GSL: 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.
GSL
Largest movements
- Cash -€5,351
down €5,351 (-88.5%), from €6,049 to €697
mainly Net result for the year (-€5,322) and Other debts (-€2,977)
- Tangible fixed assets -€2,998
down €2,998 (-45.9%), from €6,530 to €3,532
- Profit (loss) carried forward -€5,322
down €5,322, from €2,734 to -€2,588
- Other debts -€2,977
down €2,977 (-40.7%), from €7,306 to €4,329
- Tax, wage and social debts -€261
down €261 (-10.3%), from €2,537 to €2,276
- Trade debts +€212
new in 2025: €212
- Gross operating margin -€3,109
down €3,109, from €1,652 to -€1,457
- Financial charges -€371
down €371 (-68.5%), from €541 to €171
- Other operating charges -€41
down €41 (-5.5%), from €737 to €697
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 | €12,579 | €4,229 | -€8,350 | -66.4% |
| Fixed assets | 21/28 | €6,530 | €3,532 | -€2,998 | -45.9% |
| Tangible fixed assets | 22/27 | €6,530 | €3,532 | -€2,998 | -45.9% |
| Plant, machinery and equipment | 23 | €6,530 | €3,532 | -€2,998 | -45.9% |
| Current assets | 29/58 | €6,049 | €697 | -€5,351 | -88.5% |
| Cash at bank and in hand | 54/58 | €6,049 | €697 | -€5,351 | -88.5% |
| Total equity and liabilities | 10/49 | €12,579 | €4,229 | -€8,350 | -66.4% |
| Equity | 10/15 | €2,735 | -€2,587 | -€5,322 | |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Capital | 10 | €1 | €1 | = | 0.0% |
| Issued capital | 100 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,734 | -€2,588 | -€5,322 | |
| Amounts payable | 17/49 | €9,844 | €6,817 | -€3,027 | -30.8% |
| Amounts payable within one year | 42/48 | €9,844 | €6,817 | -€3,027 | -30.8% |
| Trade debts | 44 | - | €212 | +€212 | |
| Suppliers | 440/4 | - | €212 | +€212 | |
| Taxes, remuneration and social security | 45 | €2,537 | €2,276 | -€261 | -10.3% |
| Taxes | 450/3 | €2,537 | €2,276 | -€261 | -10.3% |
| Other amounts payable | 47/48 | €7,306 | €4,329 | -€2,977 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,998 | €2,998 | = | 0.0% |
| Other operating charges | 640/8 | €737 | €697 | -€41 | -5.5% |
| Gross operating margin | 9900 | €1,652 | -€1,457 | -€3,109 | |
| Operating profit (loss) | 9901 | -€2,083 | -€5,152 | -€3,068 | -147.3% |
| Financial charges | 65/66B | €541 | €171 | -€371 | -68.5% |
| Recurring financial charges | 65 | €541 | €171 | -€371 | -68.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,625 | -€5,322 | -€2,698 | -102.8% |
| Profit (loss) for the period | 9904 | -€2,625 | -€5,322 | -€2,698 | -102.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,625 | -€5,322 | -€2,698 | -102.8% |
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.