GSPartners: 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.
GSPartners
Largest movements
- Receivables within one year -€152,434
down €152,434 (-74.5%), from €204,620 to €52,186
of which Other amounts receivable: -€152,434
- Stocks and contracts +€76,588
up €76,588 (+36.3%), from €211,034 to €287,622
- Cash -€17,042
down €17,042 (-40.1%), from €42,470 to €25,428
mainly Other debts (-€170,934) and Stocks and contracts (-€76,588)
- Other debts -€170,934
down €170,934 (-49.1%), from €348,052 to €177,117
- Short-term financial debts +€74,675
up €74,675 (+108%), from €69,125 to €143,800
- Trade debts +€17,451
up €17,451 (+3,310%), from €527 to €17,978
- Profit (loss) carried forward -€7,715
down €7,715 (-64.9%), from €11,890 to €4,176
- Gross operating margin -€23,060
down €23,060, from €21,707 to -€1,353
- Taxes -€4,650
no longer reported in 2025 (was €4,650)
- Other operating charges -€507
down €507 (-18.4%), from €2,761 to €2,253
- Financial charges -€430
down €430 (-41.4%), from €1,039 to €609
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 | €468,606 | €374,510 | -€94,096 | -20.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €10,128 | €6,628 | -€3,500 | -34.6% |
| Tangible fixed assets | 22/27 | €10,128 | €6,628 | -€3,500 | -34.6% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €10,128 | €6,628 | -€3,500 | -34.6% |
| Current assets | 29/58 | €458,477 | €367,882 | -€90,596 | -19.8% |
| Stocks and contracts in progress | 3 | €211,034 | €287,622 | +€76,588 | +36.3% |
| Stocks | 30/36 | €211,034 | €287,622 | +€76,588 | +36.3% |
| Amounts receivable within one year | 40/41 | €204,620 | €52,186 | -€152,434 | -74.5% |
| Trade receivables | 40 | €3,586 | €3,586 | = | 0.0% |
| Other amounts receivable | 41 | €201,034 | €48,600 | -€152,434 | -75.8% |
| Cash at bank and in hand | 54/58 | €42,470 | €25,428 | -€17,042 | -40.1% |
| Deferred charges and accrued income | 490/1 | €353 | €2,645 | +€2,292 | +650% |
| Total equity and liabilities | 10/49 | €468,606 | €374,510 | -€94,096 | -20.1% |
| Equity | 10/15 | €32,350 | €24,636 | -€7,715 | -23.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,890 | €4,176 | -€7,715 | -64.9% |
| Amounts payable | 17/49 | €436,256 | €349,874 | -€86,381 | -19.8% |
| Amounts payable after more than one year | 17 | €5,292 | €1,579 | -€3,712 | -70.2% |
| Financial debts | 170/4 | €5,292 | €1,579 | -€3,712 | -70.2% |
| Amounts payable within one year | 42/48 | €430,964 | €347,713 | -€83,250 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €3,604 | €3,712 | +€108 | +3.0% |
| Financial debts | 43 | €69,125 | €143,800 | +€74,675 | +108% |
| Credit institutions | 430/8 | €69,125 | €143,800 | +€74,675 | +108% |
| Trade debts | 44 | €527 | €17,978 | +€17,451 | +3,310% |
| Suppliers | 440/4 | €527 | €17,978 | +€17,451 | +3,310% |
| Taxes, remuneration and social security | 45 | €9,656 | €5,105 | -€4,550 | -47.1% |
| Taxes | 450/3 | €4,550 | - | -€4,550 | |
| Remuneration and social security | 454/9 | €5,105 | €5,105 | = | 0.0% |
| Other amounts payable | 47/48 | €348,052 | €177,117 | -€170,934 | -49.1% |
| Accrued charges and deferred income | 492/3 | - | €582 | +€582 | |
| Remuneration, social security and pensions | 62 | €136 | - | -€136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,500 | €3,500 | = | 0.0% |
| Other operating charges | 640/8 | €2,761 | €2,253 | -€507 | -18.4% |
| Gross operating margin | 9900 | €21,707 | -€1,353 | -€23,060 | |
| Operating profit (loss) | 9901 | €15,311 | -€7,106 | -€22,417 | |
| Financial charges | 65/66B | €1,039 | €609 | -€430 | -41.4% |
| Recurring financial charges | 65 | €1,039 | €609 | -€430 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €14,272 | -€7,715 | -€21,986 | |
| Income taxes | 67/77 | €4,650 | - | -€4,650 | |
| Profit (loss) for the period | 9904 | €9,621 | -€7,715 | -€17,336 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,621 | -€7,715 | -€17,336 |
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 25 October 2026 via checked.be.