GELSIA: 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.
GELSIA
Largest movements
- Receivables within one year +€128,648
up €128,648 (+61.5%), from €209,033 to €337,681
of which Trade receivables: +€107,656
- Tangible fixed assets -€67,677
down €67,677 (-43.4%), from €155,805 to €88,127
of which Leasing and similar rights: -€36,305
- Deferred charges and accrued income +€6,222
up €6,222 (+3,239%), from €192 to €6,414
- Cash -€5,777
down €5,777 (-94.6%), from €6,106 to €329
mainly Receivables within one year (-€128,648) and Debts after one year (-€29,793)
- Trade debts +€65,470
up €65,470 (+32.5%), from €201,577 to €267,047
- Profit (loss) carried forward +€38,523
up €38,523, from -€5,934 to €32,590
- Debts after one year -€29,793
down €29,793 (-33.8%), from €88,271 to €58,477
- Current portion of long-term debt -€12,321
down €12,321 (-29.3%), from €42,115 to €29,793
- Other debts -€9,329
down €9,329 (-54.7%), from €17,063 to €7,734
- Gross operating margin +€163,847
up €163,847 (+3,281%), from €4,994 to €168,841
- Staff costs +€14,579
up €14,579 (+54.4%), from €26,813 to €41,392
- Depreciation -€10,030
down €10,030 (-12.9%), from €77,707 to €67,677
- Other operating charges +€3,632
up €3,632 (+48.1%), from €7,555 to €11,187
- Financial charges -€3,032
down €3,032 (-24.8%), from €12,211 to €9,179
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 | €372,771 | €434,412 | +€61,642 | +16.5% |
| Fixed assets | 21/28 | €157,440 | €89,762 | -€67,677 | -43.0% |
| Tangible fixed assets | 22/27 | €155,805 | €88,127 | -€67,677 | -43.4% |
| Plant, machinery and equipment | 23 | €26,413 | €16,628 | -€9,785 | -37.0% |
| Furniture and vehicles | 24 | €55,694 | €34,107 | -€21,587 | -38.8% |
| Leasing and similar rights | 25 | €73,698 | €37,393 | -€36,305 | -49.3% |
| Financial fixed assets | 28 | €1,635 | €1,635 | = | 0.0% |
| Current assets | 29/58 | €215,331 | €344,650 | +€129,319 | +60.1% |
| Amounts receivable within one year | 40/41 | €209,033 | €337,681 | +€128,648 | +61.5% |
| Trade receivables | 40 | €189,969 | €297,625 | +€107,656 | +56.7% |
| Other amounts receivable | 41 | €19,064 | €40,056 | +€20,992 | +110% |
| Current investments | 50/53 | - | €226 | +€226 | |
| Cash at bank and in hand | 54/58 | €6,106 | €329 | -€5,777 | -94.6% |
| Deferred charges and accrued income | 490/1 | €192 | €6,414 | +€6,222 | +3,239% |
| Total equity and liabilities | 10/49 | €372,771 | €434,412 | +€61,642 | +16.5% |
| Equity | 10/15 | €14,520 | €53,044 | +€38,523 | +265% |
| Contributions | 10/11 | €18,595 | €18,595 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,934 | €32,590 | +€38,523 | |
| Amounts payable | 17/49 | €358,251 | €381,369 | +€23,118 | +6.5% |
| Amounts payable after more than one year | 17 | €88,271 | €58,477 | -€29,793 | -33.8% |
| Financial debts | 170/4 | €88,271 | €58,477 | -€29,793 | -33.8% |
| Amounts payable within one year | 42/48 | €269,980 | €322,891 | +€52,912 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €42,115 | €29,793 | -€12,321 | -29.3% |
| Financial debts | 43 | €3,818 | €7,700 | +€3,882 | +102% |
| Credit institutions | 430/8 | €3,818 | €7,700 | +€3,882 | +102% |
| Trade debts | 44 | €201,577 | €267,047 | +€65,470 | +32.5% |
| Suppliers | 440/4 | €201,577 | €267,047 | +€65,470 | +32.5% |
| Taxes, remuneration and social security | 45 | €5,406 | €10,617 | +€5,210 | +96.4% |
| Taxes | 450/3 | €452 | €915 | +€463 | +102% |
| Remuneration and social security | 454/9 | €4,954 | €9,702 | +€4,747 | +95.8% |
| Other amounts payable | 47/48 | €17,063 | €7,734 | -€9,329 | -54.7% |
| Remuneration, social security and pensions | 62 | €26,813 | €41,392 | +€14,579 | +54.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,707 | €67,677 | -€10,030 | -12.9% |
| Other operating charges | 640/8 | €7,555 | €11,187 | +€3,632 | +48.1% |
| Non-recurring operating charges | 66A | €9,333 | €446 | -€8,887 | -95.2% |
| Gross operating margin | 9900 | €4,994 | €168,841 | +€163,847 | +3,281% |
| Operating profit (loss) | 9901 | -€116,414 | €48,139 | +€164,553 | |
| Financial income | 75/76B | €1 | €26 | +€25 | +1,676% |
| Recurring financial income | 75 | €1 | €26 | +€25 | +1,676% |
| Financial charges | 65/66B | €12,211 | €9,179 | -€3,032 | -24.8% |
| Recurring financial charges | 65 | €12,211 | €9,179 | -€3,032 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€128,624 | €38,986 | +€167,610 | |
| Income taxes | 67/77 | €452 | €463 | +€11 | +2.4% |
| Profit (loss) for the period | 9904 | -€129,076 | €38,523 | +€167,600 | |
| Transfer from tax-exempt reserves | 789 | €6,296 | - | -€6,296 | |
| Profit (loss) for the period to be appropriated | 9905 | -€122,780 | €38,523 | +€161,304 |
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 16 October 2026 via checked.be.