GDL PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€9,250
down €9,250 (-33.3%), from €27,749 to €18,499
- Cash -€1,544
down €1,544 (-48.6%), from €3,180 to €1,636
mainly Debts after one year (-€14,421) and Accrued charges and deferred income (-€1,200)
- Debts after one year -€14,421
down €14,421 (-50.9%), from €28,325 to €13,904
- Profit (loss) carried forward +€3,127
up €3,127 (+17.7%), from -€17,676 to -€14,549
- Accrued charges and deferred income -€1,200
no longer reported in 2025 (was €1,200)
- Other debts +€960
up €960 (+24.4%), from €3,941 to €4,901
- Current portion of long-term debt +€740
up €740 (+5.4%), from €13,681 to €14,421
- Gross operating margin -€926
down €926 (-6.0%), from €15,330 to €14,403
- Financial charges -€702
down €702 (-25.7%), from €2,728 to €2,026
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 | €53,989 | €42,843 | -€11,146 | -20.6% |
| Fixed assets | 21/28 | €27,749 | €18,499 | -€9,250 | -33.3% |
| Tangible fixed assets | 22/27 | €27,749 | €18,499 | -€9,250 | -33.3% |
| Land and buildings | 22 | €27,749 | €18,499 | -€9,250 | -33.3% |
| Current assets | 29/58 | €26,240 | €24,343 | -€1,896 | -7.2% |
| Amounts receivable within one year | 40/41 | €23,059 | €22,707 | -€352 | -1.5% |
| Trade receivables | 40 | €22,561 | €22,561 | = | 0.0% |
| Other amounts receivable | 41 | €498 | €146 | -€352 | -70.6% |
| Cash at bank and in hand | 54/58 | €3,180 | €1,636 | -€1,544 | -48.6% |
| Total equity and liabilities | 10/49 | €53,989 | €42,843 | -€11,146 | -20.6% |
| Equity | 10/15 | €5,882 | €9,009 | +€3,127 | +53.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,958 | €4,958 | = | 0.0% |
| Distributable reserves | 133 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,676 | -€14,549 | +€3,127 | +17.7% |
| Amounts payable | 17/49 | €48,107 | €33,834 | -€14,273 | -29.7% |
| Amounts payable after more than one year | 17 | €28,325 | €13,904 | -€14,421 | -50.9% |
| Financial debts | 170/4 | €28,325 | €13,904 | -€14,421 | -50.9% |
| Amounts payable within one year | 42/48 | €18,582 | €19,930 | +€1,348 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €13,681 | €14,421 | +€740 | +5.4% |
| Trade debts | 44 | €960 | €607 | -€353 | -36.8% |
| Suppliers | 440/4 | €960 | €607 | -€353 | -36.8% |
| Other amounts payable | 47/48 | €3,941 | €4,901 | +€960 | +24.4% |
| Accrued charges and deferred income | 492/3 | €1,200 | - | -€1,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,250 | €9,250 | = | 0.0% |
| Gross operating margin | 9900 | €15,330 | €14,403 | -€926 | -6.0% |
| Operating profit (loss) | 9901 | €6,080 | €5,154 | -€926 | -15.2% |
| Financial charges | 65/66B | €2,728 | €2,026 | -€702 | -25.7% |
| Recurring financial charges | 65 | €2,728 | €2,026 | -€702 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €3,352 | €3,127 | -€224 | -6.7% |
| Profit (loss) for the period | 9904 | €3,352 | €3,127 | -€224 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,352 | €3,127 | -€224 | -6.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.