GLS Projects: 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.
GLS Projects
Largest movements
- Receivables within one year -€13,564
down €13,564 (-78.9%), from €17,185 to €3,621
of which Trade receivables: -€10,415
- Cash -€7,639
down €7,639 (-71.2%), from €10,729 to €3,090
mainly Accrued charges and deferred income (-€15,000) and Net result for the year (-€7,105)
- Accrued charges and deferred income -€15,000
down €15,000 (-54.9%), from €27,300 to €12,300
- Profit (loss) carried forward -€7,105
down €7,105 (-19.4%), from -€36,614 to -€43,719
- Trade debts +€996
up €996 (+995.2%), from €100 to €1,097
- Tax, wage and social debts -€379
down €379 (-15.8%), from €2,396 to €2,017
- Gross operating margin +€10,794
up €10,794 (+77.2%), from -€13,974 to -€3,180
- Taxes +€1,761
new in 2025: €1,761
- Other operating charges +€957
up €957 (+189.4%), from €505 to €1,463
- Depreciation +€401
up €401 (+146.9%), from €273 to €675
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 | €30,582 | €9,094 | -€21,488 | -70.3% |
| Fixed assets | 21/28 | €2,669 | €2,383 | -€286 | -10.7% |
| Tangible fixed assets | 22/27 | €2,669 | €2,383 | -€286 | -10.7% |
| Plant, machinery and equipment | 23 | €2,354 | €2,261 | -€93 | -4.0% |
| Furniture and vehicles | 24 | €315 | €122 | -€192 | -61.1% |
| Current assets | 29/58 | €27,913 | €6,711 | -€21,202 | -76.0% |
| Amounts receivable within one year | 40/41 | €17,185 | €3,621 | -€13,564 | -78.9% |
| Trade receivables | 40 | €10,415 | - | -€10,415 | |
| Other amounts receivable | 41 | €6,769 | €3,621 | -€3,149 | -46.5% |
| Cash at bank and in hand | 54/58 | €10,729 | €3,090 | -€7,639 | -71.2% |
| Total equity and liabilities | 10/49 | €30,582 | €9,094 | -€21,488 | -70.3% |
| Equity | 10/15 | €786 | -€6,319 | -€7,105 | |
| Contributions | 10/11 | €34,000 | €34,000 | = | 0.0% |
| Reserves | 13 | €3,400 | €3,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,400 | €3,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,400 | €3,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,614 | -€43,719 | -€7,105 | -19.4% |
| Amounts payable | 17/49 | €29,796 | €15,413 | -€14,383 | -48.3% |
| Amounts payable within one year | 42/48 | €2,496 | €3,113 | +€617 | +24.7% |
| Trade debts | 44 | €100 | €1,097 | +€996 | +995.2% |
| Suppliers | 440/4 | €100 | €1,097 | +€996 | +995.2% |
| Taxes, remuneration and social security | 45 | €2,396 | €2,017 | -€379 | -15.8% |
| Taxes | 450/3 | €2,396 | €2,017 | -€379 | -15.8% |
| Accrued charges and deferred income | 492/3 | €27,300 | €12,300 | -€15,000 | -54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €273 | €675 | +€401 | +146.9% |
| Other operating charges | 640/8 | €505 | €1,463 | +€957 | +189.4% |
| Gross operating margin | 9900 | -€13,974 | -€3,180 | +€10,794 | +77.2% |
| Operating profit (loss) | 9901 | -€14,753 | -€5,318 | +€9,435 | +64.0% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €0 | €36 | +€36 | +24000.0% |
| Recurring financial charges | 65 | €0 | €36 | +€36 | +24000.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,753 | -€5,345 | +€9,408 | +63.8% |
| Income taxes | 67/77 | - | €1,761 | +€1,761 | |
| Profit (loss) for the period | 9904 | -€14,753 | -€7,105 | +€7,648 | +51.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,753 | -€7,105 | +€7,648 | +51.8% |
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 9 October 2026 via checked.be.