GESAF: 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.
GESAF
Largest movements
- Tangible fixed assets -€333,774
down €333,774 (-6.1%), from €5.4m to €5.1m
of which Land and buildings: -€338,337
- Cash +€93,222
up €93,222 (+4.7%), from €2.0m to €2.1m
mainly Depreciation (+€254,921) and Investment in fixed assets (net) (+€78,853)
- Reserves -€140,973
down €140,973 (-4.7%), from €3.0m to €2.9m
of which Distributable reserves: -€140,973
- Gross operating margin -€160,499
down €160,499 (-44.8%), from €357,981 to €197,483
- Financial income -€51,242
down €51,242 (-41.0%), from €125,118 to €73,876
- Financial charges +€45,519
up €45,519 (+55.1%), from €82,544 to €128,063
- Depreciation +€44,675
up €44,675 (+21.2%), from €210,247 to €254,921
- Taxes -€14,500
no longer reported in 2025 (was €14,500)
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 | €7,437,440 | €7,206,875 | -€230,565 | -3.1% |
| Fixed assets | 21/28 | €5,433,457 | €5,099,683 | -€333,774 | -6.1% |
| Tangible fixed assets | 22/27 | €5,433,457 | €5,099,683 | -€333,774 | -6.1% |
| Land and buildings | 22 | €5,406,570 | €5,068,233 | -€338,337 | -6.3% |
| Plant, machinery and equipment | 23 | €26,887 | €31,451 | +€4,563 | +17.0% |
| Current assets | 29/58 | €2,003,983 | €2,107,192 | +€103,209 | +5.2% |
| Amounts receivable within one year | 40/41 | €12,879 | €22,161 | +€9,282 | +72.1% |
| Trade receivables | 40 | €2,104 | - | -€2,104 | |
| Other amounts receivable | 41 | €10,775 | €22,161 | +€11,386 | +105.7% |
| Cash at bank and in hand | 54/58 | €1,982,621 | €2,075,842 | +€93,222 | +4.7% |
| Deferred charges and accrued income | 490/1 | €8,483 | €9,188 | +€705 | +8.3% |
| Total equity and liabilities | 10/49 | €7,437,440 | €7,206,875 | -€230,565 | -3.1% |
| Equity | 10/15 | €3,729,427 | €3,588,454 | -€140,973 | -3.8% |
| Contributions | 10/11 | €724,707 | €724,707 | = | 0.0% |
| Capital | 10 | €724,707 | €724,707 | = | 0.0% |
| Issued capital | 100 | €724,707 | €724,707 | = | 0.0% |
| Reserves | 13 | €3,004,720 | €2,863,747 | -€140,973 | -4.7% |
| Non-distributable reserves | 130/1 | €72,471 | €72,471 | = | 0.0% |
| Legal reserve | 130 | €72,471 | €72,471 | = | 0.0% |
| Distributable reserves | 133 | €2,932,249 | €2,791,276 | -€140,973 | -4.8% |
| Amounts payable | 17/49 | €3,708,012 | €3,618,421 | -€89,592 | -2.4% |
| Amounts payable after more than one year | 17 | €2,499,252 | €2,499,254 | +€2 | 0.0% |
| Other amounts payable | 178/9 | €2,499,252 | €2,499,254 | +€2 | 0.0% |
| Amounts payable within one year | 42/48 | €1,104,815 | €1,021,003 | -€83,813 | -7.6% |
| Trade debts | 44 | €1,639 | €3,015 | +€1,377 | +84.0% |
| Suppliers | 440/4 | €1,639 | €3,015 | +€1,377 | +84.0% |
| Taxes, remuneration and social security | 45 | €22,093 | - | -€22,093 | |
| Taxes | 450/3 | €22,093 | - | -€22,093 | |
| Other amounts payable | 47/48 | €1,081,083 | €1,017,987 | -€63,096 | -5.8% |
| Accrued charges and deferred income | 492/3 | €103,945 | €98,164 | -€5,781 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,247 | €254,921 | +€44,675 | +21.2% |
| Other operating charges | 640/8 | €27,243 | €29,348 | +€2,105 | +7.7% |
| Gross operating margin | 9900 | €357,981 | €197,483 | -€160,499 | -44.8% |
| Operating profit (loss) | 9901 | €120,492 | -€86,786 | -€207,278 | |
| Financial income | 75/76B | €125,118 | €73,876 | -€51,242 | -41.0% |
| Recurring financial income | 75 | €125,118 | €73,876 | -€51,242 | -41.0% |
| Financial charges | 65/66B | €82,544 | €128,063 | +€45,519 | +55.1% |
| Recurring financial charges | 65 | €82,544 | €128,063 | +€45,519 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | €163,066 | -€140,973 | -€304,039 | |
| Income taxes | 67/77 | €14,500 | - | -€14,500 | |
| Profit (loss) for the period | 9904 | €148,566 | -€140,973 | -€289,539 | |
| Profit (loss) for the period to be appropriated | 9905 | €148,566 | -€140,973 | -€289,539 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.