GBS: 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.
GBS
Largest movements
- Tangible fixed assets +€76,021
up €76,021 (+79.1%), from €96,085 to €172,106
of which Leasing and similar rights: +€100,008
- Receivables within one year +€67,997
up €67,997 (+33.1%), from €205,319 to €273,316
of which Trade receivables: +€50,442
- Stocks and contracts -€16,318
down €16,318 (-7.3%), from €224,541 to €208,223
- Deferred charges and accrued income -€14,208
down €14,208 (-34.7%), from €40,914 to €26,706
- Financial fixed assets +€9,548
new in 2025: €9,548
- Trade debts +€48,116
up €48,116 (+23.7%), from €203,215 to €251,332
- Short-term financial debts +€32,000
new in 2025: €32,000
- Debts after one year +€27,283
up €27,283 (+25.8%), from €105,910 to €133,193
- Current portion of long-term debt +€13,122
up €13,122 (+5.2%), from €250,594 to €263,716
- Profit (loss) carried forward -€7,722
down €7,722 (-32.3%), from -€23,905 to -€31,627
- Gross operating margin -€28,094
down €28,094 (-35.3%), from €79,564 to €51,470
- Staff costs -€7,801
down €7,801 (-95.3%), from €8,187 to €386
- Depreciation +€5,297
up €5,297 (+19.7%), from €26,934 to €32,232
- Other operating charges +€4,679
up €4,679 (+191%), from €2,444 to €7,123
- Financial charges -€1,295
down €1,295 (-5.8%), from €22,191 to €20,896
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 | €618,551 | €732,386 | +€113,835 | +18.4% |
| Fixed assets | 21/28 | €96,085 | €181,654 | +€85,568 | +89.1% |
| Tangible fixed assets | 22/27 | €96,085 | €172,106 | +€76,021 | +79.1% |
| Plant, machinery and equipment | 23 | €37,113 | €27,323 | -€9,790 | -26.4% |
| Furniture and vehicles | 24 | €58,972 | €44,774 | -€14,198 | -24.1% |
| Leasing and similar rights | 25 | - | €100,008 | +€100,008 | |
| Financial fixed assets | 28 | - | €9,548 | +€9,548 | |
| Current assets | 29/58 | €522,466 | €550,733 | +€28,267 | +5.4% |
| Stocks and contracts in progress | 3 | €224,541 | €208,223 | -€16,318 | -7.3% |
| Stocks | 30/36 | €224,541 | €208,223 | -€16,318 | -7.3% |
| Amounts receivable within one year | 40/41 | €205,319 | €273,316 | +€67,997 | +33.1% |
| Trade receivables | 40 | €204,508 | €254,950 | +€50,442 | +24.7% |
| Other amounts receivable | 41 | €811 | €18,366 | +€17,555 | +2,165% |
| Current investments | 50/53 | - | €179 | +€179 | |
| Cash at bank and in hand | 54/58 | €51,692 | €42,308 | -€9,383 | -18.2% |
| Deferred charges and accrued income | 490/1 | €40,914 | €26,706 | -€14,208 | -34.7% |
| Total equity and liabilities | 10/49 | €618,551 | €732,386 | +€113,835 | +18.4% |
| Equity | 10/15 | €27,000 | €19,278 | -€7,722 | -28.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €32,355 | €32,355 | = | 0.0% |
| Distributable reserves | 133 | €32,355 | €32,355 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,905 | -€31,627 | -€7,722 | -32.3% |
| Amounts payable | 17/49 | €591,552 | €713,108 | +€121,557 | +20.5% |
| Amounts payable after more than one year | 17 | €105,910 | €133,193 | +€27,283 | +25.8% |
| Financial debts | 170/4 | €105,910 | €133,193 | +€27,283 | +25.8% |
| Amounts payable within one year | 42/48 | €480,040 | €578,964 | +€98,923 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €250,594 | €263,716 | +€13,122 | +5.2% |
| Financial debts | 43 | - | €32,000 | +€32,000 | |
| Other loans | 439 | - | €32,000 | +€32,000 | |
| Trade debts | 44 | €203,215 | €251,332 | +€48,116 | +23.7% |
| Suppliers | 440/4 | €203,215 | €251,332 | +€48,116 | +23.7% |
| Taxes, remuneration and social security | 45 | €19,718 | €18,463 | -€1,254 | -6.4% |
| Taxes | 450/3 | €14,618 | €16,463 | +€1,846 | +12.6% |
| Remuneration and social security | 454/9 | €5,100 | €2,000 | -€3,100 | -60.8% |
| Other amounts payable | 47/48 | €6,513 | €13,452 | +€6,939 | +107% |
| Accrued charges and deferred income | 492/3 | €5,602 | €952 | -€4,650 | -83.0% |
| Remuneration, social security and pensions | 62 | €8,187 | €386 | -€7,801 | -95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,934 | €32,232 | +€5,297 | +19.7% |
| Other operating charges | 640/8 | €2,444 | €7,123 | +€4,679 | +191% |
| Gross operating margin | 9900 | €79,564 | €51,470 | -€28,094 | -35.3% |
| Operating profit (loss) | 9901 | €41,999 | €11,730 | -€30,269 | -72.1% |
| Financial income | 75/76B | €480 | €1,693 | +€1,213 | +253% |
| Recurring financial income | 75 | €480 | €1,693 | +€1,213 | +253% |
| Financial charges | 65/66B | €22,191 | €20,896 | -€1,295 | -5.8% |
| Recurring financial charges | 65 | €22,191 | €20,896 | -€1,295 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €20,288 | -€7,473 | -€27,762 | |
| Income taxes | 67/77 | €359 | €249 | -€111 | -30.8% |
| Profit (loss) for the period | 9904 | €19,929 | -€7,722 | -€27,651 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,929 | -€7,722 | -€27,651 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.