GDS: 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.
GDS
Largest movements
- Receivables within one year +€57,989
up €57,989 (+75.6%), from €76,736 to €134,725
of which Other amounts receivable: +€55,104
- Tangible fixed assets -€44,213
down €44,213 (-67.3%), from €65,730 to €21,517
of which Land and buildings: -€53,427
- Cash -€12,911
down €12,911 (-17.2%), from €75,254 to €62,343
mainly Receivables within one year (-€57,989) and Net result for the year (-€2,260)
- Trade debts +€4,194
up €4,194 (+31.5%), from €13,294 to €17,488
- Profit (loss) carried forward -€2,260
down €2,260 (-1.3%), from €170,621 to €168,362
- Gross operating margin -€26,025
down €26,025 (-29.8%), from €87,344 to €61,319
- Taxes -€18,343
down €18,343 (-95.2%), from €19,272 to €929
- Write-downs -€4,094
no longer reported in 2025 (was €4,094)
- Depreciation -€1,346
down €1,346 (-21.5%), from €6,261 to €4,915
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 | €220,957 | €221,680 | +€723 | +0.3% |
| Fixed assets | 21/28 | €65,730 | €21,517 | -€44,213 | -67.3% |
| Tangible fixed assets | 22/27 | €65,730 | €21,517 | -€44,213 | -67.3% |
| Land and buildings | 22 | €53,427 | - | -€53,427 | |
| Plant, machinery and equipment | 23 | €4,404 | €5,986 | +€1,582 | +35.9% |
| Furniture and vehicles | 24 | €5,583 | €15,531 | +€9,948 | +178.2% |
| Other tangible fixed assets | 26 | €2,316 | - | -€2,316 | |
| Current assets | 29/58 | €155,227 | €200,163 | +€44,937 | +28.9% |
| Stocks and contracts in progress | 3 | €1,250 | €1,250 | = | 0.0% |
| Stocks | 30/36 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €76,736 | €134,725 | +€57,989 | +75.6% |
| Trade receivables | 40 | €11,101 | €13,986 | +€2,886 | +26.0% |
| Other amounts receivable | 41 | €65,635 | €120,739 | +€55,104 | +84.0% |
| Cash at bank and in hand | 54/58 | €75,254 | €62,343 | -€12,911 | -17.2% |
| Deferred charges and accrued income | 490/1 | €1,987 | €1,846 | -€141 | -7.1% |
| Total equity and liabilities | 10/49 | €220,957 | €221,680 | +€723 | +0.3% |
| Equity | 10/15 | €188,681 | €186,422 | -€2,260 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Distributable reserves | 133 | €11,860 | €11,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,621 | €168,362 | -€2,260 | -1.3% |
| Amounts payable | 17/49 | €32,275 | €35,258 | +€2,983 | +9.2% |
| Amounts payable within one year | 42/48 | €32,275 | €35,258 | +€2,983 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €2,243 | €178 | -€2,064 | -92.0% |
| Trade debts | 44 | €13,294 | €17,488 | +€4,194 | +31.5% |
| Suppliers | 440/4 | €13,294 | €17,488 | +€4,194 | +31.5% |
| Taxes, remuneration and social security | 45 | €16,739 | €17,592 | +€854 | +5.1% |
| Taxes | 450/3 | €16,739 | €17,592 | +€854 | +5.1% |
| Non-recurring operating income | 76A | - | €40,303 | +€40,303 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,261 | €4,915 | -€1,346 | -21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,094 | - | -€4,094 | |
| Other operating charges | 640/8 | €1,872 | €2,326 | +€453 | +24.2% |
| Non-recurring operating charges | 66A | - | €55,743 | +€55,743 | |
| Gross operating margin | 9900 | €87,344 | €61,319 | -€26,025 | -29.8% |
| Operating profit (loss) | 9901 | €75,117 | -€1,664 | -€76,781 | |
| Financial income | 75/76B | €190 | €434 | +€245 | +128.7% |
| Recurring financial income | 75 | €190 | €434 | +€245 | +128.7% |
| Financial charges | 65/66B | €182 | €101 | -€82 | -44.7% |
| Recurring financial charges | 65 | €182 | €101 | -€82 | -44.7% |
| Profit (loss) for the period before taxes | 9903 | €75,125 | -€1,331 | -€76,455 | |
| Income taxes | 67/77 | €19,272 | €929 | -€18,343 | -95.2% |
| Profit (loss) for the period | 9904 | €55,853 | -€2,260 | -€58,113 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,853 | -€2,260 | -€58,113 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.