GABELI: 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.
GABELI
Largest movements
- Tangible fixed assets -€17,384
down €17,384 (-15.7%), from €110,381 to €92,997
of which Furniture and vehicles: -€9,770
- Receivables within one year +€12,476
up €12,476 (+131%), from €9,535 to €22,011
of which Trade receivables: +€12,912
- Trade debts -€20,898
down €20,898 (-34.1%), from €61,314 to €40,416
- Reserves +€19,486
up €19,486 (+109%), from €17,941 to €37,427
- Debts after one year -€8,584
down €8,584 (-25.8%), from €33,304 to €24,720
- Tax, wage and social debts +€3,635
up €3,635 (+16.1%), from €22,511 to €26,146
of which Taxes: +€10,015
- Gross operating margin +€55,538
up €55,538 (+43.8%), from €126,754 to €182,292
- Staff costs +€31,819
up €31,819 (+35.8%), from €88,784 to €120,603
- Depreciation +€11,560
up €11,560 (+163%), from €7,110 to €18,670
- Other operating charges +€6,651
up €6,651 (+150%), from €4,421 to €11,072
- Taxes +€3,032
up €3,032 (+38.6%), from €7,850 to €10,882
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 | €153,303 | €147,293 | -€6,010 | -3.9% |
| Fixed assets | 21/28 | €114,723 | €97,339 | -€17,384 | -15.2% |
| Tangible fixed assets | 22/27 | €110,381 | €92,997 | -€17,384 | -15.7% |
| Plant, machinery and equipment | 23 | €64,625 | €57,011 | -€7,614 | -11.8% |
| Furniture and vehicles | 24 | €45,756 | €35,986 | -€9,770 | -21.4% |
| Financial fixed assets | 28 | €4,342 | €4,342 | = | 0.0% |
| Current assets | 29/58 | €38,580 | €49,954 | +€11,374 | +29.5% |
| Stocks and contracts in progress | 3 | €3,221 | €3,455 | +€234 | +7.3% |
| Stocks | 30/36 | €3,221 | €3,455 | +€234 | +7.3% |
| Amounts receivable within one year | 40/41 | €9,535 | €22,011 | +€12,476 | +131% |
| Trade receivables | 40 | €5,867 | €18,779 | +€12,912 | +220% |
| Other amounts receivable | 41 | €3,668 | €3,232 | -€436 | -11.9% |
| Cash at bank and in hand | 54/58 | €24,227 | €23,822 | -€405 | -1.7% |
| Deferred charges and accrued income | 490/1 | €1,597 | €666 | -€931 | -58.3% |
| Total equity and liabilities | 10/49 | €153,303 | €147,293 | -€6,010 | -3.9% |
| Equity | 10/15 | €27,941 | €47,427 | +€19,486 | +69.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €17,941 | €37,427 | +€19,486 | +109% |
| Distributable reserves | 133 | €17,941 | €37,427 | +€19,486 | +109% |
| Amounts payable | 17/49 | €125,362 | €99,866 | -€25,496 | -20.3% |
| Amounts payable after more than one year | 17 | €33,304 | €24,720 | -€8,584 | -25.8% |
| Financial debts | 170/4 | €33,304 | €24,720 | -€8,584 | -25.8% |
| Amounts payable within one year | 42/48 | €92,058 | €75,146 | -€16,912 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €8,233 | €8,584 | +€351 | +4.3% |
| Trade debts | 44 | €61,314 | €40,416 | -€20,898 | -34.1% |
| Suppliers | 440/4 | €61,314 | €40,416 | -€20,898 | -34.1% |
| Taxes, remuneration and social security | 45 | €22,511 | €26,146 | +€3,635 | +16.1% |
| Taxes | 450/3 | €8,615 | €18,630 | +€10,015 | +116% |
| Remuneration and social security | 454/9 | €13,896 | €7,516 | -€6,380 | -45.9% |
| Remuneration, social security and pensions | 62 | €88,784 | €120,603 | +€31,819 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,110 | €18,670 | +€11,560 | +163% |
| Other operating charges | 640/8 | €4,421 | €11,072 | +€6,651 | +150% |
| Gross operating margin | 9900 | €126,754 | €182,292 | +€55,538 | +43.8% |
| Operating profit (loss) | 9901 | €26,439 | €31,947 | +€5,508 | +20.8% |
| Financial charges | 65/66B | €648 | €1,579 | +€931 | +144% |
| Recurring financial charges | 65 | €648 | €1,579 | +€931 | +144% |
| Profit (loss) for the period before taxes | 9903 | €25,791 | €30,368 | +€4,577 | +17.7% |
| Income taxes | 67/77 | €7,850 | €10,882 | +€3,032 | +38.6% |
| Profit (loss) for the period | 9904 | €17,941 | €19,486 | +€1,545 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,941 | €19,486 | +€1,545 | +8.6% |
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 15 October 2026 via checked.be.