G.S.E.I.: 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.
G.S.E.I.
Largest movements
- Cash +€125,470
up €125,470 (+125.5%), from €99,959 to €225,429
mainly Current investments (+€100,000) and Depreciation (+€26,232)
- Current investments -€100,000
down €100,000 (-15.4%), from €649,291 to €549,291
- Receivables after one year -€21,400
down €21,400 (-51.1%), from €41,900 to €20,500
- Tangible fixed assets -€17,700
down €17,700 (-8.1%), from €217,589 to €199,889
of which Furniture and vehicles: -€9,834
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€7,802
down €7,802 (-36.7%), from €21,253 to €13,450
- Financial charges +€4,484
up €4,484, from -€4,017 to €467
- Taxes -€4,402
down €4,402 (-75.3%), from €5,845 to €1,443
- Depreciation +€3,920
up €3,920 (+17.6%), from €22,312 to €26,232
- Other operating charges -€3,066
down €3,066 (-25.9%), from €11,834 to €8,767
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 | €1,045,902 | €1,043,513 | -€2,389 | -0.2% |
| Fixed assets | 21/28 | €217,589 | €199,889 | -€17,700 | -8.1% |
| Tangible fixed assets | 22/27 | €217,589 | €199,889 | -€17,700 | -8.1% |
| Land and buildings | 22 | €170,556 | €164,553 | -€6,003 | -3.5% |
| Plant, machinery and equipment | 23 | €5,945 | €4,083 | -€1,863 | -31.3% |
| Furniture and vehicles | 24 | €41,087 | €31,253 | -€9,834 | -23.9% |
| Current assets | 29/58 | €828,313 | €843,624 | +€15,311 | +1.8% |
| Amounts receivable after more than one year | 29 | €41,900 | €20,500 | -€21,400 | -51.1% |
| Other amounts receivable | 291 | €41,900 | €20,500 | -€21,400 | -51.1% |
| Amounts receivable within one year | 40/41 | €36,575 | €41,781 | +€5,206 | +14.2% |
| Trade receivables | 40 | - | €21,844 | +€21,844 | |
| Other amounts receivable | 41 | €36,575 | €19,938 | -€16,638 | -45.5% |
| Current investments | 50/53 | €649,291 | €549,291 | -€100,000 | -15.4% |
| Cash at bank and in hand | 54/58 | €99,959 | €225,429 | +€125,470 | +125.5% |
| Deferred charges and accrued income | 490/1 | €588 | €6,623 | +€6,035 | +1026.0% |
| Total equity and liabilities | 10/49 | €1,045,902 | €1,043,513 | -€2,389 | -0.2% |
| Equity | 10/15 | €1,035,993 | €1,036,644 | +€651 | +0.1% |
| Contributions | 10/11 | €811,550 | €811,550 | = | 0.0% |
| Capital | 10 | €811,550 | €811,550 | = | 0.0% |
| Issued capital | 100 | €811,550 | €811,550 | = | 0.0% |
| Reserves | 13 | €188,125 | €188,721 | +€596 | +0.3% |
| Non-distributable reserves | 130/1 | €26,300 | €26,400 | +€100 | +0.4% |
| Legal reserve | 130 | €26,300 | €26,400 | +€100 | +0.4% |
| Tax-exempt reserves | 132 | €8,141 | €7,137 | -€1,004 | -12.3% |
| Distributable reserves | 133 | €153,684 | €155,184 | +€1,500 | +1.0% |
| Profit (loss) carried forward | 14 | €36,318 | €36,373 | +€55 | +0.2% |
| Provisions and deferred taxes | 16 | €4,194 | €3,677 | -€517 | -12.3% |
| Deferred taxes | 168 | €4,194 | €3,677 | -€517 | -12.3% |
| Amounts payable | 17/49 | €5,715 | €3,192 | -€2,522 | -44.1% |
| Amounts payable within one year | 42/48 | €4,315 | €2,892 | -€1,422 | -33.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,259 | €2,537 | -€1,723 | -40.4% |
| Taxes | 450/3 | €4,259 | €2,537 | -€1,723 | -40.4% |
| Other amounts payable | 47/48 | €55 | €356 | +€300 | +541.4% |
| Accrued charges and deferred income | 492/3 | €1,400 | €300 | -€1,100 | -78.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,312 | €26,232 | +€3,920 | +17.6% |
| Other operating charges | 640/8 | €11,834 | €8,767 | -€3,066 | -25.9% |
| Gross operating margin | 9900 | €22,509 | €23,592 | +€1,083 | +4.8% |
| Operating profit (loss) | 9901 | -€11,636 | -€11,406 | +€230 | +2.0% |
| Financial income | 75/76B | €21,253 | €13,450 | -€7,802 | -36.7% |
| Recurring financial income | 75 | €21,253 | €13,450 | -€7,802 | -36.7% |
| Financial charges | 65/66B | -€4,017 | €467 | +€4,484 | |
| Recurring financial charges | 65 | -€4,017 | €467 | +€4,484 | |
| Profit (loss) for the period before taxes | 9903 | €13,633 | €1,576 | -€12,057 | -88.4% |
| Transfer from deferred taxes | 780 | €517 | €517 | = | 0.0% |
| Income taxes | 67/77 | €5,845 | €1,443 | -€4,402 | -75.3% |
| Profit (loss) for the period | 9904 | €8,306 | €651 | -€7,655 | -92.2% |
| Transfer from tax-exempt reserves | 789 | €1,004 | €1,004 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,310 | €1,655 | -€7,655 | -82.2% |
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.