GDL: 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.
GDL
Largest movements
- Tangible fixed assets -€20,931
down €20,931 (-70.8%), from €29,549 to €8,618
of which Other tangible fixed assets: -€20,539
- Cash +€11,074
up €11,074 (+135%), from €8,229 to €19,303
mainly Net result for the year (+€16,882) and Investment in fixed assets (net) (+€16,305)
- Receivables within one year +€4,817
up €4,817 (+93.8%), from €5,133 to €9,949
of which Trade receivables: +€2,420
- Stocks and contracts +€3,321
up €3,321 (+51.6%), from €6,431 to €9,752
- Other debts -€22,231
down €22,231 (-97.5%), from €22,790 to €559
- Profit (loss) carried forward +€16,882
up €16,882 (+579%), from €2,915 to €19,797
- Trade debts +€3,231
up €3,231 (+244%), from €1,322 to €4,553
- Gross operating margin +€45,867
up €45,867, from -€5,982 to €39,886
- Depreciation -€4,665
down €4,665 (-50.2%), from €9,291 to €4,626
- Taxes +€1,182
new in 2025: €1,182
- Other operating charges -€1,051
down €1,051 (-57.2%), from €1,838 to €787
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 | €49,392 | €47,672 | -€1,719 | -3.5% |
| Fixed assets | 21/28 | €29,599 | €8,668 | -€20,931 | -70.7% |
| Tangible fixed assets | 22/27 | €29,549 | €8,618 | -€20,931 | -70.8% |
| Furniture and vehicles | 24 | €542 | €149 | -€392 | -72.4% |
| Other tangible fixed assets | 26 | €29,007 | €8,468 | -€20,539 | -70.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €19,792 | €39,004 | +€19,212 | +97.1% |
| Stocks and contracts in progress | 3 | €6,431 | €9,752 | +€3,321 | +51.6% |
| Stocks | 30/36 | €6,431 | €9,752 | +€3,321 | +51.6% |
| Amounts receivable within one year | 40/41 | €5,133 | €9,949 | +€4,817 | +93.8% |
| Trade receivables | 40 | €3,630 | €6,050 | +€2,420 | +66.7% |
| Other amounts receivable | 41 | €1,503 | €3,899 | +€2,397 | +159% |
| Cash at bank and in hand | 54/58 | €8,229 | €19,303 | +€11,074 | +135% |
| Total equity and liabilities | 10/49 | €49,392 | €47,672 | -€1,719 | -3.5% |
| Equity | 10/15 | €23,367 | €40,249 | +€16,882 | +72.2% |
| Reserves | 13 | €20,452 | €20,452 | = | 0.0% |
| Distributable reserves | 133 | €20,452 | €20,452 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,915 | €19,797 | +€16,882 | +579% |
| Amounts payable | 17/49 | €26,024 | €7,423 | -€18,601 | -71.5% |
| Amounts payable within one year | 42/48 | €26,024 | €7,423 | -€18,601 | -71.5% |
| Trade debts | 44 | €1,322 | €4,553 | +€3,231 | +244% |
| Suppliers | 440/4 | €1,322 | €4,553 | +€3,231 | +244% |
| Taxes, remuneration and social security | 45 | €1,913 | €2,311 | +€398 | +20.8% |
| Taxes | 450/3 | €1,913 | €2,311 | +€398 | +20.8% |
| Other amounts payable | 47/48 | €22,790 | €559 | -€22,231 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,291 | €4,626 | -€4,665 | -50.2% |
| Other operating charges | 640/8 | €1,838 | €787 | -€1,051 | -57.2% |
| Non-recurring operating charges | 66A | - | €16,305 | +€16,305 | |
| Gross operating margin | 9900 | -€5,982 | €39,886 | +€45,867 | |
| Operating profit (loss) | 9901 | -€17,110 | €18,167 | +€35,278 | |
| Financial income | 75/76B | €114 | - | -€114 | |
| Recurring financial income | 75 | €114 | - | -€114 | |
| Financial charges | 65/66B | €129 | €104 | -€25 | -19.7% |
| Recurring financial charges | 65 | €129 | €104 | -€25 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | -€17,125 | €18,064 | +€35,189 | |
| Income taxes | 67/77 | - | €1,182 | +€1,182 | |
| Profit (loss) for the period | 9904 | -€17,125 | €16,882 | +€34,007 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,125 | €16,882 | +€34,007 |
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 14 October 2026 via checked.be.