GS-TRADING: what changed
GS-TRADING
Largest movements
- Receivables within one year -€88,030
down €88,030 (-36.7%), from €240,015 to €151,985
of which Trade receivables: -€85,819
- Tangible fixed assets -€46,900
down €46,900 (-7.2%), from €650,962 to €604,062
of which Land and buildings: -€35,359
- Cash -€22,872
down €22,872 (-37.8%), from €60,488 to €37,616
mainly Short-term financial debts (-€106,132) and Tax, wage and social debts (-€72,031)
- Stocks and contracts -€21,624
down €21,624 (-2.5%), from €880,321 to €858,697
- Short-term financial debts -€106,132
down €106,132 (-28.8%), from €368,632 to €262,500
- Tax, wage and social debts -€72,031
down €72,031 (-45.1%), from €159,598 to €87,566
of which Taxes: -€74,161
- Trade debts -€59,614
down €59,614 (-35.6%), from €167,257 to €107,642
- Debts after one year +€56,397
up €56,397 (+13.5%), from €417,809 to €474,205
- Other debts -€32,094
down €32,094 (-9.8%), from €326,146 to €294,052
- Gross operating margin -€85,041
down €85,041 (-25.5%), from €333,620 to €248,579
- Staff costs -€45,815
down €45,815 (-28.5%), from €160,685 to €114,870
- Other operating charges -€18,330
down €18,330 (-85.4%), from €21,473 to €3,143
- Financial charges -€5,309
down €5,309 (-9.7%), from €54,976 to €49,667
- Depreciation +€4,725
up €4,725 (+9.2%), from €51,149 to €55,874
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,833,226 | €1,655,132 | -€178,094 | -9.7% |
| Fixed assets | 21/28 | €650,962 | €604,062 | -€46,900 | -7.2% |
| Tangible fixed assets | 22/27 | €650,962 | €604,062 | -€46,900 | -7.2% |
| Land and buildings | 22 | €597,066 | €561,707 | -€35,359 | -5.9% |
| Plant, machinery and equipment | 23 | €24,746 | €26,225 | +€1,478 | +6.0% |
| Furniture and vehicles | 24 | €13,868 | €8,719 | -€5,149 | -37.1% |
| Other tangible fixed assets | 26 | €15,282 | €7,412 | -€7,870 | -51.5% |
| Current assets | 29/58 | €1,182,264 | €1,051,070 | -€131,194 | -11.1% |
| Stocks and contracts in progress | 3 | €880,321 | €858,697 | -€21,624 | -2.5% |
| Stocks | 30/36 | €880,321 | €858,697 | -€21,624 | -2.5% |
| Amounts receivable within one year | 40/41 | €240,015 | €151,985 | -€88,030 | -36.7% |
| Trade receivables | 40 | €237,358 | €151,539 | -€85,819 | -36.2% |
| Other amounts receivable | 41 | €2,657 | €446 | -€2,211 | -83.2% |
| Cash at bank and in hand | 54/58 | €60,488 | €37,616 | -€22,872 | -37.8% |
| Deferred charges and accrued income | 490/1 | €1,440 | €2,772 | +€1,332 | +92.4% |
| Total equity and liabilities | 10/49 | €1,833,226 | €1,655,132 | -€178,094 | -9.7% |
| Equity | 10/15 | €368,998 | €374,543 | +€5,545 | +1.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €335,104 | €340,649 | +€5,545 | +1.7% |
| Distributable reserves | 133 | €335,104 | €340,649 | +€5,545 | +1.7% |
| Profit (loss) carried forward | 14 | €14,894 | €14,894 | = | 0.0% |
| Amounts payable | 17/49 | €1,464,228 | €1,280,589 | -€183,639 | -12.5% |
| Amounts payable after more than one year | 17 | €417,809 | €474,205 | +€56,397 | +13.5% |
| Financial debts | 170/4 | €417,809 | €474,205 | +€56,397 | +13.5% |
| Amounts payable within one year | 42/48 | €1,046,419 | €806,383 | -€240,036 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €24,787 | €54,623 | +€29,835 | +120% |
| Financial debts | 43 | €368,632 | €262,500 | -€106,132 | -28.8% |
| Other loans | 439 | €368,632 | €262,500 | -€106,132 | -28.8% |
| Trade debts | 44 | €167,257 | €107,642 | -€59,614 | -35.6% |
| Suppliers | 440/4 | €167,257 | €107,642 | -€59,614 | -35.6% |
| Taxes, remuneration and social security | 45 | €159,598 | €87,566 | -€72,031 | -45.1% |
| Taxes | 450/3 | €132,868 | €58,707 | -€74,161 | -55.8% |
| Remuneration and social security | 454/9 | €26,730 | €28,860 | +€2,129 | +8.0% |
| Other amounts payable | 47/48 | €326,146 | €294,052 | -€32,094 | -9.8% |
| Non-recurring operating income | 76A | €3,068 | - | -€3,068 | |
| Remuneration, social security and pensions | 62 | €160,685 | €114,870 | -€45,815 | -28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,149 | €55,874 | +€4,725 | +9.2% |
| Other operating charges | 640/8 | €21,473 | €3,143 | -€18,330 | -85.4% |
| Gross operating margin | 9900 | €333,620 | €248,579 | -€85,041 | -25.5% |
| Operating profit (loss) | 9901 | €100,313 | €74,692 | -€25,622 | -25.5% |
| Financial income | 75/76B | €1,668 | €503 | -€1,164 | -69.8% |
| Recurring financial income | 75 | €1,668 | €503 | -€1,164 | -69.8% |
| Financial charges | 65/66B | €54,976 | €49,667 | -€5,309 | -9.7% |
| Recurring financial charges | 65 | €54,976 | €49,667 | -€5,309 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €47,005 | €25,528 | -€21,477 | -45.7% |
| Income taxes | 67/77 | €15,911 | €19,983 | +€4,071 | +25.6% |
| Profit (loss) for the period | 9904 | €31,094 | €5,545 | -€25,548 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,094 | €5,545 | -€25,548 | -82.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.