GSI: 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.
GSI
Largest movements
- Tangible fixed assets +€100,683
up €100,683 (+16.0%), from €628,736 to €729,419
of which Leasing and similar rights: +€125,211
- Receivables within one year -€69,401
down €69,401 (-16.6%), from €418,270 to €348,869
of which Trade receivables: -€35,584
- Reserves +€141,275
up €141,275 (+52.7%), from €268,173 to €409,448
of which Distributable reserves: +€141,275
- Other debts -€103,560
down €103,560 (-100%), from €103,560 to €0
- Trade debts -€35,847
down €35,847 (-65.3%), from €54,937 to €19,090
- Short-term financial debts +€21,465
up €21,465 (+30.7%), from €70,000 to €91,465
- Debts after one year +€20,743
up €20,743 (+5.5%), from €374,585 to €395,328
- Gross operating margin +€31,919
up €31,919 (+13.7%), from €232,140 to €264,059
- Other operating charges -€2,706
down €2,706 (-42.1%), from €6,434 to €3,727
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 | €1,055,118 | €1,081,205 | +€26,088 | +2.5% |
| Fixed assets | 21/28 | €629,736 | €730,419 | +€100,683 | +16.0% |
| Tangible fixed assets | 22/27 | €628,736 | €729,419 | +€100,683 | +16.0% |
| Land and buildings | 22 | €616,045 | €597,566 | -€18,479 | -3.0% |
| Plant, machinery and equipment | 23 | €2,542 | €67 | -€2,475 | -97.3% |
| Furniture and vehicles | 24 | €10,149 | €6,574 | -€3,575 | -35.2% |
| Leasing and similar rights | 25 | - | €125,211 | +€125,211 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €425,382 | €350,786 | -€74,595 | -17.5% |
| Amounts receivable within one year | 40/41 | €418,270 | €348,869 | -€69,401 | -16.6% |
| Trade receivables | 40 | €68,523 | €32,938 | -€35,584 | -51.9% |
| Other amounts receivable | 41 | €349,748 | €315,930 | -€33,817 | -9.7% |
| Cash at bank and in hand | 54/58 | €7,111 | €1,918 | -€5,194 | -73.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,055,118 | €1,081,205 | +€26,088 | +2.5% |
| Equity | 10/15 | €280,573 | €421,848 | +€141,275 | +50.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €268,173 | €409,448 | +€141,275 | +52.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €266,313 | €407,588 | +€141,275 | +53.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €774,545 | €659,357 | -€115,187 | -14.9% |
| Amounts payable after more than one year | 17 | €374,585 | €395,328 | +€20,743 | +5.5% |
| Financial debts | 170/4 | €374,585 | €395,328 | +€20,743 | +5.5% |
| Amounts payable within one year | 42/48 | €399,960 | €264,030 | -€135,930 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €93,487 | €74,280 | -€19,207 | -20.5% |
| Financial debts | 43 | €70,000 | €91,465 | +€21,465 | +30.7% |
| Credit institutions | 430/8 | €70,000 | €91,465 | +€21,465 | +30.7% |
| Trade debts | 44 | €54,937 | €19,090 | -€35,847 | -65.3% |
| Suppliers | 440/4 | €54,937 | €19,090 | -€35,847 | -65.3% |
| Taxes, remuneration and social security | 45 | €77,976 | €79,195 | +€1,219 | +1.6% |
| Taxes | 450/3 | €77,976 | €79,195 | +€1,219 | +1.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €103,560 | €0 | -€103,560 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,857 | €29,037 | +€180 | +0.6% |
| Other operating charges | 640/8 | €6,434 | €3,727 | -€2,706 | -42.1% |
| Gross operating margin | 9900 | €232,140 | €264,059 | +€31,919 | +13.7% |
| Operating profit (loss) | 9901 | €196,849 | €231,294 | +€34,445 | +17.5% |
| Financial income | 75/76B | €14,653 | €14,056 | -€597 | -4.1% |
| Recurring financial income | 75 | €14,653 | €14,056 | -€597 | -4.1% |
| Financial charges | 65/66B | €24,171 | €22,073 | -€2,098 | -8.7% |
| Recurring financial charges | 65 | €24,171 | €22,073 | -€2,098 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €187,331 | €223,276 | +€35,946 | +19.2% |
| Income taxes | 67/77 | €82,793 | €82,001 | -€791 | -1.0% |
| Profit (loss) for the period | 9904 | €104,538 | €141,275 | +€36,737 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €104,538 | €141,275 | +€36,737 | +35.1% |
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 20 October 2026 via checked.be.