GELI: 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.
GELI
Largest movements
- Current investments -€591,768
down €591,768 (-91.6%), from €645,863 to €54,096
- Receivables within one year +€318,234
up €318,234 (+4114.7%), from €7,734 to €325,968
of which Other amounts receivable: +€318,234
- Tangible fixed assets -€46,343
down €46,343 (-4.6%), from €1.0m to €958,768
- Cash -€40,543
down €40,543 (-42.6%), from €95,135 to €54,592
mainly Other debts (-€399,129) and Receivables within one year (-€318,234)
- Other debts -€399,129
down €399,129 (-99.8%), from €400,042 to €913
- Reserves +€49,020
up €49,020 (+4.8%), from €1.0m to €1.1m
of which Distributable reserves: +€69,362
- Gross operating margin -€264,552
down €264,552 (-67.1%), from €393,975 to €129,423
- Other operating charges -€11,205
down €11,205 (-35.7%), from €31,390 to €20,185
- Taxes -€10,589
down €10,589 (-31.4%), from €33,750 to €23,161
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 | €1,756,589 | €1,394,155 | -€362,434 | -20.6% |
| Fixed assets | 21/28 | €1,005,111 | €958,768 | -€46,343 | -4.6% |
| Tangible fixed assets | 22/27 | €1,005,111 | €958,768 | -€46,343 | -4.6% |
| Land and buildings | 22 | €1,005,111 | €958,768 | -€46,343 | -4.6% |
| Current assets | 29/58 | €751,478 | €435,387 | -€316,091 | -42.1% |
| Amounts receivable within one year | 40/41 | €7,734 | €325,968 | +€318,234 | +4114.7% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €7,734 | €325,968 | +€318,234 | +4114.7% |
| Current investments | 50/53 | €645,863 | €54,096 | -€591,768 | -91.6% |
| Cash at bank and in hand | 54/58 | €95,135 | €54,592 | -€40,543 | -42.6% |
| Deferred charges and accrued income | 490/1 | €2,745 | €730 | -€2,015 | -73.4% |
| Total equity and liabilities | 10/49 | €1,756,589 | €1,394,155 | -€362,434 | -20.6% |
| Equity | 10/15 | €1,131,882 | €1,180,901 | +€49,020 | +4.3% |
| Contributions | 10/11 | €64,759 | €64,759 | = | 0.0% |
| Reserves | 13 | €1,017,123 | €1,066,142 | +€49,020 | +4.8% |
| Tax-exempt reserves | 132 | €537,134 | €516,792 | -€20,343 | -3.8% |
| Distributable reserves | 133 | €479,988 | €549,351 | +€69,362 | +14.5% |
| Profit (loss) carried forward | 14 | €50,000 | €50,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €214,862 | €208,081 | -€6,781 | -3.2% |
| Deferred taxes | 168 | €214,862 | €208,081 | -€6,781 | -3.2% |
| Amounts payable | 17/49 | €409,845 | €5,172 | -€404,674 | -98.7% |
| Amounts payable within one year | 42/48 | €409,154 | €5,172 | -€403,982 | -98.7% |
| Current portion of amounts payable after more than one year | 42 | €8,750 | - | -€8,750 | |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €362 | €1,880 | +€1,518 | +419.3% |
| Suppliers | 440/4 | €362 | €1,880 | +€1,518 | +419.3% |
| Taxes, remuneration and social security | 45 | - | €2,379 | +€2,379 | |
| Taxes | 450/3 | - | €2,379 | +€2,379 | |
| Other amounts payable | 47/48 | €400,042 | €913 | -€399,129 | -99.8% |
| Accrued charges and deferred income | 492/3 | €691 | €0 | -€691 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,788 | €46,058 | -€3,730 | -7.5% |
| Other operating charges | 640/8 | €31,390 | €20,185 | -€11,205 | -35.7% |
| Non-recurring operating charges | 66A | €293 | €285 | -€8 | -2.6% |
| Gross operating margin | 9900 | €393,975 | €129,423 | -€264,552 | -67.1% |
| Operating profit (loss) | 9901 | €312,504 | €62,895 | -€249,610 | -79.9% |
| Financial income | 75/76B | €3,253 | €2,609 | -€644 | -19.8% |
| Recurring financial income | 75 | €3,253 | €2,609 | -€644 | -19.8% |
| Financial charges | 65/66B | €975 | €103 | -€872 | -89.4% |
| Recurring financial charges | 65 | €975 | €103 | -€872 | -89.4% |
| Profit (loss) for the period before taxes | 9903 | €314,782 | €65,400 | -€249,382 | -79.2% |
| Transfer from deferred taxes | 780 | €7,178 | €6,781 | -€398 | -5.5% |
| Transfer to deferred taxes | 680 | €52,759 | €0 | -€52,759 | -100.0% |
| Income taxes | 67/77 | €33,750 | €23,161 | -€10,589 | -31.4% |
| Profit (loss) for the period | 9904 | €235,452 | €49,020 | -€186,432 | -79.2% |
| Transfer from tax-exempt reserves | 789 | €19,945 | €20,343 | +€398 | +2.0% |
| Transfer to tax-exempt reserves | 689 | €158,277 | €0 | -€158,277 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €97,119 | €69,362 | -€27,757 | -28.6% |
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 6 October 2026 via checked.be.