GEEL: 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.
GEEL
Largest movements
- Tangible fixed assets -€27,676
down €27,676 (-90.8%), from €30,467 to €2,791
of which Furniture and vehicles: -€26,512
- Cash +€6,216
up €6,216 (+372.6%), from €1,668 to €7,884
mainly Investment in fixed assets (net) (+€26,512) and Tax, wage and social debts (+€6,229)
- Other debts -€24,008
down €24,008 (-79.1%), from €30,346 to €6,338
- Tax, wage and social debts +€6,229
up €6,229 (+805.4%), from €773 to €7,002
- Trade debts -€2,338
down €2,338 (-76.5%), from €3,057 to €719
- Profit (loss) carried forward -€1,231
down €1,231 (-6.9%), from -€17,950 to -€19,181
- Turnover +€14,984
new in 2025: €14,984
- Purchases and services +€8,066
new in 2025: €8,066
- Gross operating margin +€5,938
up €5,938 (+605.9%), from €980 to €6,918
- Depreciation -€3,322
down €3,322 (-74.1%), from €4,486 to €1,164
- Other operating charges -€1,090
down €1,090 (-63.4%), from €1,718 to €628
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 | €34,967 | €13,478 | -€21,489 | -61.5% |
| Fixed assets | 21/28 | €30,467 | €2,791 | -€27,676 | -90.8% |
| Tangible fixed assets | 22/27 | €30,467 | €2,791 | -€27,676 | -90.8% |
| Land and buildings | 22 | €2,561 | €2,176 | -€385 | -15.0% |
| Plant, machinery and equipment | 23 | €1,394 | €615 | -€779 | -55.9% |
| Furniture and vehicles | 24 | €26,512 | €0 | -€26,512 | -100.0% |
| Current assets | 29/58 | €4,500 | €10,687 | +€6,187 | +137.5% |
| Stocks and contracts in progress | 3 | €630 | €400 | -€230 | -36.5% |
| Stocks | 30/36 | €630 | €400 | -€230 | -36.5% |
| Amounts receivable within one year | 40/41 | €2,202 | €2,403 | +€201 | +9.1% |
| Trade receivables | 40 | €2,202 | €2,403 | +€201 | +9.1% |
| Cash at bank and in hand | 54/58 | €1,668 | €7,884 | +€6,216 | +372.6% |
| Total equity and liabilities | 10/49 | €34,967 | €13,478 | -€21,489 | -61.5% |
| Equity | 10/15 | €650 | -€581 | -€1,231 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | -€17,950 | -€19,181 | -€1,231 | -6.9% |
| Amounts payable | 17/49 | €34,317 | €14,059 | -€20,258 | -59.0% |
| Amounts payable within one year | 42/48 | €34,176 | €14,059 | -€20,117 | -58.9% |
| Trade debts | 44 | €3,057 | €719 | -€2,338 | -76.5% |
| Suppliers | 440/4 | €3,057 | €719 | -€2,338 | -76.5% |
| Taxes, remuneration and social security | 45 | €773 | €7,002 | +€6,229 | +805.4% |
| Taxes | 450/3 | €773 | €7,002 | +€6,229 | +805.4% |
| Other amounts payable | 47/48 | €30,346 | €6,338 | -€24,008 | -79.1% |
| Accrued charges and deferred income | 492/3 | €141 | - | -€141 | |
| Turnover | 70 | - | €14,984 | +€14,984 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €8,066 | +€8,066 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,486 | €1,164 | -€3,322 | -74.1% |
| Other operating charges | 640/8 | €1,718 | €628 | -€1,090 | -63.4% |
| Non-recurring operating charges | 66A | - | €6,264 | +€6,264 | |
| Gross operating margin | 9900 | €980 | €6,918 | +€5,938 | +605.9% |
| Operating profit (loss) | 9901 | -€5,223 | -€1,138 | +€4,085 | +78.2% |
| Financial charges | 65/66B | €66 | €93 | +€27 | +40.3% |
| Recurring financial charges | 65 | €66 | €93 | +€27 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,290 | -€1,231 | +€4,059 | +76.7% |
| Profit (loss) for the period | 9904 | -€5,290 | -€1,231 | +€4,059 | +76.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,290 | -€1,231 | +€4,059 | +76.7% |
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 6 October 2026 via checked.be.