GBS 11: 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 11
Largest movements
- Cash +€2.1m
up €2.1m (+243,892%), from €862 to €2.1m
mainly Advances received (+€1.7m) and Trade debts (+€738,500)
- Stocks and contracts +€758,639
up €758,639 (+16.7%), from €4.6m to €5.3m
- Deferred charges and accrued income +€307,370
new in 2025: €307,370
- Receivables within one year -€109,543
down €109,543 (-90.9%), from €120,522 to €10,979
of which Other amounts receivable: -€113,163
- Advances received +€1.7m
new in 2025: €1.7m
- Trade debts +€738,500
up €738,500 (+4,728%), from €15,618 to €754,118
- Debts after one year +€444,687
up €444,687 (+9.6%), from €4.6m to €5.1m
- Tax, wage and social debts +€146,221
new in 2025: €146,221
- Other operating charges -€7,356
down €7,356 (-98.3%), from €7,484 to €128
- Gross operating margin -€6,598
down €6,598, from €1,667 to -€4,931
- Financial charges -€203
down €203 (-33.3%), from €609 to €407
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 | €4,677,042 | €7,735,907 | +€3.1m | +65.4% |
| Current assets | 29/58 | €4,677,042 | €7,735,907 | +€3.1m | +65.4% |
| Stocks and contracts in progress | 3 | €4,555,659 | €5,314,298 | +€758,639 | +16.7% |
| Stocks | 30/36 | €4,555,659 | €5,314,298 | +€758,639 | +16.7% |
| Amounts receivable within one year | 40/41 | €120,522 | €10,979 | -€109,543 | -90.9% |
| Trade receivables | 40 | €7,358 | €10,979 | +€3,621 | +49.2% |
| Other amounts receivable | 41 | €113,163 | €0 | -€113,163 | -100% |
| Cash at bank and in hand | 54/58 | €862 | €2,103,261 | +€2.1m | +243,892% |
| Deferred charges and accrued income | 490/1 | - | €307,370 | +€307,370 | |
| Total equity and liabilities | 10/49 | €4,677,042 | €7,735,907 | +€3.1m | +65.4% |
| Equity | 10/15 | -€1,427 | -€6,893 | -€5,466 | -383% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,427 | -€11,893 | -€5,466 | -85.0% |
| Amounts payable | 17/49 | €4,678,469 | €7,742,800 | +€3.1m | +65.5% |
| Amounts payable after more than one year | 17 | €4,629,556 | €5,074,243 | +€444,687 | +9.6% |
| Financial debts | 170/4 | €4,629,556 | €5,074,243 | +€444,687 | +9.6% |
| Amounts payable within one year | 42/48 | €15,618 | €2,642,101 | +€2.6m | +16,817% |
| Trade debts | 44 | €15,618 | €754,118 | +€738,500 | +4,728% |
| Suppliers | 440/4 | €15,618 | €754,118 | +€738,500 | +4,728% |
| Advances received on contracts in progress | 46 | - | €1,741,761 | +€1.7m | |
| Taxes, remuneration and social security | 45 | - | €146,221 | +€146,221 | |
| Taxes | 450/3 | - | €146,221 | +€146,221 | |
| Accrued charges and deferred income | 492/3 | €33,295 | €26,457 | -€6,838 | -20.5% |
| Other operating charges | 640/8 | €7,484 | €128 | -€7,356 | -98.3% |
| Gross operating margin | 9900 | €1,667 | -€4,931 | -€6,598 | |
| Operating profit (loss) | 9901 | -€5,818 | -€5,059 | +€758 | +13.0% |
| Financial charges | 65/66B | €609 | €407 | -€203 | -33.3% |
| Recurring financial charges | 65 | €609 | €407 | -€203 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,427 | -€5,466 | +€961 | +15.0% |
| Profit (loss) for the period | 9904 | -€6,427 | -€5,466 | +€961 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,427 | -€5,466 | +€961 | +15.0% |
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 16 October 2026 via checked.be.