GD CORP: 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.
GD CORP
Largest movements
- Receivables within one year -€46,635
down €46,635 (-40.7%), from €114,668 to €68,033
of which Trade receivables: -€47,899
- Formation expenses -€46,073
down €46,073 (-25.0%), from €184,492 to €138,419
- Intangible fixed assets -€4,548
down €4,548 (-11.1%), from €40,965 to €36,417
- Profit (loss) carried forward -€129,821
down €129,821 (-96.8%), from -€134,173 to -€263,994
- Debts after one year +€34,107
up €34,107 (+11.0%), from €310,474 to €344,581
of which Other amounts payable: +€70,328
- Trade debts +€17,859
up €17,859 (+23.0%), from €77,783 to €95,641
- Tax, wage and social debts -€12,955
no longer reported in 2025 (was €12,955)
of which Taxes: -€10,309
- Other debts -€4,566
no longer reported in 2025 (was €4,566)
- Gross operating margin -€55,125
down €55,125 (-1469.9%), from -€3,750 to -€58,875
- Other operating charges +€10,919
up €10,919 (+858.1%), from €1,272 to €12,191
- Financial charges +€5,068
up €5,068 (+106.4%), from €4,764 to €9,832
- Financial income +€1,697
new in 2025: €1,697
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.
Cash bridge derived
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 | €343,657 | €243,907 | -€99,750 | -29.0% |
| Formation expenses | 20 | €184,492 | €138,419 | -€46,073 | -25.0% |
| Fixed assets | 21/28 | €40,965 | €36,417 | -€4,548 | -11.1% |
| Intangible fixed assets | 21 | €40,965 | €36,417 | -€4,548 | -11.1% |
| Current assets | 29/58 | €118,200 | €69,071 | -€49,129 | -41.6% |
| Amounts receivable within one year | 40/41 | €114,668 | €68,033 | -€46,635 | -40.7% |
| Trade receivables | 40 | €114,668 | €66,769 | -€47,899 | -41.8% |
| Other amounts receivable | 41 | - | €1,264 | +€1,264 | |
| Cash at bank and in hand | 54/58 | €3,532 | €1,038 | -€2,494 | -70.6% |
| Total equity and liabilities | 10/49 | €343,657 | €243,907 | -€99,750 | -29.0% |
| Equity | 10/15 | -€115,573 | -€245,394 | -€129,821 | -112.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€134,173 | -€263,994 | -€129,821 | -96.8% |
| Amounts payable | 17/49 | €459,229 | €489,301 | +€30,071 | +6.5% |
| Amounts payable after more than one year | 17 | €310,474 | €344,581 | +€34,107 | +11.0% |
| Financial debts | 170/4 | €168,100 | €131,879 | -€36,221 | -21.5% |
| Other amounts payable | 178/9 | €142,374 | €212,702 | +€70,328 | +49.4% |
| Amounts payable within one year | 42/48 | €133,834 | €131,862 | -€1,972 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €38,531 | €36,221 | -€2,310 | -6.0% |
| Trade debts | 44 | €77,783 | €95,641 | +€17,859 | +23.0% |
| Suppliers | 440/4 | €77,783 | €95,641 | +€17,859 | +23.0% |
| Taxes, remuneration and social security | 45 | €12,955 | - | -€12,955 | |
| Taxes | 450/3 | €10,309 | - | -€10,309 | |
| Remuneration and social security | 454/9 | €2,646 | - | -€2,646 | |
| Other amounts payable | 47/48 | €4,566 | - | -€4,566 | |
| Accrued charges and deferred income | 492/3 | €14,921 | €12,857 | -€2,064 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,675 | €50,620 | -€54 | -0.1% |
| Other operating charges | 640/8 | €1,272 | €12,191 | +€10,919 | +858.1% |
| Gross operating margin | 9900 | -€3,750 | -€58,875 | -€55,125 | -1469.9% |
| Operating profit (loss) | 9901 | -€55,697 | -€121,687 | -€65,989 | -118.5% |
| Financial income | 75/76B | - | €1,697 | +€1,697 | |
| Recurring financial income | 75 | - | €1,697 | +€1,697 | |
| Financial charges | 65/66B | €4,764 | €9,832 | +€5,068 | +106.4% |
| Recurring financial charges | 65 | €4,764 | €9,832 | +€5,068 | +106.4% |
| Profit (loss) for the period before taxes | 9903 | -€60,461 | -€129,821 | -€69,359 | -114.7% |
| Profit (loss) for the period | 9904 | -€60,461 | -€129,821 | -€69,359 | -114.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,461 | -€129,821 | -€69,359 | -114.7% |
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 11 October 2026 via checked.be.