GS LIEGE: 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 LIEGE
Largest movements
- Receivables within one year -€149,866
down €149,866 (-42.4%), from €353,561 to €203,695
of which Trade receivables: -€170,315
- Tangible fixed assets +€76,976
up €76,976 (+73.6%), from €104,617 to €181,592
- Cash +€55,387
up €55,387 (+43.5%), from €127,285 to €182,673
mainly Receivables within one year (+€149,866) and Debts after one year (+€76,402)
- Debts after one year +€76,402
new in 2025: €76,402
- Tax, wage and social debts -€56,447
down €56,447 (-62.7%), from €89,991 to €33,544
- Reserves -€54,000
down €54,000 (-20.9%), from €258,000 to €204,000
- Current portion of long-term debt +€19,848
new in 2025: €19,848
- Profit (loss) carried forward -€11,911
down €11,911 (-92.8%), from €12,836 to €925
- Gross operating margin -€80,479
down €80,479 (-44.2%), from €181,953 to €101,474
- Taxes -€27,124
down €27,124 (-70.3%), from €38,568 to €11,444
- Depreciation +€11,223
up €11,223 (+66.1%), from €16,971 to €28,194
- Other operating charges +€4,754
up €4,754 (+105%), from €4,512 to €9,266
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 | €587,821 | €570,387 | -€17,434 | -3.0% |
| Fixed assets | 21/28 | €104,741 | €181,716 | +€76,976 | +73.5% |
| Tangible fixed assets | 22/27 | €104,617 | €181,592 | +€76,976 | +73.6% |
| Land and buildings | 22 | €104,617 | €181,592 | +€76,976 | +73.6% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €483,080 | €388,671 | -€94,410 | -19.5% |
| Amounts receivable within one year | 40/41 | €353,561 | €203,695 | -€149,866 | -42.4% |
| Trade receivables | 40 | €353,561 | €183,246 | -€170,315 | -48.2% |
| Other amounts receivable | 41 | - | €20,449 | +€20,449 | |
| Cash at bank and in hand | 54/58 | €127,285 | €182,673 | +€55,387 | +43.5% |
| Deferred charges and accrued income | 490/1 | €2,234 | €2,303 | +€69 | +3.1% |
| Total equity and liabilities | 10/49 | €587,821 | €570,387 | -€17,434 | -3.0% |
| Equity | 10/15 | €320,414 | €254,504 | -€65,911 | -20.6% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €258,000 | €204,000 | -€54,000 | -20.9% |
| Distributable reserves | 133 | €258,000 | €204,000 | -€54,000 | -20.9% |
| Profit (loss) carried forward | 14 | €12,836 | €925 | -€11,911 | -92.8% |
| Amounts payable | 17/49 | €267,407 | €315,883 | +€48,477 | +18.1% |
| Amounts payable after more than one year | 17 | - | €76,402 | +€76,402 | |
| Financial debts | 170/4 | - | €76,402 | +€76,402 | |
| Amounts payable within one year | 42/48 | €267,407 | €239,481 | -€27,926 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | - | €19,848 | +€19,848 | |
| Trade debts | 44 | €77,415 | €86,089 | +€8,673 | +11.2% |
| Suppliers | 440/4 | €77,415 | €86,089 | +€8,673 | +11.2% |
| Taxes, remuneration and social security | 45 | €89,991 | €33,544 | -€56,447 | -62.7% |
| Taxes | 450/3 | €89,991 | €33,544 | -€56,447 | -62.7% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,971 | €28,194 | +€11,223 | +66.1% |
| Other operating charges | 640/8 | €4,512 | €9,266 | +€4,754 | +105% |
| Gross operating margin | 9900 | €181,953 | €101,474 | -€80,479 | -44.2% |
| Operating profit (loss) | 9901 | €160,469 | €64,013 | -€96,456 | -60.1% |
| Financial charges | 65/66B | €16,842 | €18,480 | +€1,638 | +9.7% |
| Recurring financial charges | 65 | €16,842 | €18,480 | +€1,638 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €143,627 | €45,533 | -€98,094 | -68.3% |
| Income taxes | 67/77 | €38,568 | €11,444 | -€27,124 | -70.3% |
| Profit (loss) for the period | 9904 | €105,059 | €34,089 | -€70,970 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,059 | €34,089 | -€70,970 | -67.6% |
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 29 October 2026 via checked.be.