GS ADVISORY: 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.
GS ADVISORY
Largest movements
- Cash +€272,341
up €272,341 (+403%), from €67,650 to €339,992
mainly Current investments (+€261,163) and Net result for the year (+€108,239)
- Current investments -€261,163
down €261,163 (-47.5%), from €550,141 to €288,978
- Receivables within one year +€69,889
up €69,889 (+260%), from €26,871 to €96,760
of which Trade receivables: +€78,000
- Tangible fixed assets -€18,558
down €18,558 (-7.1%), from €262,461 to €243,903
of which Furniture and vehicles: -€19,051
- Other debts +€41,757
up €41,757 (+69.6%), from €60,000 to €101,757
- Tax, wage and social debts +€15,785
up €15,785 (+73.2%), from €21,573 to €37,359
- Trade debts +€12,445
up €12,445 (+142%), from €8,788 to €21,233
- Gross operating margin -€393,878
down €393,878 (-72.4%), from €543,984 to €150,106
- Taxes -€99,577
down €99,577 (-77.8%), from €128,047 to €28,470
- Financial income +€8,315
up €8,315 (+58.9%), from €14,108 to €22,422
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 | €907,217 | €972,481 | +€65,264 | +7.2% |
| Fixed assets | 21/28 | €262,461 | €243,903 | -€18,558 | -7.1% |
| Tangible fixed assets | 22/27 | €262,461 | €243,903 | -€18,558 | -7.1% |
| Land and buildings | 22 | €184,529 | €183,083 | -€1,445 | -0.8% |
| Plant, machinery and equipment | 23 | €3,454 | €6,133 | +€2,679 | +77.6% |
| Furniture and vehicles | 24 | €69,498 | €50,447 | -€19,051 | -27.4% |
| Other tangible fixed assets | 26 | €4,980 | €4,240 | -€740 | -14.9% |
| Current assets | 29/58 | €644,756 | €728,579 | +€83,823 | +13.0% |
| Stocks and contracts in progress | 3 | - | €383 | +€383 | |
| Stocks | 30/36 | - | €383 | +€383 | |
| Amounts receivable within one year | 40/41 | €26,871 | €96,760 | +€69,889 | +260% |
| Trade receivables | 40 | €18,760 | €96,760 | +€78,000 | +416% |
| Other amounts receivable | 41 | €8,111 | - | -€8,111 | |
| Current investments | 50/53 | €550,141 | €288,978 | -€261,163 | -47.5% |
| Cash at bank and in hand | 54/58 | €67,650 | €339,992 | +€272,341 | +403% |
| Deferred charges and accrued income | 490/1 | €93 | €2,466 | +€2,372 | +2,538% |
| Total equity and liabilities | 10/49 | €907,217 | €972,481 | +€65,264 | +7.2% |
| Equity | 10/15 | €812,133 | €812,133 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €791,673 | €791,673 | = | 0.0% |
| Amounts payable | 17/49 | €95,084 | €160,348 | +€65,264 | +68.6% |
| Amounts payable within one year | 42/48 | €90,362 | €160,348 | +€69,987 | +77.5% |
| Trade debts | 44 | €8,788 | €21,233 | +€12,445 | +142% |
| Suppliers | 440/4 | €8,788 | €21,233 | +€12,445 | +142% |
| Taxes, remuneration and social security | 45 | €21,573 | €37,359 | +€15,785 | +73.2% |
| Taxes | 450/3 | €21,573 | €37,359 | +€15,785 | +73.2% |
| Other amounts payable | 47/48 | €60,000 | €101,757 | +€41,757 | +69.6% |
| Accrued charges and deferred income | 492/3 | €4,723 | - | -€4,723 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,216 | €24,832 | +€1,616 | +7.0% |
| Other operating charges | 640/8 | €1,451 | €1,463 | +€12 | +0.8% |
| Gross operating margin | 9900 | €543,984 | €150,106 | -€393,878 | -72.4% |
| Operating profit (loss) | 9901 | €519,317 | €123,811 | -€395,506 | -76.2% |
| Financial income | 75/76B | €14,108 | €22,422 | +€8,315 | +58.9% |
| Recurring financial income | 75 | €14,108 | €22,422 | +€8,315 | +58.9% |
| Financial charges | 65/66B | €8,235 | €9,524 | +€1,289 | +15.7% |
| Recurring financial charges | 65 | €8,235 | €9,524 | +€1,289 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €525,190 | €136,709 | -€388,481 | -74.0% |
| Income taxes | 67/77 | €128,047 | €28,470 | -€99,577 | -77.8% |
| Profit (loss) for the period | 9904 | €397,143 | €108,239 | -€288,904 | -72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €397,143 | €108,239 | -€288,904 | -72.7% |
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 13 October 2026 via checked.be.