GDL CONSTRUCT +: what changed
GDL CONSTRUCT +
Largest movements
- Receivables within one year +€68,542
up €68,542 (+109%), from €62,909 to €131,450
of which Trade receivables: +€56,742
- Cash -€14,656
down €14,656 (-58.9%), from €24,879 to €10,224
mainly Investment in fixed assets (net) (-€70,074) and Receivables within one year (-€68,542)
- Tangible fixed assets +€12,422
up €12,422 (+6.5%), from €191,820 to €204,242
of which Leasing and similar rights: +€28,590
- Stocks and contracts +€11,305
up €11,305 (+41.7%), from €27,126 to €38,430
- Trade debts +€97,070
up €97,070 (+59.0%), from €164,568 to €261,638
- Profit (loss) carried forward -€39,931
down €39,931, from €26,209 to -€13,722
- Current portion of long-term debt +€13,101
up €13,101 (+49.8%), from €26,291 to €39,392
- Gross operating margin -€34,532
down €34,532 (-42.1%), from €82,045 to €47,514
- Depreciation +€25,787
up €25,787 (+78.4%), from €32,875 to €58,662
- Other operating charges +€16,261
up €16,261 (+619%), from €2,629 to €18,890
- Financial charges +€6,168
up €6,168 (+89.5%), from €6,892 to €13,060
- Taxes -€5,648
down €5,648 (-95.5%), from €5,912 to €264
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €313,369 | €386,561 | +€73,192 | +23.4% |
| Fixed assets | 21/28 | €194,188 | €205,600 | +€11,412 | +5.9% |
| Intangible fixed assets | 21 | €2,367 | €1,267 | -€1,100 | -46.5% |
| Tangible fixed assets | 22/27 | €191,820 | €204,242 | +€12,422 | +6.5% |
| Plant, machinery and equipment | 23 | €27,919 | €21,623 | -€6,296 | -22.6% |
| Furniture and vehicles | 24 | €41,802 | €30,713 | -€11,089 | -26.5% |
| Leasing and similar rights | 25 | €122,100 | €150,690 | +€28,590 | +23.4% |
| Other tangible fixed assets | 26 | - | €1,217 | +€1,217 | |
| Financial fixed assets | 28 | - | €90 | +€90 | |
| Current assets | 29/58 | €119,181 | €180,962 | +€61,780 | +51.8% |
| Stocks and contracts in progress | 3 | €27,126 | €38,430 | +€11,305 | +41.7% |
| Stocks | 30/36 | €27,126 | €38,430 | +€11,305 | +41.7% |
| Amounts receivable within one year | 40/41 | €62,909 | €131,450 | +€68,542 | +109% |
| Trade receivables | 40 | €15,058 | €71,800 | +€56,742 | +377% |
| Other amounts receivable | 41 | €47,851 | €59,650 | +€11,799 | +24.7% |
| Cash at bank and in hand | 54/58 | €24,879 | €10,224 | -€14,656 | -58.9% |
| Deferred charges and accrued income | 490/1 | €4,268 | €858 | -€3,410 | -79.9% |
| Total equity and liabilities | 10/49 | €313,369 | €386,561 | +€73,192 | +23.4% |
| Equity | 10/15 | €41,209 | €1,278 | -€39,931 | -96.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,209 | -€13,722 | -€39,931 | |
| Amounts payable | 17/49 | €272,160 | €385,283 | +€113,123 | +41.6% |
| Amounts payable after more than one year | 17 | €73,728 | €73,769 | +€41 | +0.1% |
| Financial debts | 170/4 | €73,728 | €73,769 | +€41 | +0.1% |
| Amounts payable within one year | 42/48 | €198,432 | €311,514 | +€113,082 | +57.0% |
| Current portion of amounts payable after more than one year | 42 | €26,291 | €39,392 | +€13,101 | +49.8% |
| Financial debts | 43 | - | €3,648 | +€3,648 | |
| Credit institutions | 430/8 | - | €3,648 | +€3,648 | |
| Trade debts | 44 | €164,568 | €261,638 | +€97,070 | +59.0% |
| Suppliers | 440/4 | €164,568 | €261,638 | +€97,070 | +59.0% |
| Taxes, remuneration and social security | 45 | €5,912 | €6,836 | +€924 | +15.6% |
| Taxes | 450/3 | €5,912 | €6,836 | +€924 | +15.6% |
| Other amounts payable | 47/48 | €1,660 | - | -€1,660 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,875 | €58,662 | +€25,787 | +78.4% |
| Other operating charges | 640/8 | €2,629 | €18,890 | +€16,261 | +619% |
| Non-recurring operating charges | 66A | €7,576 | - | -€7,576 | |
| Gross operating margin | 9900 | €82,045 | €47,514 | -€34,532 | -42.1% |
| Operating profit (loss) | 9901 | €38,966 | -€30,038 | -€69,004 | |
| Financial income | 75/76B | €48 | €3,432 | +€3,384 | +7,111% |
| Recurring financial income | 75 | €48 | €3,432 | +€3,384 | +7,111% |
| Financial charges | 65/66B | €6,892 | €13,060 | +€6,168 | +89.5% |
| Recurring financial charges | 65 | €6,892 | €13,060 | +€6,168 | +89.5% |
| Profit (loss) for the period before taxes | 9903 | €32,121 | -€39,667 | -€71,788 | |
| Income taxes | 67/77 | €5,912 | €264 | -€5,648 | -95.5% |
| Profit (loss) for the period | 9904 | €26,209 | -€39,931 | -€66,140 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,209 | -€39,931 | -€66,140 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.