GS CONSTRUCTION: 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.
What changed
GS CONSTRUCTION
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10,288
2024 · €37,199-€26,911
Equity
€378,587
2024 · €368,547+€10,040
Cash
€331,281
2024 · €199,260+€132,021
Balance sheet total
€1.9m
2024 · €1.9m+€24,374
Largest movements
Assets
- Receivables within one year -€162,216
down €162,216 (-19.0%), from €851,628 to €689,412
of which Trade receivables: -€256,026
- Cash +€132,021
up €132,021 (+66.3%), from €199,260 to €331,281
mainly Depreciation (+€176,537) and Receivables within one year (+€162,216)
- Tangible fixed assets +€59,472
up €59,472 (+11.6%), from €511,000 to €570,472
of which Land and buildings: +€35,000
Equity and liabilities
- Tax, wage and social debts +€150,807
up €150,807 (+170.6%), from €88,416 to €239,223
of which Remuneration and social security: +€118,107
- Trade debts -€72,937
down €72,937 (-13.4%), from €543,486 to €470,549
- Debts after one year -€56,623
down €56,623 (-21.9%), from €258,493 to €201,870
Income statement
- Staff costs +€286,072
up €286,072 (+19.7%), from €1.5m to €1.7m
- Gross operating margin +€218,073
up €218,073 (+12.2%), from €1.8m to €2.0m
- Financial charges -€54,691
down €54,691 (-50.2%), from €109,026 to €54,335
- Depreciation +€25,391
up €25,391 (+16.8%), from €151,146 to €176,537
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.
Result 2024
€37,199
Gross operating margin
+€218,073
Staff costs
-€286,072
Depreciation
-€25,391
Other operating charges
-€1,858
Other operating items
+€10,926
Financial income
-€10,516
Financial charges
+€54,691
Taxes
+€13,234
Result 2025
€10,288
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.
From operations
+€420,147
Investment
-€224,872
Financing
-€63,254
Cash 2024
€199,260
From operations (derived)
+€420,147
Net result for the year
+€10,288
Depreciation
+€176,537
Stocks and contracts
+€3,173
Receivables within one year
+€162,216
Deferred charges and accrued income
-€9,408
Provisions
-€167
Trade debts
-€72,937
Tax, wage and social debts
+€150,807
Advances received
+€2,180
Other debts
-€1,018
Accrued charges and deferred income
-€1,525
Investment (derived)
-€224,872
Investment in fixed assets (net)
-€224,872
Financing
-€63,254
Debts after one year
-€56,623
Current portion of long-term debt
+€3,618
Short-term financial debts
-€10,000
Contributions, distributions and other
-€249
Cash 2025
€331,281
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,885,561 | €1,909,934 | +€24,374 | +1.3% |
| Formation expenses | 20 | €24,275 | €13,138 | -€11,138 | -45.9% |
| Fixed assets | 21/28 | €562,358 | €621,830 | +€59,472 | +10.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €511,000 | €570,472 | +€59,472 | +11.6% |
| Land and buildings | 22 | €0 | €35,000 | +€35,000 | |
| Plant, machinery and equipment | 23 | €83,688 | €97,338 | +€13,650 | +16.3% |
| Furniture and vehicles | 24 | €74,939 | €89,519 | +€14,581 | +19.5% |
| Leasing and similar rights | 25 | €352,373 | €348,615 | -€3,758 | -1.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €51,358 | €51,358 | = | 0.0% |
| Current assets | 29/58 | €1,298,928 | €1,274,967 | -€23,961 | -1.8% |
| Stocks and contracts in progress | 3 | €237,153 | €233,980 | -€3,173 | -1.3% |
| Stocks | 30/36 | €152,253 | €134,080 | -€18,173 | -11.9% |
| Contracts in progress | 37 | €84,900 | €99,900 | +€15,000 | +17.7% |
| Amounts receivable within one year | 40/41 | €851,628 | €689,412 | -€162,216 | -19.0% |
| Trade receivables | 40 | €651,959 | €395,933 | -€256,026 | -39.3% |
| Other amounts receivable | 41 | €199,669 | €293,479 | +€93,810 | +47.0% |
| Cash at bank and in hand | 54/58 | €199,260 | €331,281 | +€132,021 | +66.3% |
| Deferred charges and accrued income | 490/1 | €10,887 | €20,294 | +€9,408 | +86.4% |
| Total equity and liabilities | 10/49 | €1,885,561 | €1,909,934 | +€24,374 | +1.3% |
| Equity | 10/15 | €368,547 | €378,587 | +€10,040 | +2.7% |
| Contributions | 10/11 | €64,058 | €64,058 | = | 0.0% |
| Capital | 10 | €64,058 | €64,058 | = | 0.0% |
| Issued capital | 100 | €64,058 | €64,058 | = | 0.0% |
| Reserves | 13 | €184,607 | €184,607 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,758 | €12,758 | = | 0.0% |
| Legal reserve | 130 | €6,406 | €6,406 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,352 | €6,352 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €163,349 | €163,349 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,391 | €128,679 | +€10,288 | +8.7% |
| Investment grants | 15 | €1,491 | €1,242 | -€249 | -16.7% |
| Provisions and deferred taxes | 16 | €1,001 | €834 | -€167 | -16.7% |
| Deferred taxes | 168 | €1,001 | €834 | -€167 | -16.7% |
| Amounts payable | 17/49 | €1,516,012 | €1,530,513 | +€14,501 | +1.0% |
| Amounts payable after more than one year | 17 | €258,493 | €201,870 | -€56,623 | -21.9% |
| Financial debts | 170/4 | €258,493 | €201,870 | -€56,623 | -21.9% |
| Amounts payable within one year | 42/48 | €1,255,994 | €1,328,643 | +€72,650 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €149,159 | €152,777 | +€3,618 | +2.4% |
| Financial debts | 43 | €465,000 | €455,000 | -€10,000 | -2.2% |
| Credit institutions | 430/8 | €465,000 | €455,000 | -€10,000 | -2.2% |
| Trade debts | 44 | €543,486 | €470,549 | -€72,937 | -13.4% |
| Suppliers | 440/4 | €543,486 | €470,549 | -€72,937 | -13.4% |
| Advances received on contracts in progress | 46 | - | €2,180 | +€2,180 | |
| Taxes, remuneration and social security | 45 | €88,416 | €239,223 | +€150,807 | +170.6% |
| Taxes | 450/3 | €29,260 | €61,960 | +€32,700 | +111.8% |
| Remuneration and social security | 454/9 | €59,156 | €177,263 | +€118,107 | +199.7% |
| Other amounts payable | 47/48 | €9,932 | €8,914 | -€1,018 | -10.2% |
| Accrued charges and deferred income | 492/3 | €1,525 | €0 | -€1,525 | -100.0% |
| Non-recurring operating income | 76A | €7,441 | €0 | -€7,441 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,455,475 | €1,741,547 | +€286,072 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,146 | €176,537 | +€25,391 | +16.8% |
| Other operating charges | 640/8 | €14,560 | €16,417 | +€1,858 | +12.8% |
| Non-recurring operating charges | 66A | €10,926 | - | -€10,926 | |
| Gross operating margin | 9900 | €1,790,861 | €2,008,935 | +€218,073 | +12.2% |
| Operating profit (loss) | 9901 | €158,753 | €74,433 | -€84,321 | -53.1% |
| Financial income | 75/76B | €12,788 | €2,272 | -€10,516 | -82.2% |
| Recurring financial income | 75 | €12,788 | €2,272 | -€10,516 | -82.2% |
| Financial charges | 65/66B | €109,026 | €54,335 | -€54,691 | -50.2% |
| Recurring financial charges | 65 | €109,026 | €54,335 | -€54,691 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €62,515 | €22,370 | -€40,145 | -64.2% |
| Transfer from deferred taxes | 780 | €167 | €167 | = | 0.0% |
| Income taxes | 67/77 | €25,483 | €12,248 | -€13,234 | -51.9% |
| Profit (loss) for the period | 9904 | €37,199 | €10,288 | -€26,911 | -72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,199 | €10,288 | -€26,911 | -72.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.