GSN11: 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.
GSN11
Largest movements
- Receivables within one year -€86,496
down €86,496 (-23.2%), from €372,977 to €286,481
of which Trade receivables: -€87,271
- Tangible fixed assets -€85,736
down €85,736 (-13.4%), from €638,875 to €553,139
of which Land and buildings: -€82,608
- Cash +€12,594
up €12,594 (+132%), from €9,562 to €22,156
mainly Depreciation (+€91,116) and Receivables within one year (+€86,496)
- Trade debts -€85,889
down €85,889 (-46.7%), from €183,887 to €97,998
- Tax, wage and social debts -€53,808
down €53,808 (-40.0%), from €134,598 to €80,790
of which Remuneration and social security: -€43,555
- Debts after one year -€45,389
down €45,389 (-11.1%), from €409,491 to €364,102
- Other debts +€21,088
up €21,088 (+17.0%), from €123,906 to €144,994
- Gross operating margin -€114,002
down €114,002 (-14.7%), from €773,847 to €659,846
- Staff costs -€88,612
down €88,612 (-13.9%), from €638,641 to €550,029
- Financial charges -€11,230
down €11,230 (-39.8%), from €28,204 to €16,974
- Taxes -€8,696
down €8,696 (-79.6%), from €10,927 to €2,231
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 | €1,030,385 | €865,097 | -€165,288 | -16.0% |
| Fixed assets | 21/28 | €643,880 | €554,935 | -€88,944 | -13.8% |
| Intangible fixed assets | 21 | €5,005 | €1,671 | -€3,333 | -66.6% |
| Tangible fixed assets | 22/27 | €638,875 | €553,139 | -€85,736 | -13.4% |
| Land and buildings | 22 | €631,068 | €548,460 | -€82,608 | -13.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €5,634 | €2,754 | -€2,880 | -51.1% |
| Other tangible fixed assets | 26 | €2,173 | €1,925 | -€248 | -11.4% |
| Financial fixed assets | 28 | €0 | €124 | +€124 | |
| Current assets | 29/58 | €386,506 | €310,162 | -€76,344 | -19.8% |
| Amounts receivable within one year | 40/41 | €372,977 | €286,481 | -€86,496 | -23.2% |
| Trade receivables | 40 | €372,977 | €285,705 | -€87,271 | -23.4% |
| Other amounts receivable | 41 | €0 | €775 | +€775 | |
| Cash at bank and in hand | 54/58 | €9,562 | €22,156 | +€12,594 | +132% |
| Deferred charges and accrued income | 490/1 | €3,968 | €1,525 | -€2,442 | -61.6% |
| Total equity and liabilities | 10/49 | €1,030,385 | €865,097 | -€165,288 | -16.0% |
| Equity | 10/15 | €95,206 | €90,199 | -€5,008 | -5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,606 | €71,599 | -€5,008 | -6.5% |
| Tax-exempt reserves | 132 | €71,978 | €65,033 | -€6,945 | -9.6% |
| Distributable reserves | 133 | €4,629 | €6,566 | +€1,937 | +41.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €43,987 | €41,672 | -€2,315 | -5.3% |
| Deferred taxes | 168 | €43,987 | €41,672 | -€2,315 | -5.3% |
| Amounts payable | 17/49 | €891,192 | €733,226 | -€157,966 | -17.7% |
| Amounts payable after more than one year | 17 | €409,491 | €364,102 | -€45,389 | -11.1% |
| Financial debts | 170/4 | €409,491 | €364,102 | -€45,389 | -11.1% |
| Amounts payable within one year | 42/48 | €481,701 | €369,124 | -€112,576 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €39,310 | €45,342 | +€6,033 | +15.3% |
| Trade debts | 44 | €183,887 | €97,998 | -€85,889 | -46.7% |
| Suppliers | 440/4 | €183,887 | €97,998 | -€85,889 | -46.7% |
| Taxes, remuneration and social security | 45 | €134,598 | €80,790 | -€53,808 | -40.0% |
| Taxes | 450/3 | €11,193 | €941 | -€10,252 | -91.6% |
| Remuneration and social security | 454/9 | €123,405 | €79,849 | -€43,555 | -35.3% |
| Other amounts payable | 47/48 | €123,906 | €144,994 | +€21,088 | +17.0% |
| Remuneration, social security and pensions | 62 | €638,641 | €550,029 | -€88,612 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,428 | €91,116 | -€1,312 | -1.4% |
| Other operating charges | 640/8 | €9,850 | €8,974 | -€876 | -8.9% |
| Gross operating margin | 9900 | €773,847 | €659,846 | -€114,002 | -14.7% |
| Operating profit (loss) | 9901 | €32,927 | €9,725 | -€23,202 | -70.5% |
| Financial income | 75/76B | €609 | €2,157 | +€1,548 | +254% |
| Recurring financial income | 75 | €609 | €2,157 | +€1,548 | +254% |
| Financial charges | 65/66B | €28,204 | €16,974 | -€11,230 | -39.8% |
| Recurring financial charges | 65 | €28,204 | €16,974 | -€11,230 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €5,332 | -€5,092 | -€10,424 | |
| Transfer from deferred taxes | 780 | €2,315 | €2,315 | = | 0.0% |
| Income taxes | 67/77 | €10,927 | €2,231 | -€8,696 | -79.6% |
| Profit (loss) for the period | 9904 | -€3,280 | -€5,008 | -€1,728 | -52.7% |
| Transfer from tax-exempt reserves | 789 | €6,945 | €6,945 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,665 | €1,937 | -€1,728 | -47.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.