GSL DESIGN: 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 DESIGN
Largest movements
- Cash +€12,393
up €12,393 (+325%), from €3,808 to €16,201
mainly Net result for the year (+€17,391) and Depreciation (+€6,190)
- Receivables within one year +€4,172
up €4,172 (+72.2%), from €5,778 to €9,950
of which Trade receivables: +€7,067
- Tangible fixed assets -€2,821
down €2,821 (-18.4%), from €15,337 to €12,516
of which Furniture and vehicles: -€2,829
- Formation expenses -€451
down €451 (-21.5%), from €2,099 to €1,648
- Profit (loss) carried forward +€16,532
up €16,532, from -€581 to €15,951
- Tax, wage and social debts +€4,982
new in 2025: €4,982
- Trade debts -€4,373
down €4,373 (-82.8%), from €5,284 to €911
- Debts after one year -€2,573
down €2,573 (-19.2%), from €13,375 to €10,802
- Current portion of long-term debt -€546
down €546 (-17.5%), from €3,119 to €2,573
- Gross operating margin +€28,145
up €28,145 (+5,274%), from €534 to €28,679
- Depreciation +€5,230
up €5,230 (+545%), from €960 to €6,190
- Taxes +€4,123
new in 2025: €4,123
- Financial charges +€755
up €755 (+486%), from €155 to €910
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 | €27,023 | €40,684 | +€13,661 | +50.6% |
| Formation expenses | 20 | €2,099 | €1,648 | -€451 | -21.5% |
| Fixed assets | 21/28 | €15,337 | €12,516 | -€2,821 | -18.4% |
| Tangible fixed assets | 22/27 | €15,337 | €12,516 | -€2,821 | -18.4% |
| Plant, machinery and equipment | 23 | €2,081 | €2,089 | +€9 | +0.4% |
| Furniture and vehicles | 24 | €13,256 | €10,427 | -€2,829 | -21.3% |
| Current assets | 29/58 | €9,587 | €26,520 | +€16,933 | +177% |
| Amounts receivable within one year | 40/41 | €5,778 | €9,950 | +€4,172 | +72.2% |
| Trade receivables | 40 | €2,254 | €9,321 | +€7,067 | +313% |
| Other amounts receivable | 41 | €3,524 | €629 | -€2,895 | -82.1% |
| Cash at bank and in hand | 54/58 | €3,808 | €16,201 | +€12,393 | +325% |
| Deferred charges and accrued income | 490/1 | - | €369 | +€369 | |
| Total equity and liabilities | 10/49 | €27,023 | €40,684 | +€13,661 | +50.6% |
| Equity | 10/15 | €1,919 | €18,451 | +€16,532 | +862% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€581 | €15,951 | +€16,532 | |
| Amounts payable | 17/49 | €25,104 | €22,233 | -€2,871 | -11.4% |
| Amounts payable after more than one year | 17 | €13,375 | €10,802 | -€2,573 | -19.2% |
| Financial debts | 170/4 | €13,375 | €10,802 | -€2,573 | -19.2% |
| Amounts payable within one year | 42/48 | €11,729 | €11,431 | -€298 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €3,119 | €2,573 | -€546 | -17.5% |
| Trade debts | 44 | €5,284 | €911 | -€4,373 | -82.8% |
| Suppliers | 440/4 | €5,284 | €911 | -€4,373 | -82.8% |
| Taxes, remuneration and social security | 45 | - | €4,982 | +€4,982 | |
| Taxes | 450/3 | - | €4,982 | +€4,982 | |
| Other amounts payable | 47/48 | €3,326 | €2,966 | -€361 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €960 | €6,190 | +€5,230 | +545% |
| Other operating charges | 640/8 | - | €66 | +€66 | |
| Gross operating margin | 9900 | €534 | €28,679 | +€28,145 | +5,274% |
| Operating profit (loss) | 9901 | -€426 | €22,424 | +€22,850 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €155 | €910 | +€755 | +486% |
| Recurring financial charges | 65 | €155 | €910 | +€755 | +486% |
| Profit (loss) for the period before taxes | 9903 | -€581 | €21,514 | +€22,095 | |
| Income taxes | 67/77 | - | €4,123 | +€4,123 | |
| Profit (loss) for the period | 9904 | -€581 | €17,391 | +€17,973 | |
| Profit (loss) for the period to be appropriated | 9905 | -€581 | €17,391 | +€17,973 |
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 13 October 2026 via checked.be.