GS PROJECT: 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 PROJECT
Largest movements
- Deferred charges and accrued income -€35,635
down €35,635 (-59.0%), from €60,358 to €24,722
- Cash -€24,168
down €24,168 (-26.4%), from €91,462 to €67,295
mainly Tax, wage and social debts (-€43,993) and Investment in fixed assets (net) (-€37,930)
- Tangible fixed assets +€17,348
up €17,348 (+2.5%), from €707,977 to €725,325
- Tax, wage and social debts -€43,993
down €43,993 (-95.7%), from €45,975 to €1,981
- Accrued charges and deferred income -€19,840
down €19,840 (-100.0%), from €19,840 to €0
- Other operating charges -€45,658
down €45,658 (-97.3%), from €46,917 to €1,259
- Gross operating margin -€29,744
down €29,744 (-50.9%), from €58,494 to €28,750
- Depreciation +€13,954
up €13,954 (+210.5%), from €6,628 to €20,582
- Financial charges +€6,444
up €6,444 (+3085.1%), from €209 to €6,653
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 | €896,110 | €840,378 | -€55,732 | -6.2% |
| Fixed assets | 21/28 | €707,977 | €725,325 | +€17,348 | +2.5% |
| Tangible fixed assets | 22/27 | €707,977 | €725,325 | +€17,348 | +2.5% |
| Land and buildings | 22 | €707,977 | €725,325 | +€17,348 | +2.5% |
| Current assets | 29/58 | €188,133 | €115,054 | -€73,079 | -38.8% |
| Stocks and contracts in progress | 3 | €5,130 | €0 | -€5,130 | -100.0% |
| Stocks | 30/36 | €5,130 | €0 | -€5,130 | -100.0% |
| Amounts receivable within one year | 40/41 | €31,183 | €23,036 | -€8,146 | -26.1% |
| Trade receivables | 40 | €29,970 | €22,690 | -€7,280 | -24.3% |
| Other amounts receivable | 41 | €1,212 | €346 | -€866 | -71.4% |
| Cash at bank and in hand | 54/58 | €91,462 | €67,295 | -€24,168 | -26.4% |
| Deferred charges and accrued income | 490/1 | €60,358 | €24,722 | -€35,635 | -59.0% |
| Total equity and liabilities | 10/49 | €896,110 | €840,378 | -€55,732 | -6.2% |
| Equity | 10/15 | €99,583 | €99,770 | +€186 | +0.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €9,500 | €9,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €9,500 | €9,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83 | €270 | +€186 | +224.1% |
| Amounts payable | 17/49 | €796,526 | €740,609 | -€55,918 | -7.0% |
| Amounts payable after more than one year | 17 | €165,000 | €165,000 | = | 0.0% |
| Financial debts | 170/4 | €165,000 | €165,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €611,686 | €575,609 | -€36,078 | -5.9% |
| Trade debts | 44 | €15,649 | €17,067 | +€1,418 | +9.1% |
| Suppliers | 440/4 | €15,649 | €17,067 | +€1,418 | +9.1% |
| Taxes, remuneration and social security | 45 | €45,975 | €1,981 | -€43,993 | -95.7% |
| Taxes | 450/3 | €45,975 | €1,981 | -€43,993 | -95.7% |
| Other amounts payable | 47/48 | €550,063 | €556,560 | +€6,497 | +1.2% |
| Accrued charges and deferred income | 492/3 | €19,840 | €0 | -€19,840 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,628 | €20,582 | +€13,954 | +210.5% |
| Other operating charges | 640/8 | €46,917 | €1,259 | -€45,658 | -97.3% |
| Gross operating margin | 9900 | €58,494 | €28,750 | -€29,744 | -50.9% |
| Operating profit (loss) | 9901 | €4,949 | €6,909 | +€1,960 | +39.6% |
| Financial charges | 65/66B | €209 | €6,653 | +€6,444 | +3085.1% |
| Recurring financial charges | 65 | €209 | €6,653 | +€6,444 | +3085.1% |
| Profit (loss) for the period before taxes | 9903 | €4,740 | €256 | -€4,484 | -94.6% |
| Income taxes | 67/77 | €156 | €70 | -€86 | -55.2% |
| Profit (loss) for the period | 9904 | €4,584 | €186 | -€4,398 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,584 | €186 | -€4,398 | -95.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.