GSP2: what changed
Two fiscal 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.
GSP2
Largest movements
- Current investments +€510,708
up €510,708 (+36.2%), from €1.4m to €1.9m
- Receivables within one year +€193,649
up €193,649 (+23.4%), from €826,299 to €1.0m
of which Trade receivables: +€265,565
- Cash -€134,175
down €134,175 (-20.3%), from €661,008 to €526,833
mainly Current investments (-€510,708) and Investment in fixed assets (net) (-€342,141)
- Reserves +€709,954
up €709,954 (+27.0%), from €2.6m to €3.3m
of which Distributable reserves: +€709,954
- Other debts -€322,099
down €322,099 (-100.0%), from €322,099 to €0
- Trade debts +€130,956
up €130,956 (+61.6%), from €212,722 to €343,678
- Accrued charges and deferred income +€62,738
up €62,738 (+98.7%), from €63,543 to €126,281
- Debts after one year -€54,498
down €54,498 (-43.0%), from €126,597 to €72,099
- Gross operating margin -€65,646
down €65,646 (-3.5%), from €1.9m to €1.8m
- Taxes -€56,625
down €56,625 (-14.7%), from €385,686 to €329,061
- Depreciation +€52,525
up €52,525 (+17.9%), from €292,667 to €345,192
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.
Cash bridge derived
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 | €3,593,726 | €4,175,601 | +€581,875 | +16.2% |
| Fixed assets | 21/28 | €683,308 | €680,256 | -€3,052 | -0.4% |
| Tangible fixed assets | 22/27 | €680,171 | €677,119 | -€3,052 | -0.4% |
| Land and buildings | 22 | €144,228 | €138,368 | -€5,861 | -4.1% |
| Plant, machinery and equipment | 23 | €343,585 | €374,228 | +€30,643 | +8.9% |
| Furniture and vehicles | 24 | €192,358 | €164,524 | -€27,834 | -14.5% |
| Financial fixed assets | 28 | €3,137 | €3,137 | = | 0.0% |
| Current assets | 29/58 | €2,910,418 | €3,495,345 | +€584,927 | +20.1% |
| Amounts receivable within one year | 40/41 | €826,299 | €1,019,948 | +€193,649 | +23.4% |
| Trade receivables | 40 | €751,299 | €1,016,864 | +€265,565 | +35.3% |
| Other amounts receivable | 41 | €75,000 | €3,084 | -€71,916 | -95.9% |
| Current investments | 50/53 | €1,409,000 | €1,919,708 | +€510,708 | +36.2% |
| Cash at bank and in hand | 54/58 | €661,008 | €526,833 | -€134,175 | -20.3% |
| Deferred charges and accrued income | 490/1 | €14,111 | €28,856 | +€14,745 | +104.5% |
| Total equity and liabilities | 10/49 | €3,593,726 | €4,175,601 | +€581,875 | +16.2% |
| Equity | 10/15 | €2,730,005 | €3,439,959 | +€709,954 | +26.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,630,005 | €3,339,959 | +€709,954 | +27.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €2,620,005 | €3,329,959 | +€709,954 | +27.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €863,721 | €735,642 | -€128,079 | -14.8% |
| Amounts payable after more than one year | 17 | €126,597 | €72,099 | -€54,498 | -43.0% |
| Financial debts | 170/4 | €126,597 | €72,099 | -€54,498 | -43.0% |
| Amounts payable within one year | 42/48 | €673,581 | €537,262 | -€136,319 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €51,821 | €54,498 | +€2,678 | +5.2% |
| Trade debts | 44 | €212,722 | €343,678 | +€130,956 | +61.6% |
| Suppliers | 440/4 | €212,722 | €343,678 | +€130,956 | +61.6% |
| Taxes, remuneration and social security | 45 | €86,939 | €139,086 | +€52,147 | +60.0% |
| Taxes | 450/3 | €47,758 | €97,781 | +€50,023 | +104.7% |
| Remuneration and social security | 454/9 | €39,181 | €41,304 | +€2,123 | +5.4% |
| Other amounts payable | 47/48 | €322,099 | €0 | -€322,099 | -100.0% |
| Accrued charges and deferred income | 492/3 | €63,543 | €126,281 | +€62,738 | +98.7% |
| Remuneration, social security and pensions | 62 | €397,610 | €411,152 | +€13,542 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292,667 | €345,192 | +€52,525 | +17.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,369 | -€3,300 | +€4,069 | +55.2% |
| Other operating charges | 640/8 | €11,822 | €21,074 | +€9,251 | +78.3% |
| Gross operating margin | 9900 | €1,876,456 | €1,810,809 | -€65,646 | -3.5% |
| Operating profit (loss) | 9901 | €1,181,725 | €1,036,691 | -€145,034 | -12.3% |
| Financial income | 75/76B | €26,050 | €13,573 | -€12,476 | -47.9% |
| Recurring financial income | 75 | €26,050 | €13,573 | -€12,476 | -47.9% |
| Financial charges | 65/66B | €11,042 | €11,249 | +€207 | +1.9% |
| Recurring financial charges | 65 | €11,042 | €11,249 | +€207 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €1,196,733 | €1,039,015 | -€157,717 | -13.2% |
| Income taxes | 67/77 | €385,686 | €329,061 | -€56,625 | -14.7% |
| Profit (loss) for the period | 9904 | €811,047 | €709,954 | -€101,093 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €811,047 | €709,954 | -€101,093 | -12.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.