GDB MANAGEMENT SERVICES: 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.
GDB MANAGEMENT SERVICES
Largest movements
- Tangible fixed assets +€216,293
up €216,293 (+31.1%), from €695,442 to €911,736
of which Land and buildings: +€218,396
- Cash -€53,506
down €53,506 (-43.6%), from €122,706 to €69,200
mainly Investment in fixed assets (net) (-€284,452) and Receivables within one year (-€31,800)
- Receivables within one year +€31,800
up €31,800 (+219.8%), from €14,469 to €46,268
of which Trade receivables: +€21,755
- Debts after one year +€98,640
up €98,640 (+52.0%), from €189,510 to €288,150
- Reserves +€81,873
up €81,873 (+10.6%), from €774,643 to €856,516
of which Distributable reserves: +€85,895
- Current portion of long-term debt +€46,993
up €46,993 (+65.5%), from €71,771 to €118,764
- Other debts -€29,332
down €29,332 (-12.9%), from €226,961 to €197,629
- Taxes +€31,292
up €31,292 (+79.2%), from €39,530 to €70,821
- Depreciation -€28,064
down €28,064 (-29.2%), from €96,222 to €68,158
- Gross operating margin -€27,115
down €27,115 (-13.9%), from €194,787 to €167,672
- Other operating charges +€10,678
up €10,678 (+246.1%), from €4,339 to €15,017
- Financial charges +€3,671
up €3,671 (+92.4%), from €3,973 to €7,644
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 | €1,335,693 | €1,530,764 | +€195,072 | +14.6% |
| Fixed assets | 21/28 | €1,195,442 | €1,411,736 | +€216,293 | +18.1% |
| Tangible fixed assets | 22/27 | €695,442 | €911,736 | +€216,293 | +31.1% |
| Land and buildings | 22 | €394,074 | €612,470 | +€218,396 | +55.4% |
| Furniture and vehicles | 24 | €55,507 | €47,577 | -€7,930 | -14.3% |
| Other tangible fixed assets | 26 | €245,862 | €251,689 | +€5,827 | +2.4% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €140,250 | €119,028 | -€21,222 | -15.1% |
| Amounts receivable within one year | 40/41 | €14,469 | €46,268 | +€31,800 | +219.8% |
| Trade receivables | 40 | €14,469 | €36,224 | +€21,755 | +150.4% |
| Other amounts receivable | 41 | €0 | €10,045 | +€10,045 | |
| Cash at bank and in hand | 54/58 | €122,706 | €69,200 | -€53,506 | -43.6% |
| Deferred charges and accrued income | 490/1 | €3,075 | €3,560 | +€485 | +15.8% |
| Total equity and liabilities | 10/49 | €1,335,693 | €1,530,764 | +€195,072 | +14.6% |
| Equity | 10/15 | €793,243 | €875,116 | +€81,873 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €774,643 | €856,516 | +€81,873 | +10.6% |
| Tax-exempt reserves | 132 | €44,837 | €40,815 | -€4,022 | -9.0% |
| Distributable reserves | 133 | €729,807 | €815,702 | +€85,895 | +11.8% |
| Provisions and deferred taxes | 16 | €14,946 | €13,605 | -€1,341 | -9.0% |
| Deferred taxes | 168 | €14,946 | €13,605 | -€1,341 | -9.0% |
| Amounts payable | 17/49 | €527,504 | €642,043 | +€114,539 | +21.7% |
| Amounts payable after more than one year | 17 | €189,510 | €288,150 | +€98,640 | +52.0% |
| Financial debts | 170/4 | €189,510 | €288,150 | +€98,640 | +52.0% |
| Amounts payable within one year | 42/48 | €337,993 | €353,893 | +€15,900 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €71,771 | €118,764 | +€46,993 | +65.5% |
| Trade debts | 44 | €2,785 | €4,642 | +€1,857 | +66.7% |
| Suppliers | 440/4 | €2,785 | €4,642 | +€1,857 | +66.7% |
| Taxes, remuneration and social security | 45 | €36,476 | €32,858 | -€3,618 | -9.9% |
| Taxes | 450/3 | €36,476 | €32,858 | -€3,618 | -9.9% |
| Other amounts payable | 47/48 | €226,961 | €197,629 | -€29,332 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,222 | €68,158 | -€28,064 | -29.2% |
| Other operating charges | 640/8 | €4,339 | €15,017 | +€10,678 | +246.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €194,787 | €167,672 | -€27,115 | -13.9% |
| Operating profit (loss) | 9901 | €94,226 | €84,497 | -€9,729 | -10.3% |
| Financial income | 75/76B | €74,500 | €74,500 | = | 0.0% |
| Recurring financial income | 75 | €74,500 | €74,500 | = | 0.0% |
| Financial charges | 65/66B | €3,973 | €7,644 | +€3,671 | +92.4% |
| Recurring financial charges | 65 | €3,973 | €7,644 | +€3,671 | +92.4% |
| Profit (loss) for the period before taxes | 9903 | €164,753 | €151,353 | -€13,399 | -8.1% |
| Transfer from deferred taxes | 780 | €1,341 | €1,341 | = | 0.0% |
| Income taxes | 67/77 | €39,530 | €70,821 | +€31,292 | +79.2% |
| Profit (loss) for the period | 9904 | €126,564 | €81,873 | -€44,691 | -35.3% |
| Transfer from tax-exempt reserves | 789 | €4,022 | €4,022 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €130,586 | €85,895 | -€44,691 | -34.2% |
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 11 October 2026 via checked.be.