GSA SERVICES: what changed
GSA SERVICES
Largest movements
- Receivables within one year -€86,029
down €86,029 (-33.9%), from €253,715 to €167,686
of which Trade receivables: -€70,000
- Tangible fixed assets +€49,500
up €49,500 (+7.2%), from €692,199 to €741,699
of which Furniture and vehicles: +€67,779
- Cash -€40,982
down €40,982 (-75.5%), from €54,304 to €13,322
mainly Net result for the year (-€181,260) and Investment in fixed assets (net) (-€93,026)
- Profit (loss) carried forward -€181,260
down €181,260, from €16,111 to -€165,149
- Debts after one year +€109,024
up €109,024 (+24.2%), from €451,120 to €560,144
of which Financial debts: +€109,024
- Current portion of long-term debt +€54,718
up €54,718 (+127%), from €43,089 to €97,808
- Trade debts -€48,890
down €48,890 (-50.4%), from €96,921 to €48,031
- Tax, wage and social debts -€24,357
down €24,357 (-14.2%), from €171,656 to €147,299
- Other operating charges +€191,107
up €191,107 (+2,157%), from €8,859 to €199,966
- Write-downs -€169,850
down €169,850, from €66,150 to -€103,700
- Gross operating margin -€62,343
down €62,343, from €49,827 to -€12,515
- Taxes -€61,274
down €61,274 (-99.0%), from €61,870 to €596
- Financial charges +€13,989
up €13,989 (+135%), from €10,344 to €24,333
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 | €1,001,376 | €924,977 | -€76,399 | -7.6% |
| Fixed assets | 21/28 | €692,199 | €741,699 | +€49,500 | +7.2% |
| Tangible fixed assets | 22/27 | €692,199 | €741,699 | +€49,500 | +7.2% |
| Land and buildings | 22 | €622,032 | €597,268 | -€24,764 | -4.0% |
| Plant, machinery and equipment | 23 | - | €6,484 | +€6,484 | |
| Furniture and vehicles | 24 | €70,167 | €137,946 | +€67,779 | +96.6% |
| Current assets | 29/58 | €309,177 | €183,278 | -€125,899 | -40.7% |
| Amounts receivable within one year | 40/41 | €253,715 | €167,686 | -€86,029 | -33.9% |
| Trade receivables | 40 | €83,892 | €13,892 | -€70,000 | -83.4% |
| Other amounts receivable | 41 | €169,823 | €153,794 | -€16,029 | -9.4% |
| Cash at bank and in hand | 54/58 | €54,304 | €13,322 | -€40,982 | -75.5% |
| Deferred charges and accrued income | 490/1 | €1,158 | €2,271 | +€1,112 | +96.0% |
| Total equity and liabilities | 10/49 | €1,001,376 | €924,977 | -€76,399 | -7.6% |
| Equity | 10/15 | €216,111 | €34,851 | -€181,260 | -83.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,111 | -€165,149 | -€181,260 | |
| Amounts payable | 17/49 | €785,265 | €890,126 | +€104,861 | +13.4% |
| Amounts payable after more than one year | 17 | €451,120 | €560,144 | +€109,024 | +24.2% |
| Financial debts | 170/4 | €445,120 | €554,144 | +€109,024 | +24.5% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €331,056 | €315,655 | -€15,400 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €43,089 | €97,808 | +€54,718 | +127% |
| Financial debts | 43 | €19,389 | €22,517 | +€3,128 | +16.1% |
| Credit institutions | 430/8 | €19,389 | €22,517 | +€3,128 | +16.1% |
| Trade debts | 44 | €96,921 | €48,031 | -€48,890 | -50.4% |
| Suppliers | 440/4 | €96,921 | €48,031 | -€48,890 | -50.4% |
| Taxes, remuneration and social security | 45 | €171,656 | €147,299 | -€24,357 | -14.2% |
| Taxes | 450/3 | €171,656 | €147,299 | -€24,357 | -14.2% |
| Accrued charges and deferred income | 492/3 | €3,089 | €14,326 | +€11,237 | +364% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,757 | €43,526 | +€770 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €66,150 | -€103,700 | -€169,850 | |
| Other operating charges | 640/8 | €8,859 | €199,966 | +€191,107 | +2,157% |
| Non-recurring operating charges | 66A | €0 | €9,864 | +€9,864 | |
| Gross operating margin | 9900 | €49,827 | -€12,515 | -€62,343 | |
| Operating profit (loss) | 9901 | -€67,938 | -€162,172 | -€94,233 | -139% |
| Financial income | 75/76B | €7,507 | €5,841 | -€1,666 | -22.2% |
| Recurring financial income | 75 | €7,507 | €5,841 | -€1,666 | -22.2% |
| Financial charges | 65/66B | €10,344 | €24,333 | +€13,989 | +135% |
| Recurring financial charges | 65 | €10,344 | €24,333 | +€13,989 | +135% |
| Profit (loss) for the period before taxes | 9903 | -€70,775 | -€180,663 | -€109,889 | -155% |
| Income taxes | 67/77 | €61,870 | €596 | -€61,274 | -99.0% |
| Profit (loss) for the period | 9904 | -€132,645 | -€181,260 | -€48,615 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€132,645 | -€181,260 | -€48,615 | -36.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.