GELAD: 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.
GELAD
Largest movements
- Receivables within one year +€33,490
up €33,490 (+60.3%), from €55,503 to €88,993
of which Other amounts receivable: +€52,612
- Cash +€5,059
up €5,059 (+15.8%), from €32,035 to €37,094
mainly Net result for the year (+€62,286) and Depreciation (+€16,618)
- Tangible fixed assets -€4,364
down €4,364 (-17.4%), from €25,067 to €20,702
- Profit (loss) carried forward +€42,286
up €42,286 (+174.3%), from €24,259 to €66,545
- Trade debts -€19,265
down €19,265 (-33.2%), from €58,002 to €38,737
- Tax, wage and social debts +€10,163
up €10,163 (+100.2%), from €10,143 to €20,307
- Gross operating margin +€26,978
up €26,978 (+41.6%), from €64,926 to €91,905
- Taxes +€3,487
up €3,487 (+49.2%), from €7,084 to €10,571
- Depreciation +€3,004
up €3,004 (+22.1%), from €13,614 to €16,618
- Other operating charges +€1,629
up €1,629 (+1018.4%), from €160 to €1,789
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 | €112,605 | €146,789 | +€34,185 | +30.4% |
| Fixed assets | 21/28 | €25,067 | €20,702 | -€4,364 | -17.4% |
| Tangible fixed assets | 22/27 | €25,067 | €20,702 | -€4,364 | -17.4% |
| Furniture and vehicles | 24 | €25,067 | €20,702 | -€4,364 | -17.4% |
| Current assets | 29/58 | €87,538 | €126,087 | +€38,549 | +44.0% |
| Amounts receivable within one year | 40/41 | €55,503 | €88,993 | +€33,490 | +60.3% |
| Trade receivables | 40 | €40,903 | €21,781 | -€19,122 | -46.8% |
| Other amounts receivable | 41 | €14,601 | €67,212 | +€52,612 | +360.3% |
| Cash at bank and in hand | 54/58 | €32,035 | €37,094 | +€5,059 | +15.8% |
| Total equity and liabilities | 10/49 | €112,605 | €146,789 | +€34,185 | +30.4% |
| Equity | 10/15 | €24,259 | €66,545 | +€42,286 | +174.3% |
| Profit (loss) carried forward | 14 | €24,259 | €66,545 | +€42,286 | +174.3% |
| Amounts payable | 17/49 | €88,345 | €80,244 | -€8,101 | -9.2% |
| Amounts payable after more than one year | 17 | €1,200 | €1,200 | = | 0.0% |
| Other amounts payable | 178/9 | €1,200 | €1,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €87,145 | €79,044 | -€8,101 | -9.3% |
| Trade debts | 44 | €58,002 | €38,737 | -€19,265 | -33.2% |
| Suppliers | 440/4 | €58,002 | €38,737 | -€19,265 | -33.2% |
| Taxes, remuneration and social security | 45 | €10,143 | €20,307 | +€10,163 | +100.2% |
| Taxes | 450/3 | €10,143 | €20,307 | +€10,163 | +100.2% |
| Other amounts payable | 47/48 | €19,000 | €20,000 | +€1,000 | +5.3% |
| Remuneration, social security and pensions | 62 | - | €494 | +€494 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,614 | €16,618 | +€3,004 | +22.1% |
| Other operating charges | 640/8 | €160 | €1,789 | +€1,629 | +1018.4% |
| Gross operating margin | 9900 | €64,926 | €91,905 | +€26,978 | +41.6% |
| Operating profit (loss) | 9901 | €51,153 | €73,003 | +€21,850 | +42.7% |
| Financial charges | 65/66B | €809 | €146 | -€664 | -82.0% |
| Recurring financial charges | 65 | €809 | €146 | -€664 | -82.0% |
| Profit (loss) for the period before taxes | 9903 | €50,344 | €72,857 | +€22,514 | +44.7% |
| Income taxes | 67/77 | €7,084 | €10,571 | +€3,487 | +49.2% |
| Profit (loss) for the period | 9904 | €43,259 | €62,286 | +€19,027 | +44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,259 | €62,286 | +€19,027 | +44.0% |
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 11 October 2026 via checked.be.