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.
What changed
GSC
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€34,097
2024 · €47,821-€13,724
Equity
€263,576
2024 · €229,479+€34,097
Cash
€117,080
2024 · €113,372+€3,708
Balance sheet total
€1.4m
2024 · €1.4m-€5,226
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€43,037
down €43,037 (-4.7%), from €909,971 to €866,934
- Reserves +€34,097
up €34,097 (+15.8%), from €216,412 to €250,509
Income statement
- Gross operating margin -€23,968
down €23,968 (-14.5%), from €165,778 to €141,809
- Depreciation -€12,147
down €12,147 (-21.7%), from €55,999 to €43,852
- Financial charges +€11,235
up €11,235 (+31.9%), from €35,233 to €46,468
- Taxes -€5,597
down €5,597 (-28.9%), from €19,349 to €13,752
- Other operating charges -€3,366
down €3,366 (-41.6%), from €8,095 to €4,729
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.
Result 2024
€47,821
Gross operating margin
-€23,968
Depreciation
+€12,147
Other operating charges
+€3,366
Financial income
+€370
Financial charges
-€11,235
Taxes
+€5,597
Result 2025
€34,097
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.
From operations
+€88,552
Investment
-€44,091
Financing
-€40,753
Cash 2024
€113,372
From operations (derived)
+€88,552
Net result for the year
+€34,097
Depreciation
+€43,852
Receivables within one year
+€9,345
Deferred charges and accrued income
-€173
Provisions
+€1,137
Trade debts
+€257
Tax, wage and social debts
-€2,918
Other debts
+€1,901
Accrued charges and deferred income
+€1,052
Investment (derived)
-€44,091
Investment in fixed assets (net)
-€44,091
Financing
-€40,753
Debts after one year
-€43,037
Current portion of long-term debt
+€2,284
Cash 2025
€117,080
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,441,011 | €1,435,785 | -€5,226 | -0.4% |
| Fixed assets | 21/28 | €1,287,154 | €1,287,393 | +€238 | 0.0% |
| Tangible fixed assets | 22/27 | €1,287,154 | €1,287,393 | +€238 | 0.0% |
| Land and buildings | 22 | €1,266,230 | €1,245,541 | -€20,689 | -1.6% |
| Furniture and vehicles | 24 | €20,924 | €14,852 | -€6,072 | -29.0% |
| Assets under construction and advance payments | 27 | - | €27,000 | +€27,000 | |
| Current assets | 29/58 | €153,857 | €148,393 | -€5,464 | -3.6% |
| Amounts receivable within one year | 40/41 | €39,620 | €30,275 | -€9,345 | -23.6% |
| Trade receivables | 40 | €36,253 | €28,634 | -€7,619 | -21.0% |
| Other amounts receivable | 41 | €3,367 | €1,641 | -€1,725 | -51.3% |
| Cash at bank and in hand | 54/58 | €113,372 | €117,080 | +€3,708 | +3.3% |
| Deferred charges and accrued income | 490/1 | €865 | €1,038 | +€173 | +19.9% |
| Total equity and liabilities | 10/49 | €1,441,011 | €1,435,785 | -€5,226 | -0.4% |
| Equity | 10/15 | €229,479 | €263,576 | +€34,097 | +14.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €216,412 | €250,509 | +€34,097 | +15.8% |
| Distributable reserves | 133 | €216,412 | €250,509 | +€34,097 | +15.8% |
| Profit (loss) carried forward | 14 | €667 | €667 | = | 0.0% |
| Provisions and deferred taxes | 16 | €234,559 | €235,696 | +€1,137 | +0.5% |
| Provisions for liabilities and charges | 160/5 | €234,559 | €235,696 | +€1,137 | +0.5% |
| Other liabilities and charges | 164/5 | €234,559 | €235,696 | +€1,137 | +0.5% |
| Amounts payable | 17/49 | €976,973 | €936,513 | -€40,460 | -4.1% |
| Amounts payable after more than one year | 17 | €909,971 | €866,934 | -€43,037 | -4.7% |
| Financial debts | 170/4 | €909,971 | €866,934 | -€43,037 | -4.7% |
| Amounts payable within one year | 42/48 | €66,033 | €67,557 | +€1,524 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €41,765 | €44,049 | +€2,284 | +5.5% |
| Trade debts | 44 | €6,434 | €6,690 | +€257 | +4.0% |
| Suppliers | 440/4 | €6,434 | €6,690 | +€257 | +4.0% |
| Taxes, remuneration and social security | 45 | €17,834 | €14,916 | -€2,918 | -16.4% |
| Taxes | 450/3 | €17,834 | €14,916 | -€2,918 | -16.4% |
| Other amounts payable | 47/48 | - | €1,901 | +€1,901 | |
| Accrued charges and deferred income | 492/3 | €970 | €2,022 | +€1,052 | +108.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,999 | €43,852 | -€12,147 | -21.7% |
| Other operating charges | 640/8 | €8,095 | €4,729 | -€3,366 | -41.6% |
| Gross operating margin | 9900 | €165,778 | €141,809 | -€23,968 | -14.5% |
| Operating profit (loss) | 9901 | €101,683 | €93,228 | -€8,455 | -8.3% |
| Financial income | 75/76B | €719 | €1,089 | +€370 | +51.4% |
| Recurring financial income | 75 | €719 | €1,089 | +€370 | +51.4% |
| Financial charges | 65/66B | €35,233 | €46,468 | +€11,235 | +31.9% |
| Recurring financial charges | 65 | €35,233 | €46,468 | +€11,235 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €67,170 | €47,849 | -€19,321 | -28.8% |
| Income taxes | 67/77 | €19,349 | €13,752 | -€5,597 | -28.9% |
| Profit (loss) for the period | 9904 | €47,821 | €34,097 | -€13,724 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,821 | €34,097 | -€13,724 | -28.7% |
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.