GSI: 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.
GSI
Largest movements
- Receivables within one year +€37,548
up €37,548 (+477.5%), from €7,864 to €45,412
of which Trade receivables: +€45,412
- Cash +€8,977
up €8,977 (+214.5%), from €4,186 to €13,163
mainly Trade debts (+€31,863) and Net result for the year (+€14,498)
- Tangible fixed assets +€5,458
up €5,458 (+570.3%), from €957 to €6,415
of which Plant, machinery and equipment: +€6,415
- Deferred charges and accrued income +€2,097
new in 2025: €2,097
- Trade debts +€31,863
new in 2025: €31,863
- Profit (loss) carried forward +€14,498
up €14,498 (+81.1%), from -€17,874 to -€3,376
- Tax, wage and social debts +€12,760
new in 2025: €12,760
- Other debts -€6,089
down €6,089 (-11.6%), from €52,431 to €46,343
- Gross operating margin +€10,306
up €10,306 (+60.9%), from €16,927 to €27,232
- Financial charges +€4,655
up €4,655 (+2782.1%), from €167 to €4,822
- Other operating charges +€4,403
up €4,403 (+228.5%), from €1,927 to €6,330
- Depreciation +€642
up €642 (+67.0%), from €957 to €1,599
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,017 | €108,050 | +€53,033 | +96.4% |
| Fixed assets | 21/28 | €957 | €6,415 | +€5,458 | +570.3% |
| Tangible fixed assets | 22/27 | €957 | €6,415 | +€5,458 | +570.3% |
| Plant, machinery and equipment | 23 | - | €6,415 | +€6,415 | |
| Other tangible fixed assets | 26 | €957 | - | -€957 | |
| Current assets | 29/58 | €54,060 | €101,635 | +€47,575 | +88.0% |
| Stocks and contracts in progress | 3 | €42,010 | €40,963 | -€1,048 | -2.5% |
| Stocks | 30/36 | €42,010 | €40,963 | -€1,048 | -2.5% |
| Amounts receivable within one year | 40/41 | €7,864 | €45,412 | +€37,548 | +477.5% |
| Trade receivables | 40 | - | €45,412 | +€45,412 | |
| Other amounts receivable | 41 | €7,864 | - | -€7,864 | |
| Cash at bank and in hand | 54/58 | €4,186 | €13,163 | +€8,977 | +214.5% |
| Deferred charges and accrued income | 490/1 | - | €2,097 | +€2,097 | |
| Total equity and liabilities | 10/49 | €55,017 | €108,050 | +€53,033 | +96.4% |
| Equity | 10/15 | €2,586 | €17,084 | +€14,498 | +560.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,874 | -€3,376 | +€14,498 | +81.1% |
| Amounts payable | 17/49 | €52,431 | €90,966 | +€38,534 | +73.5% |
| Amounts payable within one year | 42/48 | €52,431 | €90,966 | +€38,534 | +73.5% |
| Trade debts | 44 | - | €31,863 | +€31,863 | |
| Suppliers | 440/4 | - | €31,863 | +€31,863 | |
| Taxes, remuneration and social security | 45 | - | €12,760 | +€12,760 | |
| Taxes | 450/3 | - | €12,760 | +€12,760 | |
| Other amounts payable | 47/48 | €52,431 | €46,343 | -€6,089 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €957 | €1,599 | +€642 | +67.0% |
| Other operating charges | 640/8 | €1,927 | €6,330 | +€4,403 | +228.5% |
| Gross operating margin | 9900 | €16,927 | €27,232 | +€10,306 | +60.9% |
| Operating profit (loss) | 9901 | €14,043 | €19,304 | +€5,261 | +37.5% |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €167 | €4,822 | +€4,655 | +2782.1% |
| Recurring financial charges | 65 | €167 | €4,822 | +€4,655 | +2782.1% |
| Profit (loss) for the period before taxes | 9903 | €13,875 | €14,505 | +€630 | +4.5% |
| Income taxes | 67/77 | - | €7 | +€7 | |
| Profit (loss) for the period | 9904 | €13,875 | €14,498 | +€623 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,875 | €14,498 | +€623 | +4.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.