GSD GROEP: 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 GROEP
Largest movements
- Cash +€7,524
up €7,524 (+65.0%), from €11,577 to €19,101
mainly Depreciation (+€5,448) and Net result for the year (+€3,336)
- Tangible fixed assets -€5,448
down €5,448 (-23.5%), from €23,150 to €17,702
- Deferred charges and accrued income -€697
no longer reported in 2025 (was €697)
- Debts after one year -€3,760
down €3,760 (-39.4%), from €9,550 to €5,790
- Profit (loss) carried forward +€3,336
up €3,336, from -€1,565 to €1,771
- Trade debts +€2,901
up €2,901 (+1,314%), from €221 to €3,122
- Tax, wage and social debts -€1,691
down €1,691 (-13.8%), from €12,226 to €10,535
of which Remuneration and social security: -€3,108
- Other debts +€563
up €563 (+6.8%), from €8,258 to €8,821
- Staff costs -€31,219
down €31,219 (-51.9%), from €60,204 to €28,984
- Other operating charges -€6,039
down €6,039 (-87.1%), from €6,933 to €894
- Gross operating margin -€5,775
down €5,775 (-12.7%), from €45,555 to €39,780
- Taxes -€1,361
down €1,361 (-90.6%), from €1,502 to €141
- Depreciation +€1,359
up €1,359 (+33.2%), from €4,089 to €5,448
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 | €40,261 | €41,859 | +€1,598 | +4.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €27,650 | €22,202 | -€5,448 | -19.7% |
| Tangible fixed assets | 22/27 | €23,150 | €17,702 | -€5,448 | -23.5% |
| Furniture and vehicles | 24 | €23,150 | €17,702 | -€5,448 | -23.5% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €12,611 | €19,657 | +€7,046 | +55.9% |
| Amounts receivable within one year | 40/41 | €337 | €557 | +€220 | +65.2% |
| Trade receivables | 40 | €337 | €557 | +€220 | +65.2% |
| Cash at bank and in hand | 54/58 | €11,577 | €19,101 | +€7,524 | +65.0% |
| Deferred charges and accrued income | 490/1 | €697 | - | -€697 | |
| Total equity and liabilities | 10/49 | €40,261 | €41,859 | +€1,598 | +4.0% |
| Equity | 10/15 | €6,495 | €9,831 | +€3,336 | +51.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,565 | €1,771 | +€3,336 | |
| Amounts payable | 17/49 | €33,766 | €32,028 | -€1,738 | -5.1% |
| Amounts payable after more than one year | 17 | €9,550 | €5,790 | -€3,760 | -39.4% |
| Financial debts | 170/4 | €9,550 | €5,790 | -€3,760 | -39.4% |
| Amounts payable within one year | 42/48 | €24,215 | €26,238 | +€2,022 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €3,511 | €3,760 | +€250 | +7.1% |
| Trade debts | 44 | €221 | €3,122 | +€2,901 | +1,314% |
| Suppliers | 440/4 | €221 | €3,122 | +€2,901 | +1,314% |
| Taxes, remuneration and social security | 45 | €12,226 | €10,535 | -€1,691 | -13.8% |
| Taxes | 450/3 | €933 | €2,349 | +€1,417 | +152% |
| Remuneration and social security | 454/9 | €11,294 | €8,186 | -€3,108 | -27.5% |
| Other amounts payable | 47/48 | €8,258 | €8,821 | +€563 | +6.8% |
| Remuneration, social security and pensions | 62 | €60,204 | €28,984 | -€31,219 | -51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,089 | €5,448 | +€1,359 | +33.2% |
| Other operating charges | 640/8 | €6,933 | €894 | -€6,039 | -87.1% |
| Gross operating margin | 9900 | €45,555 | €39,780 | -€5,775 | -12.7% |
| Operating profit (loss) | 9901 | -€25,671 | €4,454 | +€30,125 | |
| Financial charges | 65/66B | €956 | €977 | +€21 | +2.2% |
| Recurring financial charges | 65 | €956 | €977 | +€21 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,626 | €3,477 | +€30,103 | |
| Income taxes | 67/77 | €1,502 | €141 | -€1,361 | -90.6% |
| Profit (loss) for the period | 9904 | -€28,129 | €3,336 | +€31,465 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,129 | €3,336 | +€31,465 |
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 14 October 2026 via checked.be.