GSA Solutions: 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.
GSA Solutions
Largest movements
- Tangible fixed assets +€97,109
up €97,109 (+4535.7%), from €2,141 to €99,250
of which Furniture and vehicles: +€97,653
- Cash -€9,141
down €9,141 (-22.8%), from €40,106 to €30,965
mainly Investment in fixed assets (net) (-€106,025) and Trade debts (-€30,233)
- Receivables within one year -€3,356
down €3,356 (-5.8%), from €57,657 to €54,301
of which Trade receivables: -€7,909
- Debts after one year +€69,815
new in 2025: €69,815
- Trade debts -€30,233
down €30,233 (-41.1%), from €73,501 to €43,268
- Other debts +€20,011
up €20,011 (+832.4%), from €2,404 to €22,415
- Current portion of long-term debt +€17,364
new in 2025: €17,364
- Tax, wage and social debts +€10,144
up €10,144 (+105.3%), from €9,635 to €19,779
of which Taxes: +€6,944
- Gross operating margin -€26,461
down €26,461 (-60.1%), from €44,007 to €17,546
- Write-downs -€15,990
down €15,990 (-94.1%), from €16,990 to €1,000
- Depreciation +€8,454
up €8,454 (+1825.9%), from €463 to €8,917
- Financial charges +€1,967
up €1,967 (+3575.7%), from €55 to €2,022
- Other operating charges +€1,233
new in 2025: €1,233
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 | €105,604 | €190,216 | +€84,612 | +80.1% |
| Fixed assets | 21/28 | €7,841 | €104,950 | +€97,109 | +1238.5% |
| Tangible fixed assets | 22/27 | €2,141 | €99,250 | +€97,109 | +4535.7% |
| Plant, machinery and equipment | 23 | €1,212 | €668 | -€544 | -44.9% |
| Furniture and vehicles | 24 | €929 | €98,582 | +€97,653 | +10511.6% |
| Financial fixed assets | 28 | €5,700 | €5,700 | = | 0.0% |
| Current assets | 29/58 | €97,763 | €85,266 | -€12,497 | -12.8% |
| Amounts receivable within one year | 40/41 | €57,657 | €54,301 | -€3,356 | -5.8% |
| Trade receivables | 40 | €48,737 | €40,828 | -€7,909 | -16.2% |
| Other amounts receivable | 41 | €8,920 | €13,474 | +€4,554 | +51.0% |
| Cash at bank and in hand | 54/58 | €40,106 | €30,965 | -€9,141 | -22.8% |
| Total equity and liabilities | 10/49 | €105,604 | €190,216 | +€84,612 | +80.1% |
| Equity | 10/15 | €20,064 | €17,575 | -€2,489 | -12.4% |
| Profit (loss) carried forward | 14 | €20,064 | €17,575 | -€2,489 | -12.4% |
| Amounts payable | 17/49 | €85,540 | €172,640 | +€87,100 | +101.8% |
| Amounts payable after more than one year | 17 | - | €69,815 | +€69,815 | |
| Financial debts | 170/4 | - | €69,815 | +€69,815 | |
| Amounts payable within one year | 42/48 | €85,540 | €102,826 | +€17,286 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | - | €17,364 | +€17,364 | |
| Trade debts | 44 | €73,501 | €43,268 | -€30,233 | -41.1% |
| Suppliers | 440/4 | €73,501 | €43,268 | -€30,233 | -41.1% |
| Taxes, remuneration and social security | 45 | €9,635 | €19,779 | +€10,144 | +105.3% |
| Taxes | 450/3 | €6,435 | €13,379 | +€6,944 | +107.9% |
| Remuneration and social security | 454/9 | €3,200 | €6,400 | +€3,200 | +100.0% |
| Other amounts payable | 47/48 | €2,404 | €22,415 | +€20,011 | +832.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €463 | €8,917 | +€8,454 | +1825.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,990 | €1,000 | -€15,990 | -94.1% |
| Other operating charges | 640/8 | - | €1,233 | +€1,233 | |
| Gross operating margin | 9900 | €44,007 | €17,546 | -€26,461 | -60.1% |
| Operating profit (loss) | 9901 | €26,554 | €6,396 | -€20,158 | -75.9% |
| Financial income | 75/76B | - | €80 | +€80 | |
| Recurring financial income | 75 | - | €80 | +€80 | |
| Financial charges | 65/66B | €55 | €2,022 | +€1,967 | +3575.7% |
| Recurring financial charges | 65 | €55 | €2,022 | +€1,967 | +3575.7% |
| Profit (loss) for the period before taxes | 9903 | €26,499 | €4,455 | -€22,044 | -83.2% |
| Income taxes | 67/77 | €6,435 | €6,944 | +€509 | +7.9% |
| Profit (loss) for the period | 9904 | €20,064 | -€2,489 | -€22,553 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,064 | -€2,489 | -€22,553 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.