GS MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€439,977
down €439,977 (-73.6%), from €597,775 to €157,798
mainly Other debts (-€1.7m) and Tax, wage and social debts (-€32,338)
- Receivables within one year -€135,543
down €135,543 (-7.0%), from €2.0m to €1.8m
of which Trade receivables: -€145,383
- Other debts -€1.7m
down €1.7m (-99.7%), from €1.7m to €5,137
- Profit (loss) carried forward +€1.2m
up €1.2m (+53.3%), from €2.2m to €3.3m
- Financial income +€297,764
up €297,764 (+31.2%), from €952,923 to €1.3m
- Gross operating margin -€249,261
down €249,261, from €170,019 to -€79,242
- Taxes -€36,893
down €36,893 (-90.3%), from €40,846 to €3,953
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 | €4,809,671 | €4,227,257 | -€582,414 | -12.1% |
| Fixed assets | 21/28 | €1,475,592 | €1,468,470 | -€7,122 | -0.5% |
| Tangible fixed assets | 22/27 | €251,160 | €244,038 | -€7,122 | -2.8% |
| Land and buildings | 22 | €205,737 | €205,737 | = | 0.0% |
| Furniture and vehicles | 24 | €45,423 | €33,431 | -€11,992 | -26.4% |
| Leasing and similar rights | 25 | - | €4,870 | +€4,870 | |
| Financial fixed assets | 28 | €1,224,432 | €1,224,432 | = | 0.0% |
| Current assets | 29/58 | €3,334,078 | €2,758,787 | -€575,291 | -17.3% |
| Amounts receivable within one year | 40/41 | €1,950,013 | €1,814,471 | -€135,543 | -7.0% |
| Trade receivables | 40 | €1,700,000 | €1,554,618 | -€145,383 | -8.6% |
| Other amounts receivable | 41 | €250,013 | €259,853 | +€9,840 | +3.9% |
| Current investments | 50/53 | €780,000 | €780,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €597,775 | €157,798 | -€439,977 | -73.6% |
| Deferred charges and accrued income | 490/1 | €6,290 | €6,518 | +€228 | +3.6% |
| Total equity and liabilities | 10/49 | €4,809,671 | €4,227,257 | -€582,414 | -12.1% |
| Equity | 10/15 | €2,965,667 | €4,115,939 | +€1.2m | +38.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €789,336 | €789,336 | = | 0.0% |
| Non-distributable reserves | 130/1 | €780,000 | €780,000 | = | 0.0% |
| Own shares acquired | 1312 | €780,000 | €780,000 | = | 0.0% |
| Distributable reserves | 133 | €9,336 | €9,336 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,156,331 | €3,306,603 | +€1.2m | +53.3% |
| Amounts payable | 17/49 | €1,844,004 | €111,318 | -€1.7m | -94.0% |
| Amounts payable after more than one year | 17 | - | €3,050 | +€3,050 | |
| Financial debts | 170/4 | - | €3,050 | +€3,050 | |
| Amounts payable within one year | 42/48 | €1,844,004 | €108,268 | -€1.7m | -94.1% |
| Current portion of amounts payable after more than one year | 42 | - | €1,658 | +€1,658 | |
| Trade debts | 44 | €9,911 | €2,473 | -€7,439 | -75.1% |
| Suppliers | 440/4 | €9,911 | €2,473 | -€7,439 | -75.1% |
| Taxes, remuneration and social security | 45 | €131,338 | €99,000 | -€32,338 | -24.6% |
| Taxes | 450/3 | €121,026 | €90,500 | -€30,526 | -25.2% |
| Remuneration and social security | 454/9 | €10,312 | €8,500 | -€1,812 | -17.6% |
| Other amounts payable | 47/48 | €1,702,754 | €5,137 | -€1.7m | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,264 | €13,807 | +€1,543 | +12.6% |
| Other operating charges | 640/8 | €2,391 | €2,152 | -€239 | -10.0% |
| Gross operating margin | 9900 | €170,019 | -€79,242 | -€249,261 | |
| Operating profit (loss) | 9901 | €155,364 | -€95,201 | -€250,565 | |
| Financial income | 75/76B | €952,923 | €1,250,687 | +€297,764 | +31.2% |
| Recurring financial income | 75 | €952,923 | €1,250,687 | +€297,764 | +31.2% |
| Financial charges | 65/66B | €704 | €1,261 | +€557 | +79.2% |
| Recurring financial charges | 65 | €704 | €1,261 | +€557 | +79.2% |
| Profit (loss) for the period before taxes | 9903 | €1,107,583 | €1,154,225 | +€46,642 | +4.2% |
| Income taxes | 67/77 | €40,846 | €3,953 | -€36,893 | -90.3% |
| Profit (loss) for the period | 9904 | €1,066,737 | €1,150,272 | +€83,535 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,066,737 | €1,150,272 | +€83,535 | +7.8% |
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 24 October 2026 via checked.be.