GESAF INDUSTRY: 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
GESAF INDUSTRY
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.8m
2024 · €2.2m+€1.6m
Equity
€15.2m
2024 · €13.6m+€1.6m
Cash
€16,424
2024 · €99,502-€83,078
Balance sheet total
€31.9m
2024 · €30.3m+€1.5m
Largest movements
Assets
- Financial fixed assets +€1.8m
up €1.8m (+7.2%), from €25.2m to €27.0m
of which Companies linked by participating interests: +€1.7m
- Receivables within one year -€407,756
down €407,756 (-82.2%), from €496,061 to €88,305
of which Other amounts receivable: -€323,059
Equity and liabilities
- Profit (loss) carried forward +€3.7m
up €3.7m (+64.2%), from €5.8m to €9.5m
- Reserves -€2.2m
down €2.2m (-57.6%), from €3.7m to €1.6m
of which Distributable reserves: -€2.1m
Income statement
- Financial income +€2.5m
up €2.5m (+218%), from €1.2m to €3.7m
- Services and other goods +€88,063
up €88,063 (+8.4%), from €1.0m to €1.1m
- Turnover +€84,952
up €84,952 (+4.4%), from €1.9m to €2.0m
- Other operating income -€54,945
down €54,945 (-35.2%), from €156,279 to €101,333
- Depreciation +€24,084
up €24,084 (+13.6%), from €177,103 to €201,187
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.
Result 2024
€2.2m
Turnover
+€84,952
Other operating income
-€54,945
Services and other goods
-€88,063
Depreciation
-€24,084
Other operating charges
+€5,727
Other operating items
-€1.1m
Financial income
+€2.5m
Financial charges
+€21,840
Taxes
+€3,306
Deferred taxes and other
+€293,233
Result 2025
€3.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.1m
Investment
-€1.9m
Financing
-€2.3m
Cash 2024
€99,502
From operations (derived)
+€4.1m
Net result for the year
+€3.8m
Depreciation
+€201,187
Receivables after one year
-€300,000
Receivables within one year
+€407,756
Smaller working-capital items
+€690
Tax, wage and social debts
-€31,973
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€1.9m
Financing
-€2.3m
Debts after one year
-€34,044
Current portion of long-term debt
+€24,759
Contributions, distributions and other
-€2.3m
Cash 2025
€16,424
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,337,242 | €31,878,893 | +€1.5m | +5.1% |
| Fixed assets | 21/28 | €29,490,880 | €31,224,164 | +€1.7m | +5.9% |
| Tangible fixed assets | 22/27 | €4,340,191 | €4,273,474 | -€66,717 | -1.5% |
| Land and buildings | 22 | €3,740,125 | €4,099,391 | +€359,266 | +9.6% |
| Plant, machinery and equipment | 23 | €25,407 | €174,083 | +€148,676 | +585% |
| Assets under construction and advance payments | 27 | €574,659 | €0 | -€574,659 | -100% |
| Financial fixed assets | 28 | €25,150,690 | €26,950,690 | +€1.8m | +7.2% |
| Affiliated companies | 280/1 | €25,150,690 | €25,250,690 | +€100,000 | +0.4% |
| Participating interests | 280 | €25,150,690 | €25,250,690 | +€100,000 | +0.4% |
| Companies linked by participating interests | 282/3 | - | €1,700,000 | +€1.7m | |
| Amounts receivable | 283 | - | €1,700,000 | +€1.7m | |
| Current assets | 29/58 | €846,362 | €654,730 | -€191,632 | -22.6% |
| Amounts receivable after more than one year | 29 | €250,000 | €550,000 | +€300,000 | +120% |
| Other amounts receivable | 291 | €250,000 | €550,000 | +€300,000 | +120% |
| Amounts receivable within one year | 40/41 | €496,061 | €88,305 | -€407,756 | -82.2% |
| Trade receivables | 40 | €142,765 | €58,068 | -€84,697 | -59.3% |
| Other amounts receivable | 41 | €353,296 | €30,237 | -€323,059 | -91.4% |
| Cash at bank and in hand | 54/58 | €99,502 | €16,424 | -€83,078 | -83.5% |
| Deferred charges and accrued income | 490/1 | €799 | - | -€799 | |
| Total equity and liabilities | 10/49 | €30,337,242 | €31,878,893 | +€1.5m | +5.1% |
| Equity | 10/15 | €13,614,840 | €15,197,857 | +€1.6m | +11.6% |
| Contributions | 10/11 | €4,068,973 | €4,068,973 | = | 0.0% |
| Capital | 10 | €4,068,973 | €4,068,973 | = | 0.0% |
| Issued capital | 100 | €4,068,973 | €4,068,973 | = | 0.0% |
| Reserves | 13 | €3,734,556 | €1,584,329 | -€2.2m | -57.6% |
| Non-distributable reserves | 130/1 | €406,897 | €406,897 | = | 0.0% |
| Legal reserve | 130 | €406,897 | €406,897 | = | 0.0% |
| Tax-exempt reserves | 132 | €855,379 | €831,058 | -€24,321 | -2.8% |
| Distributable reserves | 133 | €2,472,279 | €346,373 | -€2.1m | -86.0% |
| Profit (loss) carried forward | 14 | €5,811,311 | €9,544,555 | +€3.7m | +64.2% |
| Provisions and deferred taxes | 16 | €285,126 | €277,019 | -€8,107 | -2.8% |
| Deferred taxes | 168 | €285,126 | €277,019 | -€8,107 | -2.8% |
| Amounts payable | 17/49 | €16,437,276 | €16,404,017 | -€33,260 | -0.2% |
| Amounts payable after more than one year | 17 | €14,980,087 | €14,946,043 | -€34,044 | -0.2% |
| Financial debts | 170/4 | €14,980,087 | €14,946,043 | -€34,044 | -0.2% |
| Subordinated loans | 170 | €707,143 | €550,000 | -€157,143 | -22.2% |
| Credit institutions | 173 | €3,931,970 | €3,260,071 | -€671,899 | -17.1% |
| Other loans | 174 | €10,340,974 | €11,135,972 | +€794,998 | +7.7% |
| Amounts payable within one year | 42/48 | €1,390,486 | €1,399,040 | +€8,554 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €1,072,493 | €1,097,252 | +€24,759 | +2.3% |
| Trade debts | 44 | €144,021 | €153,221 | +€9,200 | +6.4% |
| Suppliers | 440/4 | €144,021 | €153,221 | +€9,200 | +6.4% |
| Taxes, remuneration and social security | 45 | €31,973 | - | -€31,973 | |
| Taxes | 450/3 | €31,973 | - | -€31,973 | |
| Other amounts payable | 47/48 | €142,000 | €148,567 | +€6,567 | +4.6% |
| Accrued charges and deferred income | 492/3 | €66,703 | €58,934 | -€7,770 | -11.6% |
| Operating income | 70/76A | €3,240,780 | €2,130,282 | -€1.1m | -34.3% |
| Turnover | 70 | €1,943,996 | €2,028,949 | +€84,952 | +4.4% |
| Other operating income | 74 | €156,279 | €101,333 | -€54,945 | -35.2% |
| Non-recurring operating income | 76A | €1,140,506 | - | -€1.1m | |
| Operating charges | 60/66A | €1,393,654 | €1,500,075 | +€106,421 | +7.6% |
| Services and other goods | 61 | €1,042,506 | €1,130,569 | +€88,063 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,103 | €201,187 | +€24,084 | +13.6% |
| Other operating charges | 640/8 | €174,045 | €168,319 | -€5,727 | -3.3% |
| Operating profit (loss) | 9901 | €1,847,127 | €630,207 | -€1.2m | -65.9% |
| Financial income | 75/76B | €1,156,940 | €3,673,510 | +€2.5m | +218% |
| Recurring financial income | 75 | €1,156,940 | €3,673,510 | +€2.5m | +218% |
| Income from financial fixed assets | 750 | €1,150,000 | €3,654,760 | +€2.5m | +218% |
| Income from current assets | 751 | €1,414 | €18,750 | +€17,336 | +1,226% |
| Other financial income | 752/9 | €5,526 | - | -€5,526 | |
| Financial charges | 65/66B | €456,075 | €434,235 | -€21,840 | -4.8% |
| Recurring financial charges | 65 | €456,075 | €434,235 | -€21,840 | -4.8% |
| Debt charges | 650 | €454,760 | €431,989 | -€22,771 | -5.0% |
| Other financial charges | 652/9 | €1,315 | €2,246 | +€931 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | €2,547,992 | €3,869,482 | +€1.3m | +51.9% |
| Transfer from deferred taxes | 780 | - | €8,107 | +€8,107 | |
| Transfer to deferred taxes | 680 | €285,126 | - | -€285,126 | |
| Income taxes | 67/77 | €31,973 | €28,666 | -€3,306 | -10.3% |
| Taxes | 670/3 | €31,973 | €28,666 | -€3,306 | -10.3% |
| Profit (loss) for the period | 9904 | €2,230,893 | €3,848,923 | +€1.6m | +72.5% |
| Transfer from tax-exempt reserves | 789 | - | €24,321 | +€24,321 | |
| Transfer to tax-exempt reserves | 689 | €855,379 | - | -€855,379 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,375,513 | €3,873,244 | +€2.5m | +182% |
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 21 October 2026 via checked.be.