GESIMAF: 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.
GESIMAF
Largest movements
- Cash +€488,978
up €488,978 (+94.4%), from €517,866 to €1.0m
mainly Receivables within one year (+€364,060) and Net result for the year (+€88,069)
- Receivables within one year -€364,060
down €364,060 (-82.8%), from €439,651 to €75,591
of which Other amounts receivable: -€400,002
- Stocks and contracts +€52,000
up €52,000 (+114%), from €45,500 to €97,500
- Tangible fixed assets -€43,208
down €43,208 (-16.4%), from €263,508 to €220,299
of which Land and buildings: -€42,202
- Reserves +€87,403
up €87,403 (+33.3%), from €262,800 to €350,203
of which Distributable reserves: +€83,000
- Trade debts +€23,076
up €23,076 (+84.8%), from €27,201 to €50,278
- Tax, wage and social debts +€22,124
up €22,124 (+72,419%), from €31 to €22,154
- Gross operating margin +€162,699
up €162,699 (+2,365%), from €6,878 to €169,577
- Taxes +€41,352
up €41,352 (+13,012%), from €318 to €41,670
- Depreciation -€14,685
down €14,685 (-25.4%), from €57,894 to €43,208
- Financial income -€6,205
down €6,205 (-20.2%), from €30,720 to €24,515
- Other operating charges +€5,300
up €5,300 (+34.1%), from €15,563 to €20,863
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 | €1,270,769 | €1,404,038 | +€133,269 | +10.5% |
| Fixed assets | 21/28 | €267,312 | €224,104 | -€43,208 | -16.2% |
| Tangible fixed assets | 22/27 | €263,508 | €220,299 | -€43,208 | -16.4% |
| Land and buildings | 22 | €259,815 | €217,613 | -€42,202 | -16.2% |
| Leasing and similar rights | 25 | €3,693 | €2,686 | -€1,006 | -27.2% |
| Financial fixed assets | 28 | €3,804 | €3,804 | = | 0.0% |
| Current assets | 29/58 | €1,003,457 | €1,179,935 | +€176,478 | +17.6% |
| Stocks and contracts in progress | 3 | €45,500 | €97,500 | +€52,000 | +114% |
| Stocks | 30/36 | €45,500 | €97,500 | +€52,000 | +114% |
| Amounts receivable within one year | 40/41 | €439,651 | €75,591 | -€364,060 | -82.8% |
| Trade receivables | 40 | €39,646 | €75,589 | +€35,943 | +90.7% |
| Other amounts receivable | 41 | €400,005 | €3 | -€400,002 | -100.0% |
| Cash at bank and in hand | 54/58 | €517,866 | €1,006,844 | +€488,978 | +94.4% |
| Deferred charges and accrued income | 490/1 | €440 | - | -€440 | |
| Total equity and liabilities | 10/49 | €1,270,769 | €1,404,038 | +€133,269 | +10.5% |
| Equity | 10/15 | €1,243,537 | €1,331,606 | +€88,069 | +7.1% |
| Contributions | 10/11 | €927,192 | €927,192 | = | 0.0% |
| Capital | 10 | €927,192 | €927,192 | = | 0.0% |
| Issued capital | 100 | €927,192 | €927,192 | = | 0.0% |
| Reserves | 13 | €262,800 | €350,203 | +€87,403 | +33.3% |
| Non-distributable reserves | 130/1 | €43,800 | €48,203 | +€4,403 | +10.1% |
| Legal reserve | 130 | €41,618 | €46,021 | +€4,403 | +10.6% |
| Other | 1319 | €2,182 | €2,182 | = | 0.0% |
| Distributable reserves | 133 | €219,000 | €302,000 | +€83,000 | +37.9% |
| Profit (loss) carried forward | 14 | €53,546 | €54,212 | +€666 | +1.2% |
| Amounts payable | 17/49 | €27,232 | €72,432 | +€45,200 | +166% |
| Amounts payable within one year | 42/48 | €27,232 | €72,432 | +€45,200 | +166% |
| Trade debts | 44 | €27,201 | €50,278 | +€23,076 | +84.8% |
| Suppliers | 440/4 | €27,201 | €50,278 | +€23,076 | +84.8% |
| Taxes, remuneration and social security | 45 | €31 | €22,154 | +€22,124 | +72,419% |
| Taxes | 450/3 | €31 | €22,154 | +€22,124 | +72,419% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,894 | €43,208 | -€14,685 | -25.4% |
| Other operating charges | 640/8 | €15,563 | €20,863 | +€5,300 | +34.1% |
| Gross operating margin | 9900 | €6,878 | €169,577 | +€162,699 | +2,365% |
| Operating profit (loss) | 9901 | -€66,578 | €105,506 | +€172,084 | |
| Financial income | 75/76B | €30,720 | €24,515 | -€6,205 | -20.2% |
| Recurring financial income | 75 | €30,720 | €24,515 | -€6,205 | -20.2% |
| Financial charges | 65/66B | €169 | €282 | +€114 | +67.5% |
| Recurring financial charges | 65 | €169 | €282 | +€114 | +67.5% |
| Profit (loss) for the period before taxes | 9903 | -€36,026 | €129,739 | +€165,765 | |
| Income taxes | 67/77 | €318 | €41,670 | +€41,352 | +13,012% |
| Profit (loss) for the period | 9904 | -€36,344 | €88,069 | +€124,413 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,344 | €88,069 | +€124,413 |
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 18 October 2026 via checked.be.