GSF CONSULTING: 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.
GSF CONSULTING
Largest movements
- Tangible fixed assets -€84,812
down €84,812 (-97.7%), from €86,845 to €2,032
of which Furniture and vehicles: -€85,787
- Receivables within one year -€44,069
down €44,069 (-12.4%), from €355,440 to €311,370
of which Trade receivables: -€33,002
- Cash +€16,702
up €16,702 (+196%), from €8,514 to €25,216
mainly Net result for the year (+€89,291) and Investment in fixed assets (net) (+€83,704)
- Other debts -€76,763
down €76,763 (-45.8%), from €167,637 to €90,874
- Tax, wage and social debts -€57,810
down €57,810 (-54.6%), from €105,950 to €48,140
- Profit (loss) carried forward +€54,291
up €54,291 (+24.4%), from €222,101 to €276,391
- Trade debts -€20,390
down €20,390 (-54.7%), from €37,259 to €16,869
- Current portion of long-term debt -€6,667
no longer reported in 2025 (was €6,667)
- Gross operating margin +€57,237
up €57,237 (+272%), from €21,013 to €78,250
- Depreciation -€27,846
down €27,846 (-96.2%), from €28,955 to €1,108
- Financial income +€14,492
up €14,492 (+1,287%), from €1,126 to €15,618
of which Non-recurring financial income: +€14,973
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 | €551,710 | €439,549 | -€112,162 | -20.3% |
| Fixed assets | 21/28 | €187,466 | €102,653 | -€84,812 | -45.2% |
| Tangible fixed assets | 22/27 | €86,845 | €2,032 | -€84,812 | -97.7% |
| Plant, machinery and equipment | 23 | €318 | €1,293 | +€975 | +307% |
| Furniture and vehicles | 24 | €86,527 | €739 | -€85,787 | -99.1% |
| Financial fixed assets | 28 | €100,621 | €100,621 | = | 0.0% |
| Current assets | 29/58 | €364,245 | €336,896 | -€27,349 | -7.5% |
| Amounts receivable within one year | 40/41 | €355,440 | €311,370 | -€44,069 | -12.4% |
| Trade receivables | 40 | €43,490 | €10,488 | -€33,002 | -75.9% |
| Other amounts receivable | 41 | €311,950 | €300,882 | -€11,068 | -3.5% |
| Cash at bank and in hand | 54/58 | €8,514 | €25,216 | +€16,702 | +196% |
| Deferred charges and accrued income | 490/1 | €291 | €309 | +€18 | +6.1% |
| Total equity and liabilities | 10/49 | €551,710 | €439,549 | -€112,162 | -20.3% |
| Equity | 10/15 | €229,051 | €283,341 | +€54,291 | +23.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €750 | €750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €750 | €750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €222,101 | €276,391 | +€54,291 | +24.4% |
| Amounts payable | 17/49 | €322,660 | €156,207 | -€166,452 | -51.6% |
| Amounts payable within one year | 42/48 | €322,272 | €156,207 | -€166,065 | -51.5% |
| Current portion of amounts payable after more than one year | 42 | €6,667 | - | -€6,667 | |
| Financial debts | 43 | €4,760 | €324 | -€4,436 | -93.2% |
| Credit institutions | 430/8 | €4,760 | €324 | -€4,436 | -93.2% |
| Trade debts | 44 | €37,259 | €16,869 | -€20,390 | -54.7% |
| Suppliers | 440/4 | €37,259 | €16,869 | -€20,390 | -54.7% |
| Taxes, remuneration and social security | 45 | €105,950 | €48,140 | -€57,810 | -54.6% |
| Taxes | 450/3 | €105,950 | €48,140 | -€57,810 | -54.6% |
| Other amounts payable | 47/48 | €167,637 | €90,874 | -€76,763 | -45.8% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Non-recurring operating income | 76A | €465 | €4,010 | +€3,546 | +763% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,955 | €1,108 | -€27,846 | -96.2% |
| Other operating charges | 640/8 | €106 | €101 | -€5 | -4.6% |
| Non-recurring operating charges | 66A | €789 | €688 | -€101 | -12.7% |
| Gross operating margin | 9900 | €21,013 | €78,250 | +€57,237 | +272% |
| Operating profit (loss) | 9901 | -€8,836 | €76,352 | +€85,188 | |
| Financial income | 75/76B | €1,126 | €15,618 | +€14,492 | +1,287% |
| Recurring financial income | 75 | €1,126 | €646 | -€480 | -42.7% |
| Non-recurring financial income | 76B | - | €14,973 | +€14,973 | |
| Financial charges | 65/66B | €887 | €1,227 | +€340 | +38.3% |
| Recurring financial charges | 65 | €887 | €1,227 | +€340 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,597 | €90,744 | +€99,341 | |
| Income taxes | 67/77 | €700 | €1,453 | +€753 | +108% |
| Profit (loss) for the period | 9904 | -€9,297 | €89,291 | +€98,588 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,297 | €89,291 | +€98,588 |
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 23 October 2026 via checked.be.