GD GROUP: what changed
Two fiscal 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 GROUP
Largest movements
- Cash +€39,752
up €39,752 (+114.4%), from €34,754 to €74,506
mainly Net result for the year (+€21,732) and Other debts (+€12,950)
- Profit (loss) carried forward +€21,732
up €21,732 (+48.9%), from €44,487 to €66,220
- Other debts +€12,950
new in 2025: €12,950
- Tax, wage and social debts +€7,743
up €7,743 (+123.3%), from €6,281 to €14,024
- Trade debts -€2,746
down €2,746 (-86.2%), from €3,186 to €440
- Gross operating margin +€5,116
up €5,116 (+20.0%), from €25,551 to €30,667
- Taxes +€732
up €732 (+12.1%), from €6,029 to €6,761
- Depreciation +€351
up €351 (+30.4%), from €1,156 to €1,507
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 | €55,954 | €95,633 | +€39,679 | +70.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €7,789 | €6,989 | -€800 | -10.3% |
| Tangible fixed assets | 22/27 | €7,789 | €6,989 | -€800 | -10.3% |
| Plant, machinery and equipment | 23 | €1,548 | €1,202 | -€347 | -22.4% |
| Furniture and vehicles | 24 | €732 | €910 | +€179 | +24.4% |
| Other tangible fixed assets | 26 | €5,509 | €4,877 | -€632 | -11.5% |
| Current assets | 29/58 | €48,165 | €88,644 | +€40,479 | +84.0% |
| Amounts receivable within one year | 40/41 | €13,385 | €13,342 | -€44 | -0.3% |
| Trade receivables | 40 | €12,415 | €13,342 | +€927 | +7.5% |
| Other amounts receivable | 41 | €971 | €0 | -€971 | -100.0% |
| Cash at bank and in hand | 54/58 | €34,754 | €74,506 | +€39,752 | +114.4% |
| Deferred charges and accrued income | 490/1 | €26 | €797 | +€771 | +2947.6% |
| Total equity and liabilities | 10/49 | €55,954 | €95,633 | +€39,679 | +70.9% |
| Equity | 10/15 | €46,487 | €68,220 | +€21,732 | +46.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,487 | €66,220 | +€21,732 | +48.9% |
| Amounts payable | 17/49 | €9,467 | €27,414 | +€17,947 | +189.6% |
| Amounts payable within one year | 42/48 | €9,467 | €27,414 | +€17,947 | +189.6% |
| Trade debts | 44 | €3,186 | €440 | -€2,746 | -86.2% |
| Suppliers | 440/4 | €3,186 | €440 | -€2,746 | -86.2% |
| Taxes, remuneration and social security | 45 | €6,281 | €14,024 | +€7,743 | +123.3% |
| Taxes | 450/3 | €6,281 | €14,024 | +€7,743 | +123.3% |
| Other amounts payable | 47/48 | - | €12,950 | +€12,950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,156 | €1,507 | +€351 | +30.4% |
| Other operating charges | 640/8 | €387 | €520 | +€133 | +34.4% |
| Gross operating margin | 9900 | €25,551 | €30,667 | +€5,116 | +20.0% |
| Operating profit (loss) | 9901 | €24,008 | €28,640 | +€4,631 | +19.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €145 | €146 | +€2 | +1.2% |
| Recurring financial charges | 65 | €145 | €146 | +€2 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €23,864 | €28,493 | +€4,630 | +19.4% |
| Income taxes | 67/77 | €6,029 | €6,761 | +€732 | +12.1% |
| Profit (loss) for the period | 9904 | €17,834 | €21,732 | +€3,898 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,834 | €21,732 | +€3,898 | +21.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.