G.T.P.S.: what changed
G.T.P.S.
Largest movements
- Tangible fixed assets -€40,320
down €40,320 (-7.5%), from €539,158 to €498,838
of which Land and buildings: -€25,475
- Cash +€34,025
up €34,025 (+63.2%), from €53,837 to €87,862
mainly Depreciation (+€42,592) and Net result for the year (+€25,541)
- Receivables within one year -€10,368
down €10,368 (-53.1%), from €19,522 to €9,154
of which Trade receivables: -€8,464
- Debts after one year -€38,757
down €38,757 (-28.9%), from €134,231 to €95,475
- Reserves +€35,159
up €35,159 (+31.7%), from €110,800 to €145,960
- Revaluation surpluses -€9,619
down €9,619 (-3.9%), from €245,389 to €235,770
- Staff costs -€56,005
no longer reported in 2025 (was €56,005)
- Gross operating margin -€30,080
down €30,080 (-23.6%), from €127,234 to €97,153
- Taxes +€11,408
up €11,408 (+227%), from €5,015 to €16,424
- Depreciation -€5,033
down €5,033 (-10.6%), from €47,624 to €42,592
- Financial charges -€1,554
down €1,554 (-19.9%), from €7,796 to €6,242
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €617,649 | €602,407 | -€15,242 | -2.5% |
| Fixed assets | 21/28 | €539,158 | €498,838 | -€40,320 | -7.5% |
| Tangible fixed assets | 22/27 | €539,158 | €498,838 | -€40,320 | -7.5% |
| Land and buildings | 22 | €487,221 | €461,746 | -€25,475 | -5.2% |
| Plant, machinery and equipment | 23 | €12,906 | €8,026 | -€4,880 | -37.8% |
| Furniture and vehicles | 24 | €39,031 | €29,066 | -€9,965 | -25.5% |
| Current assets | 29/58 | €78,491 | €103,569 | +€25,078 | +32.0% |
| Amounts receivable within one year | 40/41 | €19,522 | €9,154 | -€10,368 | -53.1% |
| Trade receivables | 40 | €11,964 | €3,500 | -€8,464 | -70.7% |
| Other amounts receivable | 41 | €7,558 | €5,654 | -€1,904 | -25.2% |
| Cash at bank and in hand | 54/58 | €53,837 | €87,862 | +€34,025 | +63.2% |
| Deferred charges and accrued income | 490/1 | €5,132 | €6,552 | +€1,420 | +27.7% |
| Total equity and liabilities | 10/49 | €617,649 | €602,407 | -€15,242 | -2.5% |
| Equity | 10/15 | €415,912 | €441,453 | +€25,541 | +6.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €245,389 | €235,770 | -€9,619 | -3.9% |
| Reserves | 13 | €110,800 | €145,960 | +€35,159 | +31.7% |
| Distributable reserves | 133 | €110,800 | €145,960 | +€35,159 | +31.7% |
| Profit (loss) carried forward | 14 | €41,131 | €41,131 | = | 0.0% |
| Amounts payable | 17/49 | €201,736 | €160,954 | -€40,783 | -20.2% |
| Amounts payable after more than one year | 17 | €134,231 | €95,475 | -€38,757 | -28.9% |
| Financial debts | 170/4 | €134,231 | €95,475 | -€38,757 | -28.9% |
| Amounts payable within one year | 42/48 | €67,505 | €65,479 | -€2,026 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €40,725 | €40,461 | -€264 | -0.6% |
| Trade debts | 44 | €5,888 | €3,780 | -€2,108 | -35.8% |
| Suppliers | 440/4 | €5,888 | €3,780 | -€2,108 | -35.8% |
| Taxes, remuneration and social security | 45 | €14,423 | €14,720 | +€297 | +2.1% |
| Taxes | 450/3 | €10,042 | €14,720 | +€4,678 | +46.6% |
| Remuneration and social security | 454/9 | €4,380 | - | -€4,380 | |
| Other amounts payable | 47/48 | €6,469 | €6,518 | +€48 | +0.7% |
| Remuneration, social security and pensions | 62 | €56,005 | - | -€56,005 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,624 | €42,592 | -€5,033 | -10.6% |
| Other operating charges | 640/8 | €5,334 | €6,356 | +€1,021 | +19.1% |
| Gross operating margin | 9900 | €127,234 | €97,153 | -€30,080 | -23.6% |
| Operating profit (loss) | 9901 | €18,271 | €48,206 | +€29,936 | +164% |
| Financial income | 75/76B | €55 | - | -€55 | |
| Recurring financial income | 75 | €55 | - | -€55 | |
| Financial charges | 65/66B | €7,796 | €6,242 | -€1,554 | -19.9% |
| Recurring financial charges | 65 | €7,796 | €6,242 | -€1,554 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €10,530 | €41,964 | +€31,434 | +299% |
| Income taxes | 67/77 | €5,015 | €16,424 | +€11,408 | +227% |
| Profit (loss) for the period | 9904 | €5,515 | €25,541 | +€20,025 | +363% |
| Profit (loss) for the period to be appropriated | 9905 | €5,515 | €25,541 | +€20,025 | +363% |
Next steps
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 3 November 2026 via checked.be.