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
- Receivables within one year +€23,086
up €23,086 (+47.4%), from €48,745 to €71,831
of which Other amounts receivable: +€24,846
- Cash +€19,841
up €19,841 (+228%), from €8,694 to €28,536
mainly Net result for the year (+€37,801) and Tax, wage and social debts (+€14,070)
- Current investments +€8,000
new in 2025: €8,000
- Profit (loss) carried forward +€36,942
up €36,942, from €0 to €36,942
- Tax, wage and social debts +€14,070
up €14,070 (+73.9%), from €19,036 to €33,106
- Gross operating margin +€3,065
up €3,065 (+6.0%), from €51,040 to €54,105
- Financial charges +€2,156
up €2,156 (+649%), from €332 to €2,488
- Taxes +€1,653
up €1,653 (+14.2%), from €11,676 to €13,329
- Financial income +€955
up €955 (+676%), from €141 to €1,097
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 | €58,001 | €108,870 | +€50,869 | +87.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | - | €499 | +€499 | |
| Tangible fixed assets | 22/27 | - | €499 | +€499 | |
| Furniture and vehicles | 24 | - | €499 | +€499 | |
| Current assets | 29/58 | €58,001 | €108,372 | +€50,371 | +86.8% |
| Amounts receivable within one year | 40/41 | €48,745 | €71,831 | +€23,086 | +47.4% |
| Trade receivables | 40 | €16,101 | €14,340 | -€1,761 | -10.9% |
| Other amounts receivable | 41 | €32,644 | €57,490 | +€24,846 | +76.1% |
| Current investments | 50/53 | - | €8,000 | +€8,000 | |
| Cash at bank and in hand | 54/58 | €8,694 | €28,536 | +€19,841 | +228% |
| Deferred charges and accrued income | 490/1 | €561 | €5 | -€556 | -99.1% |
| Total equity and liabilities | 10/49 | €58,001 | €108,870 | +€50,869 | +87.7% |
| Equity | 10/15 | €37,182 | €74,124 | +€36,942 | +99.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €36,182 | €36,182 | = | 0.0% |
| Distributable reserves | 133 | €36,182 | €36,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €36,942 | +€36,942 | |
| Amounts payable | 17/49 | €20,819 | €34,746 | +€13,927 | +66.9% |
| Amounts payable within one year | 42/48 | €20,819 | €34,746 | +€13,927 | +66.9% |
| Trade debts | 44 | €1,783 | €1,640 | -€143 | -8.0% |
| Suppliers | 440/4 | €1,783 | €1,640 | -€143 | -8.0% |
| Taxes, remuneration and social security | 45 | €19,036 | €33,106 | +€14,070 | +73.9% |
| Taxes | 450/3 | €19,036 | €33,106 | +€14,070 | +73.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €701 | €203 | -€498 | -71.0% |
| Other operating charges | 640/8 | €1,145 | €1,381 | +€236 | +20.6% |
| Gross operating margin | 9900 | €51,040 | €54,105 | +€3,065 | +6.0% |
| Operating profit (loss) | 9901 | €49,193 | €52,521 | +€3,328 | +6.8% |
| Financial income | 75/76B | €141 | €1,097 | +€955 | +676% |
| Recurring financial income | 75 | €141 | €1,097 | +€955 | +676% |
| Financial charges | 65/66B | €332 | €2,488 | +€2,156 | +649% |
| Recurring financial charges | 65 | €332 | €2,488 | +€2,156 | +649% |
| Profit (loss) for the period before taxes | 9903 | €49,003 | €51,130 | +€2,128 | +4.3% |
| Income taxes | 67/77 | €11,676 | €13,329 | +€1,653 | +14.2% |
| Profit (loss) for the period | 9904 | €37,326 | €37,801 | +€475 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,326 | €37,801 | +€475 | +1.3% |
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 20 October 2026 via checked.be.