GSM COUVIN: 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 COUVIN
Largest movements
- Receivables within one year -€53,411
down €53,411 (-23.6%), from €225,872 to €172,461
of which Trade receivables: -€80,252
- Tangible fixed assets +€33,963
up €33,963 (+11.1%), from €306,130 to €340,094
of which Land and buildings: +€53,303
- Stocks and contracts +€26,363
up €26,363 (+27.4%), from €96,041 to €122,403
- Cash +€25,612
up €25,612 (+11.5%), from €223,449 to €249,061
mainly Net result for the year (+€264,804) and Receivables within one year (+€53,411)
- Intangible fixed assets -€11,500
down €11,500 (-11.7%), from €98,708 to €87,208
- Reserves +€100,000
up €100,000 (+5,376%), from €1,860 to €101,860
of which Distributable reserves: +€100,000
- Debts after one year -€90,269
down €90,269 (-47.9%), from €188,304 to €98,035
- Profit (loss) carried forward +€44,804
up €44,804 (+7.4%), from €605,082 to €649,887
- Current portion of long-term debt -€34,415
down €34,415 (-49.2%), from €69,918 to €35,503
- Trade debts -€16,187
down €16,187 (-23.8%), from €68,003 to €51,816
- Gross operating margin +€193,896
up €193,896 (+62.1%), from €312,176 to €506,072
- Purchases and services -€112,588
down €112,588 (-10.0%), from €1.1m to €1.0m
- Turnover +€61,308
up €61,308 (+4.3%), from €1.4m to €1.5m
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 | €952,650 | €973,677 | +€21,027 | +2.2% |
| Fixed assets | 21/28 | €407,289 | €429,752 | +€22,463 | +5.5% |
| Intangible fixed assets | 21 | €98,708 | €87,208 | -€11,500 | -11.7% |
| Tangible fixed assets | 22/27 | €306,130 | €340,094 | +€33,963 | +11.1% |
| Land and buildings | 22 | €178,872 | €232,175 | +€53,303 | +29.8% |
| Plant, machinery and equipment | 23 | €90,483 | €85,545 | -€4,938 | -5.5% |
| Furniture and vehicles | 24 | €36,776 | €22,374 | -€14,402 | -39.2% |
| Financial fixed assets | 28 | €2,450 | €2,450 | = | 0.0% |
| Current assets | 29/58 | €545,361 | €543,925 | -€1,437 | -0.3% |
| Stocks and contracts in progress | 3 | €96,041 | €122,403 | +€26,363 | +27.4% |
| Stocks | 30/36 | €96,041 | €122,403 | +€26,363 | +27.4% |
| Amounts receivable within one year | 40/41 | €225,872 | €172,461 | -€53,411 | -23.6% |
| Trade receivables | 40 | €115,220 | €34,968 | -€80,252 | -69.7% |
| Other amounts receivable | 41 | €110,652 | €137,492 | +€26,840 | +24.3% |
| Cash at bank and in hand | 54/58 | €223,449 | €249,061 | +€25,612 | +11.5% |
| Total equity and liabilities | 10/49 | €952,650 | €973,677 | +€21,027 | +2.2% |
| Equity | 10/15 | €614,379 | €770,347 | +€155,967 | +25.4% |
| Contributions | 10/11 | €7,437 | €18,600 | +€11,163 | +150% |
| Reserves | 13 | €1,860 | €101,860 | +€100,000 | +5,376% |
| 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 | - | €100,000 | +€100,000 | |
| Profit (loss) carried forward | 14 | €605,082 | €649,887 | +€44,804 | +7.4% |
| Amounts payable | 17/49 | €338,271 | €203,330 | -€134,941 | -39.9% |
| Amounts payable after more than one year | 17 | €188,304 | €98,035 | -€90,269 | -47.9% |
| Financial debts | 170/4 | €188,304 | €98,035 | -€90,269 | -47.9% |
| Amounts payable within one year | 42/48 | €149,967 | €105,295 | -€44,672 | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €69,918 | €35,503 | -€34,415 | -49.2% |
| Financial debts | 43 | €0 | - | -€0 | |
| Credit institutions | 430/8 | €0 | - | -€0 | |
| Trade debts | 44 | €68,003 | €51,816 | -€16,187 | -23.8% |
| Suppliers | 440/4 | €68,003 | €51,816 | -€16,187 | -23.8% |
| Taxes, remuneration and social security | 45 | €10,606 | €16,536 | +€5,930 | +55.9% |
| Taxes | 450/3 | €3,652 | €4,018 | +€366 | +10.0% |
| Remuneration and social security | 454/9 | €6,954 | €12,518 | +€5,564 | +80.0% |
| Other amounts payable | 47/48 | €1,440 | €1,440 | = | 0.0% |
| Turnover | 70 | €1,436,792 | €1,498,100 | +€61,308 | +4.3% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,124,617 | €1,012,029 | -€112,588 | -10.0% |
| Remuneration, social security and pensions | 62 | €163,049 | €154,083 | -€8,966 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,809 | €48,834 | -€1,975 | -3.9% |
| Other operating charges | 640/8 | €3,615 | €5,999 | +€2,385 | +66.0% |
| Non-recurring operating charges | 66A | €7,151 | €7,420 | +€269 | +3.8% |
| Gross operating margin | 9900 | €312,176 | €506,072 | +€193,896 | +62.1% |
| Operating profit (loss) | 9901 | €87,552 | €289,736 | +€202,184 | +231% |
| Financial income | 75/76B | €7,948 | €7,123 | -€826 | -10.4% |
| Recurring financial income | 75 | €7,948 | €7,123 | -€826 | -10.4% |
| Financial charges | 65/66B | €8,729 | €9,499 | +€770 | +8.8% |
| Recurring financial charges | 65 | €8,729 | €9,499 | +€770 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €86,772 | €287,360 | +€200,588 | +231% |
| Income taxes | 67/77 | €30,836 | €22,556 | -€8,281 | -26.9% |
| Profit (loss) for the period | 9904 | €55,935 | €264,804 | +€208,869 | +373% |
| Profit (loss) for the period to be appropriated | 9905 | €55,935 | €264,804 | +€208,869 | +373% |
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 27 October 2026 via checked.be.