GESMARQUE: 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.
GESMARQUE
Largest movements
- Receivables within one year -€390,022
down €390,022 (-23.6%), from €1.7m to €1.3m
of which Other amounts receivable: -€351,675
- Tangible fixed assets +€280,226
up €280,226 (+39.9%), from €702,513 to €982,739
of which Assets under construction and advance payments: +€226,321
- Cash +€70,276
up €70,276 (+358.2%), from €19,617 to €89,893
mainly Receivables within one year (+€390,022) and Net result for the year (+€223,903)
- Stocks and contracts +€50,314
up €50,314 (+11.1%), from €453,799 to €504,113
- Other debts -€140,455
down €140,455 (-35.1%), from €400,000 to €259,545
- Current portion of long-term debt +€77,916
up €77,916 (+42.2%), from €184,552 to €262,468
- Trade debts +€50,099
up €50,099 (+7.1%), from €704,949 to €755,048
- Short-term financial debts +€41,069
up €41,069 (+247.6%), from €16,586 to €57,655
- Gross operating margin +€107,010
up €107,010 (+7.3%), from €1.5m to €1.6m
- Other operating charges +€54,970
up €54,970 (+1286.0%), from €4,275 to €59,245
- Depreciation +€52,140
up €52,140 (+54.9%), from €95,041 to €147,181
- Financial income -€50,728
down €50,728 (-100.0%), from €50,742 to €14
- Staff costs +€31,506
up €31,506 (+3.3%), from €954,224 to €985,730
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,847,726 | €2,857,017 | +€9,292 | +0.3% |
| Fixed assets | 21/28 | €703,141 | €984,807 | +€281,666 | +40.1% |
| Tangible fixed assets | 22/27 | €702,513 | €982,739 | +€280,226 | +39.9% |
| Plant, machinery and equipment | 23 | €244,693 | €185,061 | -€59,632 | -24.4% |
| Furniture and vehicles | 24 | €114,732 | €82,070 | -€32,662 | -28.5% |
| Other tangible fixed assets | 26 | €343,088 | €489,287 | +€146,199 | +42.6% |
| Assets under construction and advance payments | 27 | - | €226,321 | +€226,321 | |
| Financial fixed assets | 28 | €628 | €2,068 | +€1,440 | +229.2% |
| Current assets | 29/58 | €2,144,584 | €1,872,210 | -€272,375 | -12.7% |
| Amounts receivable after more than one year | 29 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Other amounts receivable | 291 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Stocks and contracts in progress | 3 | €453,799 | €504,113 | +€50,314 | +11.1% |
| Stocks | 30/36 | €453,799 | €504,113 | +€50,314 | +11.1% |
| Amounts receivable within one year | 40/41 | €1,655,431 | €1,265,409 | -€390,022 | -23.6% |
| Trade receivables | 40 | €54,584 | €16,238 | -€38,346 | -70.3% |
| Other amounts receivable | 41 | €1,600,846 | €1,249,171 | -€351,675 | -22.0% |
| Cash at bank and in hand | 54/58 | €19,617 | €89,893 | +€70,276 | +358.2% |
| Deferred charges and accrued income | 490/1 | €738 | €2,795 | +€2,057 | +278.8% |
| Total equity and liabilities | 10/49 | €2,847,726 | €2,857,017 | +€9,292 | +0.3% |
| Equity | 10/15 | €389,726 | €363,629 | -€26,097 | -6.7% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €96,845 | €96,845 | = | 0.0% |
| Distributable reserves | 133 | €96,845 | €96,845 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,881 | €46,785 | -€26,097 | -35.8% |
| Amounts payable | 17/49 | €2,457,999 | €2,493,388 | +€35,388 | +1.4% |
| Amounts payable after more than one year | 17 | €897,176 | €891,116 | -€6,060 | -0.7% |
| Financial debts | 170/4 | €897,176 | €891,116 | -€6,060 | -0.7% |
| Amounts payable within one year | 42/48 | €1,559,196 | €1,601,017 | +€41,820 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €184,552 | €262,468 | +€77,916 | +42.2% |
| Financial debts | 43 | €16,586 | €57,655 | +€41,069 | +247.6% |
| Credit institutions | 430/8 | €16,586 | €57,655 | +€41,069 | +247.6% |
| Trade debts | 44 | €704,949 | €755,048 | +€50,099 | +7.1% |
| Suppliers | 440/4 | €704,949 | €755,048 | +€50,099 | +7.1% |
| Taxes, remuneration and social security | 45 | €253,109 | €266,300 | +€13,191 | +5.2% |
| Taxes | 450/3 | €61,434 | €81,253 | +€19,820 | +32.3% |
| Remuneration and social security | 454/9 | €191,676 | €185,047 | -€6,629 | -3.5% |
| Other amounts payable | 47/48 | €400,000 | €259,545 | -€140,455 | -35.1% |
| Accrued charges and deferred income | 492/3 | €1,627 | €1,255 | -€372 | -22.9% |
| Non-recurring operating income | 76A | €35,915 | €2,119 | -€33,796 | -94.1% |
| Remuneration, social security and pensions | 62 | €954,224 | €985,730 | +€31,506 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,041 | €147,181 | +€52,140 | +54.9% |
| Other operating charges | 640/8 | €4,275 | €59,245 | +€54,970 | +1286.0% |
| Non-recurring operating charges | 66A | €4,361 | €2,418 | -€1,943 | -44.6% |
| Gross operating margin | 9900 | €1,469,378 | €1,576,387 | +€107,010 | +7.3% |
| Operating profit (loss) | 9901 | €411,477 | €381,814 | -€29,663 | -7.2% |
| Financial income | 75/76B | €50,742 | €14 | -€50,728 | -100.0% |
| Recurring financial income | 75 | €50,742 | €14 | -€50,728 | -100.0% |
| Financial charges | 65/66B | €58,969 | €76,344 | +€17,375 | +29.5% |
| Recurring financial charges | 65 | €58,969 | €76,344 | +€17,375 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €403,249 | €305,483 | -€97,766 | -24.2% |
| Income taxes | 67/77 | €98,609 | €81,580 | -€17,030 | -17.3% |
| Profit (loss) for the period | 9904 | €304,640 | €223,903 | -€80,736 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €304,640 | €223,903 | -€80,736 | -26.5% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.