GSA Partner: 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.
GSA Partner
Largest movements
- Cash -€25,038
down €25,038 (-67.2%), from €37,238 to €12,200
mainly Investment in fixed assets (net) (-€25,900) and Other debts (-€21,581)
- Tangible fixed assets +€14,804
up €14,804 (+148%), from €10,027 to €24,831
- Receivables within one year -€3,758
down €3,758 (-42.3%), from €8,885 to €5,127
of which Trade receivables: -€3,161
- Other debts -€21,581
down €21,581 (-97.7%), from €22,083 to €503
- Profit (loss) carried forward +€5,830
up €5,830 (+26.8%), from €21,728 to €27,558
- Trade debts +€4,298
up €4,298 (+352%), from €1,222 to €5,521
- Tax, wage and social debts -€2,005
down €2,005 (-32.3%), from €6,213 to €4,208
- Write-downs +€5,247
new in 2025: €5,247
- Depreciation +€4,920
up €4,920 (+79.7%), from €6,176 to €11,096
- Taxes -€2,019
down €2,019 (-32.5%), from €6,213 to €4,194
- Gross operating margin +€1,166
up €1,166 (+3.9%), from €29,584 to €30,751
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 | €57,447 | €43,989 | -€13,458 | -23.4% |
| Fixed assets | 21/28 | €11,027 | €25,831 | +€14,804 | +134% |
| Tangible fixed assets | 22/27 | €10,027 | €24,831 | +€14,804 | +148% |
| Furniture and vehicles | 24 | €10,027 | €24,831 | +€14,804 | +148% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €46,420 | €18,158 | -€28,262 | -60.9% |
| Amounts receivable within one year | 40/41 | €8,885 | €5,127 | -€3,758 | -42.3% |
| Trade receivables | 40 | €6,039 | €2,878 | -€3,161 | -52.3% |
| Other amounts receivable | 41 | €2,846 | €2,249 | -€597 | -21.0% |
| Cash at bank and in hand | 54/58 | €37,238 | €12,200 | -€25,038 | -67.2% |
| Deferred charges and accrued income | 490/1 | €296 | €831 | +€534 | +180% |
| Total equity and liabilities | 10/49 | €57,447 | €43,989 | -€13,458 | -23.4% |
| Equity | 10/15 | €27,928 | €33,758 | +€5,830 | +20.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,728 | €27,558 | +€5,830 | +26.8% |
| Amounts payable | 17/49 | €29,518 | €10,231 | -€19,287 | -65.3% |
| Amounts payable within one year | 42/48 | €29,518 | €10,231 | -€19,287 | -65.3% |
| Trade debts | 44 | €1,222 | €5,521 | +€4,298 | +352% |
| Suppliers | 440/4 | €1,222 | €5,521 | +€4,298 | +352% |
| Taxes, remuneration and social security | 45 | €6,213 | €4,208 | -€2,005 | -32.3% |
| Taxes | 450/3 | €6,213 | €4,208 | -€2,005 | -32.3% |
| Other amounts payable | 47/48 | €22,083 | €503 | -€21,581 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,176 | €11,096 | +€4,920 | +79.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,247 | +€5,247 | |
| Other operating charges | 640/8 | €1,602 | €1,441 | -€161 | -10.1% |
| Gross operating margin | 9900 | €29,584 | €30,751 | +€1,166 | +3.9% |
| Operating profit (loss) | 9901 | €21,807 | €12,968 | -€8,839 | -40.5% |
| Financial income | 75/76B | €25 | €1 | -€25 | -98.0% |
| Recurring financial income | 75 | €25 | €1 | -€25 | -98.0% |
| Financial charges | 65/66B | €194 | €211 | +€16 | +8.3% |
| Recurring financial charges | 65 | €194 | €211 | +€16 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €21,638 | €12,758 | -€8,879 | -41.0% |
| Income taxes | 67/77 | €6,213 | €4,194 | -€2,019 | -32.5% |
| Profit (loss) for the period | 9904 | €15,425 | €8,564 | -€6,860 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,425 | €8,564 | -€6,860 | -44.5% |
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 15 October 2026 via checked.be.