GD Projects: 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 Projects
Largest movements
- Receivables after one year -€12,000
down €12,000 (-31.6%), from €38,000 to €26,000
- Tangible fixed assets -€8,113
down €8,113 (-28.3%), from €28,630 to €20,517
- Receivables within one year -€6,715
down €6,715 (-10.0%), from €66,994 to €60,279
of which Trade receivables: -€21,701
- Cash -€5,508
down €5,508 (-8.6%), from €63,942 to €58,434
mainly Contributions, distributions and other (-€33,390) and Other debts (-€12,988)
- Current investments +€4,676
up €4,676 (+8.7%), from €54,011 to €58,687
- Other debts -€12,988
down €12,988 (-28.0%), from €46,378 to €33,390
- Reserves -€11,049
down €11,049 (-7.0%), from €157,408 to €146,359
of which Distributable reserves: -€11,049
- Tax, wage and social debts -€5,514
down €5,514 (-20.7%), from €26,690 to €21,176
- Gross operating margin -€5,597
down €5,597 (-8.8%), from €63,757 to €58,160
- Taxes -€5,084
down €5,084 (-31.6%), from €16,101 to €11,018
- Depreciation -€3,201
down €3,201 (-40.0%), from €7,998 to €4,797
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 | €255,620 | €226,626 | -€28,994 | -11.3% |
| Fixed assets | 21/28 | €28,630 | €20,517 | -€8,113 | -28.3% |
| Tangible fixed assets | 22/27 | €28,630 | €20,517 | -€8,113 | -28.3% |
| Plant, machinery and equipment | 23 | €12,032 | €9,571 | -€2,461 | -20.5% |
| Furniture and vehicles | 24 | €4,690 | €1,067 | -€3,623 | -77.3% |
| Other tangible fixed assets | 26 | €11,908 | €9,879 | -€2,029 | -17.0% |
| Current assets | 29/58 | €226,990 | €206,108 | -€20,881 | -9.2% |
| Amounts receivable after more than one year | 29 | €38,000 | €26,000 | -€12,000 | -31.6% |
| Trade receivables | 290 | €38,000 | €26,000 | -€12,000 | -31.6% |
| Stocks and contracts in progress | 3 | €520 | €446 | -€74 | -14.3% |
| Stocks | 30/36 | €520 | €446 | -€74 | -14.3% |
| Amounts receivable within one year | 40/41 | €66,994 | €60,279 | -€6,715 | -10.0% |
| Trade receivables | 40 | €62,688 | €40,987 | -€21,701 | -34.6% |
| Other amounts receivable | 41 | €4,306 | €19,293 | +€14,986 | +348% |
| Current investments | 50/53 | €54,011 | €58,687 | +€4,676 | +8.7% |
| Cash at bank and in hand | 54/58 | €63,942 | €58,434 | -€5,508 | -8.6% |
| Deferred charges and accrued income | 490/1 | €3,523 | €2,262 | -€1,261 | -35.8% |
| Total equity and liabilities | 10/49 | €255,620 | €226,626 | -€28,994 | -11.3% |
| Equity | 10/15 | €169,808 | €158,759 | -€11,049 | -6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €157,408 | €146,359 | -€11,049 | -7.0% |
| Tax-exempt reserves | 132 | €5,647 | €5,647 | = | 0.0% |
| Distributable reserves | 133 | €151,761 | €140,712 | -€11,049 | -7.3% |
| Amounts payable | 17/49 | €85,812 | €67,867 | -€17,945 | -20.9% |
| Amounts payable within one year | 42/48 | €84,062 | €63,867 | -€20,195 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €2,329 | €3,162 | +€833 | +35.8% |
| Trade debts | 44 | €8,665 | €6,139 | -€2,526 | -29.2% |
| Suppliers | 440/4 | €8,665 | €6,139 | -€2,526 | -29.2% |
| Taxes, remuneration and social security | 45 | €26,690 | €21,176 | -€5,514 | -20.7% |
| Taxes | 450/3 | €26,690 | €21,176 | -€5,514 | -20.7% |
| Other amounts payable | 47/48 | €46,378 | €33,390 | -€12,988 | -28.0% |
| Accrued charges and deferred income | 492/3 | €1,750 | €4,000 | +€2,250 | +129% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,998 | €4,797 | -€3,201 | -40.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €832 | €18,216 | +€17,384 | +2,089% |
| Gross operating margin | 9900 | €63,757 | €58,160 | -€5,597 | -8.8% |
| Operating profit (loss) | 9901 | €54,539 | €34,747 | -€19,792 | -36.3% |
| Financial income | 75/76B | €2,744 | €3,241 | +€497 | +18.1% |
| Recurring financial income | 75 | €2,744 | €3,241 | +€497 | +18.1% |
| Financial charges | 65/66B | €4,727 | €4,629 | -€98 | -2.1% |
| Recurring financial charges | 65 | €4,727 | €4,629 | -€98 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €52,555 | €33,359 | -€19,197 | -36.5% |
| Income taxes | 67/77 | €16,101 | €11,018 | -€5,084 | -31.6% |
| Profit (loss) for the period | 9904 | €36,454 | €22,341 | -€14,113 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,454 | €22,341 | -€14,113 | -38.7% |
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 22 October 2026 via checked.be.