GS PARTNER: 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 PARTNER
Largest movements
- Tangible fixed assets +€137,090
up €137,090 (+161.1%), from €85,091 to €222,181
of which Leasing and similar rights: +€136,113
- Receivables within one year -€38,738
down €38,738 (-20.5%), from €188,739 to €150,001
- Cash +€30,834
up €30,834 (+47.0%), from €65,596 to €96,430
mainly Debts after one year (+€66,319) and Depreciation (+€48,655)
- Deferred charges and accrued income +€6,797
up €6,797 (+486.1%), from €1,398 to €8,196
- Debts after one year +€66,319
up €66,319 (+133.7%), from €49,588 to €115,907
- Current portion of long-term debt +€44,358
up €44,358 (+209.5%), from €21,173 to €65,531
- Trade debts +€20,676
up €20,676 (+48.0%), from €43,049 to €63,725
- Profit (loss) carried forward +€9,895
up €9,895 (+15.9%), from -€62,275 to -€52,381
- Staff costs +€108,684
up €108,684 (+16.7%), from €652,376 to €761,060
- Gross operating margin +€82,260
up €82,260 (+10.5%), from €782,177 to €864,438
- Depreciation -€13,674
down €13,674 (-21.9%), from €62,329 to €48,655
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 | €391,602 | €527,586 | +€135,983 | +34.7% |
| Fixed assets | 21/28 | €135,869 | €272,959 | +€137,090 | +100.9% |
| Tangible fixed assets | 22/27 | €85,091 | €222,181 | +€137,090 | +161.1% |
| Plant, machinery and equipment | 23 | €2,248 | €1,558 | -€690 | -30.7% |
| Furniture and vehicles | 24 | €43,923 | €45,590 | +€1,667 | +3.8% |
| Leasing and similar rights | 25 | €38,919 | €175,033 | +€136,113 | +349.7% |
| Financial fixed assets | 28 | €50,778 | €50,778 | = | 0.0% |
| Current assets | 29/58 | €255,734 | €254,627 | -€1,107 | -0.4% |
| Amounts receivable within one year | 40/41 | €188,739 | €150,001 | -€38,738 | -20.5% |
| Trade receivables | 40 | €188,739 | €150,001 | -€38,738 | -20.5% |
| Cash at bank and in hand | 54/58 | €65,596 | €96,430 | +€30,834 | +47.0% |
| Deferred charges and accrued income | 490/1 | €1,398 | €8,196 | +€6,797 | +486.1% |
| Total equity and liabilities | 10/49 | €391,602 | €527,586 | +€135,983 | +34.7% |
| Equity | 10/15 | -€45,375 | -€35,481 | +€9,895 | +21.8% |
| Contributions | 10/11 | €16,900 | €16,900 | = | 0.0% |
| Outside capital | 11 | €16,900 | €16,900 | = | 0.0% |
| Other | 1109/19 | €16,900 | €16,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,275 | -€52,381 | +€9,895 | +15.9% |
| Amounts payable | 17/49 | €436,978 | €563,067 | +€126,089 | +28.9% |
| Amounts payable after more than one year | 17 | €49,588 | €115,907 | +€66,319 | +133.7% |
| Financial debts | 170/4 | €49,588 | €115,907 | +€66,319 | +133.7% |
| Amounts payable within one year | 42/48 | €387,389 | €447,159 | +€59,770 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €21,173 | €65,531 | +€44,358 | +209.5% |
| Trade debts | 44 | €43,049 | €63,725 | +€20,676 | +48.0% |
| Suppliers | 440/4 | €43,049 | €63,725 | +€20,676 | +48.0% |
| Taxes, remuneration and social security | 45 | €322,651 | €317,797 | -€4,854 | -1.5% |
| Taxes | 450/3 | €61,849 | €65,677 | +€3,828 | +6.2% |
| Remuneration and social security | 454/9 | €260,802 | €252,119 | -€8,683 | -3.3% |
| Other amounts payable | 47/48 | €516 | €106 | -€410 | -79.4% |
| Remuneration, social security and pensions | 62 | €652,376 | €761,060 | +€108,684 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,329 | €48,655 | -€13,674 | -21.9% |
| Other operating charges | 640/8 | €20,775 | €28,199 | +€7,424 | +35.7% |
| Non-recurring operating charges | 66A | €8,286 | - | -€8,286 | |
| Gross operating margin | 9900 | €782,177 | €864,438 | +€82,260 | +10.5% |
| Operating profit (loss) | 9901 | €38,411 | €26,524 | -€11,887 | -30.9% |
| Financial income | 75/76B | €26 | - | -€26 | |
| Recurring financial income | 75 | €26 | - | -€26 | |
| Financial charges | 65/66B | €11,423 | €12,438 | +€1,016 | +8.9% |
| Recurring financial charges | 65 | €11,423 | €12,438 | +€1,016 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €27,014 | €14,085 | -€12,929 | -47.9% |
| Income taxes | 67/77 | €454 | €4,191 | +€3,737 | +823.8% |
| Profit (loss) for the period | 9904 | €26,560 | €9,895 | -€16,666 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,560 | €9,895 | -€16,666 | -62.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.