GPL: 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.
GPL
Largest movements
- Tangible fixed assets -€8.5m
down €8.5m (-70.7%), from €12.0m to €3.5m
of which Land and buildings: -€8.5m
- Receivables within one year +€1.9m
up €1.9m (+41.9%), from €4.6m to €6.6m
of which Other amounts receivable: +€1.9m
- Financial fixed assets +€454,258
up €454,258 (+3.2%), from €14.3m to €14.8m
- Other debts -€5.9m
down €5.9m (-56.3%), from €10.4m to €4.6m
- Debts after one year +€1.5m
up €1.5m (+14.4%), from €10.5m to €12.0m
- Tax, wage and social debts -€905,198
down €905,198 (-84.4%), from €1.1m to €166,978
- Trade debts -€512,955
down €512,955 (-34.0%), from €1.5m to €996,890
- Gross operating margin +€6.8m
up €6.8m (+763%), from €886,415 to €7.7m
- Other operating charges +€5.7m
up €5.7m (+64,994%), from €8,723 to €5.7m
- Financial income +€283,840
up €283,840 (+84.3%), from €336,719 to €620,559
- Depreciation -€146,885
down €146,885 (-66.4%), from €221,174 to €74,289
- Financial charges +€98,359
up €98,359 (+23.3%), from €422,070 to €520,429
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.
Derived cash bridge
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 | €31,109,840 | €25,052,932 | -€6.1m | -19.5% |
| Fixed assets | 21/28 | €26,331,671 | €18,286,202 | -€8.0m | -30.6% |
| Tangible fixed assets | 22/27 | €12,023,531 | €3,523,803 | -€8.5m | -70.7% |
| Land and buildings | 22 | €11,988,368 | €3,503,456 | -€8.5m | -70.8% |
| Furniture and vehicles | 24 | €35,163 | €20,347 | -€14,816 | -42.1% |
| Financial fixed assets | 28 | €14,308,141 | €14,762,399 | +€454,258 | +3.2% |
| Current assets | 29/58 | €4,778,169 | €6,766,731 | +€2.0m | +41.6% |
| Amounts receivable within one year | 40/41 | €4,631,828 | €6,572,474 | +€1.9m | +41.9% |
| Trade receivables | 40 | €2,737 | €5,161 | +€2,424 | +88.6% |
| Other amounts receivable | 41 | €4,629,091 | €6,567,313 | +€1.9m | +41.9% |
| Cash at bank and in hand | 54/58 | €15,441 | €22,214 | +€6,773 | +43.9% |
| Deferred charges and accrued income | 490/1 | €130,899 | €172,043 | +€41,143 | +31.4% |
| Total equity and liabilities | 10/49 | €31,109,840 | €25,052,932 | -€6.1m | -19.5% |
| Equity | 10/15 | €6,823,048 | €6,949,587 | +€126,539 | +1.9% |
| Contributions | 10/11 | €300,100 | €300,100 | = | 0.0% |
| Reserves | 13 | €6,522,948 | €6,649,487 | +€126,539 | +1.9% |
| Distributable reserves | 133 | €6,522,948 | €6,649,487 | +€126,539 | +1.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €24,286,793 | €18,103,345 | -€6.2m | -25.5% |
| Amounts payable after more than one year | 17 | €10,520,033 | €12,036,169 | +€1.5m | +14.4% |
| Financial debts | 170/4 | €10,520,033 | €12,036,169 | +€1.5m | +14.4% |
| Amounts payable within one year | 42/48 | €13,602,229 | €6,054,669 | -€7.5m | -55.5% |
| Current portion of amounts payable after more than one year | 42 | €595,480 | €333,864 | -€261,617 | -43.9% |
| Trade debts | 44 | €1,509,845 | €996,890 | -€512,955 | -34.0% |
| Suppliers | 440/4 | €1,509,845 | €996,890 | -€512,955 | -34.0% |
| Taxes, remuneration and social security | 45 | €1,072,176 | €166,978 | -€905,198 | -84.4% |
| Taxes | 450/3 | €1,072,176 | €166,978 | -€905,198 | -84.4% |
| Other amounts payable | 47/48 | €10,424,727 | €4,556,937 | -€5.9m | -56.3% |
| Accrued charges and deferred income | 492/3 | €164,531 | €12,507 | -€152,023 | -92.4% |
| Non-recurring operating income | 76A | €0 | €7,691,010 | +€7.7m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,174 | €74,289 | -€146,885 | -66.4% |
| Other operating charges | 640/8 | €8,723 | €5,677,934 | +€5.7m | +64,994% |
| Non-recurring operating charges | 66A | €31,866 | €0 | -€31,866 | -100% |
| Gross operating margin | 9900 | €886,415 | €7,652,630 | +€6.8m | +763% |
| Operating profit (loss) | 9901 | €624,653 | €1,900,408 | +€1.3m | +204% |
| Financial income | 75/76B | €336,719 | €620,559 | +€283,840 | +84.3% |
| Recurring financial income | 75 | €336,719 | €620,559 | +€283,840 | +84.3% |
| Financial charges | 65/66B | €422,070 | €520,429 | +€98,359 | +23.3% |
| Recurring financial charges | 65 | €422,070 | €520,429 | +€98,359 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €539,302 | €2,000,537 | +€1.5m | +271% |
| Income taxes | 67/77 | €106,740 | €48,998 | -€57,742 | -54.1% |
| Profit (loss) for the period | 9904 | €432,562 | €1,951,539 | +€1.5m | +351% |
| Profit (loss) for the period to be appropriated | 9905 | €432,562 | €1,951,539 | +€1.5m | +351% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.