GELEC ASSUR: 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.
GELEC ASSUR
Largest movements
- Receivables within one year +€34,838
up €34,838 (+37.4%), from €93,161 to €127,999
of which Other amounts receivable: +€23,583
- Tangible fixed assets -€17,252
down €17,252 (-14.9%), from €116,018 to €98,766
of which Furniture and vehicles: -€9,964
- Profit (loss) carried forward +€54,447
up €54,447, from -€45,707 to €8,740
- Debts after one year -€33,842
down €33,842 (-3.2%), from €1.1m to €1.0m
- Tax, wage and social debts +€20,290
up €20,290 (+45.8%), from €44,289 to €64,578
of which Taxes: +€27,711
- Other debts -€13,563
no longer reported in 2025 (was €13,563)
- Gross operating margin +€22,344
up €22,344 (+13.4%), from €166,641 to €188,985
- Taxes +€12,890
up €12,890 (+62.2%), from €20,731 to €33,621
- Financial income +€6,875
up €6,875 (+307%), from €2,238 to €9,113
of which Non-recurring financial income: +€4,446
- Staff costs -€6,678
down €6,678 (-8.8%), from €76,185 to €69,507
- Financial charges -€6,107
down €6,107 (-28.1%), from €21,702 to €15,595
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.
Derived cash bridge
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 | €1,265,330 | €1,277,495 | +€12,166 | +1.0% |
| Fixed assets | 21/28 | €1,028,124 | €1,010,872 | -€17,252 | -1.7% |
| Tangible fixed assets | 22/27 | €116,018 | €98,766 | -€17,252 | -14.9% |
| Land and buildings | 22 | €84,498 | €78,594 | -€5,904 | -7.0% |
| Furniture and vehicles | 24 | €27,321 | €17,357 | -€9,964 | -36.5% |
| Other tangible fixed assets | 26 | €4,200 | €2,815 | -€1,385 | -33.0% |
| Financial fixed assets | 28 | €912,105 | €912,105 | = | 0.0% |
| Current assets | 29/58 | €237,206 | €266,624 | +€29,418 | +12.4% |
| Amounts receivable after more than one year | 29 | €130,000 | €130,000 | = | 0.0% |
| Other amounts receivable | 291 | €130,000 | €130,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,161 | €127,999 | +€34,838 | +37.4% |
| Trade receivables | 40 | €45,406 | €56,662 | +€11,255 | +24.8% |
| Other amounts receivable | 41 | €47,754 | €71,337 | +€23,583 | +49.4% |
| Current investments | 50/53 | €3,600 | €3,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,173 | €1,189 | -€3,984 | -77.0% |
| Deferred charges and accrued income | 490/1 | €5,272 | €3,836 | -€1,436 | -27.2% |
| Total equity and liabilities | 10/49 | €1,265,330 | €1,277,495 | +€12,166 | +1.0% |
| Equity | 10/15 | €40,222 | €94,554 | +€54,331 | +135% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €39,181 | €36,730 | -€2,451 | -6.3% |
| Reserves | 13 | €40,548 | €42,884 | +€2,336 | +5.8% |
| Tax-exempt reserves | 132 | €2,002 | €1,886 | -€116 | -5.8% |
| Distributable reserves | 133 | €38,546 | €40,998 | +€2,451 | +6.4% |
| Profit (loss) carried forward | 14 | -€45,707 | €8,740 | +€54,447 | |
| Provisions and deferred taxes | 16 | €1,361 | €1,321 | -€40 | -2.9% |
| Deferred taxes | 168 | €1,361 | €1,321 | -€40 | -2.9% |
| Amounts payable | 17/49 | €1,223,747 | €1,181,621 | -€42,126 | -3.4% |
| Amounts payable after more than one year | 17 | €1,063,565 | €1,029,723 | -€33,842 | -3.2% |
| Other amounts payable | 178/9 | €1,063,565 | €1,029,723 | -€33,842 | -3.2% |
| Amounts payable within one year | 42/48 | €159,669 | €151,774 | -€7,895 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €64,286 | €67,002 | +€2,717 | +4.2% |
| Financial debts | 43 | €26,855 | €16,137 | -€10,718 | -39.9% |
| Credit institutions | 430/8 | €26,855 | €16,137 | -€10,718 | -39.9% |
| Trade debts | 44 | €10,677 | €4,056 | -€6,621 | -62.0% |
| Suppliers | 440/4 | €10,677 | €4,056 | -€6,621 | -62.0% |
| Taxes, remuneration and social security | 45 | €44,289 | €64,578 | +€20,290 | +45.8% |
| Taxes | 450/3 | €23,462 | €51,173 | +€27,711 | +118% |
| Remuneration and social security | 454/9 | €20,826 | €13,405 | -€7,421 | -35.6% |
| Other amounts payable | 47/48 | €13,563 | - | -€13,563 | |
| Accrued charges and deferred income | 492/3 | €512 | €124 | -€388 | -75.8% |
| Remuneration, social security and pensions | 62 | €76,185 | €69,507 | -€6,678 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,002 | €17,252 | +€3,250 | +23.2% |
| Other operating charges | 640/8 | €8,941 | €7,831 | -€1,110 | -12.4% |
| Gross operating margin | 9900 | €166,641 | €188,985 | +€22,344 | +13.4% |
| Operating profit (loss) | 9901 | €67,513 | €94,395 | +€26,881 | +39.8% |
| Financial income | 75/76B | €2,238 | €9,113 | +€6,875 | +307% |
| Recurring financial income | 75 | €2,067 | €4,495 | +€2,428 | +118% |
| Non-recurring financial income | 76B | €171 | €4,618 | +€4,446 | +2,593% |
| Financial charges | 65/66B | €21,702 | €15,595 | -€6,107 | -28.1% |
| Recurring financial charges | 65 | €21,702 | €15,595 | -€6,107 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €48,049 | €87,913 | +€39,864 | +83.0% |
| Transfer from deferred taxes | 780 | €116 | €116 | = | 0.0% |
| Income taxes | 67/77 | €20,731 | €33,621 | +€12,890 | +62.2% |
| Profit (loss) for the period | 9904 | €27,434 | €54,408 | +€26,974 | +98.3% |
| Transfer from tax-exempt reserves | 789 | €40 | €40 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,473 | €54,447 | +€26,974 | +98.2% |
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 26 October 2026 via checked.be.