GTS I: 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.
GTS I
Largest movements
- Financial fixed assets +€136,500
up €136,500 (+6.2%), from €2.2m to €2.3m
- Cash +€108,063
up €108,063 (+570%), from €18,961 to €127,024
mainly Net result for the year (+€190,831) and Other debts (+€150,000)
- Tangible fixed assets +€79,589
new in 2025: €79,589
- Receivables within one year -€77,431
down €77,431 (-60.1%), from €128,865 to €51,434
- Reserves +€190,000
up €190,000 (+95.0%), from €200,000 to €390,000
- Other debts +€150,000
up €150,000 (+21.6%), from €695,001 to €845,001
- Short-term financial debts -€99,275
down €99,275 (-7.0%), from €1.4m to €1.3m
- Financial income -€75,025
down €75,025 (-37.9%), from €197,807 to €122,781
- Gross operating margin +€67,375
up €67,375 (+66.5%), from €101,341 to €168,717
- Taxes +€23,243
up €23,243 (+2,723%), from €854 to €24,096
- Financial charges -€21,640
down €21,640 (-22.1%), from €98,083 to €76,442
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 | €2,353,564 | €2,600,285 | +€246,721 | +10.5% |
| Fixed assets | 21/28 | €2,200,835 | €2,416,924 | +€216,089 | +9.8% |
| Tangible fixed assets | 22/27 | - | €79,589 | +€79,589 | |
| Land and buildings | 22 | - | €79,589 | +€79,589 | |
| Financial fixed assets | 28 | €2,200,835 | €2,337,335 | +€136,500 | +6.2% |
| Current assets | 29/58 | €152,729 | €183,361 | +€30,632 | +20.1% |
| Amounts receivable within one year | 40/41 | €128,865 | €51,434 | -€77,431 | -60.1% |
| Trade receivables | 40 | €128,865 | €51,434 | -€77,431 | -60.1% |
| Cash at bank and in hand | 54/58 | €18,961 | €127,024 | +€108,063 | +570% |
| Deferred charges and accrued income | 490/1 | €4,903 | €4,903 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,353,564 | €2,600,285 | +€246,721 | +10.5% |
| Equity | 10/15 | €221,086 | €411,917 | +€190,831 | +86.3% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €200,000 | €390,000 | +€190,000 | +95.0% |
| Distributable reserves | 133 | €200,000 | €390,000 | +€190,000 | +95.0% |
| Profit (loss) carried forward | 14 | €86 | €917 | +€831 | +970% |
| Amounts payable | 17/49 | €2,132,478 | €2,188,369 | +€55,891 | +2.6% |
| Amounts payable within one year | 42/48 | €2,132,478 | €2,188,369 | +€55,891 | +2.6% |
| Financial debts | 43 | €1,414,286 | €1,315,010 | -€99,275 | -7.0% |
| Credit institutions | 430/8 | €1,414,286 | €1,315,010 | -€99,275 | -7.0% |
| Trade debts | 44 | €246 | €4,498 | +€4,252 | +1,729% |
| Suppliers | 440/4 | €246 | €4,498 | +€4,252 | +1,729% |
| Taxes, remuneration and social security | 45 | €22,946 | €23,859 | +€914 | +4.0% |
| Taxes | 450/3 | €22,946 | €23,859 | +€914 | +4.0% |
| Other amounts payable | 47/48 | €695,001 | €845,001 | +€150,000 | +21.6% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €101,341 | €168,717 | +€67,375 | +66.5% |
| Operating profit (loss) | 9901 | €101,215 | €168,589 | +€67,373 | +66.6% |
| Financial income | 75/76B | €197,807 | €122,781 | -€75,025 | -37.9% |
| Recurring financial income | 75 | €197,807 | €122,781 | -€75,025 | -37.9% |
| Financial charges | 65/66B | €98,083 | €76,442 | -€21,640 | -22.1% |
| Recurring financial charges | 65 | €98,083 | €76,442 | -€21,640 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €200,939 | €214,927 | +€13,988 | +7.0% |
| Income taxes | 67/77 | €854 | €24,096 | +€23,243 | +2,723% |
| Profit (loss) for the period | 9904 | €200,086 | €190,831 | -€9,255 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €200,086 | €190,831 | -€9,255 | -4.6% |
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 16 October 2026 via checked.be.