GELIS: 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.
GELIS
Largest movements
- Receivables within one year -€775,898
down €775,898 (-50.8%), from €1.5m to €750,028
of which Trade receivables: -€811,512
- Cash +€467,833
up €467,833 (+42.0%), from €1.1m to €1.6m
mainly Receivables within one year (+€775,898) and Net result for the year (+€703,791)
- Current investments +€177,202
up €177,202 (+36.9%), from €480,000 to €657,202
- Tangible fixed assets -€100,231
down €100,231 (-13.5%), from €740,151 to €639,920
of which Furniture and vehicles: -€70,777
- Stocks and contracts +€60,426
up €60,426 (+41.1%), from €146,871 to €207,297
- Reserves +€591,915
up €591,915 (+21.4%), from €2.8m to €3.4m
of which Distributable reserves: +€591,915
- Accrued charges and deferred income -€522,779
down €522,779 (-90.0%), from €580,734 to €57,955
- Short-term financial debts -€88,100
down €88,100 (-69.9%), from €126,065 to €37,965
- Debts after one year -€67,149
down €67,149 (-21.3%), from €314,757 to €247,608
- Tax, wage and social debts -€54,166
down €54,166 (-71.4%), from €75,816 to €21,650
of which Taxes: -€51,223
- Gross operating margin -€139,371
down €139,371 (-9.9%), from €1.4m to €1.3m
- Staff costs +€53,756
up €53,756 (+33.6%), from €160,122 to €213,878
- Financial income +€53,387
up €53,387 (+66.1%), from €80,772 to €134,159
- Taxes -€46,214
down €46,214 (-12.5%), from €368,921 to €322,707
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 | €4,129,522 | €3,969,122 | -€160,400 | -3.9% |
| Fixed assets | 21/28 | €748,571 | €643,779 | -€104,792 | -14.0% |
| Intangible fixed assets | 21 | €8,089 | €3,859 | -€4,230 | -52.3% |
| Tangible fixed assets | 22/27 | €740,151 | €639,920 | -€100,231 | -13.5% |
| Land and buildings | 22 | €551,896 | €523,974 | -€27,922 | -5.1% |
| Plant, machinery and equipment | 23 | €13,473 | €11,940 | -€1,533 | -11.4% |
| Furniture and vehicles | 24 | €174,783 | €104,006 | -€70,777 | -40.5% |
| Financial fixed assets | 28 | €331 | - | -€331 | |
| Current assets | 29/58 | €3,380,951 | €3,325,343 | -€55,608 | -1.6% |
| Stocks and contracts in progress | 3 | €146,871 | €207,297 | +€60,426 | +41.1% |
| Stocks | 30/36 | €146,871 | €207,297 | +€60,426 | +41.1% |
| Amounts receivable within one year | 40/41 | €1,525,926 | €750,028 | -€775,898 | -50.8% |
| Trade receivables | 40 | €1,457,244 | €645,732 | -€811,512 | -55.7% |
| Other amounts receivable | 41 | €68,682 | €104,296 | +€35,614 | +51.9% |
| Current investments | 50/53 | €480,000 | €657,202 | +€177,202 | +36.9% |
| Cash at bank and in hand | 54/58 | €1,112,975 | €1,580,808 | +€467,833 | +42.0% |
| Deferred charges and accrued income | 490/1 | €115,180 | €130,009 | +€14,829 | +12.9% |
| Total equity and liabilities | 10/49 | €4,129,522 | €3,969,122 | -€160,400 | -3.9% |
| Equity | 10/15 | €2,786,581 | €3,378,497 | +€591,915 | +21.2% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €2,767,681 | €3,359,597 | +€591,915 | +21.4% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €2,757,681 | €3,349,597 | +€591,915 | +21.5% |
| Amounts payable | 17/49 | €1,342,940 | €590,625 | -€752,316 | -56.0% |
| Amounts payable after more than one year | 17 | €314,757 | €247,608 | -€67,149 | -21.3% |
| Financial debts | 170/4 | €314,757 | €247,608 | -€67,149 | -21.3% |
| Amounts payable within one year | 42/48 | €447,449 | €285,062 | -€162,388 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €68,294 | €67,149 | -€1,145 | -1.7% |
| Financial debts | 43 | €126,065 | €37,965 | -€88,100 | -69.9% |
| Credit institutions | 430/8 | €126,065 | €37,965 | -€88,100 | -69.9% |
| Trade debts | 44 | €177,274 | €158,298 | -€18,976 | -10.7% |
| Suppliers | 440/4 | €177,274 | €158,298 | -€18,976 | -10.7% |
| Taxes, remuneration and social security | 45 | €75,816 | €21,650 | -€54,166 | -71.4% |
| Taxes | 450/3 | €72,873 | €21,650 | -€51,223 | -70.3% |
| Remuneration and social security | 454/9 | €2,943 | - | -€2,943 | |
| Accrued charges and deferred income | 492/3 | €580,734 | €57,955 | -€522,779 | -90.0% |
| Remuneration, social security and pensions | 62 | €160,122 | €213,878 | +€53,756 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,005 | €124,994 | +€4,989 | +4.2% |
| Other operating charges | 640/8 | €5,963 | €7,493 | +€1,530 | +25.7% |
| Gross operating margin | 9900 | €1,405,188 | €1,265,816 | -€139,371 | -9.9% |
| Operating profit (loss) | 9901 | €1,119,097 | €919,451 | -€199,646 | -17.8% |
| Financial income | 75/76B | €80,772 | €134,159 | +€53,387 | +66.1% |
| Recurring financial income | 75 | €80,772 | €134,159 | +€53,387 | +66.1% |
| Financial charges | 65/66B | €37,111 | €27,111 | -€10,000 | -26.9% |
| Recurring financial charges | 65 | €37,111 | €27,111 | -€10,000 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €1,162,758 | €1,026,498 | -€136,259 | -11.7% |
| Income taxes | 67/77 | €368,921 | €322,707 | -€46,214 | -12.5% |
| Profit (loss) for the period | 9904 | €793,837 | €703,791 | -€90,045 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €793,837 | €703,791 | -€90,045 | -11.3% |
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 25 October 2026 via checked.be.