GDL CONCEPT: 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.
GDL CONCEPT
Largest movements
- Stocks and contracts +€235,062
up €235,062 (+36.5%), from €643,515 to €878,577
- Current investments -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Cash +€18,900
up €18,900 (+158.4%), from €11,932 to €30,832
mainly Other debts (+€220,000) and Trade debts (+€41,539)
- Other debts +€220,000
up €220,000 (+47.8%), from €460,000 to €680,000
- Trade debts +€41,539
up €41,539 (+186.0%), from €22,331 to €63,870
- Profit (loss) carried forward -€30,385
down €30,385 (-259.9%), from -€11,693 to -€42,078
- Gross operating margin -€13,662
down €13,662 (-109.6%), from -€12,463 to -€26,125
- Financial charges +€4,989
up €4,989 (+2778.2%), from €180 to €5,168
- Financial income -€1,268
down €1,268 (-36.1%), from €3,513 to €2,245
- Other operating charges +€562
up €562 (+104.7%), from €536 to €1,098
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 | €716,455 | €952,482 | +€236,027 | +32.9% |
| Fixed assets | 21/28 | €20,530 | €20,290 | -€240 | -1.2% |
| Tangible fixed assets | 22/27 | €530 | €290 | -€240 | -45.2% |
| Furniture and vehicles | 24 | €530 | €290 | -€240 | -45.2% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €695,926 | €932,192 | +€236,267 | +33.9% |
| Stocks and contracts in progress | 3 | €643,515 | €878,577 | +€235,062 | +36.5% |
| Stocks | 30/36 | €643,515 | €878,577 | +€235,062 | +36.5% |
| Amounts receivable within one year | 40/41 | €20,478 | €22,783 | +€2,304 | +11.3% |
| Trade receivables | 40 | €14,786 | €14,786 | = | 0.0% |
| Other amounts receivable | 41 | €5,692 | €7,997 | +€2,304 | +40.5% |
| Current investments | 50/53 | €20,000 | €0 | -€20,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €11,932 | €30,832 | +€18,900 | +158.4% |
| Total equity and liabilities | 10/49 | €716,455 | €952,482 | +€236,027 | +32.9% |
| Equity | 10/15 | €223,358 | €192,973 | -€30,385 | -13.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €135,051 | €135,051 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €125,051 | €125,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,693 | -€42,078 | -€30,385 | -259.9% |
| Amounts payable | 17/49 | €493,097 | €759,510 | +€266,412 | +54.0% |
| Amounts payable within one year | 42/48 | €482,331 | €744,610 | +€262,279 | +54.4% |
| Trade debts | 44 | €22,331 | €63,870 | +€41,539 | +186.0% |
| Suppliers | 440/4 | €22,331 | €63,870 | +€41,539 | +186.0% |
| Taxes, remuneration and social security | 45 | - | €740 | +€740 | |
| Taxes | 450/3 | - | €740 | +€740 | |
| Other amounts payable | 47/48 | €460,000 | €680,000 | +€220,000 | +47.8% |
| Accrued charges and deferred income | 492/3 | €10,766 | €14,899 | +€4,133 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240 | €240 | = | 0.0% |
| Other operating charges | 640/8 | €536 | €1,098 | +€562 | +104.7% |
| Gross operating margin | 9900 | -€12,463 | -€26,125 | -€13,662 | -109.6% |
| Operating profit (loss) | 9901 | -€13,239 | -€27,462 | -€14,223 | -107.4% |
| Financial income | 75/76B | €3,513 | €2,245 | -€1,268 | -36.1% |
| Recurring financial income | 75 | €3,513 | €2,245 | -€1,268 | -36.1% |
| Financial charges | 65/66B | €180 | €5,168 | +€4,989 | +2778.2% |
| Recurring financial charges | 65 | €180 | €5,168 | +€4,989 | +2778.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,906 | -€30,385 | -€20,479 | -206.7% |
| Profit (loss) for the period | 9904 | -€9,906 | -€30,385 | -€20,479 | -206.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,906 | -€30,385 | -€20,479 | -206.7% |
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 8 October 2026 via checked.be.