GESANCO: 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.
GESANCO
Largest movements
- Tangible fixed assets +€15,436
up €15,436 (+14.1%), from €109,402 to €124,838
of which Furniture and vehicles: +€20,909
- Receivables within one year -€3,673
down €3,673 (-68.4%), from €5,367 to €1,694
of which Other amounts receivable: -€5,367
- Stocks and contracts +€3,185
up €3,185 (+68.8%), from €4,630 to €7,815
- Cash +€2,555
up €2,555 (+21.6%), from €11,817 to €14,372
mainly Other debts (+€52,204) and Depreciation (+€24,075)
- Other debts +€52,204
new in 2025: €52,204
- Debts after one year -€43,720
down €43,720 (-48.4%), from €90,416 to €46,696
of which Other amounts payable: -€27,904
- Trade debts +€6,007
up €6,007 (+87.0%), from €6,908 to €12,916
- Depreciation +€17,931
up €17,931 (+291.9%), from €6,144 to €24,075
- Gross operating margin +€10,953
up €10,953 (+47.8%), from €22,917 to €33,870
- Financial charges +€3,598
up €3,598 (+152.2%), from €2,365 to €5,963
- Other operating charges +€1,108
up €1,108 (+95.6%), from €1,159 to €2,267
- Taxes -€975
down €975 (-68.9%), from €1,415 to €440
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 | €132,287 | €148,720 | +€16,433 | +12.4% |
| Fixed assets | 21/28 | €109,403 | €124,839 | +€15,436 | +14.1% |
| Intangible fixed assets | 21 | €1 | €1 | +€0 | +52.0% |
| Tangible fixed assets | 22/27 | €109,402 | €124,838 | +€15,436 | +14.1% |
| Plant, machinery and equipment | 23 | €18,268 | €27,302 | +€9,034 | +49.5% |
| Furniture and vehicles | 24 | €749 | €21,658 | +€20,909 | +2792.5% |
| Leasing and similar rights | 25 | €61,884 | €48,636 | -€13,248 | -21.4% |
| Other tangible fixed assets | 26 | €28,501 | €27,242 | -€1,259 | -4.4% |
| Current assets | 29/58 | €22,884 | €23,881 | +€997 | +4.4% |
| Stocks and contracts in progress | 3 | €4,630 | €7,815 | +€3,185 | +68.8% |
| Stocks | 30/36 | €4,630 | €7,815 | +€3,185 | +68.8% |
| Amounts receivable within one year | 40/41 | €5,367 | €1,694 | -€3,673 | -68.4% |
| Trade receivables | 40 | - | €1,694 | +€1,694 | |
| Other amounts receivable | 41 | €5,367 | €0 | -€5,367 | -100.0% |
| Cash at bank and in hand | 54/58 | €11,817 | €14,372 | +€2,555 | +21.6% |
| Deferred charges and accrued income | 490/1 | €1,070 | €0 | -€1,070 | -100.0% |
| Total equity and liabilities | 10/49 | €132,287 | €148,720 | +€16,433 | +12.4% |
| Equity | 10/15 | €17,879 | €19,022 | +€1,144 | +6.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €11,879 | €13,022 | +€1,144 | +9.6% |
| Distributable reserves | 133 | €11,879 | €13,022 | +€1,144 | +9.6% |
| Amounts payable | 17/49 | €114,408 | €129,698 | +€15,289 | +13.4% |
| Amounts payable after more than one year | 17 | €90,416 | €46,696 | -€43,720 | -48.4% |
| Financial debts | 170/4 | €62,512 | €46,696 | -€15,816 | -25.3% |
| Other amounts payable | 178/9 | €27,904 | €0 | -€27,904 | -100.0% |
| Amounts payable within one year | 42/48 | €23,393 | €82,862 | +€59,470 | +254.2% |
| Current portion of amounts payable after more than one year | 42 | €15,069 | €15,816 | +€747 | +5.0% |
| Trade debts | 44 | €6,908 | €12,916 | +€6,007 | +87.0% |
| Suppliers | 440/4 | €6,908 | €12,916 | +€6,007 | +87.0% |
| Taxes, remuneration and social security | 45 | €1,415 | €1,927 | +€511 | +36.1% |
| Taxes | 450/3 | €1,415 | €1,927 | +€511 | +36.1% |
| Other amounts payable | 47/48 | - | €52,204 | +€52,204 | |
| Accrued charges and deferred income | 492/3 | €600 | €140 | -€460 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,144 | €24,075 | +€17,931 | +291.9% |
| Other operating charges | 640/8 | €1,159 | €2,267 | +€1,108 | +95.6% |
| Gross operating margin | 9900 | €22,917 | €33,870 | +€10,953 | +47.8% |
| Operating profit (loss) | 9901 | €15,615 | €7,528 | -€8,087 | -51.8% |
| Financial income | 75/76B | €44 | €19 | -€25 | -56.9% |
| Recurring financial income | 75 | €44 | €19 | -€25 | -56.9% |
| Financial charges | 65/66B | €2,365 | €5,963 | +€3,598 | +152.2% |
| Recurring financial charges | 65 | €2,365 | €5,963 | +€3,598 | +152.2% |
| Profit (loss) for the period before taxes | 9903 | €13,294 | €1,584 | -€11,710 | -88.1% |
| Income taxes | 67/77 | €1,415 | €440 | -€975 | -68.9% |
| Profit (loss) for the period | 9904 | €11,879 | €1,144 | -€10,735 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,879 | €1,144 | -€10,735 | -90.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.