GESMANAGEMENT: 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.
What changed
GESMANAGEMENT
NACE 68.122, Development of non-residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€140,081
2024 · -€43,382+€183,463
Equity
€75,990
2024 · -€64,090+€140,081
Cash
€47,671
2024 · €47,134+€537
Balance sheet total
€822,253
2024 · €466,284+€355,969
Largest movements
Assets
- Receivables within one year +€334,919
up €334,919 (+346.1%), from €96,767 to €431,686
of which Trade receivables: +€337,561
- Deferred charges and accrued income +€24,769
up €24,769 (+287.1%), from €8,627 to €33,397
- Current investments +€17,110
up €17,110 (+4717.8%), from €363 to €17,473
- Tangible fixed assets -€12,120
down €12,120 (-8.3%), from €145,495 to €133,375
- Intangible fixed assets -€9,247
down €9,247 (-5.5%), from €167,898 to €158,651
Equity and liabilities
- Profit (loss) carried forward +€140,081
up €140,081 (+35.5%), from -€395,098 to -€255,018
- Other debts +€121,773
up €121,773 (+113.6%), from €107,199 to €228,972
- Tax, wage and social debts +€88,689
up €88,689 (+33.9%), from €261,242 to €349,930
of which Taxes: +€56,860
- Trade debts +€30,705
up €30,705 (+37.1%), from €82,672 to €113,377
- Debts after one year -€24,195
down €24,195 (-66.4%), from €36,456 to €12,261
Income statement
- Turnover +€563,944
up €563,944 (+21.8%), from €2.6m to €3.2m
- Staff costs +€340,878
up €340,878 (+20.7%), from €1.6m to €2.0m
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
-€43,382
Turnover
+€563,944
Other operating income
+€4,318
Services and other goods
-€30,620
Staff costs
-€340,878
Depreciation
+€4,531
Other operating charges
-€194
Other operating items
-€1,536
Financial income
-€6
Financial charges
-€6,557
Taxes
-€9,540
Result 2025
€140,081
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.
From operations
+€159,978
Investment
-€117,754
Financing
-€41,687
Cash 2024
€47,134
From operations (derived)
+€159,978
Net result for the year
+€140,081
Depreciation
+€122,011
Receivables within one year
-€334,919
Deferred charges and accrued income
-€24,769
Trade debts
+€30,705
Tax, wage and social debts
+€88,689
Other debts
+€121,773
Accrued charges and deferred income
+€16,409
Investment (derived)
-€117,754
Investment in fixed assets (net)
-€100,644
Current investments
-€17,110
Financing
-€41,687
Debts after one year
-€24,195
Current portion of long-term debt
-€17,492
Cash 2025
€47,671
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €466,284 | €822,253 | +€355,969 | +76.3% |
| Fixed assets | 21/28 | €313,393 | €292,026 | -€21,367 | -6.8% |
| Intangible fixed assets | 21 | €167,898 | €158,651 | -€9,247 | -5.5% |
| Tangible fixed assets | 22/27 | €145,495 | €133,375 | -€12,120 | -8.3% |
| Furniture and vehicles | 24 | €145,495 | €133,375 | -€12,120 | -8.3% |
| Current assets | 29/58 | €152,890 | €530,226 | +€377,336 | +246.8% |
| Amounts receivable within one year | 40/41 | €96,767 | €431,686 | +€334,919 | +346.1% |
| Trade receivables | 40 | €92,836 | €430,397 | +€337,561 | +363.6% |
| Other amounts receivable | 41 | €3,930 | €1,289 | -€2,642 | -67.2% |
| Current investments | 50/53 | €363 | €17,473 | +€17,110 | +4717.8% |
| Other investments | 51/53 | €363 | €17,473 | +€17,110 | +4717.8% |
| Cash at bank and in hand | 54/58 | €47,134 | €47,671 | +€537 | +1.1% |
| Deferred charges and accrued income | 490/1 | €8,627 | €33,397 | +€24,769 | +287.1% |
| Total equity and liabilities | 10/49 | €466,284 | €822,253 | +€355,969 | +76.3% |
| Equity | 10/15 | -€64,090 | €75,990 | +€140,081 | |
| Contributions | 10/11 | €141,299 | €141,299 | = | 0.0% |
| Capital | 10 | €141,299 | €141,299 | = | 0.0% |
| Issued capital | 100 | €141,299 | €141,299 | = | 0.0% |
| Reserves | 13 | €189,709 | €189,709 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,130 | €14,130 | = | 0.0% |
| Legal reserve | 130 | €14,130 | €14,130 | = | 0.0% |
| Distributable reserves | 133 | €175,579 | €175,579 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€395,098 | -€255,018 | +€140,081 | +35.5% |
| Amounts payable | 17/49 | €530,374 | €746,262 | +€215,888 | +40.7% |
| Amounts payable after more than one year | 17 | €36,456 | €12,261 | -€24,195 | -66.4% |
| Financial debts | 170/4 | €36,456 | €12,261 | -€24,195 | -66.4% |
| Credit institutions | 173 | €36,456 | €12,261 | -€24,195 | -66.4% |
| Amounts payable within one year | 42/48 | €492,800 | €716,474 | +€223,674 | +45.4% |
| Current portion of amounts payable after more than one year | 42 | €41,687 | €24,195 | -€17,492 | -42.0% |
| Trade debts | 44 | €82,672 | €113,377 | +€30,705 | +37.1% |
| Suppliers | 440/4 | €82,672 | €113,377 | +€30,705 | +37.1% |
| Taxes, remuneration and social security | 45 | €261,242 | €349,930 | +€88,689 | +33.9% |
| Taxes | 450/3 | €97,542 | €154,402 | +€56,860 | +58.3% |
| Remuneration and social security | 454/9 | €163,699 | €195,528 | +€31,828 | +19.4% |
| Other amounts payable | 47/48 | €107,199 | €228,972 | +€121,773 | +113.6% |
| Accrued charges and deferred income | 492/3 | €1,118 | €17,527 | +€16,409 | +1467.3% |
| Operating income | 70/76A | €2,735,716 | €3,303,977 | +€568,262 | +20.8% |
| Turnover | 70 | €2,589,909 | €3,153,853 | +€563,944 | +21.8% |
| Other operating income | 74 | €145,807 | €150,125 | +€4,318 | +3.0% |
| Operating charges | 60/66A | €2,700,749 | €3,069,445 | +€368,696 | +13.7% |
| Services and other goods | 61 | €920,094 | €950,714 | +€30,620 | +3.3% |
| Remuneration, social security and pensions | 62 | €1,644,955 | €1,985,833 | +€340,878 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,542 | €122,011 | -€4,531 | -3.6% |
| Other operating charges | 640/8 | €9,159 | €9,352 | +€194 | +2.1% |
| Non-recurring operating charges | 66A | - | €1,536 | +€1,536 | |
| Operating profit (loss) | 9901 | €34,966 | €234,532 | +€199,566 | +570.7% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.8% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.8% |
| Income from financial fixed assets | 750 | €0 | - | -€0 | |
| Other financial income | 752/9 | €6 | €0 | -€6 | -99.8% |
| Financial charges | 65/66B | €17,874 | €24,431 | +€6,557 | +36.7% |
| Recurring financial charges | 65 | €17,874 | €24,431 | +€6,557 | +36.7% |
| Debt charges | 650 | €17,874 | €24,430 | +€6,557 | +36.7% |
| Other financial charges | 652/9 | €0 | €1 | +€0 | +128.6% |
| Profit (loss) for the period before taxes | 9903 | €17,098 | €210,101 | +€193,003 | +1128.8% |
| Income taxes | 67/77 | €60,480 | €70,020 | +€9,540 | +15.8% |
| Taxes | 670/3 | €60,598 | €94,545 | +€33,947 | +56.0% |
| Tax adjustments and reversals of tax provisions | 77 | €118 | €24,525 | +€24,407 | +20724.5% |
| Profit (loss) for the period | 9904 | -€43,382 | €140,081 | +€183,463 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,382 | €140,081 | +€183,463 |
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 7 October 2026 via checked.be.