Genisol: 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.
What changed
Genisol
NACE 43.230, Insulation installation
financial year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€1.8m
2023 · -€214,154-€1.6m
Equity
-€1.3m
2023 · €536,016-€1.8m
Cash
€12,727
2023 · €22,472-€9,745
Balance sheet total
€4.0m
2023 · €4.8m-€798,567
Largest movements
Assets
- Receivables within one year -€821,053
down €821,053 (-31.6%), from €2.6m to €1.8m
of which Trade receivables: -€646,491
- Receivables after one year +€100,000
up €100,000 (+100.0%), from €100,000 to €200,000
- Tangible fixed assets -€66,770
down €66,770 (-41.7%), from €160,032 to €93,262
of which Land and buildings: -€52,094
Equity and liabilities
- Profit (loss) carried forward -€1.8m
down €1.8m (-149.8%), from -€1.2m to -€3.0m
- Debts after one year +€871,940
up €871,940 (+63.7%), from €1.4m to €2.2m
of which Financial debts: +€1.4m
- Tax, wage and social debts +€193,965
up €193,965 (+29.0%), from €668,352 to €862,317
of which Taxes: +€174,539
- Other debts -€102,667
down €102,667 (-54.1%), from €189,774 to €87,107
- Accrued charges and deferred income +€72,835
up €72,835, from €0 to €72,835
Income statement
- Turnover -€3.7m
down €3.7m (-54.6%), from €6.7m to €3.0m
- Services and other goods -€499,824
down €499,824 (-30.8%), from €1.6m to €1.1m
- Goods and materials -€455,839
down €455,839 (-16.2%), from €2.8m to €2.4m
of which Purchases: -€455,839
- Staff costs -€414,026
down €414,026 (-17.2%), from €2.4m to €2.0m
- Financial income +€374,724
up €374,724 (+859.2%), from €43,613 to €418,336
From the 2023 result to the 2024 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.
Result 2023
-€214,154
Turnover
-€3.7m
Other operating income
+€56,665
Goods and materials
+€455,839
Services and other goods
+€499,824
Staff costs
+€414,026
Depreciation
+€2,366
Other operating charges
-€21,685
Other operating items
+€417,671
Financial income
+€374,724
Financial charges
-€127,653
Taxes
+€802
Result 2024
-€1.8m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€875,583
Investment
-€11,475
Financing
+€877,313
Cash 2023
€22,472
From operations (derived)
-€875,583
Net result for the year
-€1.8m
Depreciation
+€75,244
Receivables after one year
-€100,000
Receivables within one year
+€821,053
Deferred charges and accrued income
+€4,000
Trade debts
-€38,927
Tax, wage and social debts
+€193,965
Other debts
-€102,667
Accrued charges and deferred income
+€72,835
Investment (derived)
-€11,475
Investment in fixed assets (net)
-€11,475
Financing
+€877,313
Debts after one year
+€871,940
Current portion of long-term debt
-€7,517
Short-term financial debts
+€12,889
Cash 2024
€12,727
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,802,372 | €4,003,804 | -€798,567 | -16.6% |
| Fixed assets | 21/28 | €180,602 | €116,833 | -€63,769 | -35.3% |
| Intangible fixed assets | 21 | €12,479 | €15,480 | +€3,001 | +24.0% |
| Tangible fixed assets | 22/27 | €160,032 | €93,262 | -€66,770 | -41.7% |
| Land and buildings | 22 | €116,964 | €64,870 | -€52,094 | -44.5% |
| Plant, machinery and equipment | 23 | €11,613 | €8,391 | -€3,222 | -27.7% |
| Furniture and vehicles | 24 | €31,455 | €20,001 | -€11,454 | -36.4% |
| Financial fixed assets | 28 | €8,091 | €8,091 | = | 0.0% |
| Other financial fixed assets | 284/8 | €8,091 | €8,091 | = | 0.0% |
| Shares | 284 | €2,375 | €2,375 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,716 | €5,716 | = | 0.0% |
| Current assets | 29/58 | €4,621,770 | €3,886,971 | -€734,798 | -15.9% |
| Amounts receivable after more than one year | 29 | €100,000 | €200,000 | +€100,000 | +100.0% |
| Other amounts receivable | 291 | €100,000 | €200,000 | +€100,000 | +100.0% |
| Stocks and contracts in progress | 3 | €1,893,132 | €1,893,132 | = | 0.0% |
| Stocks | 30/36 | €1,893,132 | €1,893,132 | = | 0.0% |
| Raw materials and consumables | 30/31 | €50,000 | €50,000 | = | 0.0% |
| Work in progress | 32 | €1,354,897 | €1,354,897 | = | 0.0% |
| Goods purchased for resale | 34 | €488,234 | €488,234 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,602,166 | €1,781,113 | -€821,053 | -31.6% |
| Trade receivables | 40 | €1,631,319 | €984,827 | -€646,491 | -39.6% |
| Other amounts receivable | 41 | €970,847 | €796,286 | -€174,561 | -18.0% |
| Cash at bank and in hand | 54/58 | €22,472 | €12,727 | -€9,745 | -43.4% |
| Deferred charges and accrued income | 490/1 | €4,000 | €0 | -€4,000 | -100.0% |
| Total equity and liabilities | 10/49 | €4,802,372 | €4,003,804 | -€798,567 | -16.6% |
| Equity | 10/15 | €536,016 | -€1,265,070 | -€1.8m | |
| Contributions | 10/11 | €1,525,000 | €1,525,000 | = | 0.0% |
| Capital | 10 | €1,525,000 | €1,525,000 | = | 0.0% |
| Issued capital | 100 | €1,525,000 | €1,525,000 | = | 0.0% |
| Reserves | 13 | €213,543 | €213,543 | = | 0.0% |
| Non-distributable reserves | 130/1 | €152,500 | €152,500 | = | 0.0% |
| Legal reserve | 130 | €152,500 | €152,500 | = | 0.0% |
| Distributable reserves | 133 | €61,043 | €61,043 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,202,528 | -€3,003,614 | -€1.8m | -149.8% |
| Amounts payable | 17/49 | €4,266,356 | €5,268,875 | +€1.0m | +23.5% |
| Amounts payable after more than one year | 17 | €1,369,766 | €2,241,706 | +€871,940 | +63.7% |
| Financial debts | 170/4 | €829,766 | €2,190,000 | +€1.4m | +163.9% |
| Subordinated loans | 170 | - | €2,090,000 | +€2.1m | |
| Credit institutions | 173 | €425,000 | €100,000 | -€325,000 | -76.5% |
| Other loans | 174 | €404,766 | €0 | -€404,766 | -100.0% |
| Other amounts payable | 178/9 | €540,000 | €51,706 | -€488,294 | -90.4% |
| Amounts payable within one year | 42/48 | €2,896,590 | €2,954,334 | +€57,744 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €61,697 | €54,180 | -€7,517 | -12.2% |
| Financial debts | 43 | €3,656 | €16,545 | +€12,889 | +352.6% |
| Credit institutions | 430/8 | €3,656 | €16,545 | +€12,889 | +352.6% |
| Trade debts | 44 | €1,966,808 | €1,927,881 | -€38,927 | -2.0% |
| Suppliers | 440/4 | €1,966,808 | €1,927,881 | -€38,927 | -2.0% |
| Advances received on contracts in progress | 46 | €6,302 | €6,302 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €668,352 | €862,317 | +€193,965 | +29.0% |
| Taxes | 450/3 | €151,228 | €325,767 | +€174,539 | +115.4% |
| Remuneration and social security | 454/9 | €517,124 | €536,550 | +€19,426 | +3.8% |
| Other amounts payable | 47/48 | €189,774 | €87,107 | -€102,667 | -54.1% |
| Accrued charges and deferred income | 492/3 | €0 | €72,835 | +€72,835 | |
| Operating income | 70/76A | €6,895,663 | €3,736,903 | -€3.2m | -45.8% |
| Turnover | 70 | €6,699,115 | €3,039,606 | -€3.7m | -54.6% |
| Other operating income | 74 | €186,383 | €243,047 | +€56,665 | +30.4% |
| Non-recurring operating income | 76A | €10,165 | €454,250 | +€444,085 | +4368.6% |
| Operating charges | 60/66A | €7,057,607 | €5,733,651 | -€1.3m | -18.8% |
| Goods for resale, raw materials and consumables | 60 | €2,817,512 | €2,361,673 | -€455,839 | -16.2% |
| Purchases | 600/8 | €2,817,512 | €2,361,673 | -€455,839 | -16.2% |
| Change in stocks: decrease (increase) | 609 | €0 | - | = | |
| Services and other goods | 61 | €1,624,216 | €1,124,392 | -€499,824 | -30.8% |
| Remuneration, social security and pensions | 62 | €2,413,127 | €1,999,101 | -€414,026 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,610 | €75,244 | -€2,366 | -3.0% |
| Other operating charges | 640/8 | €43,811 | €65,497 | +€21,685 | +49.5% |
| Non-recurring operating charges | 66A | €81,331 | €107,745 | +€26,414 | +32.5% |
| Operating profit (loss) | 9901 | -€161,944 | -€1,996,748 | -€1.8m | -1133.0% |
| Financial income | 75/76B | €43,613 | €418,336 | +€374,724 | +859.2% |
| Recurring financial income | 75 | €43,613 | €418,336 | +€374,724 | +859.2% |
| Income from current assets | 751 | €43,566 | €0 | -€43,566 | -100.0% |
| Other financial income | 752/9 | €46 | €418,336 | +€418,290 | +903629.4% |
| Financial charges | 65/66B | €93,474 | €221,127 | +€127,653 | +136.6% |
| Recurring financial charges | 65 | €93,474 | €221,127 | +€127,653 | +136.6% |
| Debt charges | 650 | €70,687 | €182,211 | +€111,524 | +157.8% |
| Other financial charges | 652/9 | €22,787 | €38,916 | +€16,129 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | -€211,805 | -€1,799,538 | -€1.6m | -749.6% |
| Income taxes | 67/77 | €2,349 | €1,548 | -€802 | -34.1% |
| Taxes | 670/3 | €2,349 | €1,548 | -€802 | -34.1% |
| Profit (loss) for the period | 9904 | -€214,154 | -€1,801,086 | -€1.6m | -741.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€214,154 | -€1,801,086 | -€1.6m | -741.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.