GELCO: 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.
What changed
GELCO
NACE 64.910, Financial service activities, except insurance and pension funding
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €1.3m+€241,850
Equity
€13.9m
2024 · €13.9m+€4,694
Cash
€286,001
2024 · €234,210+€51,791
Balance sheet total
€15.7m
2024 · €15.8m-€64,499
Largest movements
Assets
- Current investments +€575,239
up €575,239 (+11.4%), from €5.0m to €5.6m
- Tangible fixed assets -€267,764
down €267,764 (-3.2%), from €8.3m to €8.1m
of which Land and buildings: -€297,327
- Receivables after one year -€259,820
down €259,820 (-20.6%), from €1.3m to €1.0m
- Receivables within one year -€168,695
down €168,695 (-19.5%), from €864,432 to €695,736
of which Other amounts receivable: -€193,900
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Turnover +€338,509
up €338,509 (+14.5%), from €2.3m to €2.7m
- Taxes +€73,068
up €73,068 (+18.8%), from €388,830 to €461,898
of which Taxes: +€70,303
- Services and other goods +€59,664
up €59,664 (+37.7%), from €158,401 to €218,065
- Staff costs -€58,066
down €58,066 (-12.0%), from €483,472 to €425,407
- Financial charges +€44,578
up €44,578, from -€29,431 to €15,148
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
€1.3m
Turnover
+€338,509
Other operating income
+€15,331
Services and other goods
-€59,664
Staff costs
+€58,066
Depreciation
-€1,556
Provisions
+€2,667
Other operating charges
-€4,842
Financial income
+€12,610
Financial charges
-€44,578
Taxes
-€73,068
Deferred taxes and other
-€1,626
Result 2025
€1.6m
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.
From operations
+€2.3m
Investment
-€645,958
Financing
-€1.6m
Cash 2024
€234,210
From operations (derived)
+€2.3m
Net result for the year
+€1.6m
Depreciation
+€338,483
Receivables after one year
+€259,820
Receivables within one year
+€168,695
Deferred charges and accrued income
-€4,751
Provisions
+€1,570
Trade debts
+€11,374
Tax, wage and social debts
-€13,926
Other debts
-€50,567
Accrued charges and deferred income
-€17,645
Investment (derived)
-€645,958
Investment in fixed assets (net)
-€70,719
Current investments
-€575,239
Financing
-€1.6m
Contributions, distributions and other
-€1.6m
Cash 2025
€286,001
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,811,130 | €15,746,630 | -€64,499 | -0.4% |
| Fixed assets | 21/28 | €8,407,408 | €8,139,644 | -€267,764 | -3.2% |
| Tangible fixed assets | 22/27 | €8,333,040 | €8,065,276 | -€267,764 | -3.2% |
| Land and buildings | 22 | €8,327,803 | €8,030,477 | -€297,327 | -3.6% |
| Furniture and vehicles | 24 | €5,237 | €34,799 | +€29,562 | +564.5% |
| Financial fixed assets | 28 | €74,368 | €74,368 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €74,368 | €74,368 | = | 0.0% |
| Participating interests | 282 | €74,368 | €74,368 | = | 0.0% |
| Current assets | 29/58 | €7,403,721 | €7,606,986 | +€203,265 | +2.7% |
| Amounts receivable after more than one year | 29 | €1,260,524 | €1,000,704 | -€259,820 | -20.6% |
| Other amounts receivable | 291 | €1,260,524 | €1,000,704 | -€259,820 | -20.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €864,432 | €695,736 | -€168,695 | -19.5% |
| Trade receivables | 40 | €175,734 | €200,939 | +€25,205 | +14.3% |
| Other amounts receivable | 41 | €688,697 | €494,797 | -€193,900 | -28.2% |
| Current investments | 50/53 | €5,029,949 | €5,605,188 | +€575,239 | +11.4% |
| Other investments | 51/53 | €5,029,949 | €5,605,188 | +€575,239 | +11.4% |
| Cash at bank and in hand | 54/58 | €234,210 | €286,001 | +€51,791 | +22.1% |
| Deferred charges and accrued income | 490/1 | €14,606 | €19,357 | +€4,751 | +32.5% |
| Total equity and liabilities | 10/49 | €15,811,130 | €15,746,630 | -€64,499 | -0.4% |
| Equity | 10/15 | €13,913,149 | €13,917,843 | +€4,694 | 0.0% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €13,162,799 | €13,167,510 | +€4,711 | 0.0% |
| Non-distributable reserves | 130/1 | €75,000 | €75,000 | = | 0.0% |
| Legal reserve | 130 | €75,000 | €75,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,799 | €7,510 | +€4,711 | +168.3% |
| Distributable reserves | 133 | €13,085,000 | €13,085,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €350 | €333 | -€17 | -4.8% |
| Provisions and deferred taxes | 16 | €3,600 | €5,170 | +€1,570 | +43.6% |
| Provisions for liabilities and charges | 160/5 | €2,667 | €2,667 | = | 0.0% |
| Pensions and similar obligations | 160 | €2,667 | €2,667 | = | 0.0% |
| Deferred taxes | 168 | €933 | €2,503 | +€1,570 | +168.3% |
| Amounts payable | 17/49 | €1,894,381 | €1,823,617 | -€70,764 | -3.7% |
| Amounts payable within one year | 42/48 | €1,872,110 | €1,818,992 | -€53,119 | -2.8% |
| Trade debts | 44 | €23,066 | €34,440 | +€11,374 | +49.3% |
| Suppliers | 440/4 | €23,066 | €34,440 | +€11,374 | +49.3% |
| Taxes, remuneration and social security | 45 | €99,566 | €85,640 | -€13,926 | -14.0% |
| Taxes | 450/3 | €5,271 | €5,430 | +€159 | +3.0% |
| Remuneration and social security | 454/9 | €94,295 | €80,210 | -€14,085 | -14.9% |
| Other amounts payable | 47/48 | €1,749,478 | €1,698,912 | -€50,567 | -2.9% |
| Accrued charges and deferred income | 492/3 | €22,271 | €4,626 | -€17,645 | -79.2% |
| Operating income | 70/76A | €2,466,459 | €2,820,299 | +€353,840 | +14.3% |
| Turnover | 70 | €2,332,084 | €2,670,593 | +€338,509 | +14.5% |
| Other operating income | 74 | €134,374 | €149,706 | +€15,331 | +11.4% |
| Operating charges | 60/66A | €1,106,923 | €1,112,252 | +€5,329 | +0.5% |
| Services and other goods | 61 | €158,401 | €218,065 | +€59,664 | +37.7% |
| Remuneration, social security and pensions | 62 | €483,472 | €425,407 | -€58,066 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €336,927 | €338,483 | +€1,556 | +0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,667 | €0 | -€2,667 | -100.0% |
| Other operating charges | 640/8 | €125,456 | €130,297 | +€4,842 | +3.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €1,359,535 | €1,708,047 | +€348,512 | +25.6% |
| Financial income | 75/76B | €337,895 | €350,505 | +€12,610 | +3.7% |
| Recurring financial income | 75 | €337,895 | €350,505 | +€12,610 | +3.7% |
| Income from financial fixed assets | 750 | €130,000 | €120,000 | -€10,000 | -7.7% |
| Income from current assets | 751 | €198,310 | €202,718 | +€4,408 | +2.2% |
| Other financial income | 752/9 | €9,585 | €27,787 | +€18,202 | +189.9% |
| Financial charges | 65/66B | -€29,431 | €15,148 | +€44,578 | |
| Recurring financial charges | 65 | -€29,431 | €15,148 | +€44,578 | |
| Debt charges | 650 | €50 | €54 | +€4 | +7.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€29,964 | €1,282 | +€31,246 | |
| Other financial charges | 652/9 | €482 | €13,811 | +€13,329 | +2763.3% |
| Profit (loss) for the period before taxes | 9903 | €1,726,861 | €2,043,404 | +€316,543 | +18.3% |
| Transfer from deferred taxes | 780 | €55 | €129 | +€74 | +133.9% |
| Transfer to deferred taxes | 680 | - | €1,699 | +€1,699 | |
| Income taxes | 67/77 | €388,830 | €461,898 | +€73,068 | +18.8% |
| Taxes | 670/3 | €391,700 | €462,003 | +€70,303 | +17.9% |
| Tax adjustments and reversals of tax provisions | 77 | €2,869 | €105 | -€2,764 | -96.3% |
| Profit (loss) for the period | 9904 | €1,338,086 | €1,579,936 | +€241,850 | +18.1% |
| Transfer from tax-exempt reserves | 789 | €165 | €387 | +€222 | +133.9% |
| Transfer to tax-exempt reserves | 689 | - | €5,098 | +€5,098 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,338,251 | €1,575,225 | +€236,973 | +17.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.