GDELHAYE: 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.
What changed
GDELHAYE
NACE 70.200, Business and other management consultancy
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€106,524
2025 · €56,927+€49,597
Equity
€137,508
2025 · €145,983-€8,475
Cash
€97,894
2025 · €115,287-€17,393
Balance sheet total
€2.9m
2025 · €155,149+€2.7m
Largest movements
Assets
- Financial fixed assets +€2.6m
new in 2026: €2.6m
- Current investments +€115,000
up €115,000 (+767%), from €15,000 to €130,000
Equity and liabilities
- Debts after one year +€2.4m
new in 2026: €2.4m
- Current portion of long-term debt +€223,394
new in 2026: €223,394
- Other debts +€98,758
up €98,758 (+1,999%), from €4,940 to €103,698
Income statement
- Gross operating margin +€79,066
up €79,066 (+96.2%), from €82,211 to €161,277
- Taxes +€23,816
up €23,816 (+144%), from €16,523 to €40,339
- Depreciation +€3,128
up €3,128 (+33.4%), from €9,361 to €12,489
- Financial charges +€2,086
up €2,086 (+1,830%), from €114 to €2,200
From the 2025 result to the 2026 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.
Result 2025
€56,927
Gross operating margin
+€79,066
Depreciation
-€3,128
Other operating charges
+€561
Financial income
-€1,000
Financial charges
-€2,086
Taxes
-€23,816
Result 2026
€106,524
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€239,282
Investment
-€2.7m
Financing
+€2.5m
Cash 2025
€115,287
From operations (derived)
+€239,282
Net result for the year
+€106,524
Depreciation
+€12,489
Smaller working-capital items
+€4,596
Tax, wage and social debts
+€16,915
Other debts
+€98,758
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.6m
Current investments
-€115,000
Financing
+€2.5m
Debts after one year
+€2.4m
Current portion of long-term debt
+€223,394
Contributions, distributions and other
-€114,999
Cash 2026
€97,894
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €155,149 | €2,862,184 | +€2.7m | +1,745% |
| Fixed assets | 21/28 | €16,605 | €2,630,792 | +€2.6m | +15,743% |
| Tangible fixed assets | 22/27 | €16,605 | €30,793 | +€14,188 | +85.4% |
| Furniture and vehicles | 24 | €16,605 | €6,313 | -€10,292 | -62.0% |
| Assets under construction and advance payments | 27 | - | €24,480 | +€24,480 | |
| Financial fixed assets | 28 | - | €2,599,999 | +€2.6m | |
| Current assets | 29/58 | €138,544 | €231,392 | +€92,848 | +67.0% |
| Amounts receivable within one year | 40/41 | €8,257 | €3,498 | -€4,759 | -57.6% |
| Trade receivables | 40 | €6,848 | €2,743 | -€4,105 | -59.9% |
| Other amounts receivable | 41 | €1,409 | €755 | -€654 | -46.4% |
| Current investments | 50/53 | €15,000 | €130,000 | +€115,000 | +767% |
| Cash at bank and in hand | 54/58 | €115,287 | €97,894 | -€17,393 | -15.1% |
| Total equity and liabilities | 10/49 | €155,149 | €2,862,184 | +€2.7m | +1,745% |
| Equity | 10/15 | €145,983 | €137,508 | -€8,475 | -5.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €143,483 | €135,008 | -€8,475 | -5.9% |
| Amounts payable | 17/49 | €9,166 | €2,724,676 | +€2.7m | +29,626% |
| Amounts payable after more than one year | 17 | - | €2,376,606 | +€2.4m | |
| Financial debts | 170/4 | - | €2,376,606 | +€2.4m | |
| Amounts payable within one year | 42/48 | €9,166 | €348,070 | +€338,904 | +3,697% |
| Current portion of amounts payable after more than one year | 42 | - | €223,394 | +€223,394 | |
| Trade debts | 44 | €1,976 | €1,813 | -€163 | -8.2% |
| Suppliers | 440/4 | €1,976 | €1,813 | -€163 | -8.2% |
| Taxes, remuneration and social security | 45 | €2,250 | €19,165 | +€16,915 | +752% |
| Taxes | 450/3 | €2,250 | €17,165 | +€14,915 | +663% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €4,940 | €103,698 | +€98,758 | +1,999% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,361 | €12,489 | +€3,128 | +33.4% |
| Other operating charges | 640/8 | €1,699 | €1,138 | -€561 | -33.0% |
| Gross operating margin | 9900 | €82,211 | €161,277 | +€79,066 | +96.2% |
| Operating profit (loss) | 9901 | €71,151 | €147,650 | +€76,499 | +108% |
| Financial income | 75/76B | €2,413 | €1,413 | -€1,000 | -41.4% |
| Recurring financial income | 75 | €2,413 | €1,413 | -€1,000 | -41.4% |
| Financial charges | 65/66B | €114 | €2,200 | +€2,086 | +1,830% |
| Recurring financial charges | 65 | €114 | €2,200 | +€2,086 | +1,830% |
| Profit (loss) for the period before taxes | 9903 | €73,450 | €146,863 | +€73,413 | +99.9% |
| Income taxes | 67/77 | €16,523 | €40,339 | +€23,816 | +144% |
| Profit (loss) for the period | 9904 | €56,927 | €106,524 | +€49,597 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,927 | €106,524 | +€49,597 | +87.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.