GELUC: 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.
GELUC
Largest movements
- Receivables within one year +€13,241
up €13,241 (+4.5%), from €294,818 to €308,059
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€2,550
up €2,550 (+30.4%), from €8,387 to €10,937
- Financial income +€242
up €242 (+4.2%), from €5,710 to €5,953
- Other operating charges +€114
up €114 (+3.0%), from €3,800 to €3,914
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 | €1,197,592 | €1,203,125 | +€5,534 | +0.5% |
| Fixed assets | 21/28 | €896,486 | €888,736 | -€7,750 | -0.9% |
| Tangible fixed assets | 22/27 | €896,486 | €888,736 | -€7,750 | -0.9% |
| Land and buildings | 22 | €896,486 | €888,736 | -€7,750 | -0.9% |
| Current assets | 29/58 | €301,106 | €314,389 | +€13,283 | +4.4% |
| Amounts receivable within one year | 40/41 | €294,818 | €308,059 | +€13,241 | +4.5% |
| Other amounts receivable | 41 | €294,818 | €308,059 | +€13,241 | +4.5% |
| Cash at bank and in hand | 54/58 | €2,759 | €2,718 | -€41 | -1.5% |
| Deferred charges and accrued income | 490/1 | €3,530 | €3,612 | +€83 | +2.3% |
| Total equity and liabilities | 10/49 | €1,197,592 | €1,203,125 | +€5,534 | +0.5% |
| Equity | 10/15 | €1,193,945 | €1,199,129 | +€5,184 | +0.4% |
| Contributions | 10/11 | €1,120,000 | €1,120,000 | = | 0.0% |
| Capital | 10 | €1,120,000 | €1,120,000 | = | 0.0% |
| Issued capital | 100 | €1,120,000 | €1,120,000 | = | 0.0% |
| Reserves | 13 | €73,945 | €79,129 | +€5,184 | +7.0% |
| Non-distributable reserves | 130/1 | €73,945 | €79,129 | +€5,184 | +7.0% |
| Legal reserve | 130 | €73,945 | €79,129 | +€5,184 | +7.0% |
| Amounts payable | 17/49 | €3,647 | €3,996 | +€349 | +9.6% |
| Amounts payable within one year | 42/48 | €3,647 | €3,996 | +€349 | +9.6% |
| Trade debts | 44 | €3,647 | €3,996 | +€349 | +9.6% |
| Suppliers | 440/4 | €3,647 | €3,996 | +€349 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,750 | €7,750 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,800 | €3,914 | +€114 | +3.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €8,387 | €10,937 | +€2,550 | +30.4% |
| Operating profit (loss) | 9901 | -€3,163 | -€728 | +€2,435 | +77.0% |
| Financial income | 75/76B | €5,710 | €5,953 | +€242 | +4.2% |
| Recurring financial income | 75 | €5,710 | €5,953 | +€242 | +4.2% |
| Financial charges | 65/66B | €57 | €41 | -€17 | -29.3% |
| Recurring financial charges | 65 | €57 | €41 | -€17 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €2,490 | €5,184 | +€2,694 | +108.2% |
| Profit (loss) for the period | 9904 | €2,490 | €5,184 | +€2,694 | +108.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,490 | €5,184 | +€2,694 | +108.2% |
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 7 October 2026 via checked.be.