GST TRADING: 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.
GST TRADING
Largest movements
- Receivables within one year -€23,682
down €23,682 (-48.8%), from €48,484 to €24,801
of which Trade receivables: -€26,139
- Tangible fixed assets +€22,403
up €22,403 (+8.6%), from €260,987 to €283,390
of which Furniture and vehicles: +€33,349
- Financial fixed assets +€18,960
up €18,960 (+79.0%), from €24,000 to €42,960
- Cash -€9,493
down €9,493 (-23.2%), from €40,872 to €31,379
mainly Investment in fixed assets (net) (-€56,089) and Trade debts (-€18,813)
- Trade debts -€18,813
down €18,813 (-19.8%), from €94,957 to €76,144
- Reserves +€15,776
up €15,776 (+15.7%), from €100,344 to €116,119
of which Distributable reserves: +€15,776
- Debts after one year +€9,597
up €9,597 (+9.9%), from €97,031 to €106,627
- Other debts +€8,657
up €8,657 (+55.8%), from €15,512 to €24,169
- Financial charges +€7,641
up €7,641 (+85.2%), from €8,969 to €16,609
of which Non-recurring financial charges: +€8,160
- Depreciation -€6,094
down €6,094 (-29.3%), from €20,820 to €14,726
- Gross operating margin -€5,456
down €5,456 (-8.0%), from €68,196 to €62,739
- Other operating charges +€2,061
up €2,061 (+67.4%), from €3,057 to €5,117
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 | €374,882 | €382,830 | +€7,948 | +2.1% |
| Fixed assets | 21/28 | €284,987 | €326,350 | +€41,363 | +14.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €260,987 | €283,390 | +€22,403 | +8.6% |
| Land and buildings | 22 | €220,517 | €209,571 | -€10,946 | -5.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €40,470 | €73,819 | +€33,349 | +82.4% |
| Financial fixed assets | 28 | €24,000 | €42,960 | +€18,960 | +79.0% |
| Current assets | 29/58 | €89,895 | €56,481 | -€33,414 | -37.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €48,484 | €24,801 | -€23,682 | -48.8% |
| Trade receivables | 40 | €48,484 | €22,345 | -€26,139 | -53.9% |
| Other amounts receivable | 41 | €0 | €2,456 | +€2,456 | |
| Cash at bank and in hand | 54/58 | €40,872 | €31,379 | -€9,493 | -23.2% |
| Deferred charges and accrued income | 490/1 | €540 | €300 | -€240 | -44.4% |
| Total equity and liabilities | 10/49 | €374,882 | €382,830 | +€7,948 | +2.1% |
| Equity | 10/15 | €107,238 | €123,014 | +€15,776 | +14.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100,344 | €116,119 | +€15,776 | +15.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €98,484 | €114,259 | +€15,776 | +16.0% |
| Profit (loss) carried forward | 14 | €694 | €694 | = | 0.0% |
| Amounts payable | 17/49 | €267,644 | €259,817 | -€7,827 | -2.9% |
| Amounts payable after more than one year | 17 | €97,031 | €106,627 | +€9,597 | +9.9% |
| Financial debts | 170/4 | €97,031 | €106,627 | +€9,597 | +9.9% |
| Amounts payable within one year | 42/48 | €170,613 | €153,189 | -€17,424 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €18,227 | €14,670 | -€3,558 | -19.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €94,957 | €76,144 | -€18,813 | -19.8% |
| Suppliers | 440/4 | €94,957 | €76,144 | -€18,813 | -19.8% |
| Taxes, remuneration and social security | 45 | €41,917 | €38,207 | -€3,710 | -8.9% |
| Taxes | 450/3 | €17,730 | €16,220 | -€1,510 | -8.5% |
| Remuneration and social security | 454/9 | €24,187 | €21,987 | -€2,200 | -9.1% |
| Other amounts payable | 47/48 | €15,512 | €24,169 | +€8,657 | +55.8% |
| Non-recurring operating income | 76A | €20,075 | - | -€20,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,820 | €14,726 | -€6,094 | -29.3% |
| Other operating charges | 640/8 | €3,057 | €5,117 | +€2,061 | +67.4% |
| Gross operating margin | 9900 | €68,196 | €62,739 | -€5,456 | -8.0% |
| Operating profit (loss) | 9901 | €44,319 | €42,896 | -€1,423 | -3.2% |
| Financial income | 75/76B | €372 | €480 | +€108 | +29.1% |
| Recurring financial income | 75 | €372 | €480 | +€108 | +29.1% |
| Financial charges | 65/66B | €8,969 | €16,609 | +€7,641 | +85.2% |
| Recurring financial charges | 65 | €6,093 | €5,573 | -€519 | -8.5% |
| Non-recurring financial charges | 66B | €2,876 | €11,036 | +€8,160 | +284% |
| Profit (loss) for the period before taxes | 9903 | €35,723 | €26,767 | -€8,956 | -25.1% |
| Income taxes | 67/77 | €10,948 | €10,992 | +€43 | +0.4% |
| Profit (loss) for the period | 9904 | €24,775 | €15,776 | -€8,999 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,775 | €15,776 | -€8,999 | -36.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.