GESI: 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.
GESI
Largest movements
- Tangible fixed assets +€33,226
up €33,226 (+9.2%), from €360,597 to €393,823
of which Furniture and vehicles: +€46,375
- Cash -€7,699
down €7,699 (-20.8%), from €37,087 to €29,389
mainly Investment in fixed assets (net) (-€53,520) and Receivables within one year (-€3,890)
- Debts after one year +€17,945
new in 2025: €17,945
- Tax, wage and social debts +€7,313
up €7,313 (+478.0%), from €1,530 to €8,843
of which Remuneration and social security: +€4,565
- Profit (loss) carried forward +€5,021
up €5,021 (+15.6%), from €32,200 to €37,222
- Current portion of long-term debt +€4,744
new in 2025: €4,744
- Gross operating margin +€8,338
up €8,338 (+32.7%), from €25,513 to €33,851
- Other operating charges +€1,425
up €1,425 (+16.1%), from €8,860 to €10,285
- Depreciation -€1,262
down €1,262 (-5.9%), from €21,555 to €20,293
- Taxes +€687
up €687 (+48.7%), from €1,411 to €2,098
- Financial charges +€491
up €491 (+446.8%), from €110 to €601
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 | €423,224 | €453,141 | +€29,918 | +7.1% |
| Fixed assets | 21/28 | €360,597 | €393,823 | +€33,226 | +9.2% |
| Tangible fixed assets | 22/27 | €360,597 | €393,823 | +€33,226 | +9.2% |
| Land and buildings | 22 | €353,161 | €340,013 | -€13,148 | -3.7% |
| Furniture and vehicles | 24 | €7,436 | €53,810 | +€46,375 | +623.7% |
| Current assets | 29/58 | €62,627 | €59,318 | -€3,309 | -5.3% |
| Amounts receivable within one year | 40/41 | €25,539 | €29,429 | +€3,890 | +15.2% |
| Trade receivables | 40 | €25,539 | €29,429 | +€3,890 | +15.2% |
| Cash at bank and in hand | 54/58 | €37,087 | €29,389 | -€7,699 | -20.8% |
| Deferred charges and accrued income | 490/1 | - | €500 | +€500 | |
| Total equity and liabilities | 10/49 | €423,224 | €453,141 | +€29,918 | +7.1% |
| Equity | 10/15 | €164,901 | €166,755 | +€1,854 | +1.1% |
| 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 | €71,201 | €68,034 | -€3,167 | -4.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,683 | €50,516 | -€3,167 | -5.9% |
| Distributable reserves | 133 | €11,368 | €11,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,200 | €37,222 | +€5,021 | +15.6% |
| Provisions and deferred taxes | 16 | €21,062 | €19,781 | -€1,281 | -6.1% |
| Deferred taxes | 168 | €21,062 | €19,781 | -€1,281 | -6.1% |
| Amounts payable | 17/49 | €237,261 | €266,604 | +€29,344 | +12.4% |
| Amounts payable after more than one year | 17 | - | €17,945 | +€17,945 | |
| Financial debts | 170/4 | - | €17,945 | +€17,945 | |
| Amounts payable within one year | 42/48 | €237,261 | €248,660 | +€11,399 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | - | €4,744 | +€4,744 | |
| Trade debts | 44 | €1,359 | €2,654 | +€1,295 | +95.2% |
| Suppliers | 440/4 | - | €2,654 | +€2,654 | |
| Bills of exchange payable | 441 | €1,359 | - | -€1,359 | |
| Taxes, remuneration and social security | 45 | €1,530 | €8,843 | +€7,313 | +478.0% |
| Taxes | 450/3 | €1,530 | €4,278 | +€2,748 | +179.6% |
| Remuneration and social security | 454/9 | - | €4,565 | +€4,565 | |
| Other amounts payable | 47/48 | €234,371 | €232,419 | -€1,952 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,555 | €20,293 | -€1,262 | -5.9% |
| Other operating charges | 640/8 | €8,860 | €10,285 | +€1,425 | +16.1% |
| Gross operating margin | 9900 | €25,513 | €33,851 | +€8,338 | +32.7% |
| Operating profit (loss) | 9901 | -€4,902 | €3,272 | +€8,175 | |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €110 | €601 | +€491 | +446.8% |
| Recurring financial charges | 65 | €110 | €601 | +€491 | +446.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,010 | €2,671 | +€7,681 | |
| Transfer from deferred taxes | 780 | €1,281 | €1,281 | = | 0.0% |
| Income taxes | 67/77 | €1,411 | €2,098 | +€687 | +48.7% |
| Profit (loss) for the period | 9904 | -€5,140 | €1,854 | +€6,994 | |
| Transfer from tax-exempt reserves | 789 | €3,169 | €3,167 | -€2 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,971 | €5,021 | +€6,992 |
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.