GM De Souter: 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.
GM De Souter
Largest movements
- Financial fixed assets -€296,423
down €296,423 (-100.0%), from €296,423 to €0
- Receivables within one year +€73,990
up €73,990, from €0 to €73,990
of which Trade receivables: +€73,990
- Current investments -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Tangible fixed assets +€22,337
up €22,337 (+4.3%), from €525,153 to €547,490
of which Leasing and similar rights: +€36,062
- Cash +€15,416
up €15,416 (+23.1%), from €66,682 to €82,098
mainly Investment in fixed assets (net) (+€249,847) and Net result for the year (+€144,585)
- Other debts -€172,682
down €172,682 (-60.1%), from €287,549 to €114,868
- Debts after one year -€39,130
down €39,130 (-7.6%), from €511,700 to €472,570
- Current portion of long-term debt +€9,739
up €9,739 (+14.6%), from €66,851 to €76,590
- Depreciation +€7,594
up €7,594 (+45.6%), from €16,646 to €24,239
- Taxes -€6,978
down €6,978 (-13.4%), from €52,153 to €45,175
- Gross operating margin +€4,179
up €4,179 (+1.9%), from €225,682 to €229,861
- Other operating charges +€2,325
up €2,325 (+74.0%), from €3,142 to €5,467
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 | €915,355 | €706,460 | -€208,896 | -22.8% |
| Fixed assets | 21/28 | €821,576 | €547,490 | -€274,087 | -33.4% |
| Tangible fixed assets | 22/27 | €525,153 | €547,490 | +€22,337 | +4.3% |
| Land and buildings | 22 | €523,033 | €508,818 | -€14,215 | -2.7% |
| Furniture and vehicles | 24 | €855 | €1,534 | +€679 | +79.4% |
| Leasing and similar rights | 25 | - | €36,062 | +€36,062 | |
| Other tangible fixed assets | 26 | €1,265 | €1,075 | -€191 | -15.1% |
| Financial fixed assets | 28 | €296,423 | €0 | -€296,423 | -100.0% |
| Current assets | 29/58 | €93,779 | €158,970 | +€65,191 | +69.5% |
| Amounts receivable within one year | 40/41 | €0 | €73,990 | +€73,990 | |
| Trade receivables | 40 | - | €73,990 | +€73,990 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €25,000 | €0 | -€25,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €66,682 | €82,098 | +€15,416 | +23.1% |
| Deferred charges and accrued income | 490/1 | €2,097 | €2,882 | +€784 | +37.4% |
| Total equity and liabilities | 10/49 | €915,355 | €706,460 | -€208,896 | -22.8% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €894,895 | €686,000 | -€208,896 | -23.3% |
| Amounts payable after more than one year | 17 | €511,700 | €472,570 | -€39,130 | -7.6% |
| Financial debts | 170/4 | €511,700 | €472,570 | -€39,130 | -7.6% |
| Amounts payable within one year | 42/48 | €383,195 | €213,430 | -€169,766 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €66,851 | €76,590 | +€9,739 | +14.6% |
| Trade debts | 44 | €2,021 | €1,920 | -€101 | -5.0% |
| Suppliers | 440/4 | €2,021 | €1,920 | -€101 | -5.0% |
| Taxes, remuneration and social security | 45 | €26,774 | €20,052 | -€6,722 | -25.1% |
| Taxes | 450/3 | €26,774 | €20,052 | -€6,722 | -25.1% |
| Other amounts payable | 47/48 | €287,549 | €114,868 | -€172,682 | -60.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,646 | €24,239 | +€7,594 | +45.6% |
| Other operating charges | 640/8 | €3,142 | €5,467 | +€2,325 | +74.0% |
| Gross operating margin | 9900 | €225,682 | €229,861 | +€4,179 | +1.9% |
| Operating profit (loss) | 9901 | €205,895 | €200,155 | -€5,740 | -2.8% |
| Financial income | 75/76B | €1,328 | €290 | -€1,038 | -78.2% |
| Recurring financial income | 75 | €1,328 | €290 | -€1,038 | -78.2% |
| Financial charges | 65/66B | €10,006 | €10,685 | +€678 | +6.8% |
| Recurring financial charges | 65 | €10,006 | €10,685 | +€678 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €197,217 | €189,760 | -€7,457 | -3.8% |
| Income taxes | 67/77 | €52,153 | €45,175 | -€6,978 | -13.4% |
| Profit (loss) for the period | 9904 | €145,064 | €144,585 | -€479 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €145,064 | €144,585 | -€479 | -0.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.