GSL: 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.
GSL
Largest movements
- Cash +€313,983
up €313,983 (+53.1%), from €591,479 to €905,462
mainly Receivables within one year (+€167,638) and Accrued charges and deferred income (+€114,559)
- Receivables within one year -€167,638
down €167,638 (-96.4%), from €173,876 to €6,238
of which Trade receivables: -€170,528
- Tangible fixed assets -€20,159
down €20,159 (-16.4%), from €123,194 to €103,034
of which Furniture and vehicles: -€25,695
- Accrued charges and deferred income +€114,559
up €114,559 (+125%), from €91,613 to €206,172
- Reserves +€53,195
up €53,195 (+12.2%), from €434,606 to €487,800
of which Distributable reserves: +€50,495
- Tax, wage and social debts -€44,562
down €44,562 (-92.3%), from €48,256 to €3,694
of which Taxes: -€37,970
- Gross operating margin -€97,971
down €97,971 (-48.9%), from €200,400 to €102,430
- Taxes -€42,117
down €42,117 (-74.0%), from €56,941 to €14,824
- Write-downs +€12,781
up €12,781 (+1,486%), from €860 to €13,641
- Depreciation +€12,572
up €12,572 (+83.0%), from €15,151 to €27,722
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 | €986,831 | €1,106,124 | +€119,292 | +12.1% |
| Fixed assets | 21/28 | €123,194 | €103,034 | -€20,159 | -16.4% |
| Tangible fixed assets | 22/27 | €123,194 | €103,034 | -€20,159 | -16.4% |
| Plant, machinery and equipment | 23 | €11,116 | €16,651 | +€5,535 | +49.8% |
| Furniture and vehicles | 24 | €112,078 | €86,383 | -€25,695 | -22.9% |
| Current assets | 29/58 | €863,638 | €1,003,090 | +€139,452 | +16.1% |
| Stocks and contracts in progress | 3 | €94,737 | €88,133 | -€6,603 | -7.0% |
| Stocks | 30/36 | €94,737 | €88,133 | -€6,603 | -7.0% |
| Amounts receivable within one year | 40/41 | €173,876 | €6,238 | -€167,638 | -96.4% |
| Trade receivables | 40 | €173,876 | €3,348 | -€170,528 | -98.1% |
| Other amounts receivable | 41 | - | €2,890 | +€2,890 | |
| Cash at bank and in hand | 54/58 | €591,479 | €905,462 | +€313,983 | +53.1% |
| Deferred charges and accrued income | 490/1 | €3,546 | €3,256 | -€290 | -8.2% |
| Total equity and liabilities | 10/49 | €986,831 | €1,106,124 | +€119,292 | +12.1% |
| Equity | 10/15 | €842,206 | €895,400 | +€53,195 | +6.3% |
| Contributions | 10/11 | €407,600 | €407,600 | = | 0.0% |
| Capital | 10 | €407,600 | €407,600 | = | 0.0% |
| Issued capital | 100 | €407,600 | €407,600 | = | 0.0% |
| Reserves | 13 | €434,606 | €487,800 | +€53,195 | +12.2% |
| Non-distributable reserves | 130/1 | €28,585 | €31,285 | +€2,700 | +9.4% |
| Legal reserve | 130 | €28,585 | €31,285 | +€2,700 | +9.4% |
| Distributable reserves | 133 | €406,021 | €456,515 | +€50,495 | +12.4% |
| Amounts payable | 17/49 | €144,626 | €210,723 | +€66,098 | +45.7% |
| Amounts payable within one year | 42/48 | €53,013 | €4,551 | -€48,462 | -91.4% |
| Trade debts | 44 | €4,756 | €857 | -€3,899 | -82.0% |
| Suppliers | 440/4 | €4,756 | €857 | -€3,899 | -82.0% |
| Taxes, remuneration and social security | 45 | €48,256 | €3,694 | -€44,562 | -92.3% |
| Taxes | 450/3 | €41,665 | €3,694 | -€37,970 | -91.1% |
| Remuneration and social security | 454/9 | €6,592 | - | -€6,592 | |
| Accrued charges and deferred income | 492/3 | €91,613 | €206,172 | +€114,559 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,151 | €27,722 | +€12,572 | +83.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €860 | €13,641 | +€12,781 | +1,486% |
| Other operating charges | 640/8 | €1,594 | €1,573 | -€21 | -1.3% |
| Gross operating margin | 9900 | €200,400 | €102,430 | -€97,971 | -48.9% |
| Operating profit (loss) | 9901 | €182,796 | €59,494 | -€123,302 | -67.5% |
| Financial income | 75/76B | €7,712 | €9,048 | +€1,336 | +17.3% |
| Recurring financial income | 75 | €7,712 | €9,048 | +€1,336 | +17.3% |
| Financial charges | 65/66B | €1,112 | €523 | -€590 | -53.0% |
| Recurring financial charges | 65 | €1,112 | €523 | -€590 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | €189,395 | €68,019 | -€121,376 | -64.1% |
| Income taxes | 67/77 | €56,941 | €14,824 | -€42,117 | -74.0% |
| Profit (loss) for the period | 9904 | €132,454 | €53,195 | -€79,260 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €132,454 | €53,195 | -€79,260 | -59.8% |
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 17 October 2026 via checked.be.