GS Construct: 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 Construct
Largest movements
- Receivables within one year -€50,331
down €50,331 (-69.4%), from €72,529 to €22,199
of which Other amounts receivable: -€50,913
- Tangible fixed assets +€43,228
up €43,228 (+17.0%), from €255,017 to €298,245
of which Land and buildings: +€49,807
- Cash -€34,081
down €34,081 (-84.2%), from €40,467 to €6,387
mainly Investment in fixed assets (net) (-€57,997) and Net result for the year (-€53,271)
- Stocks and contracts -€10,793
down €10,793 (-100.0%), from €10,793 to €0
of which Stocks: -€7,293
- Profit (loss) carried forward -€52,614
down €52,614, from €0 to -€52,614
- Short-term financial debts -€51,587
down €51,587 (-100.0%), from €51,587 to €0
- Current portion of long-term debt +€33,700
up €33,700 (+986.5%), from €3,416 to €37,116
- Debts after one year +€7,762
up €7,762 (+3.7%), from €207,448 to €215,210
- Advances received +€6,933
up €6,933 (+346.7%), from €2,000 to €8,933
- Gross operating margin -€48,239
down €48,239 (-56.2%), from €85,799 to €37,560
- Depreciation +€6,679
up €6,679 (+82.6%), from €8,090 to €14,769
- Financial charges +€4,300
up €4,300 (+53.9%), from €7,978 to €12,278
- Other operating charges -€2,095
down €2,095 (-33.0%), from €6,340 to €4,245
- Staff costs -€888
down €888 (-1.5%), from €58,612 to €57,724
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 | €385,539 | €330,042 | -€55,497 | -14.4% |
| Fixed assets | 21/28 | €255,047 | €298,275 | +€43,228 | +16.9% |
| Tangible fixed assets | 22/27 | €255,017 | €298,245 | +€43,228 | +17.0% |
| Land and buildings | 22 | €239,082 | €288,889 | +€49,807 | +20.8% |
| Plant, machinery and equipment | 23 | €640 | €4,736 | +€4,096 | +639.8% |
| Furniture and vehicles | 24 | €9,068 | €1,635 | -€7,433 | -82.0% |
| Leasing and similar rights | 25 | €6,227 | €2,985 | -€3,242 | -52.1% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €130,492 | €31,767 | -€98,725 | -75.7% |
| Stocks and contracts in progress | 3 | €10,793 | €0 | -€10,793 | -100.0% |
| Stocks | 30/36 | €7,293 | €0 | -€7,293 | -100.0% |
| Contracts in progress | 37 | €3,500 | €0 | -€3,500 | -100.0% |
| Amounts receivable within one year | 40/41 | €72,529 | €22,199 | -€50,331 | -69.4% |
| Trade receivables | 40 | €17,101 | €17,683 | +€582 | +3.4% |
| Other amounts receivable | 41 | €55,429 | €4,516 | -€50,913 | -91.9% |
| Cash at bank and in hand | 54/58 | €40,467 | €6,387 | -€34,081 | -84.2% |
| Deferred charges and accrued income | 490/1 | €6,702 | €3,182 | -€3,520 | -52.5% |
| Total equity and liabilities | 10/49 | €385,539 | €330,042 | -€55,497 | -14.4% |
| Equity | 10/15 | €38,543 | -€14,728 | -€53,271 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €32,343 | €31,686 | -€657 | -2.0% |
| Distributable reserves | 133 | €32,343 | €31,686 | -€657 | -2.0% |
| Profit (loss) carried forward | 14 | €0 | -€52,614 | -€52,614 | |
| Amounts payable | 17/49 | €346,996 | €344,770 | -€2,226 | -0.6% |
| Amounts payable after more than one year | 17 | €207,448 | €215,210 | +€7,762 | +3.7% |
| Financial debts | 170/4 | €207,448 | €215,210 | +€7,762 | +3.7% |
| Amounts payable within one year | 42/48 | €139,548 | €129,369 | -€10,178 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €3,416 | €37,116 | +€33,700 | +986.5% |
| Financial debts | 43 | €51,587 | €0 | -€51,587 | -100.0% |
| Credit institutions | 430/8 | €51,587 | €0 | -€51,587 | -100.0% |
| Trade debts | 44 | €24,531 | €19,786 | -€4,745 | -19.3% |
| Suppliers | 440/4 | €24,531 | €19,786 | -€4,745 | -19.3% |
| Advances received on contracts in progress | 46 | €2,000 | €8,933 | +€6,933 | +346.7% |
| Taxes, remuneration and social security | 45 | €3,870 | €3,259 | -€611 | -15.8% |
| Taxes | 450/3 | €319 | €254 | -€64 | -20.2% |
| Remuneration and social security | 454/9 | €3,551 | €3,004 | -€546 | -15.4% |
| Other amounts payable | 47/48 | €54,144 | €60,275 | +€6,131 | +11.3% |
| Accrued charges and deferred income | 492/3 | €0 | €191 | +€191 | |
| Non-recurring operating income | 76A | - | €11,075 | +€11,075 | |
| Remuneration, social security and pensions | 62 | €58,612 | €57,724 | -€888 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,090 | €14,769 | +€6,679 | +82.6% |
| Other operating charges | 640/8 | €6,340 | €4,245 | -€2,095 | -33.0% |
| Non-recurring operating charges | 66A | - | €1,822 | +€1,822 | |
| Gross operating margin | 9900 | €85,799 | €37,560 | -€48,239 | -56.2% |
| Operating profit (loss) | 9901 | €12,757 | -€41,001 | -€53,758 | |
| Financial income | 75/76B | €5 | €8 | +€3 | +65.6% |
| Recurring financial income | 75 | €5 | €8 | +€3 | +65.6% |
| Financial charges | 65/66B | €7,978 | €12,278 | +€4,300 | +53.9% |
| Recurring financial charges | 65 | €7,978 | €12,278 | +€4,300 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €4,784 | -€53,271 | -€58,055 | |
| Profit (loss) for the period | 9904 | €4,784 | -€53,271 | -€58,055 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,784 | -€53,271 | -€58,055 |
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 11 October 2026 via checked.be.