GEBALO: 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
GEBALO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€378,035
2024 · €381,510-€3,475
Equity
€5.5m
2024 · €5.2m+€378,035
Cash
€83,043
2024 · €11,066+€71,977
Balance sheet total
€5.7m
2024 · €5.3m+€384,173
Largest movements
Assets
- Receivables after one year +€211,908
up €211,908 (+32.1%), from €660,140 to €872,047
- Tangible fixed assets +€128,300
up €128,300 (+3.6%), from €3.6m to €3.7m
- Cash +€71,977
up €71,977 (+650%), from €11,066 to €83,043
mainly Net result for the year (+€378,035) and Depreciation (+€67,672)
Equity and liabilities
- Profit (loss) carried forward +€380,777
up €380,777 (+8.9%), from €4.3m to €4.7m
Income statement
- Gross operating margin +€16,680
up €16,680 (+2.2%), from €754,745 to €771,425
- Depreciation +€11,353
up €11,353 (+20.2%), from €56,319 to €67,672
- Other operating charges +€10,774
up €10,774 (+5.5%), from €195,246 to €206,020
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.
Result 2024
€381,510
Gross operating margin
+€16,680
Depreciation
-€11,353
Other operating charges
-€10,774
Financial income
+€29
Taxes
+€1,943
Result 2025
€378,035
raises the resultlowers the result
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.
From operations
+€267,948
Investment
-€195,972
Financing
€0
Cash 2024
€11,066
From operations (derived)
+€267,948
Net result for the year
+€378,035
Depreciation
+€67,672
Receivables after one year
-€211,908
Receivables within one year
+€28,012
Provisions
-€4,174
Trade debts
+€12,089
Tax, wage and social debts
-€2,958
Accrued charges and deferred income
+€1,181
Investment (derived)
-€195,972
Investment in fixed assets (net)
-€195,972
Cash 2025
€83,043
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,325,803 | €5,709,976 | +€384,173 | +7.2% |
| Fixed assets | 21/28 | €3,590,214 | €3,718,514 | +€128,300 | +3.6% |
| Tangible fixed assets | 22/27 | €3,587,363 | €3,715,663 | +€128,300 | +3.6% |
| Land and buildings | 22 | €3,587,363 | €3,715,663 | +€128,300 | +3.6% |
| Financial fixed assets | 28 | €2,851 | €2,851 | = | 0.0% |
| Current assets | 29/58 | €1,735,589 | €1,991,462 | +€255,873 | +14.7% |
| Amounts receivable after more than one year | 29 | €660,140 | €872,047 | +€211,908 | +32.1% |
| Other amounts receivable | 291 | €660,140 | €872,047 | +€211,908 | +32.1% |
| Amounts receivable within one year | 40/41 | €1,064,383 | €1,036,371 | -€28,012 | -2.6% |
| Trade receivables | 40 | €4,136 | €5,174 | +€1,038 | +25.1% |
| Other amounts receivable | 41 | €1,060,247 | €1,031,197 | -€29,050 | -2.7% |
| Cash at bank and in hand | 54/58 | €11,066 | €83,043 | +€71,977 | +650% |
| Total equity and liabilities | 10/49 | €5,325,803 | €5,709,976 | +€384,173 | +7.2% |
| Equity | 10/15 | €5,150,941 | €5,528,976 | +€378,035 | +7.3% |
| Contributions | 10/11 | €570,000 | €570,000 | = | 0.0% |
| Capital | 10 | €570,000 | €570,000 | = | 0.0% |
| Issued capital | 100 | €570,000 | €570,000 | = | 0.0% |
| Reserves | 13 | €286,748 | €284,006 | -€2,742 | -1.0% |
| Non-distributable reserves | 130/1 | €83,577 | €83,577 | = | 0.0% |
| Legal reserve | 130 | €57,000 | €57,000 | = | 0.0% |
| Own shares acquired | 1312 | €26,577 | €26,577 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,165 | €27,423 | -€2,742 | -9.1% |
| Distributable reserves | 133 | €173,006 | €173,006 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,294,193 | €4,674,971 | +€380,777 | +8.9% |
| Provisions and deferred taxes | 16 | €45,912 | €41,739 | -€4,174 | -9.1% |
| Deferred taxes | 168 | €45,912 | €41,739 | -€4,174 | -9.1% |
| Amounts payable | 17/49 | €128,949 | €139,261 | +€10,311 | +8.0% |
| Amounts payable within one year | 42/48 | €123,514 | €132,645 | +€9,131 | +7.4% |
| Trade debts | 44 | €30,915 | €43,004 | +€12,089 | +39.1% |
| Suppliers | 440/4 | €30,915 | €43,004 | +€12,089 | +39.1% |
| Taxes, remuneration and social security | 45 | €54,406 | €51,448 | -€2,958 | -5.4% |
| Taxes | 450/3 | €54,406 | €51,448 | -€2,958 | -5.4% |
| Other amounts payable | 47/48 | €38,193 | €38,193 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,435 | €6,616 | +€1,181 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,319 | €67,672 | +€11,353 | +20.2% |
| Other operating charges | 640/8 | €195,246 | €206,020 | +€10,774 | +5.5% |
| Gross operating margin | 9900 | €754,745 | €771,425 | +€16,680 | +2.2% |
| Operating profit (loss) | 9901 | €503,180 | €497,733 | -€5,447 | -1.1% |
| Financial income | 75/76B | €4,926 | €4,955 | +€29 | +0.6% |
| Recurring financial income | 75 | €4,926 | €4,955 | +€29 | +0.6% |
| Financial charges | 65/66B | €36 | €36 | = | 0.0% |
| Recurring financial charges | 65 | €36 | €36 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €508,070 | €502,652 | -€5,417 | -1.1% |
| Transfer from deferred taxes | 780 | €4,174 | €4,174 | +€0 | 0.0% |
| Income taxes | 67/77 | €130,734 | €128,791 | -€1,943 | -1.5% |
| Profit (loss) for the period | 9904 | €381,510 | €378,035 | -€3,475 | -0.9% |
| Transfer from tax-exempt reserves | 789 | €2,742 | €2,742 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €384,252 | €380,777 | -€3,475 | -0.9% |
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 20 October 2026 via checked.be.