GESAREC: 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.
GESAREC
Largest movements
- Cash +€84,008
up €84,008 (+205.8%), from €40,825 to €124,833
mainly Other debts (+€212,850) and Net result for the year (+€69,339)
- Receivables within one year -€8,494
down €8,494 (-62.7%), from €13,550 to €5,056
of which Other amounts receivable: -€12,650
- Other debts +€212,850
new in 2025: €212,850
- Reserves -€143,511
down €143,511 (-29.7%), from €483,243 to €339,733
of which Distributable reserves: -€143,511
- Financial income +€73,112
up €73,112 (+257.4%), from €28,402 to €101,514
- Gross operating margin +€23,164
up €23,164 (+110.5%), from €20,966 to €44,130
- Taxes +€6,246
new in 2025: €6,246
- Staff costs +€4,123
up €4,123 (+7.5%), from €55,308 to €59,431
- Financial charges -€716
down €716 (-6.7%), from €10,755 to €10,040
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 | €620,711 | €691,444 | +€70,733 | +11.4% |
| Current assets | 29/58 | €620,711 | €691,444 | +€70,733 | +11.4% |
| Stocks and contracts in progress | 3 | €5,645 | €6,886 | +€1,241 | +22.0% |
| Stocks | 30/36 | €5,645 | €6,886 | +€1,241 | +22.0% |
| Amounts receivable within one year | 40/41 | €13,550 | €5,056 | -€8,494 | -62.7% |
| Trade receivables | 40 | €459 | €4,614 | +€4,155 | +906.1% |
| Other amounts receivable | 41 | €13,091 | €442 | -€12,650 | -96.6% |
| Current investments | 50/53 | €557,153 | €550,965 | -€6,188 | -1.1% |
| Cash at bank and in hand | 54/58 | €40,825 | €124,833 | +€84,008 | +205.8% |
| Deferred charges and accrued income | 490/1 | €3,537 | €3,705 | +€168 | +4.7% |
| Total equity and liabilities | 10/49 | €620,711 | €691,444 | +€70,733 | +11.4% |
| Equity | 10/15 | €606,243 | €462,733 | -€143,511 | -23.7% |
| Contributions | 10/11 | €123,000 | €123,000 | = | 0.0% |
| Capital | 10 | €123,000 | €123,000 | = | 0.0% |
| Issued capital | 100 | €123,000 | €123,000 | = | 0.0% |
| Reserves | 13 | €483,243 | €339,733 | -€143,511 | -29.7% |
| Non-distributable reserves | 130/1 | €12,300 | €12,300 | = | 0.0% |
| Legal reserve | 130 | €12,300 | €12,300 | = | 0.0% |
| Distributable reserves | 133 | €470,943 | €327,433 | -€143,511 | -30.5% |
| Amounts payable | 17/49 | €14,467 | €228,711 | +€214,244 | +1480.9% |
| Amounts payable within one year | 42/48 | €14,467 | €228,711 | +€214,244 | +1480.9% |
| Trade debts | 44 | €6,528 | €4,260 | -€2,268 | -34.7% |
| Suppliers | 440/4 | €6,528 | €4,260 | -€2,268 | -34.7% |
| Taxes, remuneration and social security | 45 | €7,940 | €11,601 | +€3,662 | +46.1% |
| Taxes | 450/3 | €971 | €4,404 | +€3,432 | +353.3% |
| Remuneration and social security | 454/9 | €6,968 | €7,198 | +€229 | +3.3% |
| Other amounts payable | 47/48 | - | €212,850 | +€212,850 | |
| Remuneration, social security and pensions | 62 | €55,308 | €59,431 | +€4,123 | +7.5% |
| Other operating charges | 640/8 | €64 | €589 | +€525 | +822.5% |
| Gross operating margin | 9900 | €20,966 | €44,130 | +€23,164 | +110.5% |
| Operating profit (loss) | 9901 | -€34,405 | -€15,889 | +€18,516 | +53.8% |
| Financial income | 75/76B | €28,402 | €101,514 | +€73,112 | +257.4% |
| Recurring financial income | 75 | €28,402 | €101,514 | +€73,112 | +257.4% |
| Financial charges | 65/66B | €10,755 | €10,040 | -€716 | -6.7% |
| Recurring financial charges | 65 | €10,755 | €10,040 | -€716 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,759 | €75,585 | +€92,344 | |
| Income taxes | 67/77 | - | €6,246 | +€6,246 | |
| Profit (loss) for the period | 9904 | -€16,759 | €69,339 | +€86,098 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,759 | €69,339 | +€86,098 |
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 4 October 2026 via checked.be.