GST: 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.
GST
Largest movements
- Receivables within one year +€9,329
up €9,329 (+16.2%), from €57,658 to €66,987
of which Trade receivables: +€10,230
- Stocks and contracts +€6,179
up €6,179 (+13.8%), from €44,646 to €50,824
of which Contracts in progress: +€9,309
- Deferred charges and accrued income -€1,444
down €1,444 (-44.4%), from €3,252 to €1,808
- Trade debts +€6,830
up €6,830 (+17.3%), from €39,436 to €46,266
- Tax, wage and social debts +€4,871
up €4,871 (+33.9%), from €14,359 to €19,230
of which Remuneration and social security: +€5,091
- Profit (loss) carried forward +€3,140
up €3,140 (+25.8%), from -€12,190 to -€9,049
- Other debts -€2,306
down €2,306 (-6.7%), from €34,186 to €31,881
- Gross operating margin +€55,479
up €55,479, from -€20,912 to €34,567
- Staff costs +€26,562
new in 2025: €26,562
- Depreciation -€2,747
down €2,747 (-59.6%), from €4,610 to €1,863
- Financial charges +€1,229
up €1,229 (+81.9%), from €1,500 to €2,728
of which Non-recurring financial charges: +€999
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 | €110,485 | €123,574 | +€13,089 | +11.8% |
| Fixed assets | 21/28 | €4,722 | €3,610 | -€1,112 | -23.6% |
| Tangible fixed assets | 22/27 | €4,722 | €3,610 | -€1,112 | -23.6% |
| Plant, machinery and equipment | 23 | €4,103 | €3,403 | -€699 | -17.0% |
| Furniture and vehicles | 24 | €619 | €206 | -€413 | -66.7% |
| Current assets | 29/58 | €105,763 | €119,965 | +€14,201 | +13.4% |
| Stocks and contracts in progress | 3 | €44,646 | €50,824 | +€6,179 | +13.8% |
| Stocks | 30/36 | €35,198 | €32,068 | -€3,130 | -8.9% |
| Contracts in progress | 37 | €9,447 | €18,757 | +€9,309 | +98.5% |
| Amounts receivable within one year | 40/41 | €57,658 | €66,987 | +€9,329 | +16.2% |
| Trade receivables | 40 | €55,874 | €66,104 | +€10,230 | +18.3% |
| Other amounts receivable | 41 | €1,784 | €884 | -€900 | -50.5% |
| Cash at bank and in hand | 54/58 | €208 | €345 | +€137 | +66.1% |
| Deferred charges and accrued income | 490/1 | €3,252 | €1,808 | -€1,444 | -44.4% |
| Total equity and liabilities | 10/49 | €110,485 | €123,574 | +€13,089 | +11.8% |
| Equity | 10/15 | €8,270 | €11,411 | +€3,140 | +38.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,190 | -€9,049 | +€3,140 | +25.8% |
| Amounts payable | 17/49 | €102,215 | €112,163 | +€9,949 | +9.7% |
| Amounts payable within one year | 42/48 | €99,765 | €109,713 | +€9,949 | +10.0% |
| Financial debts | 43 | €11,783 | €12,336 | +€553 | +4.7% |
| Credit institutions | 430/8 | €11,783 | €12,336 | +€553 | +4.7% |
| Trade debts | 44 | €39,436 | €46,266 | +€6,830 | +17.3% |
| Suppliers | 440/4 | €39,436 | €46,266 | +€6,830 | +17.3% |
| Taxes, remuneration and social security | 45 | €14,359 | €19,230 | +€4,871 | +33.9% |
| Taxes | 450/3 | €464 | €244 | -€220 | -47.4% |
| Remuneration and social security | 454/9 | €13,895 | €18,986 | +€5,091 | +36.6% |
| Other amounts payable | 47/48 | €34,186 | €31,881 | -€2,306 | -6.7% |
| Accrued charges and deferred income | 492/3 | €2,450 | €2,450 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €26,562 | +€26,562 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,610 | €1,863 | -€2,747 | -59.6% |
| Other operating charges | 640/8 | €281 | €273 | -€8 | -2.9% |
| Gross operating margin | 9900 | -€20,912 | €34,567 | +€55,479 | |
| Operating profit (loss) | 9901 | -€25,803 | €5,869 | +€31,672 | |
| Financial income | 75/76B | €9 | €0 | -€9 | -99.6% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -99.6% |
| Financial charges | 65/66B | €1,500 | €2,728 | +€1,229 | +81.9% |
| Recurring financial charges | 65 | €1,500 | €1,729 | +€230 | +15.3% |
| Non-recurring financial charges | 66B | - | €999 | +€999 | |
| Profit (loss) for the period before taxes | 9903 | -€27,293 | €3,140 | +€30,434 | |
| Profit (loss) for the period | 9904 | -€27,293 | €3,140 | +€30,434 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,293 | €3,140 | +€30,434 |
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 7 October 2026 via checked.be.