GTS II: 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 II
Largest movements
- Stocks and contracts +€818,822
up €818,822 (+242%), from €338,401 to €1.2m
- Cash +€63,988
up €63,988 (+53.9%), from €118,629 to €182,617
mainly Debts after one year (+€726,711) and Other debts (+€220,000)
- Receivables within one year +€32,665
up €32,665 (+3.3%), from €1.0m to €1.0m
of which Trade receivables: +€19,932
- Debts after one year +€726,711
up €726,711 (+55.8%), from €1.3m to €2.0m
- Other debts +€220,000
new in 2025: €220,000
- Profit (loss) carried forward -€75,798
down €75,798 (-115%), from -€65,707 to -€141,505
- Accrued charges and deferred income +€41,600
up €41,600 (+152%), from €27,286 to €68,886
- Financial charges +€16,475
up €16,475 (+29.4%), from €55,980 to €72,455
- Gross operating margin +€5,906
up €5,906 (+69.6%), from -€8,484 to -€2,578
- Depreciation -€479
down €479 (-42.9%), from €1,117 to €638
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 | €1,463,079 | €2,386,742 | +€923,662 | +63.1% |
| Formation expenses | 20 | €2,072 | €1,434 | -€638 | -30.8% |
| Current assets | 29/58 | €1,461,008 | €2,385,308 | +€924,300 | +63.3% |
| Stocks and contracts in progress | 3 | €338,401 | €1,157,223 | +€818,822 | +242% |
| Stocks | 30/36 | €338,401 | €1,157,223 | +€818,822 | +242% |
| Amounts receivable within one year | 40/41 | €1,003,978 | €1,036,643 | +€32,665 | +3.3% |
| Trade receivables | 40 | €1,000,000 | €1,019,932 | +€19,932 | +2.0% |
| Other amounts receivable | 41 | €3,978 | €16,711 | +€12,733 | +320% |
| Cash at bank and in hand | 54/58 | €118,629 | €182,617 | +€63,988 | +53.9% |
| Deferred charges and accrued income | 490/1 | - | €8,825 | +€8,825 | |
| Total equity and liabilities | 10/49 | €1,463,079 | €2,386,742 | +€923,662 | +63.1% |
| Equity | 10/15 | €134,293 | €58,495 | -€75,798 | -56.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,707 | -€141,505 | -€75,798 | -115% |
| Amounts payable | 17/49 | €1,328,786 | €2,328,246 | +€999,460 | +75.2% |
| Amounts payable after more than one year | 17 | €1,301,500 | €2,028,211 | +€726,711 | +55.8% |
| Financial debts | 170/4 | €1,301,500 | €2,028,211 | +€726,711 | +55.8% |
| Amounts payable within one year | 42/48 | - | €231,149 | +€231,149 | |
| Trade debts | 44 | - | €11,149 | +€11,149 | |
| Suppliers | 440/4 | - | €11,149 | +€11,149 | |
| Other amounts payable | 47/48 | - | €220,000 | +€220,000 | |
| Accrued charges and deferred income | 492/3 | €27,286 | €68,886 | +€41,600 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,117 | €638 | -€479 | -42.9% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | -€8,484 | -€2,578 | +€5,906 | +69.6% |
| Operating profit (loss) | 9901 | -€9,726 | -€3,344 | +€6,383 | +65.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €55,980 | €72,455 | +€16,475 | +29.4% |
| Recurring financial charges | 65 | €55,980 | €72,455 | +€16,475 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | -€65,707 | -€75,798 | -€10,091 | -15.4% |
| Profit (loss) for the period | 9904 | -€65,707 | -€75,798 | -€10,091 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,707 | -€75,798 | -€10,091 | -15.4% |
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 26 October 2026 via checked.be.