GELA: 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.
GELA
Largest movements
- Receivables within one year +€261,446
up €261,446 (+21.0%), from €1.2m to €1.5m
of which Other amounts receivable: +€180,085
- Stocks and contracts -€134,653
down €134,653 (-17.7%), from €760,067 to €625,414
- Reserves +€186,800
up €186,800 (+21.0%), from €888,000 to €1.1m
- Tax, wage and social debts -€22,909
down €22,909 (-14.4%), from €159,216 to €136,306
- Taxes +€44,564
up €44,564 (+38.7%), from €115,091 to €159,655
- Financial charges +€7,253
up €7,253 (+48.5%), from €14,953 to €22,206
- Financial income +€4,467
up €4,467 (+59.1%), from €7,564 to €12,031
- Gross operating margin -€4,437
down €4,437 (-1.2%), from €373,272 to €368,835
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 | €2,107,639 | €2,241,563 | +€133,923 | +6.4% |
| Fixed assets | 21/28 | €26,051 | €24,976 | -€1,076 | -4.1% |
| Intangible fixed assets | 21 | €12,535 | €8,707 | -€3,828 | -30.5% |
| Tangible fixed assets | 22/27 | €13,517 | €16,269 | +€2,752 | +20.4% |
| Plant, machinery and equipment | 23 | €401 | €99 | -€302 | -75.4% |
| Furniture and vehicles | 24 | €7,429 | €3,658 | -€3,771 | -50.8% |
| Other tangible fixed assets | 26 | €5,687 | €12,513 | +€6,826 | +120.0% |
| Current assets | 29/58 | €2,081,588 | €2,216,587 | +€134,999 | +6.5% |
| Stocks and contracts in progress | 3 | €760,067 | €625,414 | -€134,653 | -17.7% |
| Stocks | 30/36 | €760,067 | €625,414 | -€134,653 | -17.7% |
| Amounts receivable within one year | 40/41 | €1,242,780 | €1,504,226 | +€261,446 | +21.0% |
| Trade receivables | 40 | - | €81,361 | +€81,361 | |
| Other amounts receivable | 41 | €1,242,780 | €1,422,865 | +€180,085 | +14.5% |
| Cash at bank and in hand | 54/58 | €75,762 | €84,822 | +€9,059 | +12.0% |
| Deferred charges and accrued income | 490/1 | €2,979 | €2,126 | -€853 | -28.6% |
| Total equity and liabilities | 10/49 | €2,107,639 | €2,241,563 | +€133,923 | +6.4% |
| Equity | 10/15 | €906,704 | €1,093,609 | +€186,905 | +20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €888,000 | €1,074,800 | +€186,800 | +21.0% |
| Distributable reserves | 133 | €888,000 | €1,074,800 | +€186,800 | +21.0% |
| Profit (loss) carried forward | 14 | €104 | €209 | +€105 | +100.8% |
| Amounts payable | 17/49 | €1,200,935 | €1,147,953 | -€52,982 | -4.4% |
| Amounts payable within one year | 42/48 | €1,150,935 | €1,107,953 | -€42,982 | -3.7% |
| Financial debts | 43 | €43,828 | €43,703 | -€125 | -0.3% |
| Credit institutions | 430/8 | €43,828 | €43,703 | -€125 | -0.3% |
| Trade debts | 44 | €946,520 | €927,944 | -€18,576 | -2.0% |
| Suppliers | 440/4 | €946,520 | €927,944 | -€18,576 | -2.0% |
| Taxes, remuneration and social security | 45 | €159,216 | €136,306 | -€22,909 | -14.4% |
| Taxes | 450/3 | €159,216 | €136,306 | -€22,909 | -14.4% |
| Other amounts payable | 47/48 | €1,371 | - | -€1,371 | |
| Accrued charges and deferred income | 492/3 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,715 | €9,495 | +€780 | +8.9% |
| Other operating charges | 640/8 | €3,067 | €2,604 | -€462 | -15.1% |
| Gross operating margin | 9900 | €373,272 | €368,835 | -€4,437 | -1.2% |
| Operating profit (loss) | 9901 | €361,490 | €356,736 | -€4,755 | -1.3% |
| Financial income | 75/76B | €7,564 | €12,031 | +€4,467 | +59.1% |
| Recurring financial income | 75 | €7,564 | €12,031 | +€4,467 | +59.1% |
| Financial charges | 65/66B | €14,953 | €22,206 | +€7,253 | +48.5% |
| Recurring financial charges | 65 | €14,953 | €22,206 | +€7,253 | +48.5% |
| Profit (loss) for the period before taxes | 9903 | €354,101 | €346,560 | -€7,541 | -2.1% |
| Income taxes | 67/77 | €115,091 | €159,655 | +€44,564 | +38.7% |
| Profit (loss) for the period | 9904 | €239,010 | €186,905 | -€52,105 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €239,010 | €186,905 | -€52,105 | -21.8% |
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 8 October 2026 via checked.be.