GELNEV: 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.
GELNEV
Largest movements
- Receivables within one year +€17,822
up €17,822 (+75.7%), from €23,531 to €41,353
of which Trade receivables: +€20,065
- Profit (loss) carried forward +€159,443
up €159,443 (+3.8%), from -€4.2m to -€4.0m
- Other debts -€89,011
down €89,011 (-15.2%), from €584,966 to €495,955
- Debts after one year -€74,643
down €74,643 (-9.3%), from €803,476 to €728,834
of which Financial debts: -€66,943
- Tax, wage and social debts +€18,492
up €18,492 (+84.7%), from €21,822 to €40,314
- Financial income -€98,465
down €98,465 (-100.0%), from €98,465 to €0
- Gross operating margin +€96,312
up €96,312 (+104.3%), from €92,361 to €188,674
- Financial charges -€9,867
down €9,867 (-32.0%), from €30,823 to €20,956
- Taxes -€6,480
down €6,480 (-100.0%), from €6,480 to €0
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 | €1,459,314 | €1,476,419 | +€17,105 | +1.2% |
| Fixed assets | 21/28 | €1,435,181 | €1,434,356 | -€825 | -0.1% |
| Tangible fixed assets | 22/27 | €468,160 | €467,335 | -€825 | -0.2% |
| Land and buildings | 22 | €461,894 | €461,894 | -€0 | 0.0% |
| Plant, machinery and equipment | 23 | €6,265 | €5,440 | -€825 | -13.2% |
| Financial fixed assets | 28 | €967,022 | €967,022 | = | 0.0% |
| Current assets | 29/58 | €24,133 | €42,063 | +€17,930 | +74.3% |
| Amounts receivable within one year | 40/41 | €23,531 | €41,353 | +€17,822 | +75.7% |
| Trade receivables | 40 | €6,537 | €26,602 | +€20,065 | +307.0% |
| Other amounts receivable | 41 | €16,994 | €14,751 | -€2,242 | -13.2% |
| Cash at bank and in hand | 54/58 | - | €21 | +€21 | |
| Deferred charges and accrued income | 490/1 | €602 | €688 | +€86 | +14.3% |
| Total equity and liabilities | 10/49 | €1,459,314 | €1,476,419 | +€17,105 | +1.2% |
| Equity | 10/15 | -€31,707 | €127,736 | +€159,443 | |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Revaluation surpluses | 12 | €135,560 | €135,560 | = | 0.0% |
| Reserves | 13 | €3,420,598 | €3,420,598 | = | 0.0% |
| Non-distributable reserves | 130/1 | €45,365 | €45,365 | = | 0.0% |
| Legal reserve | 130 | €45,365 | €45,365 | = | 0.0% |
| Distributable reserves | 133 | €3,375,234 | €3,375,234 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,187,865 | -€4,028,423 | +€159,443 | +3.8% |
| Amounts payable | 17/49 | €1,491,021 | €1,348,684 | -€142,338 | -9.5% |
| Amounts payable after more than one year | 17 | €803,476 | €728,834 | -€74,643 | -9.3% |
| Financial debts | 170/4 | €345,516 | €278,573 | -€66,943 | -19.4% |
| Other amounts payable | 178/9 | €457,960 | €450,261 | -€7,699 | -1.7% |
| Amounts payable within one year | 42/48 | €687,545 | €619,478 | -€68,067 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €71,859 | €66,943 | -€4,915 | -6.8% |
| Financial debts | 43 | €0 | €0 | -€0 | -100.0% |
| Credit institutions | 430/8 | €0 | €0 | -€0 | -100.0% |
| Trade debts | 44 | €8,899 | €16,266 | +€7,367 | +82.8% |
| Suppliers | 440/4 | €8,899 | €16,266 | +€7,367 | +82.8% |
| Taxes, remuneration and social security | 45 | €21,822 | €40,314 | +€18,492 | +84.7% |
| Taxes | 450/3 | €21,822 | €40,314 | +€18,492 | +84.7% |
| Other amounts payable | 47/48 | €584,966 | €495,955 | -€89,011 | -15.2% |
| Accrued charges and deferred income | 492/3 | - | €372 | +€372 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335 | €825 | +€490 | +146.6% |
| Other operating charges | 640/8 | €7,080 | €7,450 | +€370 | +5.2% |
| Gross operating margin | 9900 | €92,361 | €188,674 | +€96,312 | +104.3% |
| Operating profit (loss) | 9901 | €84,947 | €180,399 | +€95,452 | +112.4% |
| Financial income | 75/76B | €98,465 | €0 | -€98,465 | -100.0% |
| Recurring financial income | 75 | €98,465 | €0 | -€98,465 | -100.0% |
| Financial charges | 65/66B | €30,823 | €20,956 | -€9,867 | -32.0% |
| Recurring financial charges | 65 | €30,823 | €20,956 | -€9,867 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €152,590 | €159,443 | +€6,853 | +4.5% |
| Income taxes | 67/77 | €6,480 | €0 | -€6,480 | -100.0% |
| Profit (loss) for the period | 9904 | €146,109 | €159,443 | +€13,333 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €146,109 | €159,443 | +€13,333 | +9.1% |
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 8 October 2026 via checked.be.