GSD Consulting: what changed
Two financial 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.
GSD Consulting
Largest movements
- Cash +€31,831
up €31,831 (+45.9%), from €69,401 to €101,232
mainly Other debts (+€99,019) and Net result for the year (+€62,781)
- Receivables within one year +€24,349
up €24,349 (+153%), from €15,927 to €40,276
of which Trade receivables: +€20,785
- Tangible fixed assets +€12,856
up €12,856 (+20.8%), from €61,883 to €74,739
of which Furniture and vehicles: +€15,174
- Other debts +€99,019
up €99,019 (+4,248%), from €2,331 to €101,350
- Reserves -€59,249
no longer reported in 2025 (was €59,249)
- Profit (loss) carried forward +€22,030
new in 2025: €22,030
- Tax, wage and social debts +€8,685
up €8,685 (+40.4%), from €21,482 to €30,167
of which Taxes: +€8,346
- Trade debts +€2,487
up €2,487 (+135%), from €1,842 to €4,330
- Depreciation +€8,022
up €8,022 (+257%), from €3,123 to €11,144
- Gross operating margin +€6,874
up €6,874 (+8.3%), from €82,468 to €89,342
- Financial income +€3,941
up €3,941 (+2,840%), from €139 to €4,079
of which Non-recurring financial income: +€4,067
- Financial charges -€3,912
down €3,912 (-61.5%), from €6,365 to €2,453
- Other operating charges +€1,748
up €1,748 (+159%), from €1,098 to €2,846
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.
Derived cash bridge
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 | €147,337 | €217,530 | +€70,193 | +47.6% |
| Fixed assets | 21/28 | €62,009 | €74,865 | +€12,856 | +20.7% |
| Tangible fixed assets | 22/27 | €61,883 | €74,739 | +€12,856 | +20.8% |
| Land and buildings | 22 | €60,332 | €58,014 | -€2,318 | -3.8% |
| Furniture and vehicles | 24 | €1,551 | €16,725 | +€15,174 | +978% |
| Financial fixed assets | 28 | €126 | €126 | = | 0.0% |
| Current assets | 29/58 | €85,328 | €142,665 | +€57,338 | +67.2% |
| Amounts receivable within one year | 40/41 | €15,927 | €40,276 | +€24,349 | +153% |
| Trade receivables | 40 | €15,927 | €36,712 | +€20,785 | +130% |
| Other amounts receivable | 41 | - | €3,564 | +€3,564 | |
| Cash at bank and in hand | 54/58 | €69,401 | €101,232 | +€31,831 | +45.9% |
| Deferred charges and accrued income | 490/1 | - | €1,157 | +€1,157 | |
| Total equity and liabilities | 10/49 | €147,337 | €217,530 | +€70,193 | +47.6% |
| Equity | 10/15 | €62,249 | €25,030 | -€37,219 | -59.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €59,249 | - | -€59,249 | |
| Distributable reserves | 133 | €59,249 | - | -€59,249 | |
| Profit (loss) carried forward | 14 | - | €22,030 | +€22,030 | |
| Amounts payable | 17/49 | €85,088 | €192,500 | +€107,412 | +126% |
| Amounts payable after more than one year | 17 | €56,652 | €54,312 | -€2,340 | -4.1% |
| Financial debts | 170/4 | €56,652 | €54,312 | -€2,340 | -4.1% |
| Amounts payable within one year | 42/48 | €27,910 | €138,187 | +€110,277 | +395% |
| Current portion of amounts payable after more than one year | 42 | €2,254 | €2,340 | +€86 | +3.8% |
| Trade debts | 44 | €1,842 | €4,330 | +€2,487 | +135% |
| Suppliers | 440/4 | €1,842 | €4,330 | +€2,487 | +135% |
| Taxes, remuneration and social security | 45 | €21,482 | €30,167 | +€8,685 | +40.4% |
| Taxes | 450/3 | €21,482 | €29,828 | +€8,346 | +38.8% |
| Remuneration and social security | 454/9 | - | €340 | +€340 | |
| Other amounts payable | 47/48 | €2,331 | €101,350 | +€99,019 | +4,248% |
| Accrued charges and deferred income | 492/3 | €525 | - | -€525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,123 | €11,144 | +€8,022 | +257% |
| Other operating charges | 640/8 | €1,098 | €2,846 | +€1,748 | +159% |
| Gross operating margin | 9900 | €82,468 | €89,342 | +€6,874 | +8.3% |
| Operating profit (loss) | 9901 | €78,248 | €75,352 | -€2,896 | -3.7% |
| Financial income | 75/76B | €139 | €4,079 | +€3,941 | +2,840% |
| Recurring financial income | 75 | €139 | €12 | -€126 | -91.0% |
| Non-recurring financial income | 76B | - | €4,067 | +€4,067 | |
| Financial charges | 65/66B | €6,365 | €2,453 | -€3,912 | -61.5% |
| Recurring financial charges | 65 | €6,365 | €2,453 | -€3,912 | -61.5% |
| Profit (loss) for the period before taxes | 9903 | €72,022 | €76,979 | +€4,957 | +6.9% |
| Income taxes | 67/77 | €13,793 | €14,198 | +€405 | +2.9% |
| Profit (loss) for the period | 9904 | €58,229 | €62,781 | +€4,552 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,229 | €62,781 | +€4,552 | +7.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.