GDP MANAGEMENT: 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.
GDP MANAGEMENT
Largest movements
- Stocks and contracts -€336,906
down €336,906 (-25.5%), from €1.3m to €985,323
- Tangible fixed assets +€283,287
up €283,287 (+177%), from €160,255 to €443,543
of which Land and buildings: +€290,304
- Cash +€105,064
up €105,064 (+663%), from €15,843 to €120,906
mainly Stocks and contracts (+€336,906) and Short-term financial debts (+€290,049)
- Receivables within one year +€48,749
up €48,749 (+238%), from €20,475 to €69,224
of which Other amounts receivable: +€38,677
- Short-term financial debts +€290,049
up €290,049 (+99.4%), from €291,843 to €581,892
- Other debts -€118,632
down €118,632 (-21.6%), from €548,477 to €429,846
- Trade debts -€51,087
down €51,087 (-59.5%), from €85,912 to €34,825
- Advances received -€34,623
no longer reported in 2025 (was €34,623)
- Profit (loss) carried forward +€18,289
up €18,289 (+42.4%), from -€43,131 to -€24,842
- Gross operating margin -€27,460
down €27,460 (-29.3%), from €93,677 to €66,217
- Taxes -€13,785
down €13,785 (-68.4%), from €20,163 to €6,378
- Other operating charges -€6,964
down €6,964 (-65.5%), from €10,637 to €3,673
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 | €1,524,071 | €1,625,978 | +€101,908 | +6.7% |
| Fixed assets | 21/28 | €160,355 | €443,642 | +€283,287 | +177% |
| Tangible fixed assets | 22/27 | €160,255 | €443,543 | +€283,287 | +177% |
| Land and buildings | 22 | €152,195 | €442,498 | +€290,304 | +191% |
| Plant, machinery and equipment | 23 | €678 | €565 | -€113 | -16.7% |
| Furniture and vehicles | 24 | €7,383 | €479 | -€6,903 | -93.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,363,716 | €1,182,336 | -€181,380 | -13.3% |
| Stocks and contracts in progress | 3 | €1,322,228 | €985,323 | -€336,906 | -25.5% |
| Stocks | 30/36 | €1,322,228 | €985,323 | -€336,906 | -25.5% |
| Amounts receivable within one year | 40/41 | €20,475 | €69,224 | +€48,749 | +238% |
| Trade receivables | 40 | €8,215 | €18,288 | +€10,073 | +123% |
| Other amounts receivable | 41 | €12,259 | €50,936 | +€38,677 | +315% |
| Cash at bank and in hand | 54/58 | €15,843 | €120,906 | +€105,064 | +663% |
| Deferred charges and accrued income | 490/1 | €5,170 | €6,883 | +€1,712 | +33.1% |
| Total equity and liabilities | 10/49 | €1,524,071 | €1,625,978 | +€101,908 | +6.7% |
| Equity | 10/15 | €525,741 | €544,030 | +€18,289 | +3.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €506,872 | €506,872 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €500,672 | €500,672 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,131 | -€24,842 | +€18,289 | +42.4% |
| Amounts payable | 17/49 | €998,330 | €1,081,948 | +€83,618 | +8.4% |
| Amounts payable within one year | 42/48 | €997,880 | €1,081,498 | +€83,618 | +8.4% |
| Financial debts | 43 | €291,843 | €581,892 | +€290,049 | +99.4% |
| Credit institutions | 430/8 | €291,843 | €581,892 | +€290,049 | +99.4% |
| Trade debts | 44 | €85,912 | €34,825 | -€51,087 | -59.5% |
| Suppliers | 440/4 | €85,912 | €34,825 | -€51,087 | -59.5% |
| Advances received on contracts in progress | 46 | €34,623 | - | -€34,623 | |
| Taxes, remuneration and social security | 45 | €37,024 | €34,936 | -€2,088 | -5.6% |
| Taxes | 450/3 | €37,024 | €34,936 | -€2,088 | -5.6% |
| Other amounts payable | 47/48 | €548,477 | €429,846 | -€118,632 | -21.6% |
| Accrued charges and deferred income | 492/3 | €450 | €450 | = | 0.0% |
| Non-recurring operating income | 76A | - | €617 | +€617 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,115 | €12,537 | +€422 | +3.5% |
| Other operating charges | 640/8 | €10,637 | €3,673 | -€6,964 | -65.5% |
| Gross operating margin | 9900 | €93,677 | €66,217 | -€27,460 | -29.3% |
| Operating profit (loss) | 9901 | €70,925 | €50,007 | -€20,918 | -29.5% |
| Financial income | 75/76B | €57 | €11 | -€46 | -80.2% |
| Recurring financial income | 75 | €57 | €11 | -€46 | -80.2% |
| Financial charges | 65/66B | €15,958 | €15,351 | -€607 | -3.8% |
| Recurring financial charges | 65 | €15,958 | €15,351 | -€607 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €55,024 | €34,668 | -€20,357 | -37.0% |
| Income taxes | 67/77 | €20,163 | €6,378 | -€13,785 | -68.4% |
| Profit (loss) for the period | 9904 | €34,861 | €28,289 | -€6,572 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,861 | €28,289 | -€6,572 | -18.9% |
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 26 October 2026 via checked.be.