GESH: 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.
GESH
Largest movements
- Receivables within one year +€396,251
up €396,251 (+601%), from €65,949 to €462,200
of which Other amounts receivable: +€251,433
- Tangible fixed assets +€148,384
up €148,384 (+1,783%), from €8,324 to €156,707
of which Land and buildings: +€150,000
- Cash +€13,888
up €13,888 (+215%), from €6,473 to €20,361
mainly Trade debts (+€194,853) and Other debts (+€190,000)
- Trade debts +€194,853
up €194,853 (+109%), from €178,849 to €373,702
- Other debts +€190,000
up €190,000 (+22,809%), from €833 to €190,833
- Debts after one year +€83,755
new in 2025: €83,755
- Accrued charges and deferred income +€59,902
up €59,902 (+105%), from €56,927 to €116,829
- Current portion of long-term debt +€36,640
new in 2025: €36,640
- Gross operating margin +€126,800
up €126,800 (+274%), from €46,336 to €173,136
- Financial charges +€99,760
up €99,760 (+3,077%), from €3,243 to €103,003
of which Non-recurring financial charges: +€95,500
- Depreciation +€18,851
up €18,851 (+1,042%), from €1,809 to €20,660
- Staff costs +€2,562
up €2,562 (+12.1%), from €21,194 to €23,756
- Taxes +€1,985
up €1,985 (+27.9%), from €7,112 to €9,097
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €435,829 | €994,377 | +€558,549 | +128% |
| Fixed assets | 21/28 | €30,724 | €179,107 | +€148,384 | +483% |
| Tangible fixed assets | 22/27 | €8,324 | €156,707 | +€148,384 | +1,783% |
| Land and buildings | 22 | - | €150,000 | +€150,000 | |
| Plant, machinery and equipment | 23 | €1,963 | €2,326 | +€363 | +18.5% |
| Furniture and vehicles | 24 | €6,361 | €4,381 | -€1,979 | -31.1% |
| Financial fixed assets | 28 | €22,400 | €22,400 | = | 0.0% |
| Current assets | 29/58 | €405,105 | €815,270 | +€410,165 | +101% |
| Stocks and contracts in progress | 3 | €332,146 | €330,481 | -€1,665 | -0.5% |
| Stocks | 30/36 | €332,146 | €330,481 | -€1,665 | -0.5% |
| Amounts receivable within one year | 40/41 | €65,949 | €462,200 | +€396,251 | +601% |
| Trade receivables | 40 | €13,332 | €158,150 | +€144,818 | +1,086% |
| Other amounts receivable | 41 | €52,617 | €304,050 | +€251,433 | +478% |
| Cash at bank and in hand | 54/58 | €6,473 | €20,361 | +€13,888 | +215% |
| Deferred charges and accrued income | 490/1 | €537 | €2,227 | +€1,690 | +315% |
| Total equity and liabilities | 10/49 | €435,829 | €994,377 | +€558,549 | +128% |
| Equity | 10/15 | €147,411 | €161,477 | +€14,066 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,811 | €142,877 | +€14,066 | +10.9% |
| Distributable reserves | 133 | €128,811 | €142,877 | +€14,066 | +10.9% |
| Amounts payable | 17/49 | €288,417 | €832,900 | +€544,482 | +189% |
| Amounts payable after more than one year | 17 | - | €83,755 | +€83,755 | |
| Financial debts | 170/4 | - | €83,755 | +€83,755 | |
| Amounts payable within one year | 42/48 | €231,490 | €632,316 | +€400,825 | +173% |
| Current portion of amounts payable after more than one year | 42 | - | €36,640 | +€36,640 | |
| Trade debts | 44 | €178,849 | €373,702 | +€194,853 | +109% |
| Suppliers | 440/4 | €178,849 | €373,702 | +€194,853 | +109% |
| Taxes, remuneration and social security | 45 | €51,809 | €31,141 | -€20,668 | -39.9% |
| Taxes | 450/3 | €49,588 | €27,638 | -€21,950 | -44.3% |
| Remuneration and social security | 454/9 | €2,221 | €3,503 | +€1,282 | +57.7% |
| Other amounts payable | 47/48 | €833 | €190,833 | +€190,000 | +22,809% |
| Accrued charges and deferred income | 492/3 | €56,927 | €116,829 | +€59,902 | +105% |
| Remuneration, social security and pensions | 62 | €21,194 | €23,756 | +€2,562 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,809 | €20,660 | +€18,851 | +1,042% |
| Other operating charges | 640/8 | €889 | €1,912 | +€1,024 | +115% |
| Gross operating margin | 9900 | €46,336 | €173,136 | +€126,800 | +274% |
| Operating profit (loss) | 9901 | €22,444 | €126,808 | +€104,364 | +465% |
| Financial income | 75/76B | €583 | €191 | -€392 | -67.3% |
| Recurring financial income | 75 | €583 | €191 | -€392 | -67.3% |
| Financial charges | 65/66B | €3,243 | €103,003 | +€99,760 | +3,077% |
| Recurring financial charges | 65 | €3,243 | €7,503 | +€4,260 | +131% |
| Non-recurring financial charges | 66B | - | €95,500 | +€95,500 | |
| Profit (loss) for the period before taxes | 9903 | €19,785 | €23,996 | +€4,211 | +21.3% |
| Income taxes | 67/77 | €7,112 | €9,097 | +€1,985 | +27.9% |
| Profit (loss) for the period | 9904 | €12,673 | €14,899 | +€2,226 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,673 | €14,899 | +€2,226 | +17.6% |
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.