GELCO: 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.
GELCO
Largest movements
- Receivables within one year +€46,282
up €46,282 (+56.5%), from €81,923 to €128,205
of which Other amounts receivable: +€95,923
- Tangible fixed assets +€26,665
new in 2025: €26,665
of which Furniture and vehicles: +€23,288
- Cash -€2,233
no longer reported in 2025 (was €2,233)
mainly Trade debts (-€52,414) and Receivables within one year (-€46,282)
- Reserves +€64,500
up €64,500 (+4769.2%), from €1,352 to €65,852
- Trade debts -€52,414
down €52,414 (-89.5%), from €58,596 to €6,182
- Tax, wage and social debts +€43,203
up €43,203 (+31945.1%), from €135 to €43,338
- Current portion of long-term debt +€9,361
new in 2025: €9,361
- Debts after one year +€8,874
new in 2025: €8,874
- Gross operating margin +€36,639
up €36,639 (+70.1%), from €52,292 to €88,930
- Taxes +€24,619
up €24,619 (+18203.8%), from €135 to €24,754
- Financial income +€3,712
new in 2025: €3,712
- Depreciation +€2,844
new in 2025: €2,844
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 | €84,156 | €154,870 | +€70,714 | +84.0% |
| Fixed assets | 21/28 | - | €26,665 | +€26,665 | |
| Tangible fixed assets | 22/27 | - | €26,665 | +€26,665 | |
| Plant, machinery and equipment | 23 | - | €3,377 | +€3,377 | |
| Furniture and vehicles | 24 | - | €23,288 | +€23,288 | |
| Current assets | 29/58 | €84,156 | €128,205 | +€44,050 | +52.3% |
| Amounts receivable within one year | 40/41 | €81,923 | €128,205 | +€46,282 | +56.5% |
| Trade receivables | 40 | €55,153 | €5,512 | -€49,641 | -90.0% |
| Other amounts receivable | 41 | €26,770 | €122,693 | +€95,923 | +358.3% |
| Cash at bank and in hand | 54/58 | €2,233 | - | -€2,233 | |
| Total equity and liabilities | 10/49 | €84,156 | €154,870 | +€70,714 | +84.0% |
| Equity | 10/15 | €19,952 | €84,452 | +€64,500 | +323.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,352 | €65,852 | +€64,500 | +4769.2% |
| Distributable reserves | 133 | €1,352 | €65,852 | +€64,500 | +4769.2% |
| Amounts payable | 17/49 | €64,203 | €70,418 | +€6,215 | +9.7% |
| Amounts payable after more than one year | 17 | - | €8,874 | +€8,874 | |
| Financial debts | 170/4 | - | €8,874 | +€8,874 | |
| Amounts payable within one year | 42/48 | €64,203 | €61,544 | -€2,659 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,361 | +€9,361 | |
| Trade debts | 44 | €58,596 | €6,182 | -€52,414 | -89.5% |
| Suppliers | 440/4 | €58,596 | €6,182 | -€52,414 | -89.5% |
| Taxes, remuneration and social security | 45 | €135 | €43,338 | +€43,203 | +31945.1% |
| Taxes | 450/3 | €135 | €43,338 | +€43,203 | +31945.1% |
| Other amounts payable | 47/48 | €5,472 | €2,664 | -€2,808 | -51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,844 | +€2,844 | |
| Other operating charges | 640/8 | - | €106 | +€106 | |
| Gross operating margin | 9900 | €52,292 | €88,930 | +€36,639 | +70.1% |
| Operating profit (loss) | 9901 | €52,292 | €85,980 | +€33,688 | +64.4% |
| Financial income | 75/76B | - | €3,712 | +€3,712 | |
| Recurring financial income | 75 | - | €3,712 | +€3,712 | |
| Financial charges | 65/66B | €96 | €438 | +€342 | +356.5% |
| Recurring financial charges | 65 | €96 | €438 | +€342 | +356.5% |
| Profit (loss) for the period before taxes | 9903 | €52,196 | €89,254 | +€37,058 | +71.0% |
| Income taxes | 67/77 | €135 | €24,754 | +€24,619 | +18203.8% |
| Profit (loss) for the period | 9904 | €52,060 | €64,500 | +€12,439 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,060 | €64,500 | +€12,439 | +23.9% |
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 10 October 2026 via checked.be.