GEL TOV: 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.
GEL TOV
Largest movements
- Tangible fixed assets -€44,378
down €44,378 (-41.5%), from €106,992 to €62,614
of which Furniture and vehicles: -€33,076
- Cash -€43,688
down €43,688 (-72.0%), from €60,712 to €17,024
mainly Stocks and contracts (-€38,679) and Net result for the year (-€35,737)
- Stocks and contracts +€38,679
up €38,679 (+195%), from €19,800 to €58,479
- Receivables within one year +€9,175
up €9,175 (+8.5%), from €108,164 to €117,340
of which Other amounts receivable: +€12,568
- Intangible fixed assets -€5,000
down €5,000 (-25.0%), from €20,000 to €15,000
- Profit (loss) carried forward -€35,737
down €35,737 (-22.0%), from €162,675 to €126,938
- Tax, wage and social debts -€11,346
down €11,346 (-41.2%), from €27,556 to €16,210
of which Remuneration and social security: -€9,542
- Trade debts +€6,398
up €6,398 (+6.7%), from €95,167 to €101,565
- Gross operating margin -€50,466
down €50,466 (-22.3%), from €225,883 to €175,417
- Staff costs +€21,089
up €21,089 (+14.8%), from €142,081 to €163,170
- Taxes -€14,141
no longer reported in 2025 (was €14,141)
- Financial charges +€4,716
up €4,716 (+68.4%), from €6,892 to €11,608
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 | €321,762 | €277,906 | -€43,856 | -13.6% |
| Fixed assets | 21/28 | €130,292 | €84,614 | -€45,678 | -35.1% |
| Intangible fixed assets | 21 | €20,000 | €15,000 | -€5,000 | -25.0% |
| Tangible fixed assets | 22/27 | €106,992 | €62,614 | -€44,378 | -41.5% |
| Furniture and vehicles | 24 | €67,825 | €34,749 | -€33,076 | -48.8% |
| Leasing and similar rights | 25 | €10,050 | €5,268 | -€4,783 | -47.6% |
| Other tangible fixed assets | 26 | €29,116 | €22,597 | -€6,519 | -22.4% |
| Financial fixed assets | 28 | €3,300 | €7,000 | +€3,700 | +112% |
| Current assets | 29/58 | €191,470 | €193,292 | +€1,822 | +1.0% |
| Stocks and contracts in progress | 3 | €19,800 | €58,479 | +€38,679 | +195% |
| Stocks | 30/36 | €19,800 | €58,479 | +€38,679 | +195% |
| Amounts receivable within one year | 40/41 | €108,164 | €117,340 | +€9,175 | +8.5% |
| Trade receivables | 40 | €94,860 | €91,467 | -€3,393 | -3.6% |
| Other amounts receivable | 41 | €13,304 | €25,872 | +€12,568 | +94.5% |
| Cash at bank and in hand | 54/58 | €60,712 | €17,024 | -€43,688 | -72.0% |
| Deferred charges and accrued income | 490/1 | €2,794 | €450 | -€2,344 | -83.9% |
| Total equity and liabilities | 10/49 | €321,762 | €277,906 | -€43,856 | -13.6% |
| Equity | 10/15 | €183,135 | €147,398 | -€35,737 | -19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,675 | €126,938 | -€35,737 | -22.0% |
| Amounts payable | 17/49 | €138,627 | €130,508 | -€8,119 | -5.9% |
| Amounts payable after more than one year | 17 | €4,795 | €4,795 | = | 0.0% |
| Trade debts | 175 | €4,795 | €4,795 | = | 0.0% |
| Amounts payable within one year | 42/48 | €133,647 | €125,714 | -€7,934 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €10,925 | €7,939 | -€2,986 | -27.3% |
| Trade debts | 44 | €95,167 | €101,565 | +€6,398 | +6.7% |
| Suppliers | 440/4 | €95,167 | €101,565 | +€6,398 | +6.7% |
| Taxes, remuneration and social security | 45 | €27,556 | €16,210 | -€11,346 | -41.2% |
| Taxes | 450/3 | €8,091 | €6,288 | -€1,804 | -22.3% |
| Remuneration and social security | 454/9 | €19,464 | €9,922 | -€9,542 | -49.0% |
| Accrued charges and deferred income | 492/3 | €185 | - | -€185 | |
| Remuneration, social security and pensions | 62 | €142,081 | €163,170 | +€21,089 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,512 | €32,336 | -€176 | -0.5% |
| Other operating charges | 640/8 | €2,928 | €4,085 | +€1,157 | +39.5% |
| Non-recurring operating charges | 66A | €150 | - | -€150 | |
| Gross operating margin | 9900 | €225,883 | €175,417 | -€50,466 | -22.3% |
| Operating profit (loss) | 9901 | €48,213 | -€24,173 | -€72,386 | |
| Financial income | 75/76B | €124 | €44 | -€80 | -64.5% |
| Recurring financial income | 75 | €124 | €44 | -€80 | -64.5% |
| Financial charges | 65/66B | €6,892 | €11,608 | +€4,716 | +68.4% |
| Recurring financial charges | 65 | €6,892 | €11,608 | +€4,716 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €41,446 | -€35,737 | -€77,183 | |
| Income taxes | 67/77 | €14,141 | - | -€14,141 | |
| Profit (loss) for the period | 9904 | €27,305 | -€35,737 | -€63,042 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,305 | -€35,737 | -€63,042 |
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 25 October 2026 via checked.be.