GDB 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.
GDB MANAGEMENT
Largest movements
- Stocks and contracts +€72,656
up €72,656 (+5.5%), from €1.3m to €1.4m
- Tangible fixed assets -€16,933
down €16,933 (-13.4%), from €126,519 to €109,586
of which Furniture and vehicles: -€31,584
- Other debts +€76,402
new in 2025: €76,402
- Reserves -€47,024
down €47,024 (-8.5%), from €552,022 to €504,997
- Trade debts +€29,652
up €29,652 (+725.7%), from €4,086 to €33,738
- Taxes +€43,273
up €43,273 (+216.9%), from €19,953 to €63,226
- Gross operating margin +€25,375
up €25,375 (+19.8%), from €128,081 to €153,455
- Financial charges -€2,863
down €2,863 (-12.0%), from €23,903 to €21,040
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 | €1,539,324 | €1,594,305 | +€54,981 | +3.6% |
| Fixed assets | 21/28 | €126,519 | €109,586 | -€16,933 | -13.4% |
| Tangible fixed assets | 22/27 | €126,519 | €109,586 | -€16,933 | -13.4% |
| Plant, machinery and equipment | 23 | €129 | €1,890 | +€1,761 | +1365.5% |
| Furniture and vehicles | 24 | €110,256 | €78,672 | -€31,584 | -28.6% |
| Other tangible fixed assets | 26 | €16,135 | €29,024 | +€12,890 | +79.9% |
| Current assets | 29/58 | €1,412,805 | €1,484,718 | +€71,914 | +5.1% |
| Stocks and contracts in progress | 3 | €1,325,121 | €1,397,777 | +€72,656 | +5.5% |
| Stocks | 30/36 | €1,325,121 | €1,397,777 | +€72,656 | +5.5% |
| Amounts receivable within one year | 40/41 | €30,250 | €30,250 | = | 0.0% |
| Trade receivables | 40 | €30,250 | €30,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €54,352 | €53,022 | -€1,330 | -2.4% |
| Deferred charges and accrued income | 490/1 | €3,082 | €3,670 | +€588 | +19.1% |
| Total equity and liabilities | 10/49 | €1,539,324 | €1,594,305 | +€54,981 | +3.6% |
| Equity | 10/15 | €557,022 | €509,997 | -€47,024 | -8.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €552,022 | €504,997 | -€47,024 | -8.5% |
| Distributable reserves | 133 | €552,022 | €504,997 | -€47,024 | -8.5% |
| Amounts payable | 17/49 | €982,302 | €1,084,307 | +€102,005 | +10.4% |
| Amounts payable after more than one year | 17 | €899,905 | €885,673 | -€14,232 | -1.6% |
| Financial debts | 170/4 | €747,776 | €687,337 | -€60,439 | -8.1% |
| Other amounts payable | 178/9 | €152,129 | €198,337 | +€46,207 | +30.4% |
| Amounts payable within one year | 42/48 | €82,397 | €198,634 | +€116,237 | +141.1% |
| Current portion of amounts payable after more than one year | 42 | €58,951 | €60,439 | +€1,488 | +2.5% |
| Trade debts | 44 | €4,086 | €33,738 | +€29,652 | +725.7% |
| Suppliers | 440/4 | €4,086 | €33,738 | +€29,652 | +725.7% |
| Taxes, remuneration and social security | 45 | €19,359 | €28,054 | +€8,695 | +44.9% |
| Taxes | 450/3 | €19,359 | €28,054 | +€8,695 | +44.9% |
| Other amounts payable | 47/48 | - | €76,402 | +€76,402 | |
| Non-recurring operating income | 76A | - | €507 | +€507 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,366 | €34,505 | +€1,139 | +3.4% |
| Other operating charges | 640/8 | €1,592 | €1,360 | -€232 | -14.5% |
| Gross operating margin | 9900 | €128,081 | €153,455 | +€25,375 | +19.8% |
| Operating profit (loss) | 9901 | €93,123 | €117,591 | +€24,467 | +26.3% |
| Financial income | 75/76B | €1 | €75 | +€74 | +10615.7% |
| Recurring financial income | 75 | €1 | €75 | +€74 | +10615.7% |
| Financial charges | 65/66B | €23,903 | €21,040 | -€2,863 | -12.0% |
| Recurring financial charges | 65 | €23,903 | €21,040 | -€2,863 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €69,221 | €96,625 | +€27,405 | +39.6% |
| Income taxes | 67/77 | €19,953 | €63,226 | +€43,273 | +216.9% |
| Profit (loss) for the period | 9904 | €49,267 | €33,399 | -€15,868 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €49,267 | €33,399 | -€15,868 | -32.2% |
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 8 October 2026 via checked.be.