GABALEX: 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.
GABALEX
Largest movements
- Stocks and contracts +€531,325
up €531,325 (+115%), from €461,147 to €992,472
- Cash -€103,284
down €103,284 (-90.3%), from €114,388 to €11,104
mainly Stocks and contracts (-€531,325) and Investment in fixed assets (net) (-€119,894)
- Tangible fixed assets +€85,030
up €85,030 (+25.4%), from €334,724 to €419,754
of which Furniture and vehicles: +€106,629
- Receivables within one year +€22,981
up €22,981 (+134%), from €17,136 to €40,117
of which Trade receivables: +€18,644
- Debts after one year +€388,306
up €388,306 (+127%), from €305,787 to €694,093
- Reserves +€116,329
up €116,329 (+21.0%), from €554,090 to €670,419
- Other debts +€41,012
up €41,012 (+1,721%), from €2,383 to €43,396
- Gross operating margin -€160,938
down €160,938 (-41.7%), from €386,023 to €225,085
- Taxes -€54,815
down €54,815 (-51.9%), from €105,670 to €50,855
- Depreciation +€12,273
up €12,273 (+54.3%), from €22,591 to €34,864
- Other operating charges +€4,758
up €4,758 (+60.5%), from €7,858 to €12,615
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 | €938,506 | €1,475,059 | +€536,554 | +57.2% |
| Fixed assets | 21/28 | €337,682 | €422,712 | +€85,030 | +25.2% |
| Tangible fixed assets | 22/27 | €334,724 | €419,754 | +€85,030 | +25.4% |
| Land and buildings | 22 | €314,790 | €296,421 | -€18,369 | -5.8% |
| Plant, machinery and equipment | 23 | €19,124 | €15,894 | -€3,230 | -16.9% |
| Furniture and vehicles | 24 | €810 | €107,439 | +€106,629 | +13,164% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €2,958 | €2,958 | = | 0.0% |
| Current assets | 29/58 | €600,824 | €1,052,347 | +€451,524 | +75.2% |
| Stocks and contracts in progress | 3 | €461,147 | €992,472 | +€531,325 | +115% |
| Stocks | 30/36 | €461,147 | €992,472 | +€531,325 | +115% |
| Amounts receivable within one year | 40/41 | €17,136 | €40,117 | +€22,981 | +134% |
| Trade receivables | 40 | €11,606 | €30,250 | +€18,644 | +161% |
| Other amounts receivable | 41 | €5,530 | €9,867 | +€4,337 | +78.4% |
| Cash at bank and in hand | 54/58 | €114,388 | €11,104 | -€103,284 | -90.3% |
| Deferred charges and accrued income | 490/1 | €8,153 | €8,655 | +€502 | +6.2% |
| Total equity and liabilities | 10/49 | €938,506 | €1,475,059 | +€536,554 | +57.2% |
| Equity | 10/15 | €560,290 | €676,619 | +€116,329 | +20.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €554,090 | €670,419 | +€116,329 | +21.0% |
| Distributable reserves | 133 | €554,090 | €670,419 | +€116,329 | +21.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €378,215 | €798,440 | +€420,224 | +111% |
| Amounts payable after more than one year | 17 | €305,787 | €694,093 | +€388,306 | +127% |
| Financial debts | 170/4 | €305,787 | €694,093 | +€388,306 | +127% |
| Amounts payable within one year | 42/48 | €72,428 | €104,346 | +€31,918 | +44.1% |
| Current portion of amounts payable after more than one year | 42 | €11,880 | €12,091 | +€210 | +1.8% |
| Taxes, remuneration and social security | 45 | €58,164 | €48,860 | -€9,304 | -16.0% |
| Taxes | 450/3 | €58,164 | €48,860 | -€9,304 | -16.0% |
| Remuneration and social security | 454/9 | - | €0 | +€0 | |
| Other amounts payable | 47/48 | €2,383 | €43,396 | +€41,012 | +1,721% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €135,901 | €0 | -€135,901 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,591 | €34,864 | +€12,273 | +54.3% |
| Other operating charges | 640/8 | €7,858 | €12,615 | +€4,758 | +60.5% |
| Gross operating margin | 9900 | €386,023 | €225,085 | -€160,938 | -41.7% |
| Operating profit (loss) | 9901 | €355,574 | €177,606 | -€177,968 | -50.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €12,906 | €10,422 | -€2,484 | -19.2% |
| Recurring financial charges | 65 | €12,906 | €10,422 | -€2,484 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €342,669 | €167,184 | -€175,485 | -51.2% |
| Income taxes | 67/77 | €105,670 | €50,855 | -€54,815 | -51.9% |
| Profit (loss) for the period | 9904 | €236,999 | €116,329 | -€120,669 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €236,999 | €116,329 | -€120,669 | -50.9% |
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 17 October 2026 via checked.be.