GDES: 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.
GDES
Largest movements
- Cash +€38,732
up €38,732 (+49.4%), from €78,382 to €117,114
mainly Other debts (+€117,050) and Net result for the year (+€36,013)
- Tangible fixed assets -€16,395
down €16,395 (-34.0%), from €48,193 to €31,798
of which Furniture and vehicles: -€13,494
- Receivables within one year -€3,039
down €3,039 (-43.1%), from €7,047 to €4,007
of which Trade receivables: -€4,137
- Other debts +€117,050
up €117,050 (+7,121%), from €1,644 to €118,694
- Reserves -€81,634
down €81,634 (-51.5%), from €158,439 to €76,806
- Debts after one year -€11,043
down €11,043 (-100%), from €11,043 to €0
- Trade debts -€2,887
down €2,887 (-46.0%), from €6,276 to €3,389
- Tax, wage and social debts -€2,542
down €2,542 (-18.0%), from €14,110 to €11,567
of which Taxes: -€2,131
- Gross operating margin -€18,274
down €18,274 (-18.0%), from €101,291 to €83,016
- Staff costs +€6,268
up €6,268 (+37.8%), from €16,586 to €22,855
- Taxes -€4,093
down €4,093 (-29.8%), from €13,728 to €9,636
- Financial income +€2,034
up €2,034 (+233%), from €873 to €2,907
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €209,975 | €228,998 | +€19,023 | +9.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €48,193 | €31,798 | -€16,395 | -34.0% |
| Tangible fixed assets | 22/27 | €48,193 | €31,798 | -€16,395 | -34.0% |
| Plant, machinery and equipment | 23 | €2,213 | €1,438 | -€775 | -35.0% |
| Furniture and vehicles | 24 | €36,581 | €23,087 | -€13,494 | -36.9% |
| Other tangible fixed assets | 26 | €8,373 | €7,273 | -€1,100 | -13.1% |
| Assets under construction and advance payments | 27 | €1,027 | €0 | -€1,027 | -100% |
| Current assets | 29/58 | €161,782 | €197,201 | +€35,419 | +21.9% |
| Amounts receivable within one year | 40/41 | €7,047 | €4,007 | -€3,039 | -43.1% |
| Trade receivables | 40 | €6,197 | €2,061 | -€4,137 | -66.8% |
| Other amounts receivable | 41 | €850 | €1,947 | +€1,097 | +129% |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €78,382 | €117,114 | +€38,732 | +49.4% |
| Deferred charges and accrued income | 490/1 | €1,353 | €1,079 | -€274 | -20.2% |
| Total equity and liabilities | 10/49 | €209,975 | €228,998 | +€19,023 | +9.1% |
| Equity | 10/15 | €165,939 | €84,306 | -€81,634 | -49.2% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €158,439 | €76,806 | -€81,634 | -51.5% |
| Distributable reserves | 133 | €158,439 | €76,806 | -€81,634 | -51.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €44,036 | €144,693 | +€100,657 | +229% |
| Amounts payable after more than one year | 17 | €11,043 | €0 | -€11,043 | -100% |
| Financial debts | 170/4 | €11,043 | €0 | -€11,043 | -100% |
| Amounts payable within one year | 42/48 | €32,993 | €144,693 | +€111,700 | +339% |
| Current portion of amounts payable after more than one year | 42 | €10,964 | €11,043 | +€79 | +0.7% |
| Trade debts | 44 | €6,276 | €3,389 | -€2,887 | -46.0% |
| Suppliers | 440/4 | €6,276 | €3,389 | -€2,887 | -46.0% |
| Taxes, remuneration and social security | 45 | €14,110 | €11,567 | -€2,542 | -18.0% |
| Taxes | 450/3 | €7,371 | €5,240 | -€2,131 | -28.9% |
| Remuneration and social security | 454/9 | €6,739 | €6,328 | -€411 | -6.1% |
| Other amounts payable | 47/48 | €1,644 | €118,694 | +€117,050 | +7,121% |
| Non-recurring operating income | 76A | €0 | €447 | +€447 | |
| Remuneration, social security and pensions | 62 | €16,586 | €22,855 | +€6,268 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,550 | €16,498 | -€51 | -0.3% |
| Other operating charges | 640/8 | €1,331 | €723 | -€609 | -45.7% |
| Gross operating margin | 9900 | €101,291 | €83,016 | -€18,274 | -18.0% |
| Operating profit (loss) | 9901 | €66,823 | €42,940 | -€23,883 | -35.7% |
| Financial income | 75/76B | €873 | €2,907 | +€2,034 | +233% |
| Recurring financial income | 75 | €873 | €2,907 | +€2,034 | +233% |
| Financial charges | 65/66B | €271 | €198 | -€73 | -27.0% |
| Recurring financial charges | 65 | €271 | €198 | -€73 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €67,424 | €45,649 | -€21,775 | -32.3% |
| Income taxes | 67/77 | €13,728 | €9,636 | -€4,093 | -29.8% |
| Profit (loss) for the period | 9904 | €53,696 | €36,013 | -€17,683 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,696 | €36,013 | -€17,683 | -32.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.