GTDS: 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.
GTDS
Largest movements
- Tangible fixed assets +€64,351
up €64,351 (+423%), from €15,231 to €79,581
of which Other tangible fixed assets: +€64,851
- Receivables within one year +€57,633
up €57,633 (+182%), from €31,603 to €89,236
of which Other amounts receivable: +€67,461
- Cash +€13,614
up €13,614 (+50.2%), from €27,106 to €40,720
mainly Debts after one year (+€117,091) and Other debts (+€36,013)
- Debts after one year +€117,091
new in 2025: €117,091
- Other debts +€36,013
up €36,013 (+3,586%), from €1,004 to €37,017
- Reserves -€35,642
down €35,642 (-56.9%), from €62,676 to €27,034
of which Distributable reserves: -€36,692
- Current portion of long-term debt +€11,097
new in 2025: €11,097
- Trade debts +€10,668
up €10,668 (+201%), from €5,320 to €15,988
- Gross operating margin +€2,677
up €2,677 (+12.2%), from €22,021 to €24,698
- Taxes -€1,171
down €1,171 (-31.6%), from €3,710 to €2,539
- Financial charges +€306
up €306 (+23.4%), from €1,310 to €1,616
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 | €79,993 | €215,005 | +€135,012 | +169% |
| Fixed assets | 21/28 | €15,481 | €79,831 | +€64,351 | +416% |
| Tangible fixed assets | 22/27 | €15,231 | €79,581 | +€64,351 | +423% |
| Plant, machinery and equipment | 23 | €9,425 | €9,872 | +€447 | +4.7% |
| Furniture and vehicles | 24 | €947 | - | -€947 | |
| Other tangible fixed assets | 26 | €4,858 | €69,709 | +€64,851 | +1,335% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €64,513 | €135,174 | +€70,661 | +110% |
| Stocks and contracts in progress | 3 | €1,520 | €1,239 | -€281 | -18.5% |
| Stocks | 30/36 | €1,520 | €1,239 | -€281 | -18.5% |
| Amounts receivable within one year | 40/41 | €31,603 | €89,236 | +€57,633 | +182% |
| Trade receivables | 40 | €30,401 | €20,572 | -€9,829 | -32.3% |
| Other amounts receivable | 41 | €1,202 | €68,664 | +€67,461 | +5,611% |
| Cash at bank and in hand | 54/58 | €27,106 | €40,720 | +€13,614 | +50.2% |
| Deferred charges and accrued income | 490/1 | €4,283 | €3,978 | -€305 | -7.1% |
| Total equity and liabilities | 10/49 | €79,993 | €215,005 | +€135,012 | +169% |
| Equity | 10/15 | €65,176 | €29,534 | -€35,642 | -54.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €62,676 | €27,034 | -€35,642 | -56.9% |
| Tax-exempt reserves | 132 | €962 | €2,011 | +€1,049 | +109% |
| Distributable reserves | 133 | €61,715 | €25,023 | -€36,692 | -59.5% |
| Amounts payable | 17/49 | €14,817 | €185,471 | +€170,654 | +1,152% |
| Amounts payable after more than one year | 17 | - | €117,091 | +€117,091 | |
| Financial debts | 170/4 | - | €117,091 | +€117,091 | |
| Amounts payable within one year | 42/48 | €14,817 | €68,380 | +€53,563 | +361% |
| Current portion of amounts payable after more than one year | 42 | - | €11,097 | +€11,097 | |
| Trade debts | 44 | €5,320 | €15,988 | +€10,668 | +201% |
| Suppliers | 440/4 | €5,320 | €15,988 | +€10,668 | +201% |
| Taxes, remuneration and social security | 45 | €8,493 | €4,277 | -€4,215 | -49.6% |
| Taxes | 450/3 | €6,206 | €4,277 | -€1,929 | -31.1% |
| Remuneration and social security | 454/9 | €2,287 | - | -€2,287 | |
| Other amounts payable | 47/48 | €1,004 | €37,017 | +€36,013 | +3,586% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,761 | €4,980 | +€219 | +4.6% |
| Other operating charges | 640/8 | €1,033 | €996 | -€37 | -3.6% |
| Gross operating margin | 9900 | €22,021 | €24,698 | +€2,677 | +12.2% |
| Operating profit (loss) | 9901 | €16,227 | €18,722 | +€2,494 | +15.4% |
| Financial income | 75/76B | €1 | €6 | +€5 | +798% |
| Recurring financial income | 75 | €1 | €6 | +€5 | +798% |
| Financial charges | 65/66B | €1,310 | €1,616 | +€306 | +23.4% |
| Recurring financial charges | 65 | €1,310 | €1,616 | +€306 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €14,918 | €17,111 | +€2,193 | +14.7% |
| Income taxes | 67/77 | €3,710 | €2,539 | -€1,171 | -31.6% |
| Profit (loss) for the period | 9904 | €11,208 | €14,572 | +€3,364 | +30.0% |
| Transfer to tax-exempt reserves | 689 | €962 | €1,049 | +€87 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,246 | €13,523 | +€3,277 | +32.0% |
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 14 October 2026 via checked.be.