GSDC: 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.
GSDC
Largest movements
- Stocks and contracts -€35,290
down €35,290 (-28.9%), from €122,090 to €86,800
- Receivables within one year -€31,939
down €31,939 (-28.1%), from €113,812 to €81,873
of which Trade receivables: -€31,939
- Tangible fixed assets -€18,625
down €18,625 (-3.7%), from €507,505 to €488,879
of which Land and buildings: -€15,694
- Trade debts -€84,066
down €84,066 (-53.1%), from €158,390 to €74,324
- Other debts +€61,094
up €61,094 (+72.6%), from €84,200 to €145,294
- Profit (loss) carried forward -€35,861
down €35,861 (-146.2%), from -€24,522 to -€60,383
- Debts after one year -€33,938
down €33,938 (-9.8%), from €347,681 to €313,743
- Gross operating margin -€41,229
down €41,229 (-15.6%), from €264,352 to €223,122
- Staff costs -€22,154
down €22,154 (-11.4%), from €193,567 to €171,413
- Financial charges -€6,439
down €6,439 (-15.8%), from €40,758 to €34,320
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €812,748 | €721,976 | -€90,772 | -11.2% |
| Formation expenses | 20 | €62,012 | €59,235 | -€2,777 | -4.5% |
| Fixed assets | 21/28 | €507,655 | €489,029 | -€18,625 | -3.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €507,505 | €488,879 | -€18,625 | -3.7% |
| Land and buildings | 22 | €487,177 | €471,483 | -€15,694 | -3.2% |
| Plant, machinery and equipment | 23 | €8,809 | €6,094 | -€2,715 | -30.8% |
| Furniture and vehicles | 24 | €11,518 | €11,302 | -€216 | -1.9% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €243,082 | €173,712 | -€69,370 | -28.5% |
| Stocks and contracts in progress | 3 | €122,090 | €86,800 | -€35,290 | -28.9% |
| Stocks | 30/36 | €122,090 | €86,800 | -€35,290 | -28.9% |
| Amounts receivable within one year | 40/41 | €113,812 | €81,873 | -€31,939 | -28.1% |
| Trade receivables | 40 | €113,812 | €81,873 | -€31,939 | -28.1% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €4,487 | €2,279 | -€2,208 | -49.2% |
| Deferred charges and accrued income | 490/1 | €2,693 | €2,760 | +€66 | +2.5% |
| Total equity and liabilities | 10/49 | €812,748 | €721,976 | -€90,772 | -11.2% |
| Equity | 10/15 | €417 | -€35,444 | -€35,861 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,939 | €4,939 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €939 | €939 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,522 | -€60,383 | -€35,861 | -146.2% |
| Amounts payable | 17/49 | €812,331 | €757,420 | -€54,911 | -6.8% |
| Amounts payable after more than one year | 17 | €347,681 | €313,743 | -€33,938 | -9.8% |
| Financial debts | 170/4 | €347,681 | €313,743 | -€33,938 | -9.8% |
| Amounts payable within one year | 42/48 | €464,650 | €443,677 | -€20,973 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €32,626 | €33,938 | +€1,312 | +4.0% |
| Financial debts | 43 | €98,585 | €97,983 | -€602 | -0.6% |
| Credit institutions | 430/8 | €98,585 | €97,983 | -€602 | -0.6% |
| Trade debts | 44 | €158,390 | €74,324 | -€84,066 | -53.1% |
| Suppliers | 440/4 | €158,390 | €74,324 | -€84,066 | -53.1% |
| Advances received on contracts in progress | 46 | €5,000 | €0 | -€5,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €85,850 | €92,138 | +€6,289 | +7.3% |
| Taxes | 450/3 | €66,244 | €67,450 | +€1,207 | +1.8% |
| Remuneration and social security | 454/9 | €19,606 | €24,688 | +€5,082 | +25.9% |
| Other amounts payable | 47/48 | €84,200 | €145,294 | +€61,094 | +72.6% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €193,567 | €171,413 | -€22,154 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,425 | €26,174 | -€250 | -0.9% |
| Other operating charges | 640/8 | €25,497 | €27,787 | +€2,290 | +9.0% |
| Gross operating margin | 9900 | €264,352 | €223,122 | -€41,229 | -15.6% |
| Operating profit (loss) | 9901 | €18,863 | -€2,252 | -€21,116 | |
| Financial income | 75/76B | €514 | €711 | +€197 | +38.2% |
| Recurring financial income | 75 | €514 | €711 | +€197 | +38.2% |
| Financial charges | 65/66B | €40,758 | €34,320 | -€6,439 | -15.8% |
| Recurring financial charges | 65 | €40,758 | €34,320 | -€6,439 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,381 | -€35,861 | -€14,480 | -67.7% |
| Income taxes | 67/77 | €75 | - | -€75 | |
| Profit (loss) for the period | 9904 | -€21,456 | -€35,861 | -€14,405 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,456 | -€35,861 | -€14,405 | -67.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.