GEBEL: what changed
Two fiscal 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.
GEBEL
Largest movements
- Receivables after one year -€12,500
down €12,500 (-14.3%), from €87,500 to €75,000
- Other debts -€14,595
down €14,595 (-5.6%), from €260,886 to €246,291
- Financial charges +€15,851
up €15,851, from -€15,643 to €208
- Gross operating margin +€3,590
up €3,590 (+79.8%), from -€4,497 to -€907
- Other operating charges +€839
up €839 (+54.9%), from €1,529 to €2,368
- Financial income -€250
down €250 (-14.3%), from €1,750 to €1,500
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 | €556,504 | €538,299 | -€18,206 | -3.3% |
| Fixed assets | 21/28 | €23,592 | €22,621 | -€971 | -4.1% |
| Tangible fixed assets | 22/27 | €23,592 | €22,621 | -€971 | -4.1% |
| Land and buildings | 22 | €23,367 | €22,621 | -€746 | -3.2% |
| Furniture and vehicles | 24 | €225 | €0 | -€225 | -100.0% |
| Current assets | 29/58 | €532,913 | €515,678 | -€17,235 | -3.2% |
| Amounts receivable after more than one year | 29 | €87,500 | €75,000 | -€12,500 | -14.3% |
| Other amounts receivable | 291 | €87,500 | €75,000 | -€12,500 | -14.3% |
| Amounts receivable within one year | 40/41 | €2,308 | €1,500 | -€808 | -35.0% |
| Trade receivables | 40 | €1,750 | €1,500 | -€250 | -14.3% |
| Other amounts receivable | 41 | €558 | €0 | -€558 | -100.0% |
| Current investments | 50/53 | €399,960 | €399,960 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,070 | €39,218 | -€3,852 | -8.9% |
| Deferred charges and accrued income | 490/1 | €75 | €0 | -€75 | -100.0% |
| Total equity and liabilities | 10/49 | €556,504 | €538,299 | -€18,206 | -3.3% |
| Equity | 10/15 | €294,961 | €292,007 | -€2,953 | -1.0% |
| Contributions | 10/11 | €332,500 | €332,500 | = | 0.0% |
| Capital | 10 | €332,500 | €332,500 | = | 0.0% |
| Issued capital | 100 | €332,500 | €332,500 | = | 0.0% |
| Reserves | 13 | €17,854 | €17,854 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €11,604 | €11,604 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,393 | -€58,346 | -€2,953 | -5.3% |
| Amounts payable | 17/49 | €261,544 | €246,291 | -€15,253 | -5.8% |
| Amounts payable within one year | 42/48 | €261,210 | €246,291 | -€14,919 | -5.7% |
| Trade debts | 44 | €324 | €0 | -€324 | -100.0% |
| Suppliers | 440/4 | €324 | €0 | -€324 | -100.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Other amounts payable | 47/48 | €260,886 | €246,291 | -€14,595 | -5.6% |
| Accrued charges and deferred income | 492/3 | €333 | €0 | -€333 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €977 | €971 | -€6 | -0.6% |
| Other operating charges | 640/8 | €1,529 | €2,368 | +€839 | +54.9% |
| Gross operating margin | 9900 | -€4,497 | -€907 | +€3,590 | +79.8% |
| Operating profit (loss) | 9901 | -€7,004 | -€4,246 | +€2,758 | +39.4% |
| Financial income | 75/76B | €1,750 | €1,500 | -€250 | -14.3% |
| Recurring financial income | 75 | €1,750 | €1,500 | -€250 | -14.3% |
| Financial charges | 65/66B | -€15,643 | €208 | +€15,851 | |
| Recurring financial charges | 65 | -€15,643 | €208 | +€15,851 | |
| Profit (loss) for the period before taxes | 9903 | €10,389 | -€2,953 | -€13,343 | |
| Profit (loss) for the period | 9904 | €10,389 | -€2,953 | -€13,343 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,389 | -€2,953 | -€13,343 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.