GD MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Cash +€126,765
up €126,765 (+500.1%), from €25,350 to €152,115
mainly Current investments (+€200,000) and Depreciation (+€6,824)
- Receivables within one year +€24,111
up €24,111 (+260.1%), from €9,269 to €33,380
of which Other amounts receivable: +€25,890
- Tangible fixed assets -€5,908
down €5,908 (-45.3%), from €13,055 to €7,147
of which Furniture and vehicles: -€5,154
- Other debts -€41,507
no longer reported in 2025 (was €41,507)
- Profit (loss) carried forward -€6,748
down €6,748 (-4.4%), from €154,789 to €148,041
- Debts after one year -€6,112
down €6,112 (-70.0%), from €8,728 to €2,616
- Gross operating margin -€63,534
down €63,534 (-74.7%), from €85,084 to €21,550
- Staff costs -€14,445
down €14,445 (-42.5%), from €34,022 to €19,577
- Taxes -€13,595
down €13,595 (-73.2%), from €18,584 to €4,989
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 | €247,674 | €192,642 | -€55,032 | -22.2% |
| Fixed assets | 21/28 | €13,055 | €7,147 | -€5,908 | -45.3% |
| Tangible fixed assets | 22/27 | €13,055 | €7,147 | -€5,908 | -45.3% |
| Furniture and vehicles | 24 | €11,547 | €6,393 | -€5,154 | -44.6% |
| Other tangible fixed assets | 26 | €1,508 | €754 | -€754 | -50.0% |
| Current assets | 29/58 | €234,619 | €185,495 | -€49,124 | -20.9% |
| Amounts receivable within one year | 40/41 | €9,269 | €33,380 | +€24,111 | +260.1% |
| Trade receivables | 40 | €7,829 | €6,050 | -€1,779 | -22.7% |
| Other amounts receivable | 41 | €1,440 | €27,330 | +€25,890 | +1797.9% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €25,350 | €152,115 | +€126,765 | +500.1% |
| Total equity and liabilities | 10/49 | €247,674 | €192,642 | -€55,032 | -22.2% |
| Equity | 10/15 | €169,049 | €162,301 | -€6,748 | -4.0% |
| Contributions | 10/11 | €12,400 | €14,260 | +€1,860 | +15.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €1,860 | - | -€1,860 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €154,789 | €148,041 | -€6,748 | -4.4% |
| Amounts payable | 17/49 | €78,625 | €30,341 | -€48,284 | -61.4% |
| Amounts payable after more than one year | 17 | €8,728 | €2,616 | -€6,112 | -70.0% |
| Financial debts | 170/4 | €8,728 | €2,616 | -€6,112 | -70.0% |
| Amounts payable within one year | 42/48 | €69,897 | €27,725 | -€42,172 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €6,369 | €6,612 | +€243 | +3.8% |
| Trade debts | 44 | €12,854 | €14,268 | +€1,414 | +11.0% |
| Suppliers | 440/4 | €12,854 | €14,268 | +€1,414 | +11.0% |
| Taxes, remuneration and social security | 45 | €9,167 | €6,845 | -€2,322 | -25.3% |
| Taxes | 450/3 | €4,696 | €4,083 | -€613 | -13.1% |
| Remuneration and social security | 454/9 | €4,471 | €2,762 | -€1,709 | -38.2% |
| Other amounts payable | 47/48 | €41,507 | - | -€41,507 | |
| Remuneration, social security and pensions | 62 | €34,022 | €19,577 | -€14,445 | -42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,500 | €6,824 | +€324 | +5.0% |
| Other operating charges | 640/8 | €906 | €1,366 | +€460 | +50.8% |
| Gross operating margin | 9900 | €85,084 | €21,550 | -€63,534 | -74.7% |
| Operating profit (loss) | 9901 | €43,656 | -€6,217 | -€49,873 | |
| Financial income | 75/76B | €4,800 | €5,023 | +€223 | +4.6% |
| Recurring financial income | 75 | €4,800 | €5,023 | +€223 | +4.6% |
| Financial charges | 65/66B | €778 | €565 | -€213 | -27.4% |
| Recurring financial charges | 65 | €778 | €565 | -€213 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €47,678 | -€1,759 | -€49,437 | |
| Income taxes | 67/77 | €18,584 | €4,989 | -€13,595 | -73.2% |
| Profit (loss) for the period | 9904 | €29,094 | -€6,748 | -€35,842 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,094 | -€6,748 | -€35,842 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.