GASEL: 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.
GASEL
Largest movements
- Tangible fixed assets -€37,096
down €37,096 (-29.1%), from €127,681 to €90,584
of which Furniture and vehicles: -€34,675
- Receivables within one year +€27,567
up €27,567 (+64.2%), from €42,947 to €70,514
of which Trade receivables: +€53,189
- Cash +€12,167
up €12,167 (+11.9%), from €102,496 to €114,662
mainly Net result for the year (+€79,772) and Depreciation (+€38,591)
- Debts after one year -€31,901
down €31,901 (-42.6%), from €74,901 to €43,000
- Reserves +€21,678
up €21,678 (+20.1%), from €107,898 to €129,576
- Tax, wage and social debts +€16,328
up €16,328 (+59.2%), from €27,568 to €43,896
of which Taxes: +€10,781
- Gross operating margin +€112,222
up €112,222 (+116%), from €96,617 to €208,839
- Staff costs +€24,813
up €24,813 (+63.9%), from €38,802 to €63,615
- Taxes +€16,480
up €16,480 (+277%), from €5,950 to €22,430
- Depreciation +€9,122
up €9,122 (+31.0%), from €29,469 to €38,591
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 | €276,539 | €279,621 | +€3,082 | +1.1% |
| Fixed assets | 21/28 | €127,681 | €90,584 | -€37,096 | -29.1% |
| Tangible fixed assets | 22/27 | €127,681 | €90,584 | -€37,096 | -29.1% |
| Land and buildings | 22 | €7,234 | €9,505 | +€2,271 | +31.4% |
| Plant, machinery and equipment | 23 | €1,230 | €401 | -€829 | -67.4% |
| Furniture and vehicles | 24 | €112,271 | €77,596 | -€34,675 | -30.9% |
| Leasing and similar rights | 25 | €6,946 | €3,082 | -€3,864 | -55.6% |
| Current assets | 29/58 | €148,859 | €189,037 | +€40,178 | +27.0% |
| Amounts receivable within one year | 40/41 | €42,947 | €70,514 | +€27,567 | +64.2% |
| Trade receivables | 40 | - | €53,189 | +€53,189 | |
| Other amounts receivable | 41 | €42,947 | €17,325 | -€25,622 | -59.7% |
| Cash at bank and in hand | 54/58 | €102,496 | €114,662 | +€12,167 | +11.9% |
| Deferred charges and accrued income | 490/1 | €3,416 | €3,861 | +€445 | +13.0% |
| Total equity and liabilities | 10/49 | €276,539 | €279,621 | +€3,082 | +1.1% |
| Equity | 10/15 | €112,898 | €134,576 | +€21,678 | +19.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €107,898 | €129,576 | +€21,678 | +20.1% |
| Distributable reserves | 133 | €107,898 | €129,576 | +€21,678 | +20.1% |
| Amounts payable | 17/49 | €163,641 | €145,046 | -€18,595 | -11.4% |
| Amounts payable after more than one year | 17 | €74,901 | €43,000 | -€31,901 | -42.6% |
| Financial debts | 170/4 | €74,901 | €43,000 | -€31,901 | -42.6% |
| Amounts payable within one year | 42/48 | €88,741 | €102,046 | +€13,306 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €32,065 | €31,901 | -€164 | -0.5% |
| Trade debts | 44 | €4,368 | €2,203 | -€2,165 | -49.6% |
| Suppliers | 440/4 | €4,368 | €2,203 | -€2,165 | -49.6% |
| Taxes, remuneration and social security | 45 | €27,568 | €43,896 | +€16,328 | +59.2% |
| Taxes | 450/3 | €18,905 | €29,686 | +€10,781 | +57.0% |
| Remuneration and social security | 454/9 | €8,662 | €14,210 | +€5,547 | +64.0% |
| Other amounts payable | 47/48 | €24,740 | €24,047 | -€693 | -2.8% |
| Remuneration, social security and pensions | 62 | €38,802 | €63,615 | +€24,813 | +63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,469 | €38,591 | +€9,122 | +31.0% |
| Other operating charges | 640/8 | €2,088 | €2,063 | -€25 | -1.2% |
| Gross operating margin | 9900 | €96,617 | €208,839 | +€112,222 | +116% |
| Operating profit (loss) | 9901 | €26,258 | €104,571 | +€78,313 | +298% |
| Financial income | 75/76B | €2,861 | €1,248 | -€1,613 | -56.4% |
| Recurring financial income | 75 | €2,861 | €1,248 | -€1,613 | -56.4% |
| Financial charges | 65/66B | €2,462 | €3,617 | +€1,155 | +46.9% |
| Recurring financial charges | 65 | €2,462 | €3,617 | +€1,155 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €26,656 | €102,201 | +€75,545 | +283% |
| Income taxes | 67/77 | €5,950 | €22,430 | +€16,480 | +277% |
| Profit (loss) for the period | 9904 | €20,707 | €79,772 | +€59,065 | +285% |
| Profit (loss) for the period to be appropriated | 9905 | €20,707 | €79,772 | +€59,065 | +285% |
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 21 October 2026 via checked.be.