GDPROJECTS: what changed
What changed
GDPROJECTS
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€10,313
2024 · €8,628+€1,685
Equity
€223,348
2024 · €213,035+€10,313
Cash
€29,901
2024 · €26,817+€3,084
Balance sheet total
€688,635
2024 · €747,865-€59,230
Largest movements
Assets
- Receivables within one year -€41,094
down €41,094 (-25.1%), from €163,522 to €122,428
of which Trade receivables: -€21,012
- Tangible fixed assets -€21,220
down €21,220 (-3.8%), from €557,526 to €536,306
of which Land and buildings: -€15,791
Equity and liabilities
- Short-term financial debts -€42,750
down €42,750 (-35.1%), from €121,750 to €79,000
- Other debts -€35,331
down €35,331 (-20.2%), from €174,561 to €139,230
- Tax, wage and social debts +€17,708
new in 2025: €17,708
of which Taxes: +€17,708
- Debts after one year -€10,834
down €10,834 (-5.8%), from €187,507 to €176,673
- Reserves +€10,313
up €10,313 (+5.6%), from €184,621 to €194,934
of which Distributable reserves: +€10,313
Income statement
- Gross operating margin +€51,211
up €51,211 (+112%), from €45,736 to €96,947
- Taxes +€39,219
up €39,219 (+3,530%), from €1,111 to €40,330
- Other operating charges +€8,624
up €8,624 (+258%), from €3,338 to €11,962
- Financial charges +€1,973
up €1,973 (+21.8%), from €9,043 to €11,016
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.
Result 2024
€8,628
Gross operating margin
+€51,211
Depreciation
+€561
Other operating charges
-€8,624
Financial income
-€269
Financial charges
-€1,973
Taxes
-€39,219
Result 2025
€10,313
raises the resultlowers the result
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.
From operations
+€54,768
Investment
-€2,184
Financing
-€49,500
Cash 2024
€26,817
From operations (derived)
+€54,768
Net result for the year
+€10,313
Depreciation
+€23,404
Receivables within one year
+€41,094
Trade debts
-€2,419
Tax, wage and social debts
+€17,708
Other debts
-€35,331
Investment (derived)
-€2,184
Investment in fixed assets (net)
-€2,184
Financing
-€49,500
Debts after one year
-€10,834
Current portion of long-term debt
+€4,084
Short-term financial debts
-€42,750
Cash 2025
€29,901
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €747,865 | €688,635 | -€59,230 | -7.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €557,526 | €536,306 | -€21,220 | -3.8% |
| Tangible fixed assets | 22/27 | €557,526 | €536,306 | -€21,220 | -3.8% |
| Land and buildings | 22 | €537,542 | €521,750 | -€15,791 | -2.9% |
| Plant, machinery and equipment | 23 | €14,536 | €9,654 | -€4,882 | -33.6% |
| Furniture and vehicles | 24 | €5,449 | €4,902 | -€546 | -10.0% |
| Current assets | 29/58 | €190,339 | €152,329 | -€38,010 | -20.0% |
| Amounts receivable within one year | 40/41 | €163,522 | €122,428 | -€41,094 | -25.1% |
| Trade receivables | 40 | €76,963 | €55,951 | -€21,012 | -27.3% |
| Other amounts receivable | 41 | €86,559 | €66,477 | -€20,082 | -23.2% |
| Cash at bank and in hand | 54/58 | €26,817 | €29,901 | +€3,084 | +11.5% |
| Total equity and liabilities | 10/49 | €747,865 | €688,635 | -€59,230 | -7.9% |
| Equity | 10/15 | €213,035 | €223,348 | +€10,313 | +4.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €184,621 | €194,934 | +€10,313 | +5.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €182,761 | €193,074 | +€10,313 | +5.6% |
| Profit (loss) carried forward | 14 | €16,014 | €16,014 | = | 0.0% |
| Amounts payable | 17/49 | €534,829 | €465,287 | -€69,543 | -13.0% |
| Amounts payable after more than one year | 17 | €187,507 | €176,673 | -€10,834 | -5.8% |
| Financial debts | 170/4 | €187,507 | €176,673 | -€10,834 | -5.8% |
| Amounts payable within one year | 42/48 | €347,322 | €288,614 | -€58,709 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €45,859 | €49,943 | +€4,084 | +8.9% |
| Financial debts | 43 | €121,750 | €79,000 | -€42,750 | -35.1% |
| Other loans | 439 | €121,750 | €79,000 | -€42,750 | -35.1% |
| Trade debts | 44 | €5,152 | €2,733 | -€2,419 | -47.0% |
| Suppliers | 440/4 | €5,152 | €2,733 | -€2,419 | -47.0% |
| Taxes, remuneration and social security | 45 | - | €17,708 | +€17,708 | |
| Taxes | 450/3 | - | €17,708 | +€17,708 | |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €174,561 | €139,230 | -€35,331 | -20.2% |
| Non-recurring operating income | 76A | €2,735 | - | -€2,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,964 | €23,404 | -€561 | -2.3% |
| Other operating charges | 640/8 | €3,338 | €11,962 | +€8,624 | +258% |
| Gross operating margin | 9900 | €45,736 | €96,947 | +€51,211 | +112% |
| Operating profit (loss) | 9901 | €18,434 | €61,581 | +€43,147 | +234% |
| Financial income | 75/76B | €347 | €78 | -€269 | -77.4% |
| Recurring financial income | 75 | €347 | €78 | -€269 | -77.4% |
| Financial charges | 65/66B | €9,043 | €11,016 | +€1,973 | +21.8% |
| Recurring financial charges | 65 | €9,043 | €11,016 | +€1,973 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €9,739 | €50,643 | +€40,905 | +420% |
| Income taxes | 67/77 | €1,111 | €40,330 | +€39,219 | +3,530% |
| Profit (loss) for the period | 9904 | €8,628 | €10,313 | +€1,685 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,628 | €10,313 | +€1,685 | +19.5% |
Next steps
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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 3 November 2026 via checked.be.