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
- Current investments -€119,528
down €119,528 (-100.0%), from €119,528 to €0
- Cash +€75,520
up €75,520 (+86.1%), from €87,672 to €163,192
mainly Current investments (+€119,528) and Net result for the year (+€47,588)
- Tangible fixed assets +€21,528
up €21,528 (+54.8%), from €39,256 to €60,784
of which Plant, machinery and equipment: +€22,007
- Receivables within one year -€6,320
down €6,320 (-87.0%), from €7,264 to €944
of which Trade receivables: -€3,886
- Other debts -€16,305
down €16,305 (-17.1%), from €95,306 to €79,001
- Current portion of long-term debt -€15,905
down €15,905 (-100.0%), from €15,905 to €0
- Reserves +€12,101
up €12,101 (+15.0%), from €80,662 to €92,763
- Tax, wage and social debts -€10,655
down €10,655 (-38.9%), from €27,386 to €16,731
- Gross operating margin +€30,451
up €30,451 (+56.1%), from €54,259 to €84,709
- Taxes +€5,613
up €5,613 (+79.3%), from €7,077 to €12,690
- Depreciation +€2,064
up €2,064 (+12.4%), from €16,676 to €18,739
- Financial charges -€983
down €983 (-14.7%), from €6,679 to €5,697
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 | €258,483 | €229,290 | -€29,193 | -11.3% |
| Fixed assets | 21/28 | €39,256 | €60,784 | +€21,528 | +54.8% |
| Tangible fixed assets | 22/27 | €39,256 | €60,784 | +€21,528 | +54.8% |
| Plant, machinery and equipment | 23 | €13,107 | €35,114 | +€22,007 | +167.9% |
| Furniture and vehicles | 24 | €12,506 | €14,524 | +€2,018 | +16.1% |
| Other tangible fixed assets | 26 | €13,643 | €11,146 | -€2,497 | -18.3% |
| Current assets | 29/58 | €219,227 | €168,506 | -€50,722 | -23.1% |
| Amounts receivable within one year | 40/41 | €7,264 | €944 | -€6,320 | -87.0% |
| Trade receivables | 40 | €3,998 | €112 | -€3,886 | -97.2% |
| Other amounts receivable | 41 | €3,266 | €831 | -€2,434 | -74.5% |
| Current investments | 50/53 | €119,528 | €0 | -€119,528 | -100.0% |
| Cash at bank and in hand | 54/58 | €87,672 | €163,192 | +€75,520 | +86.1% |
| Deferred charges and accrued income | 490/1 | €4,764 | €4,370 | -€394 | -8.3% |
| Total equity and liabilities | 10/49 | €258,483 | €229,290 | -€29,193 | -11.3% |
| Equity | 10/15 | €100,662 | €112,763 | +€12,101 | +12.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €80,662 | €92,763 | +€12,101 | +15.0% |
| Distributable reserves | 133 | €80,662 | €92,763 | +€12,101 | +15.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €157,821 | €116,526 | -€41,295 | -26.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €156,744 | €115,164 | -€41,580 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €15,905 | €0 | -€15,905 | -100.0% |
| Trade debts | 44 | €16,330 | €17,615 | +€1,285 | +7.9% |
| Suppliers | 440/4 | €16,330 | €17,615 | +€1,285 | +7.9% |
| Advances received on contracts in progress | 46 | €1,817 | €1,817 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,386 | €16,731 | -€10,655 | -38.9% |
| Taxes | 450/3 | €27,386 | €16,731 | -€10,655 | -38.9% |
| Other amounts payable | 47/48 | €95,306 | €79,001 | -€16,305 | -17.1% |
| Accrued charges and deferred income | 492/3 | €1,077 | €1,362 | +€285 | +26.5% |
| Non-recurring operating income | 76A | €25,000 | €0 | -€25,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,676 | €18,739 | +€2,064 | +12.4% |
| Other operating charges | 640/8 | €1,148 | €1,129 | -€18 | -1.6% |
| Non-recurring operating charges | 66A | €0 | €221 | +€221 | |
| Gross operating margin | 9900 | €54,259 | €84,709 | +€30,451 | +56.1% |
| Operating profit (loss) | 9901 | €36,435 | €64,620 | +€28,185 | +77.4% |
| Financial income | 75/76B | €1,148 | €1,355 | +€207 | +18.0% |
| Recurring financial income | 75 | €1,148 | €1,355 | +€207 | +18.0% |
| Financial charges | 65/66B | €6,679 | €5,697 | -€983 | -14.7% |
| Recurring financial charges | 65 | €6,679 | €5,697 | -€983 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €30,903 | €60,278 | +€29,375 | +95.1% |
| Income taxes | 67/77 | €7,077 | €12,690 | +€5,613 | +79.3% |
| Profit (loss) for the period | 9904 | €23,826 | €47,588 | +€23,761 | +99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,826 | €47,588 | +€23,761 | +99.7% |
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 6 October 2026 via checked.be.