GROUP GD: 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.
GROUP GD
Largest movements
- Financial fixed assets -€6,640
down €6,640 (-93.2%), from €7,123 to €483
- Intangible fixed assets -€3,333
down €3,333 (-12.3%), from €27,077 to €23,744
- Tangible fixed assets +€2,593
up €2,593 (+60.9%), from €4,258 to €6,851
of which Furniture and vehicles: +€2,901
- Receivables within one year +€2,421
up €2,421 (+20.0%), from €12,082 to €14,503
of which Trade receivables: +€2,419
- Stocks and contracts +€1,695
up €1,695 (+36.5%), from €4,650 to €6,345
- Tax, wage and social debts -€82,849
down €82,849 (-46.6%), from €177,618 to €94,769
of which Remuneration and social security: -€73,070
- Profit (loss) carried forward +€38,545
up €38,545 (+19.9%), from -€194,165 to -€155,621
- Other debts +€17,729
up €17,729 (+65.1%), from €27,239 to €44,968
- Trade debts +€13,064
up €13,064 (+34.6%), from €37,781 to €50,846
- Current portion of long-term debt +€6,121
up €6,121 (+187%), from €3,267 to €9,387
- Staff costs -€86,726
down €86,726 (-37.6%), from €230,916 to €144,190
- Gross operating margin +€85,146
up €85,146 (+73.4%), from €115,958 to €201,104
- Other operating charges -€7,493
down €7,493 (-62.9%), from €11,911 to €4,418
- Financial charges +€3,824
up €3,824 (+78.6%), from €4,862 to €8,686
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 | €57,190 | €53,400 | -€3,790 | -6.6% |
| Fixed assets | 21/28 | €38,458 | €31,078 | -€7,380 | -19.2% |
| Intangible fixed assets | 21 | €27,077 | €23,744 | -€3,333 | -12.3% |
| Tangible fixed assets | 22/27 | €4,258 | €6,851 | +€2,593 | +60.9% |
| Plant, machinery and equipment | 23 | €1,744 | €1,435 | -€308 | -17.7% |
| Furniture and vehicles | 24 | €2,514 | €5,416 | +€2,901 | +115% |
| Financial fixed assets | 28 | €7,123 | €483 | -€6,640 | -93.2% |
| Current assets | 29/58 | €18,732 | €22,322 | +€3,590 | +19.2% |
| Stocks and contracts in progress | 3 | €4,650 | €6,345 | +€1,695 | +36.5% |
| Stocks | 30/36 | €4,650 | €6,345 | +€1,695 | +36.5% |
| Amounts receivable within one year | 40/41 | €12,082 | €14,503 | +€2,421 | +20.0% |
| Trade receivables | 40 | €12,078 | €14,497 | +€2,419 | +20.0% |
| Other amounts receivable | 41 | €4 | €6 | +€2 | +54.6% |
| Cash at bank and in hand | 54/58 | €1,095 | €551 | -€545 | -49.7% |
| Deferred charges and accrued income | 490/1 | €904 | €923 | +€18 | +2.0% |
| Total equity and liabilities | 10/49 | €57,190 | €53,400 | -€3,790 | -6.6% |
| Equity | 10/15 | -€189,165 | -€150,621 | +€38,545 | +20.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€194,165 | -€155,621 | +€38,545 | +19.9% |
| Amounts payable | 17/49 | €246,355 | €204,020 | -€42,335 | -17.2% |
| Amounts payable after more than one year | 17 | - | €4,050 | +€4,050 | |
| Other amounts payable | 178/9 | - | €4,050 | +€4,050 | |
| Amounts payable within one year | 42/48 | €245,905 | €199,970 | -€45,935 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €3,267 | €9,387 | +€6,121 | +187% |
| Trade debts | 44 | €37,781 | €50,846 | +€13,064 | +34.6% |
| Suppliers | 440/4 | €37,781 | €50,846 | +€13,064 | +34.6% |
| Taxes, remuneration and social security | 45 | €177,618 | €94,769 | -€82,849 | -46.6% |
| Taxes | 450/3 | €38,402 | €28,623 | -€9,779 | -25.5% |
| Remuneration and social security | 454/9 | €139,216 | €66,146 | -€73,070 | -52.5% |
| Other amounts payable | 47/48 | €27,239 | €44,968 | +€17,729 | +65.1% |
| Accrued charges and deferred income | 492/3 | €450 | - | -€450 | |
| Remuneration, social security and pensions | 62 | €230,916 | €144,190 | -€86,726 | -37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,181 | €5,125 | +€944 | +22.6% |
| Other operating charges | 640/8 | €11,911 | €4,418 | -€7,493 | -62.9% |
| Gross operating margin | 9900 | €115,958 | €201,104 | +€85,146 | +73.4% |
| Operating profit (loss) | 9901 | -€131,050 | €47,370 | +€178,420 | |
| Financial charges | 65/66B | €4,862 | €8,686 | +€3,824 | +78.6% |
| Recurring financial charges | 65 | €4,862 | €8,686 | +€3,824 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | -€135,912 | €38,684 | +€174,597 | |
| Income taxes | 67/77 | €133 | €140 | +€7 | +5.1% |
| Profit (loss) for the period | 9904 | -€136,045 | €38,545 | +€174,590 | |
| Profit (loss) for the period to be appropriated | 9905 | -€136,045 | €38,545 | +€174,590 |
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 29 October 2026 via checked.be.