GELAPHAR: 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.
GELAPHAR
Largest movements
- Stocks and contracts +€44,795
up €44,795 (+24.7%), from €181,481 to €226,275
- Cash +€42,162
up €42,162 (+25.1%), from €167,984 to €210,146
mainly Net result for the year (+€65,242) and Depreciation (+€34,075)
- Tangible fixed assets -€30,488
down €30,488 (-11.3%), from €268,944 to €238,456
of which Land and buildings: -€29,174
- Profit (loss) carried forward +€65,242
up €65,242 (+28.0%), from €233,343 to €298,585
- Debts after one year -€13,363
down €13,363 (-45.2%), from €29,574 to €16,211
- Gross operating margin +€60,664
up €60,664 (+29.2%), from €207,827 to €268,491
- Staff costs +€55,008
up €55,008 (+69.5%), from €79,149 to €134,158
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 | €722,807 | €774,089 | +€51,281 | +7.1% |
| Fixed assets | 21/28 | €269,044 | €238,556 | -€30,488 | -11.3% |
| Tangible fixed assets | 22/27 | €268,944 | €238,456 | -€30,488 | -11.3% |
| Land and buildings | 22 | €264,509 | €235,335 | -€29,174 | -11.0% |
| Plant, machinery and equipment | 23 | €850 | €642 | -€208 | -24.5% |
| Furniture and vehicles | 24 | €3,585 | €2,480 | -€1,106 | -30.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €453,763 | €535,533 | +€81,769 | +18.0% |
| Stocks and contracts in progress | 3 | €181,481 | €226,275 | +€44,795 | +24.7% |
| Stocks | 30/36 | €181,481 | €226,275 | +€44,795 | +24.7% |
| Amounts receivable within one year | 40/41 | €103,935 | €98,657 | -€5,277 | -5.1% |
| Trade receivables | 40 | €103,665 | €94,103 | -€9,562 | -9.2% |
| Other amounts receivable | 41 | €270 | €4,555 | +€4,285 | +1587.3% |
| Cash at bank and in hand | 54/58 | €167,984 | €210,146 | +€42,162 | +25.1% |
| Deferred charges and accrued income | 490/1 | €364 | €454 | +€90 | +24.8% |
| Total equity and liabilities | 10/49 | €722,807 | €774,089 | +€51,281 | +7.1% |
| Equity | 10/15 | €371,921 | €437,163 | +€65,242 | +17.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €76,604 | €76,604 | = | 0.0% |
| Distributable reserves | 133 | €76,604 | €76,604 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,343 | €298,585 | +€65,242 | +28.0% |
| Amounts payable | 17/49 | €350,887 | €336,926 | -€13,961 | -4.0% |
| Amounts payable after more than one year | 17 | €29,574 | €16,211 | -€13,363 | -45.2% |
| Financial debts | 170/4 | €29,574 | €16,211 | -€13,363 | -45.2% |
| Amounts payable within one year | 42/48 | €316,364 | €316,879 | +€516 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €22,174 | €18,436 | -€3,738 | -16.9% |
| Trade debts | 44 | €166,587 | €165,015 | -€1,572 | -0.9% |
| Suppliers | 440/4 | €166,587 | €165,015 | -€1,572 | -0.9% |
| Taxes, remuneration and social security | 45 | €29,903 | €31,383 | +€1,480 | +5.0% |
| Taxes | 450/3 | €7,514 | €7,128 | -€386 | -5.1% |
| Remuneration and social security | 454/9 | €22,388 | €24,255 | +€1,866 | +8.3% |
| Other amounts payable | 47/48 | €97,700 | €102,046 | +€4,346 | +4.4% |
| Accrued charges and deferred income | 492/3 | €4,949 | €3,835 | -€1,114 | -22.5% |
| Remuneration, social security and pensions | 62 | €79,149 | €134,158 | +€55,008 | +69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,276 | €34,075 | -€1,201 | -3.4% |
| Other operating charges | 640/8 | €3,175 | €5,231 | +€2,055 | +64.7% |
| Gross operating margin | 9900 | €207,827 | €268,491 | +€60,664 | +29.2% |
| Operating profit (loss) | 9901 | €90,227 | €95,028 | +€4,801 | +5.3% |
| Financial income | 75/76B | €6 | €138 | +€131 | +2072.1% |
| Recurring financial income | 75 | €6 | €138 | +€131 | +2072.1% |
| Financial charges | 65/66B | €8,951 | €7,478 | -€1,473 | -16.5% |
| Recurring financial charges | 65 | €8,951 | €7,478 | -€1,473 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €81,282 | €87,687 | +€6,406 | +7.9% |
| Income taxes | 67/77 | €20,676 | €22,445 | +€1,770 | +8.6% |
| Profit (loss) for the period | 9904 | €60,606 | €65,242 | +€4,636 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €60,606 | €65,242 | +€4,636 | +7.6% |
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.