GS04: 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.
GS04
Largest movements
- Tangible fixed assets +€44,029
up €44,029 (+304%), from €14,480 to €58,508
of which Furniture and vehicles: +€46,004
- Cash -€4,276
down €4,276 (-18.7%), from €22,812 to €18,536
mainly Investment in fixed assets (net) (-€53,645) and Contributions, distributions and other (-€35,411)
- Receivables after one year -€1,274
down €1,274 (-26.8%), from €4,763 to €3,489
- Debts after one year +€38,577
up €38,577 (+751%), from €5,136 to €43,714
- Other debts -€24,474
down €24,474 (-91.8%), from €26,645 to €2,172
- Current portion of long-term debt +€10,898
up €10,898 (+386%), from €2,826 to €13,724
- Profit (loss) carried forward +€10,455
new in 2025: €10,455
- Tax, wage and social debts +€1,661
up €1,661 (+29.2%), from €5,693 to €7,354
- Gross operating margin +€34,525
up €34,525 (+80.2%), from €43,023 to €77,548
- Taxes +€10,329
up €10,329 (+121%), from €8,527 to €18,856
- Depreciation +€4,540
up €4,540 (+89.4%), from €5,076 to €9,616
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 | €60,671 | €98,906 | +€38,235 | +63.0% |
| Fixed assets | 21/28 | €14,480 | €58,508 | +€44,029 | +304% |
| Tangible fixed assets | 22/27 | €14,480 | €58,508 | +€44,029 | +304% |
| Land and buildings | 22 | €8,989 | €7,293 | -€1,696 | -18.9% |
| Furniture and vehicles | 24 | €4,308 | €50,312 | +€46,004 | +1,068% |
| Other tangible fixed assets | 26 | €1,183 | €904 | -€279 | -23.6% |
| Current assets | 29/58 | €46,192 | €40,398 | -€5,794 | -12.5% |
| Amounts receivable after more than one year | 29 | €4,763 | €3,489 | -€1,274 | -26.8% |
| Trade receivables | 290 | €4,763 | €3,489 | -€1,274 | -26.8% |
| Amounts receivable within one year | 40/41 | €16,093 | €16,225 | +€132 | +0.8% |
| Trade receivables | 40 | €14,837 | €14,926 | +€89 | +0.6% |
| Other amounts receivable | 41 | €1,256 | €1,299 | +€43 | +3.5% |
| Cash at bank and in hand | 54/58 | €22,812 | €18,536 | -€4,276 | -18.7% |
| Deferred charges and accrued income | 490/1 | €2,523 | €2,147 | -€376 | -14.9% |
| Total equity and liabilities | 10/49 | €60,671 | €98,906 | +€38,235 | +63.0% |
| Equity | 10/15 | €18,600 | €29,055 | +€10,455 | +56.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €10,455 | +€10,455 | |
| Amounts payable | 17/49 | €42,071 | €69,851 | +€27,780 | +66.0% |
| Amounts payable after more than one year | 17 | €5,136 | €43,714 | +€38,577 | +751% |
| Financial debts | 170/4 | €5,136 | €43,714 | +€38,577 | +751% |
| Amounts payable within one year | 42/48 | €36,935 | €26,138 | -€10,797 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €2,826 | €13,724 | +€10,898 | +386% |
| Financial debts | 43 | €799 | €1,492 | +€694 | +86.9% |
| Credit institutions | 430/8 | €799 | - | -€799 | |
| Other loans | 439 | - | €1,492 | +€1,492 | |
| Trade debts | 44 | €971 | €1,396 | +€425 | +43.7% |
| Suppliers | 440/4 | €971 | €1,396 | +€425 | +43.7% |
| Taxes, remuneration and social security | 45 | €5,693 | €7,354 | +€1,661 | +29.2% |
| Taxes | 450/3 | €5,693 | €7,354 | +€1,661 | +29.2% |
| Other amounts payable | 47/48 | €26,645 | €2,172 | -€24,474 | -91.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,076 | €9,616 | +€4,540 | +89.4% |
| Other operating charges | 640/8 | €914 | €1,000 | +€86 | +9.4% |
| Gross operating margin | 9900 | €43,023 | €77,548 | +€34,525 | +80.2% |
| Operating profit (loss) | 9901 | €37,033 | €66,932 | +€29,900 | +80.7% |
| Financial income | 75/76B | €114 | €220 | +€106 | +93.3% |
| Recurring financial income | 75 | €114 | €220 | +€106 | +93.3% |
| Financial charges | 65/66B | €2,218 | €2,430 | +€212 | +9.6% |
| Recurring financial charges | 65 | €2,218 | €2,430 | +€212 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €34,929 | €64,722 | +€29,794 | +85.3% |
| Income taxes | 67/77 | €8,527 | €18,856 | +€10,329 | +121% |
| Profit (loss) for the period | 9904 | €26,401 | €45,866 | +€19,465 | +73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,401 | €45,866 | +€19,465 | +73.7% |
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 24 October 2026 via checked.be.