GSC: 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.
GSC
Largest movements
- Tangible fixed assets -€60,556
down €60,556 (-8.4%), from €719,289 to €658,733
of which Furniture and vehicles: -€62,489
- Financial fixed assets +€57,659
up €57,659 (+7.7%), from €753,623 to €811,282
- Current portion of long-term debt -€53,990
down €53,990 (-24.8%), from €217,676 to €163,687
- Reserves +€43,453
up €43,453 (+6.0%), from €720,522 to €763,975
of which Distributable reserves: +€43,453
- Other debts -€36,801
down €36,801 (-57.3%), from €64,232 to €27,430
- Tax, wage and social debts +€22,555
up €22,555 (+63.3%), from €35,640 to €58,196
of which Taxes: +€21,275
- Taxes -€46,713
down €46,713 (-53.7%), from €86,910 to €40,198
- Gross operating margin -€30,997
down €30,997 (-13.5%), from €230,141 to €199,144
- Financial charges -€3,213
down €3,213 (-19.1%), from €16,803 to €13,590
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 | €1,528,893 | €1,529,218 | +€325 | 0.0% |
| Fixed assets | 21/28 | €1,472,912 | €1,470,016 | -€2,897 | -0.2% |
| Tangible fixed assets | 22/27 | €719,289 | €658,733 | -€60,556 | -8.4% |
| Land and buildings | 22 | €544,259 | €555,222 | +€10,963 | +2.0% |
| Plant, machinery and equipment | 23 | €22,126 | €13,095 | -€9,031 | -40.8% |
| Furniture and vehicles | 24 | €152,905 | €90,416 | -€62,489 | -40.9% |
| Financial fixed assets | 28 | €753,623 | €811,282 | +€57,659 | +7.7% |
| Current assets | 29/58 | €55,981 | €59,203 | +€3,222 | +5.8% |
| Stocks and contracts in progress | 3 | €4,375 | €4,257 | -€118 | -2.7% |
| Stocks | 30/36 | €4,375 | €4,257 | -€118 | -2.7% |
| Amounts receivable within one year | 40/41 | €35,047 | €45,638 | +€10,592 | +30.2% |
| Trade receivables | 40 | €5,033 | €15,229 | +€10,196 | +202.6% |
| Other amounts receivable | 41 | €30,013 | €30,409 | +€396 | +1.3% |
| Cash at bank and in hand | 54/58 | €6,459 | €1,600 | -€4,859 | -75.2% |
| Deferred charges and accrued income | 490/1 | €10,101 | €7,708 | -€2,393 | -23.7% |
| Total equity and liabilities | 10/49 | €1,528,893 | €1,529,218 | +€325 | 0.0% |
| Equity | 10/15 | €871,878 | €915,330 | +€43,453 | +5.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €720,522 | €763,975 | +€43,453 | +6.0% |
| Tax-exempt reserves | 132 | €15,707 | €15,707 | = | 0.0% |
| Distributable reserves | 133 | €704,815 | €748,268 | +€43,453 | +6.2% |
| Profit (loss) carried forward | 14 | €132,763 | €132,763 | = | 0.0% |
| Amounts payable | 17/49 | €657,016 | €613,888 | -€43,128 | -6.6% |
| Amounts payable after more than one year | 17 | €325,324 | €336,637 | +€11,313 | +3.5% |
| Financial debts | 170/4 | €325,324 | €336,637 | +€11,313 | +3.5% |
| Amounts payable within one year | 42/48 | €330,275 | €275,819 | -€54,456 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €217,676 | €163,687 | -€53,990 | -24.8% |
| Trade debts | 44 | €12,727 | €26,507 | +€13,780 | +108.3% |
| Suppliers | 440/4 | €12,727 | €26,507 | +€13,780 | +108.3% |
| Taxes, remuneration and social security | 45 | €35,640 | €58,196 | +€22,555 | +63.3% |
| Taxes | 450/3 | €33,210 | €54,485 | +€21,275 | +64.1% |
| Remuneration and social security | 454/9 | €2,430 | €3,711 | +€1,280 | +52.7% |
| Other amounts payable | 47/48 | €64,232 | €27,430 | -€36,801 | -57.3% |
| Accrued charges and deferred income | 492/3 | €1,417 | €1,431 | +€14 | +1.0% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,103 | €106,772 | -€1,331 | -1.2% |
| Other operating charges | 640/8 | €767 | €790 | +€23 | +2.9% |
| Gross operating margin | 9900 | €230,141 | €199,144 | -€30,997 | -13.5% |
| Operating profit (loss) | 9901 | €121,271 | €91,581 | -€29,690 | -24.5% |
| Financial income | 75/76B | €4,089 | €5,659 | +€1,571 | +38.4% |
| Recurring financial income | 75 | €4,089 | €5,659 | +€1,571 | +38.4% |
| Financial charges | 65/66B | €16,803 | €13,590 | -€3,213 | -19.1% |
| Recurring financial charges | 65 | €16,803 | €13,590 | -€3,213 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €108,557 | €83,650 | -€24,906 | -22.9% |
| Income taxes | 67/77 | €86,910 | €40,198 | -€46,713 | -53.7% |
| Profit (loss) for the period | 9904 | €21,646 | €43,453 | +€21,807 | +100.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,646 | €43,453 | +€21,807 | +100.7% |
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 8 October 2026 via checked.be.