GEBELUX: 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.
GEBELUX
Largest movements
- Receivables within one year -€412,301
down €412,301 (-49.7%), from €829,071 to €416,769
of which Trade receivables: -€388,955
- Stocks and contracts +€124,566
up €124,566 (+22.9%), from €543,920 to €668,486
- Cash -€55,208
down €55,208 (-70.1%), from €78,745 to €23,537
mainly Trade debts (-€382,287) and Stocks and contracts (-€124,566)
- Tangible fixed assets -€51,099
down €51,099 (-16.2%), from €316,239 to €265,141
of which Land and buildings: -€43,937
- Trade debts -€382,287
down €382,287 (-51.7%), from €738,991 to €356,704
- Debts after one year -€28,565
down €28,565 (-24.6%), from €116,139 to €87,575
- Profit (loss) carried forward +€24,468
up €24,468 (+3.5%), from €701,541 to €726,009
- Staff costs -€25,725
down €25,725 (-8.0%), from €322,387 to €296,662
- Gross operating margin +€16,305
up €16,305 (+4.1%), from €397,575 to €413,880
- Taxes +€8,278
up €8,278 (+5,174%), from €160 to €8,438
- Depreciation -€5,195
down €5,195 (-9.2%), from €56,294 to €51,099
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 | €1,770,035 | €1,376,139 | -€393,896 | -22.3% |
| Fixed assets | 21/28 | €316,239 | €265,141 | -€51,099 | -16.2% |
| Tangible fixed assets | 22/27 | €316,239 | €265,141 | -€51,099 | -16.2% |
| Land and buildings | 22 | €296,762 | €252,825 | -€43,937 | -14.8% |
| Plant, machinery and equipment | 23 | €8,959 | €6,586 | -€2,373 | -26.5% |
| Furniture and vehicles | 24 | €6,942 | €4,973 | -€1,969 | -28.4% |
| Leasing and similar rights | 25 | €3,577 | €757 | -€2,820 | -78.8% |
| Current assets | 29/58 | €1,453,795 | €1,110,998 | -€342,797 | -23.6% |
| Stocks and contracts in progress | 3 | €543,920 | €668,486 | +€124,566 | +22.9% |
| Stocks | 30/36 | €543,920 | €668,486 | +€124,566 | +22.9% |
| Amounts receivable within one year | 40/41 | €829,071 | €416,769 | -€412,301 | -49.7% |
| Trade receivables | 40 | €805,724 | €416,769 | -€388,955 | -48.3% |
| Other amounts receivable | 41 | €23,346 | - | -€23,346 | |
| Cash at bank and in hand | 54/58 | €78,745 | €23,537 | -€55,208 | -70.1% |
| Deferred charges and accrued income | 490/1 | €2,059 | €2,206 | +€146 | +7.1% |
| Total equity and liabilities | 10/49 | €1,770,035 | €1,376,139 | -€393,896 | -22.3% |
| Equity | 10/15 | €827,768 | €851,009 | +€23,241 | +2.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €62,500 | €62,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €701,541 | €726,009 | +€24,468 | +3.5% |
| Investment grants | 15 | €1,227 | - | -€1,227 | |
| Amounts payable | 17/49 | €942,266 | €525,130 | -€417,136 | -44.3% |
| Amounts payable after more than one year | 17 | €116,139 | €87,575 | -€28,565 | -24.6% |
| Financial debts | 170/4 | €116,139 | €87,575 | -€28,565 | -24.6% |
| Amounts payable within one year | 42/48 | €825,455 | €436,993 | -€388,462 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €28,746 | €28,565 | -€181 | -0.6% |
| Trade debts | 44 | €738,991 | €356,704 | -€382,287 | -51.7% |
| Suppliers | 440/4 | €738,991 | €356,704 | -€382,287 | -51.7% |
| Taxes, remuneration and social security | 45 | €55,971 | €49,779 | -€6,192 | -11.1% |
| Taxes | 450/3 | €25,433 | €25,603 | +€170 | +0.7% |
| Remuneration and social security | 454/9 | €30,538 | €24,176 | -€6,362 | -20.8% |
| Other amounts payable | 47/48 | €1,748 | €1,945 | +€197 | +11.3% |
| Accrued charges and deferred income | 492/3 | €672 | €562 | -€110 | -16.3% |
| Remuneration, social security and pensions | 62 | €322,387 | €296,662 | -€25,725 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,294 | €51,099 | -€5,195 | -9.2% |
| Other operating charges | 640/8 | €14,907 | €15,523 | +€616 | +4.1% |
| Gross operating margin | 9900 | €397,575 | €413,880 | +€16,305 | +4.1% |
| Operating profit (loss) | 9901 | €3,987 | €50,596 | +€46,609 | +1,169% |
| Financial income | 75/76B | €1,780 | €1,470 | -€309 | -17.4% |
| Recurring financial income | 75 | €1,780 | €1,470 | -€309 | -17.4% |
| Financial charges | 65/66B | €22,164 | €19,161 | -€3,004 | -13.6% |
| Recurring financial charges | 65 | €22,164 | €19,161 | -€3,004 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,398 | €32,906 | +€49,303 | |
| Income taxes | 67/77 | €160 | €8,438 | +€8,278 | +5,174% |
| Profit (loss) for the period | 9904 | -€16,558 | €24,468 | +€41,026 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,558 | €24,468 | +€41,026 |
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.