GSD Invests: 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
GSD Invests
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€220,827
2024 · €278,444-€57,617
Equity
€13.0m
2024 · €1.8m+€11.3m
Cash
€48,680
2024 · €17,971+€30,709
Balance sheet total
€29.1m
2024 · €7.2m+€21.9m
Largest movements
Assets
- Financial fixed assets +€22.1m
new in 2025: €22.1m
Equity and liabilities
- Contributions +€11.0m
up €11.0m (+4238.3%), from €260,294 to €11.3m
- Debts after one year +€9.9m
up €9.9m (+345.8%), from €2.9m to €12.8m
- Current portion of long-term debt +€583,641
up €583,641 (+110.5%), from €527,963 to €1.1m
Income statement
- Depreciation +€36,854
up €36,854 (+16.4%), from €224,260 to €261,113
- Financial charges +€26,723
up €26,723 (+49.0%), from €54,546 to €81,269
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
€278,444
Gross operating margin
+€4,909
Depreciation
-€36,854
Other operating charges
-€4,200
Financial income
+€148
Financial charges
-€26,723
Taxes
+€5,103
Result 2025
€220,827
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
+€579,862
Investment
-€22.1m
Financing
+€21.5m
Cash 2024
€17,971
From operations (derived)
+€579,862
Net result for the year
+€220,827
Depreciation
+€261,113
Smaller working-capital items
-€22,488
Other debts
+€120,409
Investment (derived)
-€22.1m
Investment in fixed assets (net)
-€22.1m
Financing
+€21.5m
Debts after one year
+€9.9m
Current portion of long-term debt
+€583,641
Contributions, distributions and other
+€11.0m
Cash 2025
€48,680
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,210,401 | €29,078,187 | +€21.9m | +303.3% |
| Fixed assets | 21/28 | €7,080,254 | €28,885,460 | +€21.8m | +308.0% |
| Tangible fixed assets | 22/27 | €7,080,254 | €6,819,141 | -€261,113 | -3.7% |
| Land and buildings | 22 | €6,264,917 | €6,073,404 | -€191,513 | -3.1% |
| Leasing and similar rights | 25 | €315,254 | €245,654 | -€69,600 | -22.1% |
| Other tangible fixed assets | 26 | €500,083 | €500,083 | = | 0.0% |
| Financial fixed assets | 28 | - | €22,066,319 | +€22.1m | |
| Current assets | 29/58 | €130,147 | €192,727 | +€62,580 | +48.1% |
| Amounts receivable within one year | 40/41 | €98,123 | €132,150 | +€34,027 | +34.7% |
| Trade receivables | 40 | €98,123 | €132,150 | +€34,027 | +34.7% |
| Cash at bank and in hand | 54/58 | €17,971 | €48,680 | +€30,709 | +170.9% |
| Deferred charges and accrued income | 490/1 | €14,053 | €11,897 | -€2,156 | -15.3% |
| Total equity and liabilities | 10/49 | €7,210,401 | €29,078,187 | +€21.9m | +303.3% |
| Equity | 10/15 | €1,773,649 | €13,026,396 | +€11.3m | +634.4% |
| Contributions | 10/11 | €260,294 | €11,292,213 | +€11.0m | +4238.3% |
| Capital | 10 | €260,294 | €11,292,213 | +€11.0m | +4238.3% |
| Issued capital | 100 | €260,294 | €11,292,213 | +€11.0m | +4238.3% |
| Reserves | 13 | €193,134 | €184,882 | -€8,252 | -4.3% |
| Non-distributable reserves | 130/1 | €26,029 | €26,029 | = | 0.0% |
| Legal reserve | 130 | €26,029 | €26,029 | = | 0.0% |
| Tax-exempt reserves | 132 | €167,105 | €158,853 | -€8,252 | -4.9% |
| Profit (loss) carried forward | 14 | €1,320,222 | €1,549,301 | +€229,079 | +17.4% |
| Provisions and deferred taxes | 16 | €55,702 | €52,951 | -€2,751 | -4.9% |
| Deferred taxes | 168 | €55,702 | €52,951 | -€2,751 | -4.9% |
| Amounts payable | 17/49 | €5,381,050 | €15,998,840 | +€10.6m | +197.3% |
| Amounts payable after more than one year | 17 | €2,863,338 | €12,764,943 | +€9.9m | +345.8% |
| Financial debts | 170/4 | €2,863,338 | €12,764,943 | +€9.9m | +345.8% |
| Amounts payable within one year | 42/48 | €2,517,713 | €3,233,897 | +€716,184 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €527,963 | €1,111,604 | +€583,641 | +110.5% |
| Trade debts | 44 | €21,330 | €5,374 | -€15,956 | -74.8% |
| Suppliers | 440/4 | €21,330 | €5,374 | -€15,956 | -74.8% |
| Taxes, remuneration and social security | 45 | €63,437 | €91,527 | +€28,091 | +44.3% |
| Taxes | 450/3 | €61,437 | €89,527 | +€28,091 | +45.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €1,904,983 | €2,025,392 | +€120,409 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,260 | €261,113 | +€36,854 | +16.4% |
| Other operating charges | 640/8 | €23,209 | €27,409 | +€4,200 | +18.1% |
| Gross operating margin | 9900 | €675,745 | €680,654 | +€4,909 | +0.7% |
| Operating profit (loss) | 9901 | €428,276 | €392,132 | -€36,144 | -8.4% |
| Financial income | 75/76B | €10 | €158 | +€148 | +1467.7% |
| Recurring financial income | 75 | €10 | €158 | +€148 | +1467.7% |
| Financial charges | 65/66B | €54,546 | €81,269 | +€26,723 | +49.0% |
| Recurring financial charges | 65 | €54,546 | €81,269 | +€26,723 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | €373,740 | €311,020 | -€62,720 | -16.8% |
| Transfer from deferred taxes | 780 | €2,751 | €2,751 | +€0 | 0.0% |
| Income taxes | 67/77 | €98,047 | €92,944 | -€5,103 | -5.2% |
| Profit (loss) for the period | 9904 | €278,444 | €220,827 | -€57,617 | -20.7% |
| Transfer from tax-exempt reserves | 789 | €8,252 | €8,252 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €286,696 | €229,079 | -€57,617 | -20.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.