GELIN: 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.
GELIN
Largest movements
- Current investments +€1.1m
up €1.1m (+70.3%), from €1.6m to €2.7m
- Receivables after one year -€617,675
down €617,675 (-100.0%), from €617,676 to €1
- Receivables within one year +€156,116
up €156,116 (+9,147%), from €1,707 to €157,823
- Cash +€41,212
up €41,212 (+87.3%), from €47,225 to €88,438
mainly Net result for the year (+€680,376) and Receivables after one year (+€617,675)
- Reserves +€525,985
up €525,985 (+33.5%), from €1.6m to €2.1m
- Profit (loss) carried forward +€154,392
no longer reported in 2025 (was -€154,392)
- Financial income +€1.3m
up €1.3m (+315%), from €397,020 to €1.6m
- Write-downs +€315,575
up €315,575 (+104%), from €302,100 to €617,675
- Taxes +€290,134
up €290,134 (+2,296%), from €12,634 to €302,768
- Financial charges -€193,642
down €193,642 (-84.1%), from €230,169 to €36,527
- Gross operating margin +€14,662
up €14,662 (+59.7%), from -€24,572 to -€9,911
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 | €2,250,034 | €2,928,419 | +€678,385 | +30.1% |
| Fixed assets | 21/28 | €18,266 | €18,266 | = | 0.0% |
| Tangible fixed assets | 22/27 | €18,266 | €18,266 | = | 0.0% |
| Plant, machinery and equipment | 23 | €786 | €786 | = | 0.0% |
| Other tangible fixed assets | 26 | €17,480 | €17,480 | = | 0.0% |
| Current assets | 29/58 | €2,231,768 | €2,910,153 | +€678,385 | +30.4% |
| Amounts receivable after more than one year | 29 | €617,676 | €1 | -€617,675 | -100.0% |
| Other amounts receivable | 291 | €617,676 | €1 | -€617,675 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,707 | €157,823 | +€156,116 | +9,147% |
| Other amounts receivable | 41 | €1,707 | €157,823 | +€156,116 | +9,147% |
| Current investments | 50/53 | €1,564,150 | €2,663,892 | +€1.1m | +70.3% |
| Cash at bank and in hand | 54/58 | €47,225 | €88,438 | +€41,212 | +87.3% |
| Deferred charges and accrued income | 490/1 | €1,010 | - | -€1,010 | |
| Total equity and liabilities | 10/49 | €2,250,034 | €2,928,419 | +€678,385 | +30.1% |
| Equity | 10/15 | €2,246,130 | €2,926,506 | +€680,376 | +30.3% |
| Contributions | 10/11 | €830,343 | €830,343 | = | 0.0% |
| Reserves | 13 | €1,570,178 | €2,096,163 | +€525,985 | +33.5% |
| Distributable reserves | 133 | €1,570,178 | €2,096,163 | +€525,985 | +33.5% |
| Profit (loss) carried forward | 14 | -€154,392 | - | +€154,392 | |
| Amounts payable | 17/49 | €3,904 | €1,913 | -€1,991 | -51.0% |
| Amounts payable within one year | 42/48 | €3,904 | €1,913 | -€1,991 | -51.0% |
| Trade debts | 44 | €1,013 | - | -€1,013 | |
| Suppliers | 440/4 | €1,013 | - | -€1,013 | |
| Taxes, remuneration and social security | 45 | €1,835 | €541 | -€1,294 | -70.5% |
| Taxes | 450/3 | €1,835 | €541 | -€1,294 | -70.5% |
| Other amounts payable | 47/48 | €1,056 | €1,371 | +€315 | +29.9% |
| Non-recurring operating income | 76A | - | €11,000 | +€11,000 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €302,100 | €617,675 | +€315,575 | +104% |
| Other operating charges | 640/8 | €2,498 | €1,164 | -€1,334 | -53.4% |
| Gross operating margin | 9900 | -€24,572 | -€9,911 | +€14,662 | +59.7% |
| Operating profit (loss) | 9901 | -€329,170 | -€628,749 | -€299,579 | -91.0% |
| Financial income | 75/76B | €397,020 | €1,648,421 | +€1.3m | +315% |
| Recurring financial income | 75 | €397,020 | €1,648,421 | +€1.3m | +315% |
| Financial charges | 65/66B | €230,169 | €36,527 | -€193,642 | -84.1% |
| Recurring financial charges | 65 | €230,169 | €36,527 | -€193,642 | -84.1% |
| Profit (loss) for the period before taxes | 9903 | -€162,319 | €983,144 | +€1.1m | |
| Income taxes | 67/77 | €12,634 | €302,768 | +€290,134 | +2,296% |
| Profit (loss) for the period | 9904 | -€174,954 | €680,376 | +€855,330 | |
| Profit (loss) for the period to be appropriated | 9905 | -€174,954 | €680,376 | +€855,330 |
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 17 October 2026 via checked.be.