GDH 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.
GDH PROJECTS
Largest movements
- Cash +€38,100
up €38,100 (+487%), from €7,822 to €45,923
mainly Net result for the year (+€30,817) and Other debts (+€22,332)
- Stocks and contracts -€9,750
down €9,750 (-60.0%), from €16,250 to €6,500
- Receivables within one year +€4,977
up €4,977 (+20.3%), from €24,500 to €29,476
of which Trade receivables: +€10,983
- Deferred charges and accrued income +€3,301
up €3,301 (+36.7%), from €9,000 to €12,301
- Tangible fixed assets -€2,739
down €2,739 (-15.0%), from €18,260 to €15,520
of which Other tangible fixed assets: -€2,048
- Other debts +€22,332
up €22,332 (+250%), from €8,940 to €31,272
- Reserves +€8,317
up €8,317 (+41.0%), from €20,278 to €28,595
- Trade debts +€2,167
up €2,167 (+101%), from €2,136 to €4,302
- Gross operating margin +€13,815
up €13,815 (+40.2%), from €34,324 to €48,139
- Staff costs +€8,174
new in 2025: €8,174
- Taxes -€3,780
down €3,780 (-47.2%), from €8,012 to €4,233
- Depreciation -€719
down €719 (-15.8%), from €4,556 to €3,837
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 | €77,882 | €111,184 | +€33,301 | +42.8% |
| Fixed assets | 21/28 | €20,311 | €16,984 | -€3,326 | -16.4% |
| Intangible fixed assets | 21 | €2,051 | €1,342 | -€709 | -34.6% |
| Tangible fixed assets | 22/27 | €18,260 | €15,520 | -€2,739 | -15.0% |
| Plant, machinery and equipment | 23 | €2,238 | €1,943 | -€295 | -13.2% |
| Furniture and vehicles | 24 | €707 | €311 | -€397 | -56.1% |
| Other tangible fixed assets | 26 | €15,315 | €13,267 | -€2,048 | -13.4% |
| Financial fixed assets | 28 | - | €122 | +€122 | |
| Current assets | 29/58 | €57,572 | €94,199 | +€36,627 | +63.6% |
| Stocks and contracts in progress | 3 | €16,250 | €6,500 | -€9,750 | -60.0% |
| Stocks | 30/36 | €16,250 | €6,500 | -€9,750 | -60.0% |
| Amounts receivable within one year | 40/41 | €24,500 | €29,476 | +€4,977 | +20.3% |
| Trade receivables | 40 | €17,597 | €28,580 | +€10,983 | +62.4% |
| Other amounts receivable | 41 | €6,903 | €896 | -€6,006 | -87.0% |
| Cash at bank and in hand | 54/58 | €7,822 | €45,923 | +€38,100 | +487% |
| Deferred charges and accrued income | 490/1 | €9,000 | €12,301 | +€3,301 | +36.7% |
| Total equity and liabilities | 10/49 | €77,882 | €111,184 | +€33,301 | +42.8% |
| Equity | 10/15 | €61,915 | €70,231 | +€8,317 | +13.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €20,278 | €28,595 | +€8,317 | +41.0% |
| Distributable reserves | 133 | €20,278 | €28,595 | +€8,317 | +41.0% |
| Profit (loss) carried forward | 14 | €23,086 | €23,086 | = | 0.0% |
| Amounts payable | 17/49 | €15,968 | €40,952 | +€24,985 | +156% |
| Amounts payable within one year | 42/48 | €15,168 | €40,152 | +€24,985 | +165% |
| Trade debts | 44 | €2,136 | €4,302 | +€2,167 | +101% |
| Suppliers | 440/4 | €2,136 | €4,302 | +€2,167 | +101% |
| Taxes, remuneration and social security | 45 | €4,092 | €4,578 | +€486 | +11.9% |
| Taxes | 450/3 | €4,092 | €4,578 | +€486 | +11.9% |
| Other amounts payable | 47/48 | €8,940 | €31,272 | +€22,332 | +250% |
| Accrued charges and deferred income | 492/3 | €800 | €800 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €8,174 | +€8,174 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,556 | €3,837 | -€719 | -15.8% |
| Other operating charges | 640/8 | €667 | €570 | -€97 | -14.5% |
| Gross operating margin | 9900 | €34,324 | €48,139 | +€13,815 | +40.2% |
| Operating profit (loss) | 9901 | €29,101 | €35,558 | +€6,457 | +22.2% |
| Financial income | 75/76B | €297 | €213 | -€84 | -28.2% |
| Recurring financial income | 75 | €297 | €213 | -€84 | -28.2% |
| Financial charges | 65/66B | €1,107 | €722 | -€386 | -34.8% |
| Recurring financial charges | 65 | €1,107 | €722 | -€386 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €28,290 | €35,049 | +€6,759 | +23.9% |
| Income taxes | 67/77 | €8,012 | €4,233 | -€3,780 | -47.2% |
| Profit (loss) for the period | 9904 | €20,278 | €30,817 | +€10,538 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,278 | €30,817 | +€10,538 | +52.0% |
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 25 October 2026 via checked.be.