GDG: 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.
GDG
Largest movements
- Receivables within one year -€91,610
down €91,610 (-53.1%), from €172,440 to €80,830
of which Trade receivables: -€94,861
- Tangible fixed assets -€43,489
down €43,489 (-11.4%), from €380,922 to €337,433
of which Land and buildings: -€42,168
- Stocks and contracts +€14,448
up €14,448 (+9.0%), from €160,533 to €174,981
- Deferred charges and accrued income -€9,809
down €9,809 (-87.7%), from €11,181 to €1,373
- Trade debts -€41,844
down €41,844 (-51.6%), from €81,100 to €39,256
- Debts after one year -€34,681
down €34,681 (-31.4%), from €110,400 to €75,720
- Other debts -€21,356
down €21,356 (-49.6%), from €43,033 to €21,677
- Current portion of long-term debt -€20,373
down €20,373 (-37.0%), from €55,054 to €34,681
- Tax, wage and social debts -€16,207
down €16,207 (-67.8%), from €23,909 to €7,703
of which Taxes: -€15,687
- Gross operating margin -€90,193
down €90,193 (-54.0%), from €166,914 to €76,722
- Taxes -€26,354
down €26,354 (-98.9%), from €26,651 to €296
- Financial charges -€4,831
down €4,831 (-24.5%), from €19,724 to €14,893
of which Financial charges: -€3,738
- Financial income -€4,479
down €4,479 (-85.8%), from €5,223 to €744
of which Non-recurring financial income: -€3,645
- Staff costs +€3,010
up €3,010 (+67.4%), from €4,464 to €7,474
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 | €725,577 | €596,643 | -€128,934 | -17.8% |
| Fixed assets | 21/28 | €381,422 | €337,433 | -€43,989 | -11.5% |
| Tangible fixed assets | 22/27 | €380,922 | €337,433 | -€43,489 | -11.4% |
| Land and buildings | 22 | €371,354 | €329,187 | -€42,168 | -11.4% |
| Plant, machinery and equipment | 23 | €2,056 | €2,785 | +€728 | +35.4% |
| Furniture and vehicles | 24 | €7,512 | €5,462 | -€2,050 | -27.3% |
| Financial fixed assets | 28 | €500 | €0 | -€500 | -100.0% |
| Current assets | 29/58 | €344,154 | €259,210 | -€84,945 | -24.7% |
| Stocks and contracts in progress | 3 | €160,533 | €174,981 | +€14,448 | +9.0% |
| Stocks | 30/36 | €160,533 | €174,981 | +€14,448 | +9.0% |
| Amounts receivable within one year | 40/41 | €172,440 | €80,830 | -€91,610 | -53.1% |
| Trade receivables | 40 | €171,987 | €77,126 | -€94,861 | -55.2% |
| Other amounts receivable | 41 | €453 | €3,704 | +€3,251 | +717.8% |
| Cash at bank and in hand | 54/58 | €0 | €2,026 | +€2,026 | |
| Deferred charges and accrued income | 490/1 | €11,181 | €1,373 | -€9,809 | -87.7% |
| Total equity and liabilities | 10/49 | €725,577 | €596,643 | -€128,934 | -17.8% |
| Equity | 10/15 | €370,286 | €367,606 | -€2,679 | -0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €350,286 | €347,606 | -€2,679 | -0.8% |
| Distributable reserves | 133 | €350,286 | €347,606 | -€2,679 | -0.8% |
| Amounts payable | 17/49 | €355,291 | €229,036 | -€126,254 | -35.5% |
| Amounts payable after more than one year | 17 | €110,400 | €75,720 | -€34,681 | -31.4% |
| Financial debts | 170/4 | €110,400 | €75,720 | -€34,681 | -31.4% |
| Amounts payable within one year | 42/48 | €244,890 | €153,317 | -€91,574 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | €55,054 | €34,681 | -€20,373 | -37.0% |
| Financial debts | 43 | €41,795 | €50,000 | +€8,205 | +19.6% |
| Credit institutions | 430/8 | €41,795 | €0 | -€41,795 | -100.0% |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €81,100 | €39,256 | -€41,844 | -51.6% |
| Suppliers | 440/4 | €81,100 | €39,256 | -€41,844 | -51.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €23,909 | €7,703 | -€16,207 | -67.8% |
| Taxes | 450/3 | €23,389 | €7,703 | -€15,687 | -67.1% |
| Remuneration and social security | 454/9 | €520 | €0 | -€520 | -100.0% |
| Other amounts payable | 47/48 | €43,033 | €21,677 | -€21,356 | -49.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €4,464 | €7,474 | +€3,010 | +67.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,511 | €45,513 | +€1,002 | +2.3% |
| Other operating charges | 640/8 | €10,161 | €11,968 | +€1,807 | +17.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €166,914 | €76,722 | -€90,193 | -54.0% |
| Operating profit (loss) | 9901 | €107,778 | €11,766 | -€96,012 | -89.1% |
| Financial income | 75/76B | €5,223 | €744 | -€4,479 | -85.8% |
| Recurring financial income | 75 | €1,578 | €744 | -€835 | -52.9% |
| Non-recurring financial income | 76B | €3,645 | €0 | -€3,645 | -100.0% |
| Financial charges | 65/66B | €19,724 | €14,893 | -€4,831 | -24.5% |
| Recurring financial charges | 65 | €18,630 | €14,893 | -€3,738 | -20.1% |
| Non-recurring financial charges | 66B | €1,094 | €0 | -€1,094 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €93,277 | -€2,383 | -€95,660 | |
| Income taxes | 67/77 | €26,651 | €296 | -€26,354 | -98.9% |
| Profit (loss) for the period | 9904 | €66,627 | -€2,679 | -€69,306 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,627 | -€2,679 | -€69,306 |
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 4 October 2026 via checked.be.