GS FAES: 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 FAES
Largest movements
- Receivables within one year -€59,216
down €59,216 (-45.4%), from €130,434 to €71,219
of which Trade receivables: -€73,739
- Cash -€15,053
down €15,053 (-53.0%), from €28,404 to €13,351
mainly Other debts (-€62,596) and Debts after one year (-€21,738)
- Tangible fixed assets -€11,859
down €11,859 (-2.6%), from €458,600 to €446,742
of which Land and buildings: -€10,939
- Other debts -€62,596
down €62,596 (-73.3%), from €85,386 to €22,790
- Debts after one year -€21,738
down €21,738 (-5.7%), from €384,658 to €362,920
- Trade debts -€18,753
down €18,753 (-71.2%), from €26,350 to €7,597
- Profit (loss) carried forward +€17,081
up €17,081 (+19.3%), from €88,578 to €105,659
- Tax, wage and social debts -€11,714
down €11,714 (-80.5%), from €14,560 to €2,846
- Gross operating margin -€81,449
down €81,449 (-59.1%), from €137,823 to €56,374
- Depreciation -€53,121
down €53,121 (-81.2%), from €65,389 to €12,268
- Financial charges +€7,560
up €7,560 (+80.1%), from €9,440 to €17,000
- Taxes -€6,772
down €6,772 (-50.6%), from €13,387 to €6,614
- Other operating charges -€3,448
down €3,448 (-46.7%), from €7,376 to €3,928
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 | €625,417 | €535,217 | -€90,200 | -14.4% |
| Formation expenses | 20 | €983 | €574 | -€409 | -41.6% |
| Fixed assets | 21/28 | €460,020 | €448,162 | -€11,859 | -2.6% |
| Tangible fixed assets | 22/27 | €458,600 | €446,742 | -€11,859 | -2.6% |
| Land and buildings | 22 | €453,363 | €442,423 | -€10,939 | -2.4% |
| Plant, machinery and equipment | 23 | €4,942 | €4,318 | -€624 | -12.6% |
| Furniture and vehicles | 24 | €296 | - | -€296 | |
| Financial fixed assets | 28 | €1,420 | €1,420 | = | 0.0% |
| Current assets | 29/58 | €164,414 | €86,482 | -€77,932 | -47.4% |
| Amounts receivable within one year | 40/41 | €130,434 | €71,219 | -€59,216 | -45.4% |
| Trade receivables | 40 | €127,843 | €54,104 | -€73,739 | -57.7% |
| Other amounts receivable | 41 | €2,591 | €17,114 | +€14,523 | +560.5% |
| Cash at bank and in hand | 54/58 | €28,404 | €13,351 | -€15,053 | -53.0% |
| Deferred charges and accrued income | 490/1 | €5,576 | €1,912 | -€3,663 | -65.7% |
| Total equity and liabilities | 10/49 | €625,417 | €535,217 | -€90,200 | -14.4% |
| Equity | 10/15 | €93,578 | €110,659 | +€17,081 | +18.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,578 | €105,659 | +€17,081 | +19.3% |
| Amounts payable | 17/49 | €531,839 | €424,559 | -€107,281 | -20.2% |
| Amounts payable after more than one year | 17 | €384,658 | €362,920 | -€21,738 | -5.7% |
| Financial debts | 170/4 | €384,658 | €362,920 | -€21,738 | -5.7% |
| Amounts payable within one year | 42/48 | €147,181 | €61,639 | -€85,543 | -58.1% |
| Current portion of amounts payable after more than one year | 42 | €20,884 | €28,405 | +€7,520 | +36.0% |
| Trade debts | 44 | €26,350 | €7,597 | -€18,753 | -71.2% |
| Suppliers | 440/4 | €26,350 | €7,597 | -€18,753 | -71.2% |
| Taxes, remuneration and social security | 45 | €14,560 | €2,846 | -€11,714 | -80.5% |
| Taxes | 450/3 | €14,560 | €2,846 | -€11,714 | -80.5% |
| Other amounts payable | 47/48 | €85,386 | €22,790 | -€62,596 | -73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,389 | €12,268 | -€53,121 | -81.2% |
| Other operating charges | 640/8 | €7,376 | €3,928 | -€3,448 | -46.7% |
| Non-recurring operating charges | 66A | - | €150 | +€150 | |
| Gross operating margin | 9900 | €137,823 | €56,374 | -€81,449 | -59.1% |
| Operating profit (loss) | 9901 | €65,059 | €40,028 | -€25,031 | -38.5% |
| Financial income | 75/76B | €3 | €667 | +€665 | +25370.2% |
| Recurring financial income | 75 | €3 | €667 | +€665 | +25370.2% |
| Financial charges | 65/66B | €9,440 | €17,000 | +€7,560 | +80.1% |
| Recurring financial charges | 65 | €9,440 | €17,000 | +€7,560 | +80.1% |
| Profit (loss) for the period before taxes | 9903 | €55,622 | €23,695 | -€31,926 | -57.4% |
| Income taxes | 67/77 | €13,387 | €6,614 | -€6,772 | -50.6% |
| Profit (loss) for the period | 9904 | €42,235 | €17,081 | -€25,154 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,235 | €17,081 | -€25,154 | -59.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.