GDS: 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.
GDS
Largest movements
- Cash -€54,712
down €54,712 (-66.2%), from €82,633 to €27,921
mainly Contributions, distributions and other (-€167,492) and Tax, wage and social debts (-€7,961)
- Tangible fixed assets -€15,371
down €15,371 (-40.7%), from €37,780 to €22,409
of which Furniture and vehicles: -€13,788
- Receivables within one year -€8,355
down €8,355 (-27.0%), from €30,991 to €22,636
of which Trade receivables: -€12,401
- Reserves -€129,484
down €129,484 (-98.5%), from €131,492 to €2,008
- Other debts +€58,716
new in 2025: €58,716
- Tax, wage and social debts -€7,961
down €7,961 (-42.6%), from €18,669 to €10,708
of which Taxes: -€9,881
- Gross operating margin -€10,432
down €10,432 (-13.8%), from €75,429 to €64,997
- Taxes -€2,023
down €2,023 (-16.0%), from €12,641 to €10,618
- Depreciation +€1,346
up €1,346 (+9.6%), from €14,025 to €15,371
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 | €153,656 | €75,182 | -€78,474 | -51.1% |
| Fixed assets | 21/28 | €37,867 | €22,495 | -€15,371 | -40.6% |
| Tangible fixed assets | 22/27 | €37,780 | €22,409 | -€15,371 | -40.7% |
| Plant, machinery and equipment | 23 | €2,884 | €1,300 | -€1,584 | -54.9% |
| Furniture and vehicles | 24 | €34,896 | €21,109 | -€13,788 | -39.5% |
| Financial fixed assets | 28 | €86 | €86 | = | 0.0% |
| Current assets | 29/58 | €115,789 | €52,687 | -€63,102 | -54.5% |
| Amounts receivable within one year | 40/41 | €30,991 | €22,636 | -€8,355 | -27.0% |
| Trade receivables | 40 | €30,655 | €18,254 | -€12,401 | -40.5% |
| Other amounts receivable | 41 | €336 | €4,382 | +€4,046 | +1205.2% |
| Cash at bank and in hand | 54/58 | €82,633 | €27,921 | -€54,712 | -66.2% |
| Deferred charges and accrued income | 490/1 | €2,165 | €2,130 | -€36 | -1.6% |
| Total equity and liabilities | 10/49 | €153,656 | €75,182 | -€78,474 | -51.1% |
| Equity | 10/15 | €134,492 | €5,008 | -€129,484 | -96.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €131,492 | €2,008 | -€129,484 | -98.5% |
| Distributable reserves | 133 | €131,492 | €2,008 | -€129,484 | -98.5% |
| Amounts payable | 17/49 | €19,164 | €70,174 | +€51,010 | +266.2% |
| Amounts payable within one year | 42/48 | €19,164 | €70,174 | +€51,010 | +266.2% |
| Financial debts | 43 | - | €11 | +€11 | |
| Credit institutions | 430/8 | - | €11 | +€11 | |
| Trade debts | 44 | €495 | €740 | +€244 | +49.3% |
| Suppliers | 440/4 | €495 | €740 | +€244 | +49.3% |
| Taxes, remuneration and social security | 45 | €18,669 | €10,708 | -€7,961 | -42.6% |
| Taxes | 450/3 | €18,669 | €8,788 | -€9,881 | -52.9% |
| Remuneration and social security | 454/9 | - | €1,920 | +€1,920 | |
| Other amounts payable | 47/48 | - | €58,716 | +€58,716 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,025 | €15,371 | +€1,346 | +9.6% |
| Other operating charges | 640/8 | €867 | €933 | +€67 | +7.7% |
| Gross operating margin | 9900 | €75,429 | €64,997 | -€10,432 | -13.8% |
| Operating profit (loss) | 9901 | €60,537 | €48,692 | -€11,845 | -19.6% |
| Financial income | 75/76B | €64 | €36 | -€28 | -44.1% |
| Recurring financial income | 75 | €64 | €36 | -€28 | -44.1% |
| Financial charges | 65/66B | €96 | €102 | +€5 | +5.5% |
| Recurring financial charges | 65 | €96 | €102 | +€5 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €60,504 | €48,626 | -€11,878 | -19.6% |
| Income taxes | 67/77 | €12,641 | €10,618 | -€2,023 | -16.0% |
| Profit (loss) for the period | 9904 | €47,863 | €38,008 | -€9,855 | -20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,863 | €38,008 | -€9,855 | -20.6% |
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 10 October 2026 via checked.be.