GD Group: 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
GD Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.1m
2024 · €1.1m+€5.0m
Equity
€57.9m
2024 · €61.8m-€3.9m
Cash
€86,445
2024 · €535,474-€449,029
Balance sheet total
€108.2m
2024 · €108.4m-€205,406
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Contributions -€12.9m
down €12.9m (-19.9%), from €64.7m to €51.8m
- Profit (loss) carried forward +€9.0m
up €9.0m, from -€2.9m to €6.1m
- Other debts +€1.8m
new in 2025: €1.8m
Income statement
- Financial income +€4.8m
up €4.8m (+85.5%), from €5.6m to €10.4m
- Financial charges -€598,045
down €598,045 (-13.2%), from €4.5m to €3.9m
- Staff costs +€45,743
up €45,743 (+22.3%), from €205,168 to €250,911
- Services and other goods +€40,738
up €40,738 (+7.7%), from €527,127 to €567,865
- Other operating income +€25,487
up €25,487 (+438%), from €5,816 to €31,303
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
€1.1m
Turnover
+€18,985
Other operating income
+€25,487
Services and other goods
-€40,738
Staff costs
-€45,743
Depreciation
+€962
Other operating charges
+€8,868
Other operating items
-€344,388
Financial income
+€4.8m
Financial charges
+€598,045
Taxes
+€15
Result 2025
€6.1m
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
+€8.8m
Investment
-€715
Financing
-€9.3m
Cash 2024
€535,474
From operations (derived)
+€8.8m
Net result for the year
+€6.1m
Depreciation
+€321
Receivables within one year
-€243,229
Trade debts
+€324,446
Tax, wage and social debts
+€851,376
Other debts
+€1.8m
Accrued charges and deferred income
+€35,927
Investment (derived)
-€715
Investment in fixed assets (net)
-€715
Financing
-€9.3m
Debts after one year
+€747,031
Contributions, distributions and other
-€10.0m
Cash 2025
€86,445
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €108,424,096 | €108,218,690 | -€205,406 | -0.2% |
| Fixed assets | 21/28 | €107,795,982 | €107,796,376 | +€394 | 0.0% |
| Tangible fixed assets | 22/27 | €241 | €635 | +€394 | +163% |
| Plant, machinery and equipment | 23 | €241 | €635 | +€394 | +163% |
| Financial fixed assets | 28 | €107,795,741 | €107,795,741 | = | 0.0% |
| Affiliated companies | 280/1 | €107,795,741 | €107,795,741 | = | 0.0% |
| Participating interests | 280 | €107,795,741 | €107,795,741 | = | 0.0% |
| Current assets | 29/58 | €628,114 | €422,314 | -€205,800 | -32.8% |
| Amounts receivable within one year | 40/41 | €92,640 | €335,869 | +€243,229 | +263% |
| Trade receivables | 40 | €88,690 | €331,384 | +€242,694 | +274% |
| Other amounts receivable | 41 | €3,950 | €4,485 | +€535 | +13.5% |
| Cash at bank and in hand | 54/58 | €535,474 | €86,445 | -€449,029 | -83.9% |
| Total equity and liabilities | 10/49 | €108,424,096 | €108,218,690 | -€205,406 | -0.2% |
| Equity | 10/15 | €61,791,947 | €57,877,761 | -€3.9m | -6.3% |
| Contributions | 10/11 | €64,666,092 | €51,791,948 | -€12.9m | -19.9% |
| Profit (loss) carried forward | 14 | -€2,874,145 | €6,085,813 | +€9.0m | |
| Amounts payable | 17/49 | €46,632,149 | €50,340,929 | +€3.7m | +8.0% |
| Amounts payable after more than one year | 17 | €46,500,000 | €47,247,031 | +€747,031 | +1.6% |
| Financial debts | 170/4 | €46,500,000 | €47,247,031 | +€747,031 | +1.6% |
| Other loans | 174 | €46,500,000 | €47,247,031 | +€747,031 | +1.6% |
| Amounts payable within one year | 42/48 | €130,304 | €3,056,126 | +€2.9m | +2,245% |
| Trade debts | 44 | €88,808 | €413,254 | +€324,446 | +365% |
| Suppliers | 440/4 | €88,808 | €413,254 | +€324,446 | +365% |
| Taxes, remuneration and social security | 45 | €41,496 | €892,872 | +€851,376 | +2,052% |
| Taxes | 450/3 | €17,257 | €861,826 | +€844,569 | +4,894% |
| Remuneration and social security | 454/9 | €24,239 | €31,046 | +€6,807 | +28.1% |
| Other amounts payable | 47/48 | - | €1,750,000 | +€1.8m | |
| Accrued charges and deferred income | 492/3 | €1,845 | €37,772 | +€35,927 | +1,947% |
| Operating income | 70/76A | €866,398 | €910,870 | +€44,472 | +5.1% |
| Turnover | 70 | €860,582 | €879,567 | +€18,985 | +2.2% |
| Other operating income | 74 | €5,816 | €31,303 | +€25,487 | +438% |
| Operating charges | 60/66A | €872,947 | €1,293,986 | +€421,039 | +48.2% |
| Services and other goods | 61 | €527,127 | €567,865 | +€40,738 | +7.7% |
| Remuneration, social security and pensions | 62 | €205,168 | €250,911 | +€45,743 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,283 | €321 | -€962 | -75.0% |
| Other operating charges | 640/8 | €11,031 | €2,163 | -€8,868 | -80.4% |
| Non-recurring operating charges | 66A | €128,338 | €472,726 | +€344,388 | +268% |
| Operating profit (loss) | 9901 | -€6,549 | -€383,116 | -€376,567 | -5,750% |
| Financial income | 75/76B | €5,613,158 | €10,410,995 | +€4.8m | +85.5% |
| Recurring financial income | 75 | €5,613,158 | €10,410,995 | +€4.8m | +85.5% |
| Income from financial fixed assets | 750 | €4,500,000 | €10,000,000 | +€5.5m | +122% |
| Income from current assets | 751 | - | €242,695 | +€242,695 | |
| Other financial income | 752/9 | €1,113,158 | €168,300 | -€944,858 | -84.9% |
| Financial charges | 65/66B | €4,539,696 | €3,941,651 | -€598,045 | -13.2% |
| Recurring financial charges | 65 | €4,539,696 | €3,941,651 | -€598,045 | -13.2% |
| Debt charges | 650 | €4,538,765 | €3,940,983 | -€597,782 | -13.2% |
| Other financial charges | 652/9 | €931 | €668 | -€263 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €1,066,913 | €6,086,228 | +€5.0m | +470% |
| Income taxes | 67/77 | €430 | €415 | -€15 | -3.5% |
| Taxes | 670/3 | €430 | €415 | -€15 | -3.5% |
| Profit (loss) for the period | 9904 | €1,066,483 | €6,085,813 | +€5.0m | +471% |
| Profit (loss) for the period to be appropriated | 9905 | €1,066,483 | €6,085,813 | +€5.0m | +471% |
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 20 October 2026 via checked.be.