GSQ: 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.
GSQ
Largest movements
- Current investments +€30,000
new in 2025: €30,000
- Tangible fixed assets -€12,713
down €12,713 (-46.9%), from €27,126 to €14,413
- Cash -€6,790
down €6,790 (-15.9%), from €42,801 to €36,011
mainly Contributions, distributions and other (-€51,589) and Current investments (-€30,000)
- Receivables within one year +€4,364
up €4,364 (+47.4%), from €9,214 to €13,578
of which Trade receivables: +€2,915
- Other debts +€51,589
new in 2025: €51,589
- Reserves -€20,540
down €20,540 (-61.9%), from €33,205 to €12,665
- Debts after one year -€11,899
down €11,899 (-74.9%), from €15,890 to €3,991
- Tax, wage and social debts -€4,555
down €4,555 (-32.7%), from €13,935 to €9,380
- Gross operating margin +€12,803
up €12,803 (+31.6%), from €40,523 to €53,326
- Taxes +€2,753
up €2,753 (+47.5%), from €5,797 to €8,551
- Depreciation -€561
down €561 (-4.2%), from €13,274 to €12,713
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 | €80,005 | €94,923 | +€14,918 | +18.6% |
| Fixed assets | 21/28 | €27,126 | €14,413 | -€12,713 | -46.9% |
| Tangible fixed assets | 22/27 | €27,126 | €14,413 | -€12,713 | -46.9% |
| Furniture and vehicles | 24 | €27,126 | €14,413 | -€12,713 | -46.9% |
| Current assets | 29/58 | €52,879 | €80,510 | +€27,630 | +52.3% |
| Amounts receivable within one year | 40/41 | €9,214 | €13,578 | +€4,364 | +47.4% |
| Trade receivables | 40 | €9,214 | €12,129 | +€2,915 | +31.6% |
| Other amounts receivable | 41 | - | €1,449 | +€1,449 | |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €42,801 | €36,011 | -€6,790 | -15.9% |
| Deferred charges and accrued income | 490/1 | €864 | €920 | +€56 | +6.5% |
| Total equity and liabilities | 10/49 | €80,005 | €94,923 | +€14,918 | +18.6% |
| Equity | 10/15 | €38,205 | €17,665 | -€20,540 | -53.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €33,205 | €12,665 | -€20,540 | -61.9% |
| Distributable reserves | 133 | €33,205 | €12,665 | -€20,540 | -61.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €41,801 | €77,258 | +€35,457 | +84.8% |
| Amounts payable after more than one year | 17 | €15,890 | €3,991 | -€11,899 | -74.9% |
| Financial debts | 170/4 | €15,890 | €3,991 | -€11,899 | -74.9% |
| Amounts payable within one year | 42/48 | €25,806 | €73,267 | +€47,462 | +184% |
| Current portion of amounts payable after more than one year | 42 | €11,791 | €11,899 | +€108 | +0.9% |
| Trade debts | 44 | €80 | €399 | +€319 | +400% |
| Suppliers | 440/4 | €80 | €399 | +€319 | +400% |
| Taxes, remuneration and social security | 45 | €13,935 | €9,380 | -€4,555 | -32.7% |
| Taxes | 450/3 | €13,935 | €9,380 | -€4,555 | -32.7% |
| Other amounts payable | 47/48 | - | €51,589 | +€51,589 | |
| Accrued charges and deferred income | 492/3 | €105 | €0 | -€105 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,274 | €12,713 | -€561 | -4.2% |
| Other operating charges | 640/8 | €506 | €760 | +€254 | +50.2% |
| Gross operating margin | 9900 | €40,523 | €53,326 | +€12,803 | +31.6% |
| Operating profit (loss) | 9901 | €26,743 | €39,853 | +€13,110 | +49.0% |
| Financial income | 75/76B | €1 | €5 | +€4 | +400% |
| Recurring financial income | 75 | €1 | €5 | +€4 | +400% |
| Financial charges | 65/66B | €407 | €258 | -€149 | -36.6% |
| Recurring financial charges | 65 | €407 | €258 | -€149 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €26,337 | €39,600 | +€13,263 | +50.4% |
| Income taxes | 67/77 | €5,797 | €8,551 | +€2,753 | +47.5% |
| Profit (loss) for the period | 9904 | €20,540 | €31,049 | +€10,509 | +51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,540 | €31,049 | +€10,509 | +51.2% |
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 30 October 2026 via checked.be.