GFSC: 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.
What changed
GFSC
NACE 82.990, Other business support services
fiscal year 2023 against 2025not consecutivefiled annual accounts (NBB)
Net result for the year
€12.0m
2023 · -€6.5m+€18.5m
Equity
€64.9m
2023 · €46.1m+€18.8m
Cash
€1.3m
2023 · -+€1.3m
Balance sheet total
€483.8m
2023 · €296.1m+€187.7m
Largest movements
Assets
- Receivables after one year +€350.0m
up €350.0m (+981.1%), from €35.7m to €385.7m
- Receivables within one year -€163.5m
down €163.5m (-70.7%), from €231.5m to €67.9m
- Financial fixed assets +€29.0m
new in 2025: €29.0m
- Current investments -€29.0m
no longer reported in 2025 (was €29.0m)
Equity and liabilities
- Debts after one year +€268.0m
new in 2025: €268.0m
- Other debts -€103.3m
down €103.3m (-41.3%), from €250.0m to €146.7m
- Profit (loss) carried forward +€18.8m
up €18.8m, from -€15.8m to €2.9m
Income statement
- Financial income +€12.3m
up €12.3m (+72.1%), from €17.0m to €29.3m
- Financial charges -€5.0m
down €5.0m (-22.9%), from €21.9m to €16.9m
From the 2023 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.
Result 2023
-€6.5m
Other operating charges
-€156
Other operating items
+€1.6m
Financial income
+€12.3m
Financial charges
+€5.0m
Taxes
-€350,956
Result 2025
€12.0m
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €296,103,809 | €483,834,241 | +€187.7m | +63.4% |
| Fixed assets | 21/28 | - | €28,960,818 | +€29.0m | |
| Financial fixed assets | 28 | - | €28,960,818 | +€29.0m | |
| Companies linked by participating interests | 282/3 | - | €28,960,818 | +€29.0m | |
| Participating interests | 282 | - | €28,960,818 | +€29.0m | |
| Current assets | 29/58 | €296,103,809 | €454,873,423 | +€158.8m | +53.6% |
| Amounts receivable after more than one year | 29 | €35,674,578 | €385,663,969 | +€350.0m | +981.1% |
| Other amounts receivable | 291 | €35,674,578 | €385,663,969 | +€350.0m | +981.1% |
| Amounts receivable within one year | 40/41 | €231,468,413 | €67,923,792 | -€163.5m | -70.7% |
| Other amounts receivable | 41 | €231,468,413 | €67,923,792 | -€163.5m | -70.7% |
| Current investments | 50/53 | €28,960,818 | - | -€29.0m | |
| Other investments | 51/53 | €28,960,818 | - | -€29.0m | |
| Cash at bank and in hand | 54/58 | - | €1,277,616 | +€1.3m | |
| Deferred charges and accrued income | 490/1 | - | €8,046 | +€8,046 | |
| Total equity and liabilities | 10/49 | €296,103,809 | €483,834,241 | +€187.7m | +63.4% |
| Equity | 10/15 | €46,121,607 | €64,882,266 | +€18.8m | +40.7% |
| Contributions | 10/11 | €60,619,000 | €60,619,000 | = | 0.0% |
| Capital | 10 | €60,619,000 | €60,619,000 | = | 0.0% |
| Issued capital | 100 | €60,619,000 | €60,619,000 | = | 0.0% |
| Reserves | 13 | €1,338,671 | €1,338,671 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,275,528 | €1,275,528 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,275,528 | €1,275,528 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,143 | €63,143 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,836,064 | €2,924,595 | +€18.8m | |
| Amounts payable | 17/49 | €249,982,202 | €418,951,975 | +€169.0m | +67.6% |
| Amounts payable after more than one year | 17 | - | €268,000,000 | +€268.0m | |
| Financial debts | 170/4 | - | €268,000,000 | +€268.0m | |
| Credit institutions | 173 | - | €18,000,000 | +€18.0m | |
| Other loans | 174 | - | €250,000,000 | +€250.0m | |
| Amounts payable within one year | 42/48 | €249,982,202 | €150,919,795 | -€99.1m | -39.6% |
| Financial debts | 43 | - | €3,837,095 | +€3.8m | |
| Credit institutions | 430/8 | - | €3,837,095 | +€3.8m | |
| Trade debts | 44 | €2,669 | €3,289 | +€620 | +23.2% |
| Suppliers | 440/4 | €2,669 | €3,289 | +€620 | +23.2% |
| Taxes, remuneration and social security | 45 | - | €350,956 | +€350,956 | |
| Taxes | 450/3 | - | €350,956 | +€350,956 | |
| Other amounts payable | 47/48 | €249,979,533 | €146,728,455 | -€103.3m | -41.3% |
| Accrued charges and deferred income | 492/3 | - | €32,180 | +€32,180 | |
| Operating income | 70/76A | €925,230 | - | -€925,230 | |
| Non-recurring operating income | 76A | €925,230 | - | -€925,230 | |
| Operating charges | 60/66A | €2,487,728 | €9,231 | -€2.5m | -99.6% |
| Services and other goods | 61 | €8,523 | €8,943 | +€420 | +4.9% |
| Other operating charges | 640/8 | €132 | €288 | +€156 | +118.2% |
| Non-recurring operating charges | 66A | €2,479,073 | - | -€2.5m | |
| Operating profit (loss) | 9901 | -€1,562,498 | -€9,231 | +€1.6m | +99.4% |
| Financial income | 75/76B | €17,012,525 | €29,271,725 | +€12.3m | +72.1% |
| Recurring financial income | 75 | €17,012,525 | €29,271,725 | +€12.3m | +72.1% |
| Income from financial fixed assets | 750 | €790,398 | €1,932,085 | +€1.1m | +144.4% |
| Income from current assets | 751 | €15,901,709 | €24,153,043 | +€8.3m | +51.9% |
| Other financial income | 752/9 | €320,418 | €3,186,597 | +€2.9m | +894.5% |
| Financial charges | 65/66B | €21,901,089 | €16,888,557 | -€5.0m | -22.9% |
| Recurring financial charges | 65 | €21,901,089 | €16,888,557 | -€5.0m | -22.9% |
| Debt charges | 650 | €8,264,917 | €10,116,988 | +€1.9m | +22.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€2,308,041 | €391,202 | +€2.7m | |
| Other financial charges | 652/9 | €15,944,213 | €6,380,367 | -€9.6m | -60.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,451,062 | €12,373,937 | +€18.8m | |
| Income taxes | 67/77 | - | €350,956 | +€350,956 | |
| Taxes | 670/3 | - | €350,956 | +€350,956 | |
| Profit (loss) for the period | 9904 | -€6,451,062 | €12,022,981 | +€18.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,451,062 | €12,022,981 | +€18.5m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 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.