GSM: 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.
GSM
Largest movements
- Cash +€120,339
up €120,339 (+349%), from €34,520 to €154,859
mainly Net result for the year (+€109,928) and Receivables after one year (+€100,851)
- Receivables after one year -€100,851
down €100,851 (-38.8%), from €260,000 to €159,149
- Receivables within one year +€65,624
up €65,624 (+156%), from €41,980 to €107,604
of which Other amounts receivable: +€76,635
- Tangible fixed assets +€54,471
up €54,471 (+235%), from €23,181 to €77,653
of which Furniture and vehicles: +€58,714
- Debts after one year +€79,979
up €79,979 (+30.8%), from €259,652 to €339,631
- Current portion of long-term debt +€36,059
up €36,059 (+78.3%), from €46,065 to €82,124
- Tax, wage and social debts +€22,987
up €22,987 (+1,225%), from €1,876 to €24,863
- Gross operating margin +€34,850
up €34,850 (+23.6%), from €147,684 to €182,533
- Taxes +€13,159
up €13,159 (+31.8%), from €41,396 to €54,555
- Depreciation -€10,037
down €10,037 (-51.0%), from €19,669 to €9,632
- Financial charges -€1,961
down €1,961 (-13.3%), from €14,701 to €12,739
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 | €832,103 | €975,061 | +€142,958 | +17.2% |
| Fixed assets | 21/28 | €493,301 | €547,773 | +€54,471 | +11.0% |
| Tangible fixed assets | 22/27 | €23,181 | €77,653 | +€54,471 | +235% |
| Plant, machinery and equipment | 23 | €4,033 | €1,886 | -€2,148 | -53.2% |
| Furniture and vehicles | 24 | €3,718 | €62,432 | +€58,714 | +1,579% |
| Other tangible fixed assets | 26 | €15,430 | €13,335 | -€2,095 | -13.6% |
| Financial fixed assets | 28 | €470,120 | €470,120 | = | 0.0% |
| Current assets | 29/58 | €338,802 | €427,288 | +€88,486 | +26.1% |
| Amounts receivable after more than one year | 29 | €260,000 | €159,149 | -€100,851 | -38.8% |
| Other amounts receivable | 291 | €260,000 | €159,149 | -€100,851 | -38.8% |
| Amounts receivable within one year | 40/41 | €41,980 | €107,604 | +€65,624 | +156% |
| Trade receivables | 40 | €16,980 | €5,969 | -€11,011 | -64.8% |
| Other amounts receivable | 41 | €25,000 | €101,635 | +€76,635 | +307% |
| Cash at bank and in hand | 54/58 | €34,520 | €154,859 | +€120,339 | +349% |
| Deferred charges and accrued income | 490/1 | €2,302 | €5,677 | +€3,375 | +147% |
| Total equity and liabilities | 10/49 | €832,103 | €975,061 | +€142,958 | +17.2% |
| Equity | 10/15 | €489,834 | €493,603 | +€3,769 | +0.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €437,769 | €441,538 | +€3,769 | +0.9% |
| 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 | €435,909 | €439,678 | +€3,769 | +0.9% |
| Profit (loss) carried forward | 14 | €45,865 | €45,865 | = | 0.0% |
| Amounts payable | 17/49 | €342,269 | €481,458 | +€139,189 | +40.7% |
| Amounts payable after more than one year | 17 | €259,652 | €339,631 | +€79,979 | +30.8% |
| Financial debts | 170/4 | €259,652 | €339,631 | +€79,979 | +30.8% |
| Amounts payable within one year | 42/48 | €77,807 | €135,110 | +€57,302 | +73.6% |
| Current portion of amounts payable after more than one year | 42 | €46,065 | €82,124 | +€36,059 | +78.3% |
| Trade debts | 44 | €27,351 | €28,123 | +€772 | +2.8% |
| Suppliers | 440/4 | €27,351 | €28,123 | +€772 | +2.8% |
| Taxes, remuneration and social security | 45 | €1,876 | €24,863 | +€22,987 | +1,225% |
| Taxes | 450/3 | €1,876 | €24,863 | +€22,987 | +1,225% |
| Other amounts payable | 47/48 | €2,515 | €0 | -€2,515 | -100% |
| Accrued charges and deferred income | 492/3 | €4,810 | €6,718 | +€1,908 | +39.7% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,669 | €9,632 | -€10,037 | -51.0% |
| Other operating charges | 640/8 | €1,818 | €3,613 | +€1,795 | +98.8% |
| Gross operating margin | 9900 | €147,684 | €182,533 | +€34,850 | +23.6% |
| Operating profit (loss) | 9901 | €126,197 | €169,288 | +€43,091 | +34.1% |
| Financial income | 75/76B | €6,504 | €7,934 | +€1,431 | +22.0% |
| Recurring financial income | 75 | €6,504 | €7,934 | +€1,431 | +22.0% |
| Financial charges | 65/66B | €14,701 | €12,739 | -€1,961 | -13.3% |
| Recurring financial charges | 65 | €14,701 | €12,739 | -€1,961 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €118,000 | €164,483 | +€46,483 | +39.4% |
| Income taxes | 67/77 | €41,396 | €54,555 | +€13,159 | +31.8% |
| Profit (loss) for the period | 9904 | €76,604 | €109,928 | +€33,324 | +43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,604 | €109,928 | +€33,324 | +43.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.