Ge & S: 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.
Ge & S
Largest movements
- Tangible fixed assets +€412,601
up €412,601 (+63.6%), from €648,845 to €1.1m
of which Land and buildings: +€369,277
- Cash +€255,140
up €255,140 (+2063.2%), from €12,366 to €267,507
mainly Debts after one year (+€424,337) and Other debts (+€214,598)
- Debts after one year +€424,337
up €424,337 (+170.2%), from €249,338 to €673,675
- Other debts +€214,598
up €214,598 (+38.3%), from €560,323 to €774,921
- Reserves +€74,667
up €74,667 (+8.6%), from €866,416 to €941,083
- Depreciation +€49,866
up €49,866 (+127.5%), from €39,123 to €88,989
- Taxes -€24,754
down €24,754 (-66.2%), from €37,405 to €12,651
- Gross operating margin -€24,157
down €24,157 (-16.7%), from €144,732 to €120,575
- Financial charges +€3,859
up €3,859 (+37.3%), from €10,354 to €14,213
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 | €2,925,878 | €3,622,585 | +€696,708 | +23.8% |
| Fixed assets | 21/28 | €2,892,355 | €3,299,529 | +€407,174 | +14.1% |
| Tangible fixed assets | 22/27 | €648,845 | €1,061,446 | +€412,601 | +63.6% |
| Land and buildings | 22 | €158,508 | €527,785 | +€369,277 | +233.0% |
| Furniture and vehicles | 24 | €10,927 | €7,743 | -€3,184 | -29.1% |
| Leasing and similar rights | 25 | €74,259 | €58,173 | -€16,086 | -21.7% |
| Other tangible fixed assets | 26 | €405,151 | €467,745 | +€62,594 | +15.4% |
| Financial fixed assets | 28 | €2,243,510 | €2,238,083 | -€5,427 | -0.2% |
| Current assets | 29/58 | €33,523 | €323,056 | +€289,534 | +863.7% |
| Amounts receivable within one year | 40/41 | €17,339 | €51,528 | +€34,188 | +197.2% |
| Trade receivables | 40 | €17,339 | €34,179 | +€16,839 | +97.1% |
| Other amounts receivable | 41 | - | €17,349 | +€17,349 | |
| Cash at bank and in hand | 54/58 | €12,366 | €267,507 | +€255,140 | +2063.2% |
| Deferred charges and accrued income | 490/1 | €3,817 | €4,022 | +€205 | +5.4% |
| Total equity and liabilities | 10/49 | €2,925,878 | €3,622,585 | +€696,708 | +23.8% |
| Equity | 10/15 | €1,939,232 | €2,008,472 | +€69,240 | +3.6% |
| Contributions | 10/11 | €393,500 | €393,500 | = | 0.0% |
| Revaluation surpluses | 12 | €679,316 | €673,889 | -€5,427 | -0.8% |
| Reserves | 13 | €866,416 | €941,083 | +€74,667 | +8.6% |
| Distributable reserves | 133 | €866,416 | €941,083 | +€74,667 | +8.6% |
| Amounts payable | 17/49 | €986,646 | €1,614,113 | +€627,468 | +63.6% |
| Amounts payable after more than one year | 17 | €249,338 | €673,675 | +€424,337 | +170.2% |
| Financial debts | 170/4 | €249,338 | €673,675 | +€424,337 | +170.2% |
| Amounts payable within one year | 42/48 | €735,808 | €935,611 | +€199,804 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €127,423 | €118,334 | -€9,090 | -7.1% |
| Financial debts | 43 | €6,338 | €7,578 | +€1,240 | +19.6% |
| Credit institutions | 430/8 | €6,338 | €7,578 | +€1,240 | +19.6% |
| Trade debts | 44 | €3,673 | €11,559 | +€7,886 | +214.7% |
| Suppliers | 440/4 | €3,673 | €11,559 | +€7,886 | +214.7% |
| Taxes, remuneration and social security | 45 | €38,050 | €23,220 | -€14,831 | -39.0% |
| Taxes | 450/3 | €38,050 | €23,220 | -€14,831 | -39.0% |
| Other amounts payable | 47/48 | €560,323 | €774,921 | +€214,598 | +38.3% |
| Accrued charges and deferred income | 492/3 | €1,500 | €4,827 | +€3,327 | +221.8% |
| Non-recurring operating income | 76A | €18,982 | €0 | -€18,982 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,123 | €88,989 | +€49,866 | +127.5% |
| Other operating charges | 640/8 | €4,440 | €4,555 | +€115 | +2.6% |
| Gross operating margin | 9900 | €144,732 | €120,575 | -€24,157 | -16.7% |
| Operating profit (loss) | 9901 | €101,169 | €27,031 | -€74,138 | -73.3% |
| Financial income | 75/76B | €74,500 | €74,500 | = | 0.0% |
| Recurring financial income | 75 | €74,500 | €74,500 | = | 0.0% |
| Financial charges | 65/66B | €10,354 | €14,213 | +€3,859 | +37.3% |
| Recurring financial charges | 65 | €10,354 | €14,213 | +€3,859 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €165,315 | €87,318 | -€77,997 | -47.2% |
| Income taxes | 67/77 | €37,405 | €12,651 | -€24,754 | -66.2% |
| Profit (loss) for the period | 9904 | €127,910 | €74,667 | -€53,243 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €127,910 | €74,667 | -€53,243 | -41.6% |
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 11 October 2026 via checked.be.