GEHENOT A.: 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.
GEHENOT A.
Largest movements
- Tangible fixed assets +€248,571
up €248,571 (+4,523%), from €5,496 to €254,067
of which Land and buildings: +€250,004
- Receivables within one year +€63,237
up €63,237 (+23.2%), from €272,238 to €335,475
of which Other amounts receivable: +€61,850
- Cash -€14,457
down €14,457 (-24.3%), from €59,602 to €45,145
mainly Investment in fixed assets (net) (-€305,717) and Receivables within one year (-€63,237)
- Debts after one year +€228,620
new in 2025: €228,620
- Reserves +€76,060
up €76,060 (+26.4%), from €288,318 to €364,378
- Tax, wage and social debts -€33,399
down €33,399 (-64.6%), from €51,692 to €18,293
- Current portion of long-term debt +€21,380
new in 2025: €21,380
- Depreciation +€52,604
up €52,604 (+2,397%), from €2,195 to €54,799
- Gross operating margin -€16,510
down €16,510 (-10.8%), from €152,384 to €135,873
- Taxes -€15,007
down €15,007 (-41.6%), from €36,031 to €21,024
- Financial income +€4,791
up €4,791 (+37.4%), from €12,807 to €17,598
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 | €345,399 | €639,734 | +€294,334 | +85.2% |
| Fixed assets | 21/28 | €5,496 | €256,414 | +€250,918 | +4,565% |
| Intangible fixed assets | 21 | - | €2,347 | +€2,347 | |
| Tangible fixed assets | 22/27 | €5,496 | €254,067 | +€248,571 | +4,523% |
| Land and buildings | 22 | - | €250,004 | +€250,004 | |
| Plant, machinery and equipment | 23 | €5,010 | €4,063 | -€947 | -18.9% |
| Furniture and vehicles | 24 | €486 | - | -€486 | |
| Current assets | 29/58 | €339,903 | €383,319 | +€43,416 | +12.8% |
| Amounts receivable within one year | 40/41 | €272,238 | €335,475 | +€63,237 | +23.2% |
| Trade receivables | 40 | - | €1,387 | +€1,387 | |
| Other amounts receivable | 41 | €272,238 | €334,088 | +€61,850 | +22.7% |
| Cash at bank and in hand | 54/58 | €59,602 | €45,145 | -€14,457 | -24.3% |
| Deferred charges and accrued income | 490/1 | €8,064 | €2,699 | -€5,365 | -66.5% |
| Total equity and liabilities | 10/49 | €345,399 | €639,734 | +€294,334 | +85.2% |
| Equity | 10/15 | €291,318 | €367,378 | +€76,060 | +26.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €288,318 | €364,378 | +€76,060 | +26.4% |
| Distributable reserves | 133 | €288,318 | €364,378 | +€76,060 | +26.4% |
| Amounts payable | 17/49 | €54,081 | €272,356 | +€218,275 | +404% |
| Amounts payable after more than one year | 17 | - | €228,620 | +€228,620 | |
| Financial debts | 170/4 | - | €228,620 | +€228,620 | |
| Amounts payable within one year | 42/48 | €54,081 | €43,736 | -€10,345 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | - | €21,380 | +€21,380 | |
| Financial debts | 43 | - | €251 | +€251 | |
| Credit institutions | 430/8 | - | €251 | +€251 | |
| Trade debts | 44 | €2,389 | €3,812 | +€1,423 | +59.6% |
| Suppliers | 440/4 | €2,389 | €3,812 | +€1,423 | +59.6% |
| Taxes, remuneration and social security | 45 | €51,692 | €18,293 | -€33,399 | -64.6% |
| Taxes | 450/3 | €51,692 | €18,293 | -€33,399 | -64.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,195 | €54,799 | +€52,604 | +2,397% |
| Other operating charges | 640/8 | €98 | €557 | +€460 | +471% |
| Gross operating margin | 9900 | €152,384 | €135,873 | -€16,510 | -10.8% |
| Operating profit (loss) | 9901 | €150,091 | €80,517 | -€69,574 | -46.4% |
| Financial income | 75/76B | €12,807 | €17,598 | +€4,791 | +37.4% |
| Recurring financial income | 75 | €12,807 | €17,598 | +€4,791 | +37.4% |
| Financial charges | 65/66B | €921 | €1,031 | +€110 | +12.0% |
| Recurring financial charges | 65 | €921 | €1,031 | +€110 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €161,977 | €97,084 | -€64,893 | -40.1% |
| Income taxes | 67/77 | €36,031 | €21,024 | -€15,007 | -41.6% |
| Profit (loss) for the period | 9904 | €125,946 | €76,060 | -€49,887 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €125,946 | €76,060 | -€49,887 | -39.6% |
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 19 October 2026 via checked.be.