GEHLEN MANAGEMENT: 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
GEHLEN MANAGEMENT
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.9m
2024 · €3.7m-€847,427
Equity
€11.1m
2024 · €9.0m+€2.1m
Cash
€386,463
2024 · €458,499-€72,037
Balance sheet total
€26.6m
2024 · €26.1m+€510,877
Largest movements
Assets
- Receivables within one year +€975,226
up €975,226 (+6.2%), from €15.6m to €16.6m
of which Other amounts receivable: +€1.2m
- Receivables after one year -€423,753
down €423,753 (-14.7%), from €2.9m to €2.5m
- Stocks and contracts -€273,299
down €273,299 (-13.9%), from €2.0m to €1.7m
Equity and liabilities
- Reserves +€2.1m
up €2.1m (+24.8%), from €8.5m to €10.6m
- Short-term financial debts -€1.5m
down €1.5m (-31.9%), from €4.6m to €3.1m
- Other debts -€1.3m
down €1.3m (-23.6%), from €5.5m to €4.2m
- Debts after one year +€874,075
up €874,075 (+15.8%), from €5.5m to €6.4m
Income statement
- Other operating income +€1.3m
up €1.3m (+317%), from €405,930 to €1.7m
- Financial income -€980,590
down €980,590 (-25.8%), from €3.8m to €2.8m
of which Non-recurring financial income: -€1.6m
- Services and other goods +€389,241
up €389,241 (+34.0%), from €1.1m to €1.5m
- Goods and materials +€198,893
up €198,893 (+14.7%), from €1.4m to €1.6m
of which Change in stocks: decrease (increase): +€250,092
- Turnover -€166,703
down €166,703 (-4.6%), from €3.6m to €3.5m
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
€3.7m
Turnover
-€166,703
Other operating income
+€1.3m
Goods and materials
-€198,893
Services and other goods
-€389,241
Staff costs
-€165,843
Depreciation
+€7,660
Other operating charges
-€38,609
Financial income
-€980,590
Financial charges
-€128,388
Taxes
-€73,592
Result 2025
€2.9m
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
+€1.9m
Investment
-€574,244
Financing
-€1.4m
Cash 2024
€458,499
From operations (derived)
+€1.9m
Net result for the year
+€2.9m
Depreciation
+€261,268
Receivables after one year
+€423,753
Stocks and contracts
+€273,299
Receivables within one year
-€975,226
Deferred charges and accrued income
+€8,237
Trade debts
+€8,153
Tax, wage and social debts
+€143,780
Other debts
-€1.3m
Accrued charges and deferred income
+€121,437
Investment (derived)
-€574,244
Investment in fixed assets (net)
-€574,244
Financing
-€1.4m
Debts after one year
+€874,075
Current portion of long-term debt
+€17,059
Short-term financial debts
-€1.5m
Contributions, distributions and other
-€800,000
Cash 2025
€386,463
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,066,638 | €26,577,515 | +€510,877 | +2.0% |
| Fixed assets | 21/28 | €5,098,903 | €5,411,879 | +€312,976 | +6.1% |
| Tangible fixed assets | 22/27 | €2,253,013 | €2,410,830 | +€157,817 | +7.0% |
| Land and buildings | 22 | €1,683,752 | €2,032,875 | +€349,123 | +20.7% |
| Plant, machinery and equipment | 23 | €151,414 | €110,904 | -€40,510 | -26.8% |
| Furniture and vehicles | 24 | €217,455 | €203,347 | -€14,108 | -6.5% |
| Leasing and similar rights | 25 | €88,300 | €62,119 | -€26,182 | -29.7% |
| Other tangible fixed assets | 26 | €4,801 | €1,586 | -€3,216 | -67.0% |
| Assets under construction and advance payments | 27 | €107,291 | - | -€107,291 | |
| Financial fixed assets | 28 | €2,845,889 | €3,001,049 | +€155,160 | +5.5% |
| Affiliated companies | 280/1 | €2,752,045 | €2,882,702 | +€130,657 | +4.7% |
| Participating interests | 280 | €2,752,045 | €2,882,702 | +€130,657 | +4.7% |
| Other financial fixed assets | 284/8 | €93,844 | €118,347 | +€24,503 | +26.1% |
| Shares | 284 | €93,644 | €118,147 | +€24,503 | +26.2% |
| Amounts receivable and cash guarantees | 285/8 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €20,967,736 | €21,165,636 | +€197,901 | +0.9% |
| Amounts receivable after more than one year | 29 | €2,889,140 | €2,465,387 | -€423,753 | -14.7% |
| Other amounts receivable | 291 | €2,889,140 | €2,465,387 | -€423,753 | -14.7% |
| Stocks and contracts in progress | 3 | €1,968,955 | €1,695,656 | -€273,299 | -13.9% |
| Stocks | 30/36 | €1,968,955 | €1,695,656 | -€273,299 | -13.9% |
| Goods purchased for resale | 34 | €71,417 | €71,941 | +€524 | +0.7% |
| Property held for sale | 35 | €1,897,538 | €1,623,715 | -€273,823 | -14.4% |
| Amounts receivable within one year | 40/41 | €15,626,243 | €16,601,469 | +€975,226 | +6.2% |
| Trade receivables | 40 | €1,679,697 | €1,468,600 | -€211,098 | -12.6% |
| Other amounts receivable | 41 | €13,946,545 | €15,132,869 | +€1.2m | +8.5% |
| Cash at bank and in hand | 54/58 | €458,499 | €386,463 | -€72,037 | -15.7% |
| Deferred charges and accrued income | 490/1 | €24,898 | €16,661 | -€8,237 | -33.1% |
| Total equity and liabilities | 10/49 | €26,066,638 | €26,577,515 | +€510,877 | +2.0% |
| Equity | 10/15 | €9,021,036 | €11,121,051 | +€2.1m | +23.3% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €8,471,036 | €10,571,051 | +€2.1m | +24.8% |
| Distributable reserves | 133 | €8,471,036 | €10,571,051 | +€2.1m | +24.8% |
| Amounts payable | 17/49 | €17,045,602 | €15,456,464 | -€1.6m | -9.3% |
| Amounts payable after more than one year | 17 | €5,529,426 | €6,403,501 | +€874,075 | +15.8% |
| Financial debts | 170/4 | €5,529,426 | €6,403,501 | +€874,075 | +15.8% |
| Leasing and similar obligations | 172 | €61,789 | €35,869 | -€25,920 | -41.9% |
| Credit institutions | 173 | €1,669,040 | €1,979,157 | +€310,117 | +18.6% |
| Other loans | 174 | €3,798,597 | €4,388,475 | +€589,878 | +15.5% |
| Amounts payable within one year | 42/48 | €11,508,559 | €8,923,909 | -€2.6m | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €867,927 | €884,986 | +€17,059 | +2.0% |
| Financial debts | 43 | €4,578,190 | €3,118,212 | -€1.5m | -31.9% |
| Credit institutions | 430/8 | €4,578,190 | €3,118,212 | -€1.5m | -31.9% |
| Trade debts | 44 | €267,588 | €275,741 | +€8,153 | +3.0% |
| Suppliers | 440/4 | €267,588 | €275,741 | +€8,153 | +3.0% |
| Taxes, remuneration and social security | 45 | €306,761 | €450,541 | +€143,780 | +46.9% |
| Taxes | 450/3 | €220,051 | €325,365 | +€105,314 | +47.9% |
| Remuneration and social security | 454/9 | €86,710 | €125,176 | +€38,466 | +44.4% |
| Other amounts payable | 47/48 | €5,488,092 | €4,194,428 | -€1.3m | -23.6% |
| Accrued charges and deferred income | 492/3 | €7,618 | €129,054 | +€121,437 | +1,594% |
| Operating income | 70/76A | €4,036,008 | €5,156,079 | +€1.1m | +27.8% |
| Turnover | 70 | €3,630,078 | €3,463,374 | -€166,703 | -4.6% |
| Other operating income | 74 | €405,930 | €1,692,704 | +€1.3m | +317% |
| Operating charges | 60/66A | €3,457,355 | €4,242,282 | +€784,926 | +22.7% |
| Goods for resale, raw materials and consumables | 60 | €1,357,048 | €1,555,941 | +€198,893 | +14.7% |
| Purchases | 600/8 | €1,333,840 | €1,282,642 | -€51,198 | -3.8% |
| Change in stocks: decrease (increase) | 609 | €23,208 | €273,299 | +€250,092 | +1,078% |
| Services and other goods | 61 | €1,143,191 | €1,532,432 | +€389,241 | +34.0% |
| Remuneration, social security and pensions | 62 | €517,750 | €683,594 | +€165,843 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,928 | €261,268 | -€7,660 | -2.8% |
| Other operating charges | 640/8 | €170,438 | €209,047 | +€38,609 | +22.7% |
| Operating profit (loss) | 9901 | €578,652 | €913,797 | +€335,145 | +57.9% |
| Financial income | 75/76B | €3,806,466 | €2,825,876 | -€980,590 | -25.8% |
| Recurring financial income | 75 | €529,732 | €1,134,422 | +€604,690 | +114% |
| Income from financial fixed assets | 750 | €310,260 | €891,632 | +€581,372 | +187% |
| Income from current assets | 751 | €183,091 | €240,515 | +€57,424 | +31.4% |
| Other financial income | 752/9 | €36,381 | €2,275 | -€34,105 | -93.7% |
| Non-recurring financial income | 76B | €3,276,734 | €1,691,454 | -€1.6m | -48.4% |
| Financial charges | 65/66B | €551,235 | €679,623 | +€128,388 | +23.3% |
| Recurring financial charges | 65 | €544,890 | €631,428 | +€86,538 | +15.9% |
| Debt charges | 650 | €544,889 | €631,425 | +€86,536 | +15.9% |
| Other financial charges | 652/9 | €0 | €3 | +€3 | +13,100% |
| Non-recurring financial charges | 66B | €6,345 | €48,195 | +€41,850 | +660% |
| Profit (loss) for the period before taxes | 9903 | €3,833,884 | €3,060,050 | -€773,834 | -20.2% |
| Income taxes | 67/77 | €86,443 | €160,035 | +€73,592 | +85.1% |
| Taxes | 670/3 | €87,631 | €160,035 | +€72,405 | +82.6% |
| Tax adjustments and reversals of tax provisions | 77 | €1,188 | - | -€1,188 | |
| Profit (loss) for the period | 9904 | €3,747,441 | €2,900,015 | -€847,427 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,747,441 | €2,900,015 | -€847,427 | -22.6% |
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 16 October 2026 via checked.be.