GELVER: 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.
GELVER
Largest movements
- Cash +€33,640
up €33,640 (+9.3%), from €362,331 to €395,971
mainly Net result for the year (+€27,443) and Depreciation (+€6,453)
- Profit (loss) carried forward +€27,443
up €27,443 (+25.2%), from -€108,688 to -€81,245
- Taxes +€8,683
up €8,683 (+1866.9%), from €465 to €9,148
- Gross operating margin +€3,316
up €3,316 (+6.8%), from €48,562 to €51,878
- Financial income +€1,581
up €1,581 (+154.1%), from €1,026 to €2,606
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 | €684,840 | €712,231 | +€27,391 | +4.0% |
| Fixed assets | 21/28 | €318,509 | €312,056 | -€6,453 | -2.0% |
| Tangible fixed assets | 22/27 | €318,509 | €312,056 | -€6,453 | -2.0% |
| Land and buildings | 22 | €218,425 | €212,528 | -€5,897 | -2.7% |
| Plant, machinery and equipment | 23 | €2,227 | €1,670 | -€557 | -25.0% |
| Other tangible fixed assets | 26 | €97,858 | €97,858 | = | 0.0% |
| Current assets | 29/58 | €366,330 | €400,175 | +€33,845 | +9.2% |
| Cash at bank and in hand | 54/58 | €362,331 | €395,971 | +€33,640 | +9.3% |
| Deferred charges and accrued income | 490/1 | €4,000 | €4,204 | +€205 | +5.1% |
| Total equity and liabilities | 10/49 | €684,840 | €712,231 | +€27,391 | +4.0% |
| Equity | 10/15 | €323,312 | €350,755 | +€27,443 | +8.5% |
| Contributions | 10/11 | €432,000 | €432,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,688 | -€81,245 | +€27,443 | +25.2% |
| Amounts payable | 17/49 | €361,528 | €361,476 | -€52 | 0.0% |
| Amounts payable within one year | 42/48 | €361,528 | €361,476 | -€52 | 0.0% |
| Trade debts | 44 | €774 | €514 | -€260 | -33.6% |
| Suppliers | 440/4 | €774 | €514 | -€260 | -33.6% |
| Taxes, remuneration and social security | 45 | €157 | €366 | +€208 | +132.5% |
| Taxes | 450/3 | €157 | €366 | +€208 | +132.5% |
| Other amounts payable | 47/48 | €360,596 | €360,596 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,509 | €6,453 | -€56 | -0.9% |
| Other operating charges | 640/8 | €11,053 | €11,395 | +€342 | +3.1% |
| Gross operating margin | 9900 | €48,562 | €51,878 | +€3,316 | +6.8% |
| Operating profit (loss) | 9901 | €31,000 | €34,030 | +€3,030 | +9.8% |
| Financial income | 75/76B | €1,026 | €2,606 | +€1,581 | +154.1% |
| Recurring financial income | 75 | €1,026 | €2,606 | +€1,581 | +154.1% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €31,981 | €36,591 | +€4,610 | +14.4% |
| Income taxes | 67/77 | €465 | €9,148 | +€8,683 | +1866.9% |
| Profit (loss) for the period | 9904 | €31,516 | €27,443 | -€4,072 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,516 | €27,443 | -€4,072 | -12.9% |
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 5 October 2026 via checked.be.