GESEPAR: 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.
GESEPAR
Largest movements
- Cash +€102,910
up €102,910 (+230.4%), from €44,667 to €147,577
mainly Net result for the year (+€219,295) and Trade debts (+€7,726)
- Reserves +€219,295
up €219,295 (+26.4%), from €830,395 to €1.0m
of which Distributable reserves: +€219,295
- Debts after one year -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Current portion of long-term debt -€35,000
down €35,000 (-35.0%), from €100,000 to €65,000
- Financial income +€100,015
new in 2025: €100,015
- Taxes +€17,069
up €17,069 (+75.2%), from €22,691 to €39,760
- Gross operating margin +€1,837
up €1,837 (+1.1%), from €166,525 to €168,362
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 | €1,247,542 | €1,358,714 | +€111,172 | +8.9% |
| Fixed assets | 21/28 | €1,200,000 | €1,200,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,200,000 | €1,200,000 | = | 0.0% |
| Current assets | 29/58 | €47,542 | €158,714 | +€111,172 | +233.8% |
| Amounts receivable within one year | 40/41 | €2,874 | €11,136 | +€8,262 | +287.4% |
| Trade receivables | 40 | €1,875 | €9,905 | +€8,030 | +428.2% |
| Other amounts receivable | 41 | €999 | €1,232 | +€232 | +23.3% |
| Cash at bank and in hand | 54/58 | €44,667 | €147,577 | +€102,910 | +230.4% |
| Total equity and liabilities | 10/49 | €1,247,542 | €1,358,714 | +€111,172 | +8.9% |
| Equity | 10/15 | €950,395 | €1,169,690 | +€219,295 | +23.1% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €830,395 | €1,049,690 | +€219,295 | +26.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €830,395 | €1,049,690 | +€219,295 | +26.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €297,147 | €189,023 | -€108,123 | -36.4% |
| Amounts payable after more than one year | 17 | €75,000 | €0 | -€75,000 | -100.0% |
| Financial debts | 170/4 | €75,000 | €0 | -€75,000 | -100.0% |
| Amounts payable within one year | 42/48 | €149,859 | €116,736 | -€33,123 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €65,000 | -€35,000 | -35.0% |
| Trade debts | 44 | €3,149 | €10,875 | +€7,726 | +245.4% |
| Suppliers | 440/4 | €3,149 | €10,875 | +€7,726 | +245.4% |
| Taxes, remuneration and social security | 45 | €12,368 | €11,655 | -€713 | -5.8% |
| Taxes | 450/3 | €12,368 | €11,655 | -€713 | -5.8% |
| Other amounts payable | 47/48 | €34,342 | €29,205 | -€5,137 | -15.0% |
| Accrued charges and deferred income | 492/3 | €72,288 | €72,288 | = | 0.0% |
| Other operating charges | 640/8 | €1,018 | €999 | -€19 | -1.9% |
| Gross operating margin | 9900 | €166,525 | €168,362 | +€1,837 | +1.1% |
| Operating profit (loss) | 9901 | €165,508 | €167,363 | +€1,856 | +1.1% |
| Financial income | 75/76B | - | €100,015 | +€100,015 | |
| Recurring financial income | 75 | - | €100,015 | +€100,015 | |
| Financial charges | 65/66B | €9,475 | €8,323 | -€1,152 | -12.2% |
| Recurring financial charges | 65 | €9,475 | €8,323 | -€1,152 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €156,033 | €259,055 | +€103,022 | +66.0% |
| Income taxes | 67/77 | €22,691 | €39,760 | +€17,069 | +75.2% |
| Profit (loss) for the period | 9904 | €133,342 | €219,295 | +€85,953 | +64.5% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €0 | -€42,100 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €175,442 | €219,295 | +€43,853 | +25.0% |
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 5 October 2026 via checked.be.