GESA: 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.
GESA
Largest movements
- Receivables within one year +€120,542
up €120,542 (+189.8%), from €63,519 to €184,061
of which Other amounts receivable: +€106,621
- Tangible fixed assets -€47,999
down €47,999 (-22.5%), from €213,519 to €165,520
of which Furniture and vehicles: -€24,473
- Current investments +€28,642
up €28,642 (+31.1%), from €92,024 to €120,666
- Cash +€27,076
up €27,076 (+41.3%), from €65,530 to €92,606
mainly Trade debts (+€83,583) and Net result for the year (+€62,860)
- Trade debts +€83,583
up €83,583 (+428.5%), from €19,508 to €103,091
- Reserves +€62,860
up €62,860 (+25.2%), from €249,243 to €312,103
- Debts after one year -€21,083
down €21,083 (-22.3%), from €94,600 to €73,517
- Tax, wage and social debts +€7,611
up €7,611 (+38.2%), from €19,926 to €27,537
of which Taxes: +€10,014
- Financial income +€33,386
up €33,386 (+326.5%), from €10,225 to €43,611
- Gross operating margin +€25,749
up €25,749 (+25.7%), from €100,263 to €126,012
- Financial charges +€15,292
up €15,292 (+240.0%), from €6,373 to €21,665
- Write-downs +€10,740
up €10,740, from €0 to €10,740
- Depreciation +€5,976
up €5,976 (+18.8%), from €31,818 to €37,794
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 | €443,415 | €577,137 | +€133,722 | +30.2% |
| Fixed assets | 21/28 | €213,519 | €168,091 | -€45,428 | -21.3% |
| Tangible fixed assets | 22/27 | €213,519 | €165,520 | -€47,999 | -22.5% |
| Land and buildings | 22 | €1,629 | €1,561 | -€68 | -4.2% |
| Plant, machinery and equipment | 23 | €9,840 | €6,882 | -€2,958 | -30.1% |
| Furniture and vehicles | 24 | €73,176 | €48,704 | -€24,473 | -33.4% |
| Leasing and similar rights | 25 | €70,247 | €58,539 | -€11,708 | -16.7% |
| Other tangible fixed assets | 26 | €58,627 | €49,835 | -€8,792 | -15.0% |
| Financial fixed assets | 28 | - | €2,571 | +€2,571 | |
| Current assets | 29/58 | €229,896 | €409,046 | +€179,150 | +77.9% |
| Stocks and contracts in progress | 3 | €5,420 | €5,328 | -€92 | -1.7% |
| Stocks | 30/36 | €5,420 | €5,328 | -€92 | -1.7% |
| Amounts receivable within one year | 40/41 | €63,519 | €184,061 | +€120,542 | +189.8% |
| Trade receivables | 40 | €41,430 | €55,351 | +€13,921 | +33.6% |
| Other amounts receivable | 41 | €22,089 | €128,710 | +€106,621 | +482.7% |
| Current investments | 50/53 | €92,024 | €120,666 | +€28,642 | +31.1% |
| Cash at bank and in hand | 54/58 | €65,530 | €92,606 | +€27,076 | +41.3% |
| Deferred charges and accrued income | 490/1 | €3,404 | €6,386 | +€2,982 | +87.6% |
| Total equity and liabilities | 10/49 | €443,415 | €577,137 | +€133,722 | +30.2% |
| Equity | 10/15 | €288,791 | €351,651 | +€62,860 | +21.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €249,243 | €312,103 | +€62,860 | +25.2% |
| Distributable reserves | 133 | €249,243 | €312,103 | +€62,860 | +25.2% |
| Profit (loss) carried forward | 14 | €20,948 | €20,948 | = | 0.0% |
| Amounts payable | 17/49 | €154,624 | €225,486 | +€70,862 | +45.8% |
| Amounts payable after more than one year | 17 | €94,600 | €73,517 | -€21,083 | -22.3% |
| Financial debts | 170/4 | €94,600 | €73,517 | -€21,083 | -22.3% |
| Amounts payable within one year | 42/48 | €60,024 | €151,711 | +€91,687 | +152.7% |
| Current portion of amounts payable after more than one year | 42 | €20,590 | €21,083 | +€493 | +2.4% |
| Trade debts | 44 | €19,508 | €103,091 | +€83,583 | +428.5% |
| Suppliers | 440/4 | €19,508 | €103,091 | +€83,583 | +428.5% |
| Taxes, remuneration and social security | 45 | €19,926 | €27,537 | +€7,611 | +38.2% |
| Taxes | 450/3 | €17,524 | €27,537 | +€10,014 | +57.1% |
| Remuneration and social security | 454/9 | €2,403 | €0 | -€2,403 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €258 | +€258 | |
| Non-recurring operating income | 76A | €827 | €0 | -€827 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,818 | €37,794 | +€5,976 | +18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €10,740 | +€10,740 | |
| Other operating charges | 640/8 | €2,243 | €2,198 | -€45 | -2.0% |
| Non-recurring operating charges | 66A | - | €10,791 | +€10,791 | |
| Gross operating margin | 9900 | €100,263 | €126,012 | +€25,749 | +25.7% |
| Operating profit (loss) | 9901 | €66,203 | €64,490 | -€1,713 | -2.6% |
| Financial income | 75/76B | €10,225 | €43,611 | +€33,386 | +326.5% |
| Recurring financial income | 75 | €10,225 | €43,611 | +€33,386 | +326.5% |
| Financial charges | 65/66B | €6,373 | €21,665 | +€15,292 | +240.0% |
| Recurring financial charges | 65 | €6,373 | €21,665 | +€15,292 | +240.0% |
| Profit (loss) for the period before taxes | 9903 | €70,055 | €86,436 | +€16,381 | +23.4% |
| Income taxes | 67/77 | €19,721 | €23,576 | +€3,855 | +19.5% |
| Profit (loss) for the period | 9904 | €50,334 | €62,860 | +€12,526 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,334 | €62,860 | +€12,526 | +24.9% |
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 11 October 2026 via checked.be.