GESFICO: 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
GESFICO
NACE 69.201, Certified accountants and tax accountants
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,494
2024 · €14,528-€1,034
Equity
€286,683
2024 · €273,189+€13,494
Cash
€11,327
2024 · €10,279+€1,049
Balance sheet total
€729,101
2024 · €698,564+€30,537
Largest movements
Assets
- Tangible fixed assets +€18,840
up €18,840 (+5.1%), from €366,605 to €385,444
of which Furniture and vehicles: +€35,070
Equity and liabilities
- Trade debts +€45,563
up €45,563 (+67.4%), from €67,591 to €113,154
- Other debts -€30,000
down €30,000 (-76.7%), from €39,122 to €9,122
- Reserves +€13,651
up €13,651 (+5.4%), from €254,417 to €268,068
of which Distributable reserves: +€20,800
- Current portion of long-term debt +€8,281
up €8,281 (+30.0%), from €27,649 to €35,930
Income statement
- Gross operating margin +€33,351
up €33,351 (+62.7%), from €53,219 to €86,570
- Staff costs +€18,767
new in 2025: €18,767
- Other operating charges +€12,409
up €12,409 (+436%), from €2,843 to €15,252
- Depreciation +€6,690
up €6,690 (+39.9%), from €16,758 to €23,448
- Write-downs -€2,062
down €2,062 (-43.2%), from -€4,770 to -€6,832
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
€14,528
Gross operating margin
+€33,351
Staff costs
-€18,767
Depreciation
-€6,690
Write-downs
+€2,062
Other operating charges
-€12,409
Financial income
+€70
Financial charges
-€466
Taxes
+€1,816
Result 2025
€13,494
raises the resultlowers the result
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
+€35,096
Investment
-€42,288
Financing
+€8,240
Cash 2024
€10,279
From operations (derived)
+€35,096
Net result for the year
+€13,494
Depreciation
+€23,448
Receivables within one year
-€6,403
Deferred charges and accrued income
-€4,246
Provisions
-€2,383
Trade debts
+€45,563
Tax, wage and social debts
-€4,316
Other debts
-€30,000
Accrued charges and deferred income
-€61
Investment (derived)
-€42,288
Investment in fixed assets (net)
-€42,288
Financing
+€8,240
Debts after one year
-€41
Current portion of long-term debt
+€8,281
Cash 2025
€11,327
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €698,564 | €729,101 | +€30,537 | +4.4% |
| Fixed assets | 21/28 | €366,915 | €385,754 | +€18,840 | +5.1% |
| Tangible fixed assets | 22/27 | €366,605 | €385,444 | +€18,840 | +5.1% |
| Land and buildings | 22 | €362,048 | €346,596 | -€15,451 | -4.3% |
| Furniture and vehicles | 24 | €1,849 | €36,919 | +€35,070 | +1,896% |
| Other tangible fixed assets | 26 | €2,708 | €1,929 | -€779 | -28.8% |
| Financial fixed assets | 28 | €310 | €310 | = | 0.0% |
| Current assets | 29/58 | €331,650 | €343,347 | +€11,697 | +3.5% |
| Amounts receivable within one year | 40/41 | €320,257 | €326,660 | +€6,403 | +2.0% |
| Trade receivables | 40 | €128,850 | €137,154 | +€8,303 | +6.4% |
| Other amounts receivable | 41 | €191,407 | €189,506 | -€1,900 | -1.0% |
| Cash at bank and in hand | 54/58 | €10,279 | €11,327 | +€1,049 | +10.2% |
| Deferred charges and accrued income | 490/1 | €1,114 | €5,360 | +€4,246 | +381% |
| Total equity and liabilities | 10/49 | €698,564 | €729,101 | +€30,537 | +4.4% |
| Equity | 10/15 | €273,189 | €286,683 | +€13,494 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €254,417 | €268,068 | +€13,651 | +5.4% |
| Tax-exempt reserves | 132 | €134,917 | €127,768 | -€7,149 | -5.3% |
| Distributable reserves | 133 | €119,500 | €140,300 | +€20,800 | +17.4% |
| Profit (loss) carried forward | 14 | €172 | €15 | -€157 | -91.2% |
| Provisions and deferred taxes | 16 | €44,972 | €42,589 | -€2,383 | -5.3% |
| Deferred taxes | 168 | €44,972 | €42,589 | -€2,383 | -5.3% |
| Amounts payable | 17/49 | €380,403 | €399,829 | +€19,426 | +5.1% |
| Amounts payable after more than one year | 17 | €235,890 | €235,849 | -€41 | 0.0% |
| Financial debts | 170/4 | €235,890 | €235,849 | -€41 | 0.0% |
| Amounts payable within one year | 42/48 | €143,701 | €163,228 | +€19,528 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €27,649 | €35,930 | +€8,281 | +30.0% |
| Trade debts | 44 | €67,591 | €113,154 | +€45,563 | +67.4% |
| Suppliers | 440/4 | €67,591 | €113,154 | +€45,563 | +67.4% |
| Taxes, remuneration and social security | 45 | €9,340 | €5,023 | -€4,316 | -46.2% |
| Taxes | 450/3 | €9,340 | €5,023 | -€4,316 | -46.2% |
| Other amounts payable | 47/48 | €39,122 | €9,122 | -€30,000 | -76.7% |
| Accrued charges and deferred income | 492/3 | €812 | €751 | -€61 | -7.5% |
| Remuneration, social security and pensions | 62 | - | €18,767 | +€18,767 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,758 | €23,448 | +€6,690 | +39.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,770 | -€6,832 | -€2,062 | -43.2% |
| Other operating charges | 640/8 | €2,843 | €15,252 | +€12,409 | +436% |
| Gross operating margin | 9900 | €53,219 | €86,570 | +€33,351 | +62.7% |
| Operating profit (loss) | 9901 | €38,388 | €35,934 | -€2,454 | -6.4% |
| Financial income | 75/76B | €104 | €173 | +€70 | +67.3% |
| Recurring financial income | 75 | €104 | €173 | +€70 | +67.3% |
| Financial charges | 65/66B | €10,309 | €10,775 | +€466 | +4.5% |
| Recurring financial charges | 65 | €10,309 | €10,775 | +€466 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €28,183 | €25,333 | -€2,850 | -10.1% |
| Transfer from deferred taxes | 780 | €2,383 | €2,383 | +€0 | 0.0% |
| Income taxes | 67/77 | €16,038 | €14,222 | -€1,816 | -11.3% |
| Profit (loss) for the period | 9904 | €14,528 | €13,494 | -€1,034 | -7.1% |
| Transfer from tax-exempt reserves | 789 | €7,148 | €7,149 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,676 | €20,643 | -€1,033 | -4.8% |
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 17 October 2026 via checked.be.