GenM OG Elsene: 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.
GenM OG Elsene
Largest movements
- Receivables within one year +€305,200
up €305,200 (+4.7%), from €6.5m to €6.8m
of which Other amounts receivable: +€154,969
- Tangible fixed assets -€110,870
down €110,870 (-10.3%), from €1.1m to €970,515
- Reserves +€627,320
up €627,320 (+14.4%), from €4.4m to €5.0m
of which Distributable reserves: +€627,320
- Debts after one year -€373,729
down €373,729 (-7.1%), from €5.3m to €4.9m
- Depreciation -€127,455
down €127,455 (-53.5%), from €238,325 to €110,870
- Taxes +€50,399
up €50,399 (+28.8%), from €174,742 to €225,141
- Gross operating margin +€42,092
up €42,092 (+5.2%), from €809,831 to €851,924
- Other operating charges -€15,008
down €15,008 (-93.3%), from €16,094 to €1,086
- Financial charges -€10,746
down €10,746 (-11.8%), from €91,165 to €80,419
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 | €10,651,364 | €10,971,591 | +€320,227 | +3.0% |
| Fixed assets | 21/28 | €4,066,461 | €3,993,875 | -€72,585 | -1.8% |
| Tangible fixed assets | 22/27 | €1,081,386 | €970,515 | -€110,870 | -10.3% |
| Land and buildings | 22 | €1,081,386 | €970,515 | -€110,870 | -10.3% |
| Financial fixed assets | 28 | €2,985,075 | €3,023,360 | +€38,285 | +1.3% |
| Current assets | 29/58 | €6,584,904 | €6,977,716 | +€392,812 | +6.0% |
| Amounts receivable within one year | 40/41 | €6,465,197 | €6,770,397 | +€305,200 | +4.7% |
| Trade receivables | 40 | €0 | €150,231 | +€150,231 | |
| Other amounts receivable | 41 | €6,465,197 | €6,620,166 | +€154,969 | +2.4% |
| Cash at bank and in hand | 54/58 | €1,548 | €101,598 | +€100,050 | +6,462% |
| Deferred charges and accrued income | 490/1 | €118,158 | €105,721 | -€12,438 | -10.5% |
| Total equity and liabilities | 10/49 | €10,651,364 | €10,971,591 | +€320,227 | +3.0% |
| Equity | 10/15 | €4,431,930 | €5,059,250 | +€627,320 | +14.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €4,370,430 | €4,997,750 | +€627,320 | +14.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €4,364,280 | €4,991,600 | +€627,320 | +14.4% |
| Amounts payable | 17/49 | €6,219,434 | €5,912,341 | -€307,093 | -4.9% |
| Amounts payable after more than one year | 17 | €5,263,229 | €4,889,500 | -€373,729 | -7.1% |
| Financial debts | 170/4 | €5,263,229 | €4,889,500 | -€373,729 | -7.1% |
| Amounts payable within one year | 42/48 | €946,525 | €1,013,552 | +€67,026 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €362,730 | €373,729 | +€10,999 | +3.0% |
| Trade debts | 44 | €4,538 | €0 | -€4,538 | -100% |
| Suppliers | 440/4 | €4,538 | €0 | -€4,538 | -100% |
| Taxes, remuneration and social security | 45 | €349,258 | €399,343 | +€50,085 | +14.3% |
| Taxes | 450/3 | €349,258 | €399,343 | +€50,085 | +14.3% |
| Other amounts payable | 47/48 | €230,000 | €240,480 | +€10,480 | +4.6% |
| Accrued charges and deferred income | 492/3 | €9,680 | €9,290 | -€390 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,325 | €110,870 | -€127,455 | -53.5% |
| Other operating charges | 640/8 | €16,094 | €1,086 | -€15,008 | -93.3% |
| Gross operating margin | 9900 | €809,831 | €851,924 | +€42,092 | +5.2% |
| Operating profit (loss) | 9901 | €555,412 | €739,967 | +€184,555 | +33.2% |
| Financial income | 75/76B | €183,867 | €192,913 | +€9,046 | +4.9% |
| Recurring financial income | 75 | €183,867 | €192,913 | +€9,046 | +4.9% |
| Financial charges | 65/66B | €91,165 | €80,419 | -€10,746 | -11.8% |
| Recurring financial charges | 65 | €91,165 | €80,419 | -€10,746 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €648,114 | €852,461 | +€204,346 | +31.5% |
| Income taxes | 67/77 | €174,742 | €225,141 | +€50,399 | +28.8% |
| Profit (loss) for the period | 9904 | €473,372 | €627,320 | +€153,948 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €473,372 | €627,320 | +€153,948 | +32.5% |
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 30 October 2026 via checked.be.