GSGD: what changed
GSGD
Largest movements
- Tangible fixed assets -€30,752
down €30,752 (-5.3%), from €579,043 to €548,292
of which Land and buildings: -€28,349
- Receivables within one year +€20,638
up €20,638 (+3,206%), from €644 to €21,282
of which Trade receivables: +€21,244
- Debts after one year -€24,948
down €24,948 (-4.9%), from €511,510 to €486,561
- Advances received +€9,522
new in 2025: €9,522
- Profit (loss) carried forward -€8,716
down €8,716 (-24.2%), from -€36,073 to -€44,790
- Trade debts +€8,656
up €8,656 (+405%), from €2,139 to €10,795
- Other debts +€8,425
up €8,425 (+21.0%), from €40,211 to €48,636
- Gross operating margin +€18,872
up €18,872 (+61.2%), from €30,858 to €49,729
- Financial charges -€4,544
down €4,544 (-14.9%), from €30,471 to €25,927
- Depreciation -€3,759
down €3,759 (-10.9%), from €34,511 to €30,752
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €580,111 | €575,036 | -€5,075 | -0.9% |
| Fixed assets | 21/28 | €579,043 | €548,292 | -€30,752 | -5.3% |
| Tangible fixed assets | 22/27 | €579,043 | €548,292 | -€30,752 | -5.3% |
| Land and buildings | 22 | €557,258 | €528,910 | -€28,349 | -5.1% |
| Plant, machinery and equipment | 23 | €19,605 | €17,434 | -€2,171 | -11.1% |
| Furniture and vehicles | 24 | €2,180 | €1,948 | -€232 | -10.7% |
| Current assets | 29/58 | €1,068 | €26,744 | +€25,676 | +2,405% |
| Amounts receivable within one year | 40/41 | €644 | €21,282 | +€20,638 | +3,206% |
| Trade receivables | 40 | €32 | €21,276 | +€21,244 | +65,729% |
| Other amounts receivable | 41 | €611 | €6 | -€606 | -99.0% |
| Cash at bank and in hand | 54/58 | €424 | €5,462 | +€5,038 | +1,189% |
| Total equity and liabilities | 10/49 | €580,111 | €575,036 | -€5,075 | -0.9% |
| Equity | 10/15 | -€6,073 | -€14,790 | -€8,716 | -144% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,073 | -€44,790 | -€8,716 | -24.2% |
| Amounts payable | 17/49 | €586,184 | €589,825 | +€3,641 | +0.6% |
| Amounts payable after more than one year | 17 | €511,510 | €486,561 | -€24,948 | -4.9% |
| Financial debts | 170/4 | €511,510 | €486,561 | -€24,948 | -4.9% |
| Amounts payable within one year | 42/48 | €74,675 | €100,996 | +€26,322 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €32,324 | €31,328 | -€996 | -3.1% |
| Trade debts | 44 | €2,139 | €10,795 | +€8,656 | +405% |
| Suppliers | 440/4 | €2,139 | €10,795 | +€8,656 | +405% |
| Advances received on contracts in progress | 46 | - | €9,522 | +€9,522 | |
| Taxes, remuneration and social security | 45 | - | €716 | +€716 | |
| Taxes | 450/3 | - | €716 | +€716 | |
| Other amounts payable | 47/48 | €40,211 | €48,636 | +€8,425 | +21.0% |
| Accrued charges and deferred income | 492/3 | - | €2,268 | +€2,268 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,511 | €30,752 | -€3,759 | -10.9% |
| Other operating charges | 640/8 | €1,949 | €1,768 | -€182 | -9.3% |
| Gross operating margin | 9900 | €30,858 | €49,729 | +€18,872 | +61.2% |
| Operating profit (loss) | 9901 | -€5,603 | €17,210 | +€22,813 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €30,471 | €25,927 | -€4,544 | -14.9% |
| Recurring financial charges | 65 | €30,471 | €25,927 | -€4,544 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | -€36,073 | -€8,716 | +€27,357 | +75.8% |
| Profit (loss) for the period | 9904 | -€36,073 | -€8,716 | +€27,357 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,073 | -€8,716 | +€27,357 | +75.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.