GESPA: 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.
GESPA
Largest movements
- Cash +€4,623
up €4,623 (+53.6%), from €8,620 to €13,243
mainly Net result for the year (+€19,809) and Depreciation (+€687)
- Tangible fixed assets +€1,373
new in 2025: €1,373
- Receivables within one year +€1,372
up €1,372 (+414.5%), from €331 to €1,703
of which Trade receivables: +€1,391
- Profit (loss) carried forward +€19,809
up €19,809 (+21.7%), from -€91,445 to -€71,636
- Other debts -€13,249
down €13,249 (-18.1%), from €73,191 to €59,942
- Tax, wage and social debts +€540
up €540 (+18.2%), from €2,963 to €3,503
- Trade debts +€268
new in 2025: €268
- Turnover +€36,737
up €36,737 (+108.1%), from €34,000 to €70,737
- Purchases and services +€22,402
up €22,402 (+81.6%), from €27,439 to €49,841
- Gross operating margin +€14,335
up €14,335 (+218.5%), from €6,561 to €20,896
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 | €8,951 | €16,319 | +€7,368 | +82.3% |
| Fixed assets | 21/28 | - | €1,373 | +€1,373 | |
| Tangible fixed assets | 22/27 | - | €1,373 | +€1,373 | |
| Furniture and vehicles | 24 | - | €1,373 | +€1,373 | |
| Current assets | 29/58 | €8,951 | €14,946 | +€5,995 | +67.0% |
| Amounts receivable within one year | 40/41 | €331 | €1,703 | +€1,372 | +414.5% |
| Trade receivables | 40 | €312 | €1,703 | +€1,391 | +445.8% |
| Other amounts receivable | 41 | €19 | - | -€19 | |
| Cash at bank and in hand | 54/58 | €8,620 | €13,243 | +€4,623 | +53.6% |
| Total equity and liabilities | 10/49 | €8,951 | €16,319 | +€7,368 | +82.3% |
| Equity | 10/15 | -€67,203 | -€47,394 | +€19,809 | +29.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,642 | €5,642 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,782 | €3,782 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,445 | -€71,636 | +€19,809 | +21.7% |
| Amounts payable | 17/49 | €76,154 | €63,713 | -€12,441 | -16.3% |
| Amounts payable within one year | 42/48 | €76,154 | €63,713 | -€12,441 | -16.3% |
| Trade debts | 44 | - | €268 | +€268 | |
| Suppliers | 440/4 | - | €268 | +€268 | |
| Taxes, remuneration and social security | 45 | €2,963 | €3,503 | +€540 | +18.2% |
| Taxes | 450/3 | €2,963 | €3,503 | +€540 | +18.2% |
| Other amounts payable | 47/48 | €73,191 | €59,942 | -€13,249 | -18.1% |
| Turnover | 70 | €34,000 | €70,737 | +€36,737 | +108.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €27,439 | €49,841 | +€22,402 | +81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,086 | €687 | -€399 | -36.7% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | €6,561 | €20,896 | +€14,335 | +218.5% |
| Operating profit (loss) | 9901 | €5,088 | €19,809 | +€14,721 | +289.3% |
| Financial charges | 65/66B | €0 | - | = | |
| Recurring financial charges | 65 | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €5,088 | €19,809 | +€14,721 | +289.3% |
| Profit (loss) for the period | 9904 | €5,088 | €19,809 | +€14,721 | +289.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,088 | €19,809 | +€14,721 | +289.3% |
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 12 October 2026 via checked.be.