GESFORM: 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.
GESFORM
Largest movements
- Tangible fixed assets +€64,397
up €64,397 (+19.6%), from €327,951 to €392,348
of which Plant, machinery and equipment: +€88,050
- Receivables within one year -€58,409
down €58,409 (-76.7%), from €76,161 to €17,752
of which Other amounts receivable: -€49,361
- Deferred charges and accrued income +€16,271
up €16,271 (+222.4%), from €7,315 to €23,586
- Cash +€12,083
up €12,083 (+2.3%), from €520,122 to €532,205
mainly Net result for the year (+€275,592) and Depreciation (+€64,510)
- Debts after one year -€59,385
down €59,385 (-17.6%), from €337,956 to €278,571
- Short-term financial debts +€57,033
up €57,033 (+146.0%), from €39,062 to €96,094
- Profit (loss) carried forward +€35,592
up €35,592 (+355.1%), from €10,024 to €45,616
- Trade debts -€16,845
down €16,845 (-36.9%), from €45,666 to €28,821
- Gross operating margin +€125,071
up €125,071 (+16.8%), from €744,954 to €870,025
- Staff costs +€75,687
up €75,687 (+23.4%), from €323,885 to €399,572
- Depreciation -€30,911
down €30,911 (-32.4%), from €95,421 to €64,510
- Taxes +€29,577
up €29,577 (+47.7%), from €62,046 to €91,624
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 | €932,649 | €966,990 | +€34,341 | +3.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €329,051 | €393,448 | +€64,397 | +19.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €327,951 | €392,348 | +€64,397 | +19.6% |
| Land and buildings | 22 | €55,776 | €55,776 | = | 0.0% |
| Plant, machinery and equipment | 23 | €171,940 | €259,989 | +€88,050 | +51.2% |
| Furniture and vehicles | 24 | €87,653 | €66,362 | -€21,291 | -24.3% |
| Other tangible fixed assets | 26 | €12,582 | €10,221 | -€2,361 | -18.8% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €603,598 | €573,542 | -€30,056 | -5.0% |
| Amounts receivable within one year | 40/41 | €76,161 | €17,752 | -€58,409 | -76.7% |
| Trade receivables | 40 | €25,867 | €16,818 | -€9,048 | -35.0% |
| Other amounts receivable | 41 | €50,294 | €934 | -€49,361 | -98.1% |
| Cash at bank and in hand | 54/58 | €520,122 | €532,205 | +€12,083 | +2.3% |
| Deferred charges and accrued income | 490/1 | €7,315 | €23,586 | +€16,271 | +222.4% |
| Total equity and liabilities | 10/49 | €932,649 | €966,990 | +€34,341 | +3.7% |
| Equity | 10/15 | €120,674 | €156,266 | +€35,592 | +29.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €49,150 | €49,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €43,000 | €43,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,024 | €45,616 | +€35,592 | +355.1% |
| Amounts payable | 17/49 | €811,975 | €810,724 | -€1,251 | -0.2% |
| Amounts payable after more than one year | 17 | €337,956 | €278,571 | -€59,385 | -17.6% |
| Financial debts | 170/4 | €337,956 | €278,571 | -€59,385 | -17.6% |
| Amounts payable within one year | 42/48 | €473,449 | €530,201 | +€56,752 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €61,852 | €62,869 | +€1,017 | +1.6% |
| Financial debts | 43 | €39,062 | €96,094 | +€57,033 | +146.0% |
| Credit institutions | 430/8 | €39,062 | €96,094 | +€57,033 | +146.0% |
| Trade debts | 44 | €45,666 | €28,821 | -€16,845 | -36.9% |
| Suppliers | 440/4 | €45,666 | €28,821 | -€16,845 | -36.9% |
| Advances received on contracts in progress | 46 | - | €983 | +€983 | |
| Taxes, remuneration and social security | 45 | €69,169 | €78,428 | +€9,259 | +13.4% |
| Taxes | 450/3 | €9,323 | €29,173 | +€19,851 | +212.9% |
| Remuneration and social security | 454/9 | €59,846 | €49,254 | -€10,592 | -17.7% |
| Other amounts payable | 47/48 | €257,700 | €263,005 | +€5,306 | +2.1% |
| Accrued charges and deferred income | 492/3 | €570 | €1,952 | +€1,382 | +242.3% |
| Remuneration, social security and pensions | 62 | €323,885 | €399,572 | +€75,687 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,421 | €64,510 | -€30,911 | -32.4% |
| Other operating charges | 640/8 | €23,628 | €30,997 | +€7,369 | +31.2% |
| Operating charges capitalised as restructuring costs | 649 | €0 | €0 | = | |
| Gross operating margin | 9900 | €744,954 | €870,025 | +€125,071 | +16.8% |
| Operating profit (loss) | 9901 | €302,020 | €374,946 | +€72,926 | +24.1% |
| Financial income | 75/76B | €7,351 | €4,382 | -€2,968 | -40.4% |
| Recurring financial income | 75 | €7,351 | €4,382 | -€2,968 | -40.4% |
| Financial charges | 65/66B | €11,782 | €12,112 | +€331 | +2.8% |
| Recurring financial charges | 65 | €11,782 | €12,112 | +€331 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €297,589 | €367,216 | +€69,627 | +23.4% |
| Income taxes | 67/77 | €62,046 | €91,624 | +€29,577 | +47.7% |
| Profit (loss) for the period | 9904 | €235,543 | €275,592 | +€40,049 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €235,543 | €275,592 | +€40,049 | +17.0% |
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 8 October 2026 via checked.be.