GSD Group: 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 Group
Largest movements
- Receivables within one year +€50,755
up €50,755 (+379%), from €13,391 to €64,146
of which Trade receivables: +€42,832
- Trade debts +€41,311
up €41,311 (+4,398%), from €939 to €42,250
- Other debts +€17,057
up €17,057 (+3.7%), from €466,561 to €483,617
- Profit (loss) carried forward -€11,545
down €11,545 (-113%), from -€10,187 to -€21,732
- Gross operating margin -€2,483
down €2,483 (-78.6%), from -€3,157 to -€5,640
- Depreciation +€2,432
new in 2025: €2,432
- Other operating charges +€2,392
up €2,392 (+607%), from €394 to €2,786
- Financial charges +€695
new in 2025: €695
- Financial income +€102
new in 2025: €102
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 | €469,746 | €516,663 | +€46,917 | +10.0% |
| Fixed assets | 21/28 | €412,161 | €409,728 | -€2,432 | -0.6% |
| Tangible fixed assets | 22/27 | €12,161 | €9,728 | -€2,432 | -20.0% |
| Furniture and vehicles | 24 | €12,161 | €9,728 | -€2,432 | -20.0% |
| Financial fixed assets | 28 | €400,000 | €400,000 | = | 0.0% |
| Current assets | 29/58 | €57,586 | €106,935 | +€49,349 | +85.7% |
| Stocks and contracts in progress | 3 | €42,035 | €42,035 | = | 0.0% |
| Stocks | 30/36 | €13,035 | €13,035 | = | 0.0% |
| Contracts in progress | 37 | €29,000 | €29,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,391 | €64,146 | +€50,755 | +379% |
| Trade receivables | 40 | - | €42,832 | +€42,832 | |
| Other amounts receivable | 41 | €13,391 | €21,314 | +€7,922 | +59.2% |
| Cash at bank and in hand | 54/58 | €114 | €638 | +€525 | +462% |
| Deferred charges and accrued income | 490/1 | €2,046 | €115 | -€1,931 | -94.4% |
| Total equity and liabilities | 10/49 | €469,746 | €516,663 | +€46,917 | +10.0% |
| Equity | 10/15 | €2,213 | -€9,332 | -€11,545 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,187 | -€21,732 | -€11,545 | -113% |
| Amounts payable | 17/49 | €467,534 | €525,995 | +€58,462 | +12.5% |
| Amounts payable within one year | 42/48 | €467,534 | €525,995 | +€58,462 | +12.5% |
| Trade debts | 44 | €939 | €42,250 | +€41,311 | +4,398% |
| Suppliers | 440/4 | €939 | €42,250 | +€41,311 | +4,398% |
| Taxes, remuneration and social security | 45 | €34 | €127 | +€94 | +280% |
| Taxes | 450/3 | €34 | €127 | +€94 | +280% |
| Other amounts payable | 47/48 | €466,561 | €483,617 | +€17,057 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,432 | +€2,432 | |
| Other operating charges | 640/8 | €394 | €2,786 | +€2,392 | +607% |
| Gross operating margin | 9900 | -€3,157 | -€5,640 | -€2,483 | -78.6% |
| Operating profit (loss) | 9901 | -€3,552 | -€10,858 | -€7,306 | -206% |
| Financial income | 75/76B | - | €102 | +€102 | |
| Recurring financial income | 75 | - | €102 | +€102 | |
| Financial charges | 65/66B | - | €695 | +€695 | |
| Recurring financial charges | 65 | - | €695 | +€695 | |
| Profit (loss) for the period before taxes | 9903 | -€3,552 | -€11,451 | -€7,900 | -222% |
| Income taxes | 67/77 | - | €94 | +€94 | |
| Profit (loss) for the period | 9904 | -€3,552 | -€11,545 | -€7,994 | -225% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,552 | -€11,545 | -€7,994 | -225% |
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 19 October 2026 via checked.be.