GS-MAT SA: 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-MAT SA
Largest movements
- Receivables within one year -€48,083
down €48,083 (-61.3%), from €78,448 to €30,365
of which Trade receivables: -€49,453
- Cash -€20,600
down €20,600 (-88.6%), from €23,251 to €2,651
mainly Tax, wage and social debts (-€34,958) and Other debts (-€31,434)
- Stocks and contracts -€18,585
down €18,585 (-17.7%), from €104,974 to €86,389
- Tax, wage and social debts -€34,958
no longer reported in 2025 (was €34,958)
- Other debts -€31,434
down €31,434 (-34.2%), from €91,900 to €60,466
- Profit (loss) carried forward -€13,937
down €13,937 (-7.9%), from -€176,763 to -€190,700
- Trade debts -€5,223
down €5,223 (-47.2%), from €11,065 to €5,842
- Gross operating margin -€57,767
down €57,767, from €51,960 to -€5,807
- Financial charges -€1,073
down €1,073 (-11.8%), from €9,098 to €8,025
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 | €207,051 | €119,797 | -€87,254 | -42.1% |
| Current assets | 29/58 | €207,051 | €119,797 | -€87,254 | -42.1% |
| Stocks and contracts in progress | 3 | €104,974 | €86,389 | -€18,585 | -17.7% |
| Stocks | 30/36 | €104,974 | €86,389 | -€18,585 | -17.7% |
| Amounts receivable within one year | 40/41 | €78,448 | €30,365 | -€48,083 | -61.3% |
| Trade receivables | 40 | €78,448 | €28,995 | -€49,453 | -63.0% |
| Other amounts receivable | 41 | - | €1,370 | +€1,370 | |
| Cash at bank and in hand | 54/58 | €23,251 | €2,651 | -€20,600 | -88.6% |
| Deferred charges and accrued income | 490/1 | €378 | €392 | +€14 | +3.7% |
| Total equity and liabilities | 10/49 | €207,051 | €119,797 | -€87,254 | -42.1% |
| Equity | 10/15 | -€58,484 | -€72,421 | -€13,937 | -23.8% |
| Contributions | 10/11 | €96,500 | €96,500 | = | 0.0% |
| Capital | 10 | €96,500 | €96,500 | = | 0.0% |
| Issued capital | 100 | €96,500 | €96,500 | = | 0.0% |
| Reserves | 13 | €21,779 | €21,779 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €15,629 | €15,629 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€176,763 | -€190,700 | -€13,937 | -7.9% |
| Amounts payable | 17/49 | €265,535 | €192,218 | -€73,317 | -27.6% |
| Amounts payable within one year | 42/48 | €262,923 | €191,308 | -€71,615 | -27.2% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €11,065 | €5,842 | -€5,223 | -47.2% |
| Suppliers | 440/4 | €11,065 | €5,842 | -€5,223 | -47.2% |
| Taxes, remuneration and social security | 45 | €34,958 | - | -€34,958 | |
| Taxes | 450/3 | €34,958 | - | -€34,958 | |
| Other amounts payable | 47/48 | €91,900 | €60,466 | -€31,434 | -34.2% |
| Accrued charges and deferred income | 492/3 | €2,612 | €910 | -€1,702 | -65.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€337 | - | +€337 | |
| Other operating charges | 640/8 | €106 | €106 | = | 0.0% |
| Gross operating margin | 9900 | €51,960 | -€5,807 | -€57,767 | |
| Operating profit (loss) | 9901 | €52,191 | -€5,913 | -€58,104 | |
| Financial charges | 65/66B | €9,098 | €8,025 | -€1,073 | -11.8% |
| Recurring financial charges | 65 | €9,098 | €8,025 | -€1,073 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €43,093 | -€13,938 | -€57,031 | |
| Profit (loss) for the period | 9904 | €43,093 | -€13,938 | -€57,031 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,093 | -€13,938 | -€57,031 |
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 25 October 2026 via checked.be.