GSB: 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.
GSB
Largest movements
- Tangible fixed assets -€142,487
down €142,487 (-5.5%), from €2.6m to €2.4m
of which Land and buildings: -€92,024
- Cash +€121,762
up €121,762 (+380.6%), from €31,991 to €153,753
mainly Depreciation (+€182,614) and Tax, wage and social debts (+€15,537)
- Receivables within one year +€32,246
up €32,246 (+76.2%), from €42,316 to €74,562
of which Trade receivables: +€61,591
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€61,742
up €61,742 (+22.1%), from €279,217 to €340,960
- Depreciation +€7,485
up €7,485 (+4.3%), from €175,130 to €182,614
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 | €2,662,962 | €2,672,168 | +€9,206 | +0.3% |
| Formation expenses | 20 | €157 | €0 | -€157 | -100.0% |
| Fixed assets | 21/28 | €2,585,542 | €2,440,719 | -€144,823 | -5.6% |
| Intangible fixed assets | 21 | €2,336 | €0 | -€2,336 | -100.0% |
| Tangible fixed assets | 22/27 | €2,583,206 | €2,440,719 | -€142,487 | -5.5% |
| Land and buildings | 22 | €1,950,462 | €1,858,438 | -€92,024 | -4.7% |
| Plant, machinery and equipment | 23 | €632,744 | €582,281 | -€50,463 | -8.0% |
| Current assets | 29/58 | €77,263 | €231,449 | +€154,186 | +199.6% |
| Amounts receivable within one year | 40/41 | €42,316 | €74,562 | +€32,246 | +76.2% |
| Trade receivables | 40 | €12,897 | €74,487 | +€61,591 | +477.6% |
| Other amounts receivable | 41 | €29,419 | €75 | -€29,345 | -99.7% |
| Cash at bank and in hand | 54/58 | €31,991 | €153,753 | +€121,762 | +380.6% |
| Deferred charges and accrued income | 490/1 | €2,956 | €3,134 | +€178 | +6.0% |
| Total equity and liabilities | 10/49 | €2,662,962 | €2,672,168 | +€9,206 | +0.3% |
| Equity | 10/15 | -€130,319 | -€126,442 | +€3,877 | +3.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,319 | -€176,442 | +€3,877 | +2.2% |
| Amounts payable | 17/49 | €2,793,281 | €2,798,610 | +€5,329 | +0.2% |
| Amounts payable within one year | 42/48 | €2,793,281 | €2,798,610 | +€5,329 | +0.2% |
| Trade debts | 44 | €2,225 | €5,152 | +€2,927 | +131.5% |
| Suppliers | 440/4 | €2,225 | €5,152 | +€2,927 | +131.5% |
| Taxes, remuneration and social security | 45 | - | €15,537 | +€15,537 | |
| Taxes | 450/3 | - | €15,537 | +€15,537 | |
| Other amounts payable | 47/48 | €2,791,055 | €2,777,921 | -€13,134 | -0.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,130 | €182,614 | +€7,485 | +4.3% |
| Other operating charges | 640/8 | €16,932 | €17,371 | +€439 | +2.6% |
| Gross operating margin | 9900 | €279,217 | €340,960 | +€61,742 | +22.1% |
| Operating profit (loss) | 9901 | €87,156 | €140,974 | +€53,819 | +61.8% |
| Financial income | 75/76B | - | €55 | +€55 | |
| Recurring financial income | 75 | - | €55 | +€55 | |
| Financial charges | 65/66B | €136,437 | €137,152 | +€715 | +0.5% |
| Recurring financial charges | 65 | €136,437 | €137,152 | +€715 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€49,281 | €3,877 | +€53,158 | |
| Profit (loss) for the period | 9904 | -€49,281 | €3,877 | +€53,158 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,281 | €3,877 | +€53,158 |
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.