 | €34,518 | -€50,203 | -59.3% |
| Remuneration and social security | 454/9 | €46,621 | €39,010 | -€7,611 | -16.3% |
| Other amounts payable | 47/48 | €264,453 | €0 | -€264,453 | -100% |
| Accrued charges and deferred income | 492/3 | €3,903 | €575 | -€3,328 | -85.3% |
| Remuneration, social security and pensions | 62 | €573,704 | €488,199 | -€85,505 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256,405 | €257,691 | +€1,286 | +0.5% |
| Other operating charges | 640/8 | €137,512 | €124,541 | -€12,972 | -9.4% |
| Non-recurring operating charges | 66A | €2,712 | - | -€2,712 | |
| Gross operating margin | 9900 | €1,086,955 | €1,148,717 | +€61,762 | +5.7% |
| Operating profit (loss) | 9901 | €116,621 | €278,287 | +€161,666 | +139% |
| Financial income | 75/76B | €12,621 | €8,337 | -€4,284 | -33.9% |
| Recurring financial income | 75 | €12,621 | €8,337 | -€4,284 | -33.9% |
| Financial charges | 65/66B | €67,597 | €43,264 | -€24,333 | -36.0% |
| Recurring financial charges | 65 | €67,597 | €43,264 | -€24,333 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €61,645 | €243,359 | +€181,714 | +295% |
| Income taxes | 67/77 | €47,007 | €79,846 | +€32,839 | +69.9% |
| Profit (loss) for the period | 9904 | €14,638 | €163,514 | +€148,875 | +1,017% |
| Profit (loss) for the period to be appropriated | 9905 | €14,638 | €163,514 | +€148,875 | +1,017% |
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 22 October 2026 via checked.be.