GS ENGINEERING: 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.
GS ENGINEERING
Largest movements
- Stocks and contracts +€39,490
new in 2025: €39,490
- Receivables within one year -€13,658
down €13,658 (-43.9%), from €31,128 to €17,469
of which Trade receivables: -€14,128
- Cash +€11,009
up €11,009 (+5.8%), from €190,241 to €201,250
mainly Trade debts (+€23,776) and Advances received (+€17,200)
- Tangible fixed assets -€7,184
down €7,184 (-34.7%), from €20,730 to €13,545
of which Furniture and vehicles: -€6,008
- Trade debts +€23,776
up €23,776 (+132309.6%), from €18 to €23,794
- Advances received +€17,200
new in 2025: €17,200
- Tax, wage and social debts -€8,071
down €8,071 (-42.0%), from €19,210 to €11,139
of which Taxes: -€8,071
- Debts after one year -€5,615
no longer reported in 2025 (was €5,615)
- Gross operating margin -€15,232
down €15,232 (-55.8%), from €27,294 to €12,062
- Taxes -€4,113
down €4,113 (-64.9%), from €6,339 to €2,226
- Financial income +€298
up €298 (+124.2%), from €240 to €538
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 | €242,526 | €271,980 | +€29,454 | +12.1% |
| Fixed assets | 21/28 | €20,730 | €13,545 | -€7,184 | -34.7% |
| Tangible fixed assets | 22/27 | €20,730 | €13,545 | -€7,184 | -34.7% |
| Plant, machinery and equipment | 23 | €3,824 | €2,648 | -€1,176 | -30.8% |
| Furniture and vehicles | 24 | €16,906 | €10,897 | -€6,008 | -35.5% |
| Current assets | 29/58 | €221,797 | €258,435 | +€36,638 | +16.5% |
| Stocks and contracts in progress | 3 | - | €39,490 | +€39,490 | |
| Stocks | 30/36 | - | €39,490 | +€39,490 | |
| Amounts receivable within one year | 40/41 | €31,128 | €17,469 | -€13,658 | -43.9% |
| Trade receivables | 40 | €14,128 | - | -€14,128 | |
| Other amounts receivable | 41 | €17,000 | €17,469 | +€469 | +2.8% |
| Cash at bank and in hand | 54/58 | €190,241 | €201,250 | +€11,009 | +5.8% |
| Deferred charges and accrued income | 490/1 | €428 | €226 | -€202 | -47.3% |
| Total equity and liabilities | 10/49 | €242,526 | €271,980 | +€29,454 | +12.1% |
| Equity | 10/15 | €210,693 | €213,239 | +€2,546 | +1.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €207,693 | €210,239 | +€2,546 | +1.2% |
| Distributable reserves | 133 | €207,693 | €210,239 | +€2,546 | +1.2% |
| Amounts payable | 17/49 | €31,833 | €58,741 | +€26,908 | +84.5% |
| Amounts payable after more than one year | 17 | €5,615 | - | -€5,615 | |
| Financial debts | 170/4 | €5,615 | - | -€5,615 | |
| Amounts payable within one year | 42/48 | €26,219 | €58,741 | +€32,523 | +124.0% |
| Current portion of amounts payable after more than one year | 42 | €6,682 | €5,615 | -€1,067 | -16.0% |
| Trade debts | 44 | €18 | €23,794 | +€23,776 | +132309.6% |
| Suppliers | 440/4 | €18 | €23,794 | +€23,776 | +132309.6% |
| Advances received on contracts in progress | 46 | - | €17,200 | +€17,200 | |
| Taxes, remuneration and social security | 45 | €19,210 | €11,139 | -€8,071 | -42.0% |
| Taxes | 450/3 | €17,810 | €9,739 | -€8,071 | -45.3% |
| Remuneration and social security | 454/9 | €1,400 | €1,400 | = | 0.0% |
| Other amounts payable | 47/48 | €308 | €993 | +€685 | +222.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,107 | €7,184 | +€77 | +1.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €27,294 | €12,062 | -€15,232 | -55.8% |
| Operating profit (loss) | 9901 | €19,800 | €4,478 | -€15,322 | -77.4% |
| Financial income | 75/76B | €240 | €538 | +€298 | +124.2% |
| Recurring financial income | 75 | €240 | €538 | +€298 | +124.2% |
| Financial charges | 65/66B | €291 | €244 | -€47 | -16.2% |
| Recurring financial charges | 65 | €291 | €244 | -€47 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €19,748 | €4,772 | -€14,977 | -75.8% |
| Income taxes | 67/77 | €6,339 | €2,226 | -€4,113 | -64.9% |
| Profit (loss) for the period | 9904 | €13,410 | €2,546 | -€10,864 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,410 | €2,546 | -€10,864 | -81.0% |
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 7 October 2026 via checked.be.