GESO: 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.
GESO
Largest movements
- Tangible fixed assets +€18,284
up €18,284 (+3.0%), from €618,639 to €636,923
of which Land and buildings: +€19,784
- Current portion of long-term debt +€30,000
up €30,000 (+18.2%), from €165,000 to €195,000
- Profit (loss) carried forward -€11,852
down €11,852 (-23.2%), from -€51,080 to -€62,932
- Trade debts +€9,409
up €9,409 (+51.0%), from €18,431 to €27,840
- Reserves -€8,078
down €8,078 (-4.2%), from €193,361 to €185,283
of which Tax-exempt reserves: -€8,078
- Other operating charges +€1,080
up €1,080 (+7.5%), from €14,464 to €15,544
- Gross operating margin -€711
down €711 (-2.9%), from €24,628 to €23,917
- Taxes -€670
no longer reported in 2025 (was €670)
- Financial charges -€633
down €633 (-5.8%), from €10,920 to €10,287
- Depreciation +€380
up €380 (+2.2%), from €17,636 to €18,016
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 | €633,775 | €653,171 | +€19,396 | +3.1% |
| Fixed assets | 21/28 | €618,639 | €636,923 | +€18,284 | +3.0% |
| Tangible fixed assets | 22/27 | €618,639 | €636,923 | +€18,284 | +3.0% |
| Land and buildings | 22 | €614,572 | €634,356 | +€19,784 | +3.2% |
| Plant, machinery and equipment | 23 | €2,667 | €2,000 | -€667 | -25.0% |
| Furniture and vehicles | 24 | €1,400 | €567 | -€833 | -59.5% |
| Current assets | 29/58 | €15,136 | €16,248 | +€1,111 | +7.3% |
| Amounts receivable within one year | 40/41 | €10,560 | €11,959 | +€1,399 | +13.2% |
| Trade receivables | 40 | €6,028 | €7,427 | +€1,399 | +23.2% |
| Other amounts receivable | 41 | €4,532 | €4,532 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,889 | €2,609 | +€720 | +38.1% |
| Deferred charges and accrued income | 490/1 | €2,688 | €1,680 | -€1,008 | -37.5% |
| Total equity and liabilities | 10/49 | €633,775 | €653,171 | +€19,396 | +3.1% |
| Equity | 10/15 | €253,474 | €233,544 | -€19,930 | -7.9% |
| Contributions | 10/11 | €56,397 | €56,397 | = | 0.0% |
| Capital | 10 | €56,397 | €56,397 | = | 0.0% |
| Issued capital | 100 | €56,397 | €56,397 | = | 0.0% |
| Revaluation surpluses | 12 | €54,796 | €54,796 | = | 0.0% |
| Reserves | 13 | €193,361 | €185,283 | -€8,078 | -4.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €185,801 | €177,723 | -€8,078 | -4.3% |
| Distributable reserves | 133 | €1,360 | €1,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,080 | -€62,932 | -€11,852 | -23.2% |
| Amounts payable | 17/49 | €380,301 | €419,627 | +€39,326 | +10.3% |
| Amounts payable within one year | 42/48 | €378,311 | €417,820 | +€39,509 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €165,000 | €195,000 | +€30,000 | +18.2% |
| Trade debts | 44 | €18,431 | €27,840 | +€9,409 | +51.0% |
| Suppliers | 440/4 | €18,431 | €27,840 | +€9,409 | +51.0% |
| Other amounts payable | 47/48 | €194,880 | €194,980 | +€100 | +0.1% |
| Accrued charges and deferred income | 492/3 | €1,990 | €1,807 | -€183 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,636 | €18,016 | +€380 | +2.2% |
| Other operating charges | 640/8 | €14,464 | €15,544 | +€1,080 | +7.5% |
| Gross operating margin | 9900 | €24,628 | €23,917 | -€711 | -2.9% |
| Operating profit (loss) | 9901 | -€7,472 | -€9,643 | -€2,171 | -29.1% |
| Financial charges | 65/66B | €10,920 | €10,287 | -€633 | -5.8% |
| Recurring financial charges | 65 | €10,920 | €10,287 | -€633 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,392 | -€19,930 | -€1,538 | -8.4% |
| Income taxes | 67/77 | €670 | - | -€670 | |
| Profit (loss) for the period | 9904 | -€19,062 | -€19,930 | -€868 | -4.6% |
| Transfer from tax-exempt reserves | 789 | €8,078 | €8,078 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,984 | -€11,852 | -€868 | -7.9% |
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 1 October 2026 via checked.be.