GABEL: 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.
GABEL
Largest movements
- Tangible fixed assets -€1.2m
down €1.2m (-7.8%), from €15.5m to €14.3m
of which Land and buildings: -€712,835
- Current investments -€1.0m
down €1.0m (-30.3%), from €3.3m to €2.3m
- Cash -€704,244
down €704,244 (-77.8%), from €904,649 to €200,405
mainly Trade debts (-€2.1m) and Contributions, distributions and other (-€1.9m)
- Receivables within one year +€605,671
up €605,671 (+48.6%), from €1.2m to €1.9m
of which Trade receivables: +€577,779
- Stocks and contracts -€249,862
down €249,862 (-51.9%), from €481,481 to €231,619
- Trade debts -€2.1m
down €2.1m (-91.2%), from €2.3m to €199,591
- Debts after one year -€1.8m
down €1.8m (-18.6%), from €9.4m to €7.7m
- Reserves +€1.5m
up €1.5m (+26.5%), from €5.6m to €7.1m
- Profit (loss) carried forward -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
- Tax, wage and social debts +€707,415
up €707,415 (+379.8%), from €186,258 to €893,673
of which Taxes: +€690,974
- Turnover -€8.0m
no longer reported in 2025 (was €8.0m)
- Gross operating margin +€6.7m
new in 2025: €6.7m
- Services and other goods -€2.1m
no longer reported in 2025 (was €2.1m)
- Goods and materials -€800,290
no longer reported in 2025 (was €800,290)
of which Purchases: -€881,817
- Taxes +€477,804
up €477,804 (+102.8%), from €464,824 to €942,628
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 | €22,249,151 | €19,601,165 | -€2.6m | -11.9% |
| Fixed assets | 21/28 | €15,495,970 | €14,281,552 | -€1.2m | -7.8% |
| Tangible fixed assets | 22/27 | €15,495,970 | €14,281,552 | -€1.2m | -7.8% |
| Land and buildings | 22 | €11,156,880 | €10,444,045 | -€712,835 | -6.4% |
| Plant, machinery and equipment | 23 | €4,204,065 | €3,741,842 | -€462,222 | -11.0% |
| Furniture and vehicles | 24 | €135,026 | €95,665 | -€39,361 | -29.2% |
| Current assets | 29/58 | €6,753,181 | €5,319,613 | -€1.4m | -21.2% |
| Amounts receivable after more than one year | 29 | - | €33,670 | +€33,670 | |
| Other amounts receivable | 291 | - | €33,670 | +€33,670 | |
| Stocks and contracts in progress | 3 | €481,481 | €231,619 | -€249,862 | -51.9% |
| Stocks | 30/36 | €481,481 | €231,619 | -€249,862 | -51.9% |
| Raw materials and consumables | 30/31 | €481,481 | - | -€481,481 | |
| Amounts receivable within one year | 40/41 | €1,245,413 | €1,851,084 | +€605,671 | +48.6% |
| Trade receivables | 40 | €1,099,456 | €1,677,235 | +€577,779 | +52.6% |
| Other amounts receivable | 41 | €145,957 | €173,849 | +€27,892 | +19.1% |
| Current investments | 50/53 | €3,301,240 | €2,301,240 | -€1.0m | -30.3% |
| Other investments | 51/53 | €3,301,240 | - | -€3.3m | |
| Cash at bank and in hand | 54/58 | €904,649 | €200,405 | -€704,244 | -77.8% |
| Deferred charges and accrued income | 490/1 | €820,398 | €701,595 | -€118,803 | -14.5% |
| Total equity and liabilities | 10/49 | €22,249,151 | €19,601,165 | -€2.6m | -11.9% |
| Equity | 10/15 | €8,349,865 | €8,457,145 | +€107,280 | +1.3% |
| Contributions | 10/11 | €1,400,000 | €1,400,000 | = | 0.0% |
| Reserves | 13 | €5,580,878 | €7,057,145 | +€1.5m | +26.5% |
| Distributable reserves | 133 | €5,580,878 | €7,057,145 | +€1.5m | +26.5% |
| Profit (loss) carried forward | 14 | €1,368,987 | €0 | -€1.4m | -100.0% |
| Amounts payable | 17/49 | €13,899,286 | €11,144,020 | -€2.8m | -19.8% |
| Amounts payable after more than one year | 17 | €9,407,488 | €7,653,726 | -€1.8m | -18.6% |
| Financial debts | 170/4 | €9,407,488 | €7,653,726 | -€1.8m | -18.6% |
| Credit institutions | 173 | €9,407,488 | - | -€9.4m | |
| Amounts payable within one year | 42/48 | €4,491,295 | €3,480,919 | -€1.0m | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €1,753,762 | €1,753,762 | = | 0.0% |
| Trade debts | 44 | €2,272,125 | €199,591 | -€2.1m | -91.2% |
| Suppliers | 440/4 | €2,272,125 | €199,591 | -€2.1m | -91.2% |
| Taxes, remuneration and social security | 45 | €186,258 | €893,673 | +€707,415 | +379.8% |
| Taxes | 450/3 | €82,717 | €773,692 | +€690,974 | +835.3% |
| Remuneration and social security | 454/9 | €103,541 | €119,981 | +€16,441 | +15.9% |
| Other amounts payable | 47/48 | €279,150 | €633,893 | +€354,743 | +127.1% |
| Accrued charges and deferred income | 492/3 | €503 | €9,375 | +€8,872 | +1764.3% |
| Operating income | 70/76A | €7,986,455 | - | -€8.0m | |
| Turnover | 70 | €7,974,669 | - | -€8.0m | |
| Other operating income | 74 | €11,786 | - | -€11,786 | |
| Operating charges | 60/66A | €6,108,928 | - | -€6.1m | |
| Goods for resale, raw materials and consumables | 60 | €800,290 | - | -€800,290 | |
| Purchases | 600/8 | €881,817 | - | -€881,817 | |
| Change in stocks: decrease (increase) | 609 | -€81,526 | - | +€81,526 | |
| Services and other goods | 61 | €2,062,827 | - | -€2.1m | |
| Remuneration, social security and pensions | 62 | €1,581,131 | €1,802,559 | +€221,429 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,664,364 | €1,717,692 | +€53,328 | +3.2% |
| Other operating charges | 640/8 | €316 | €91,673 | +€91,357 | +28890.4% |
| Non-recurring operating charges | 66A | - | €6,997 | +€6,997 | |
| Gross operating margin | 9900 | - | €6,655,656 | +€6.7m | |
| Operating profit (loss) | 9901 | €1,877,527 | €3,036,735 | +€1.2m | +61.7% |
| Financial income | 75/76B | €70,093 | €29,349 | -€40,744 | -58.1% |
| Recurring financial income | 75 | €70,093 | €29,349 | -€40,744 | -58.1% |
| Income from current assets | 751 | €60,223 | - | -€60,223 | |
| Other financial income | 752/9 | €9,870 | - | -€9,870 | |
| Financial charges | 65/66B | €113,809 | €92,704 | -€21,105 | -18.5% |
| Recurring financial charges | 65 | €113,809 | €92,704 | -€21,105 | -18.5% |
| Debt charges | 650 | €17,988 | - | -€17,988 | |
| Other financial charges | 652/9 | €95,821 | - | -€95,821 | |
| Profit (loss) for the period before taxes | 9903 | €1,833,811 | €2,973,379 | +€1.1m | +62.1% |
| Income taxes | 67/77 | €464,824 | €942,628 | +€477,804 | +102.8% |
| Taxes | 670/3 | €464,824 | - | -€464,824 | |
| Profit (loss) for the period | 9904 | €1,368,987 | €2,030,752 | +€661,765 | +48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,368,987 | €2,030,752 | +€661,765 | +48.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.