GSE.be: 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.
GSE.be
Largest movements
- Receivables within one year -€22,013
down €22,013 (-28.2%), from €77,933 to €55,920
of which Trade receivables: -€26,031
- Deferred charges and accrued income +€16,062
up €16,062 (+169%), from €9,505 to €25,566
- Tangible fixed assets +€11,151
up €11,151 (+10.5%), from €105,783 to €116,934
of which Furniture and vehicles: +€12,436
- Cash +€8,311
up €8,311 (+19.5%), from €42,711 to €51,022
mainly Depreciation (+€37,320) and Receivables within one year (+€22,013)
- Profit (loss) carried forward -€26,111
down €26,111, from €13,851 to -€12,260
- Trade debts +€21,042
up €21,042 (+61.0%), from €34,520 to €55,562
- Tax, wage and social debts -€17,505
down €17,505 (-63.5%), from €27,567 to €10,062
of which Remuneration and social security: -€16,392
- Other debts +€15,212
up €15,212 (+36.7%), from €41,441 to €56,653
- Debts after one year +€8,290
up €8,290 (+11.5%), from €71,877 to €80,167
- Staff costs +€68,469
up €68,469 (+56.1%), from €121,976 to €190,445
- Gross operating margin +€23,971
up €23,971 (+13.1%), from €183,567 to €207,538
- Depreciation +€10,735
up €10,735 (+40.4%), from €26,584 to €37,320
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 | €236,732 | €250,243 | +€13,511 | +5.7% |
| Fixed assets | 21/28 | €106,583 | €117,734 | +€11,151 | +10.5% |
| Tangible fixed assets | 22/27 | €105,783 | €116,934 | +€11,151 | +10.5% |
| Land and buildings | 22 | €10,439 | €9,154 | -€1,285 | -12.3% |
| Furniture and vehicles | 24 | €95,344 | €107,780 | +€12,436 | +13.0% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €130,149 | €132,508 | +€2,360 | +1.8% |
| Amounts receivable within one year | 40/41 | €77,933 | €55,920 | -€22,013 | -28.2% |
| Trade receivables | 40 | €65,100 | €39,068 | -€26,031 | -40.0% |
| Other amounts receivable | 41 | €12,833 | €16,852 | +€4,019 | +31.3% |
| Cash at bank and in hand | 54/58 | €42,711 | €51,022 | +€8,311 | +19.5% |
| Deferred charges and accrued income | 490/1 | €9,505 | €25,566 | +€16,062 | +169% |
| Total equity and liabilities | 10/49 | €236,732 | €250,243 | +€13,511 | +5.7% |
| Equity | 10/15 | €19,851 | -€6,260 | -€26,111 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,851 | -€12,260 | -€26,111 | |
| Amounts payable | 17/49 | €216,881 | €256,503 | +€39,622 | +18.3% |
| Amounts payable after more than one year | 17 | €71,877 | €80,167 | +€8,290 | +11.5% |
| Financial debts | 170/4 | €71,877 | €80,167 | +€8,290 | +11.5% |
| Amounts payable within one year | 42/48 | €145,004 | €172,569 | +€27,564 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €32,548 | €38,091 | +€5,543 | +17.0% |
| Trade debts | 44 | €34,520 | €55,562 | +€21,042 | +61.0% |
| Suppliers | 440/4 | €34,520 | €55,562 | +€21,042 | +61.0% |
| Advances received on contracts in progress | 46 | €8,929 | €12,201 | +€3,272 | +36.6% |
| Taxes, remuneration and social security | 45 | €27,567 | €10,062 | -€17,505 | -63.5% |
| Taxes | 450/3 | €1,237 | €123 | -€1,114 | -90.0% |
| Remuneration and social security | 454/9 | €26,330 | €9,939 | -€16,392 | -62.3% |
| Other amounts payable | 47/48 | €41,441 | €56,653 | +€15,212 | +36.7% |
| Accrued charges and deferred income | 492/3 | - | €3,768 | +€3,768 | |
| Remuneration, social security and pensions | 62 | €121,976 | €190,445 | +€68,469 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,584 | €37,320 | +€10,735 | +40.4% |
| Other operating charges | 640/8 | €910 | €1,431 | +€522 | +57.3% |
| Gross operating margin | 9900 | €183,567 | €207,538 | +€23,971 | +13.1% |
| Operating profit (loss) | 9901 | €34,097 | -€21,658 | -€55,755 | |
| Financial income | 75/76B | €19 | €13 | -€5 | -29.3% |
| Recurring financial income | 75 | €19 | €13 | -€5 | -29.3% |
| Financial charges | 65/66B | €3,490 | €4,467 | +€977 | +28.0% |
| Recurring financial charges | 65 | €3,490 | €4,467 | +€977 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €30,626 | -€26,111 | -€56,737 | |
| Profit (loss) for the period | 9904 | €30,626 | -€26,111 | -€56,737 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,626 | -€26,111 | -€56,737 |
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 22 October 2026 via checked.be.