GSM Holding: 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.
What changed
GSM Holding
NACE 64.999, Other financial services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€338,550
2024 · €425,978-€87,429
Equity
€5.3m
2024 · €5.0m+€338,550
Cash
€380,145
2024 · €350,351+€29,795
Balance sheet total
€7.5m
2024 · €7.2m+€297,352
Largest movements
Assets
- Current investments +€292,434
up €292,434 (+4.6%), from €6.3m to €6.6m
Equity and liabilities
- Reserves +€338,528
up €338,528 (+34.0%), from €996,074 to €1.3m
of which Distributable reserves: +€320,000
Income statement
- Gross operating margin -€243,499
down €243,499, from €211,727 to -€31,773
- Other operating charges -€138,959
down €138,959 (-96.3%), from €144,285 to €5,326
- Financial income +€26,764
up €26,764 (+5.7%), from €465,527 to €492,291
of which Financial income: +€159,174
- Financial charges +€11,442
up €11,442 (+39.0%), from €29,340 to €40,782
of which Financial charges: +€12,326
- Taxes -€5,972
down €5,972 (-15.6%), from €38,252 to €32,280
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.
Result 2024
€425,978
Gross operating margin
-€243,499
Depreciation
-€1,683
Other operating charges
+€138,959
Other operating items
-€2,500
Financial income
+€26,764
Financial charges
-€11,442
Taxes
+€5,972
Result 2025
€338,550
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€342,743
Investment
-€312,948
Financing
€0
Cash 2024
€350,351
From operations (derived)
+€342,743
Net result for the year
+€338,550
Depreciation
+€41,081
Receivables after one year
+€4,108
Smaller working-capital items
+€202
Trade debts
-€10,520
Tax, wage and social debts
+€30,422
Other debts
-€61,099
Investment (derived)
-€312,948
Investment in fixed assets (net)
-€20,515
Current investments
-€292,434
Cash 2025
€380,145
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,154,518 | €7,451,871 | +€297,352 | +4.2% |
| Fixed assets | 21/28 | €442,512 | €421,946 | -€20,566 | -4.6% |
| Tangible fixed assets | 22/27 | €442,512 | €421,946 | -€20,566 | -4.6% |
| Land and buildings | 22 | €439,500 | €416,175 | -€23,325 | -5.3% |
| Furniture and vehicles | 24 | €3,011 | €5,770 | +€2,759 | +91.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €6,712,007 | €7,029,925 | +€317,918 | +4.7% |
| Amounts receivable after more than one year | 29 | €7,176 | €3,068 | -€4,108 | -57.2% |
| Other amounts receivable | 291 | €7,176 | €3,068 | -€4,108 | -57.2% |
| Amounts receivable within one year | 40/41 | €17,779 | €17,620 | -€160 | -0.9% |
| Trade receivables | 40 | €6,130 | €6,050 | -€80 | -1.3% |
| Other amounts receivable | 41 | €11,649 | €11,570 | -€80 | -0.7% |
| Current investments | 50/53 | €6,331,974 | €6,624,407 | +€292,434 | +4.6% |
| Cash at bank and in hand | 54/58 | €350,351 | €380,145 | +€29,795 | +8.5% |
| Deferred charges and accrued income | 490/1 | €4,727 | €4,685 | -€42 | -0.9% |
| Total equity and liabilities | 10/49 | €7,154,518 | €7,451,871 | +€297,352 | +4.2% |
| Equity | 10/15 | €4,957,470 | €5,296,020 | +€338,550 | +6.8% |
| Contributions | 10/11 | €3,010,000 | €3,010,000 | = | 0.0% |
| Capital | 10 | €3,010,000 | €3,010,000 | = | 0.0% |
| Issued capital | 100 | €3,010,000 | €3,010,000 | = | 0.0% |
| Reserves | 13 | €996,074 | €1,334,601 | +€338,528 | +34.0% |
| Non-distributable reserves | 130/1 | €231,074 | €249,601 | +€18,528 | +8.0% |
| Legal reserve | 130 | €231,074 | €249,601 | +€18,528 | +8.0% |
| Distributable reserves | 133 | €765,000 | €1,085,000 | +€320,000 | +41.8% |
| Profit (loss) carried forward | 14 | €951,396 | €951,419 | +€22 | 0.0% |
| Amounts payable | 17/49 | €2,197,048 | €2,155,851 | -€41,198 | -1.9% |
| Amounts payable within one year | 42/48 | €2,197,048 | €2,155,851 | -€41,198 | -1.9% |
| Trade debts | 44 | €21,639 | €11,118 | -€10,520 | -48.6% |
| Suppliers | 440/4 | €21,639 | €11,118 | -€10,520 | -48.6% |
| Taxes, remuneration and social security | 45 | €33,239 | €63,660 | +€30,422 | +91.5% |
| Taxes | 450/3 | €33,239 | €63,660 | +€30,422 | +91.5% |
| Other amounts payable | 47/48 | €2,142,171 | €2,081,072 | -€61,099 | -2.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,398 | €41,081 | +€1,683 | +4.3% |
| Other operating charges | 640/8 | €144,285 | €5,326 | -€138,959 | -96.3% |
| Non-recurring operating charges | 66A | - | €2,500 | +€2,500 | |
| Gross operating margin | 9900 | €211,727 | -€31,773 | -€243,499 | |
| Operating profit (loss) | 9901 | €28,044 | -€80,679 | -€108,723 | |
| Financial income | 75/76B | €465,527 | €492,291 | +€26,764 | +5.7% |
| Recurring financial income | 75 | €333,117 | €492,291 | +€159,174 | +47.8% |
| Non-recurring financial income | 76B | €132,410 | €0 | -€132,410 | -100% |
| Financial charges | 65/66B | €29,340 | €40,782 | +€11,442 | +39.0% |
| Recurring financial charges | 65 | €28,457 | €40,782 | +€12,326 | +43.3% |
| Non-recurring financial charges | 66B | €884 | €0 | -€884 | -100% |
| Profit (loss) for the period before taxes | 9903 | €464,231 | €370,830 | -€93,401 | -20.1% |
| Income taxes | 67/77 | €38,252 | €32,280 | -€5,972 | -15.6% |
| Profit (loss) for the period | 9904 | €425,978 | €338,550 | -€87,429 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €425,978 | €338,550 | -€87,429 | -20.5% |
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 20 October 2026 via checked.be.