GESPA: 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
GESPA
NACE 82.100, Office administrative and support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,691
2024 · -€26,175+€27,867
Equity
€467,038
2024 · €465,347+€1,691
Cash
€11,718
2024 · €14,862-€3,145
Balance sheet total
€681,697
2024 · €887,731-€206,034
Largest movements
Assets
- Tangible fixed assets -€203,030
down €203,030 (-43.1%), from €471,588 to €268,557
Equity and liabilities
- Debts after one year -€191,755
down €191,755 (-77.5%), from €247,469 to €55,714
- Other debts +€21,915
up €21,915 (+34.2%), from €63,992 to €85,908
- Provisions -€17,725
down €17,725 (-30.7%), from €57,708 to €39,983
- Current portion of long-term debt -€13,978
down €13,978 (-42.9%), from €32,550 to €18,571
- Trade debts -€10,075
down €10,075 (-51.6%), from €19,520 to €9,445
Income statement
- Gross operating margin +€14,732
up €14,732 (+79.1%), from €18,635 to €33,367
- Taxes +€7,006
new in 2025: €7,006
- Depreciation -€3,580
down €3,580 (-13.0%), from €27,595 to €24,015
- Financial charges -€1,158
down €1,158 (-13.4%), from €8,646 to €7,489
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
-€26,175
Gross operating margin
+€14,732
Depreciation
+€3,580
Other operating charges
-€243
Other operating items
+€2,551
Financial income
+€0
Financial charges
+€1,158
Taxes
-€7,006
Deferred taxes and other
+€13,095
Result 2025
€1,691
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
+€23,574
Investment
+€179,015
Financing
-€205,734
Cash 2024
€14,862
From operations (derived)
+€23,574
Net result for the year
+€1,691
Depreciation
+€24,015
Smaller working-capital items
-€201
Provisions
-€17,725
Trade debts
-€10,075
Tax, wage and social debts
+€3,953
Other debts
+€21,915
Investment (derived)
+€179,015
Investment in fixed assets (net)
+€179,015
Financing
-€205,734
Debts after one year
-€191,755
Current portion of long-term debt
-€13,978
Cash 2025
€11,718
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €887,731 | €681,697 | -€206,034 | -23.2% |
| Fixed assets | 21/28 | €863,681 | €660,650 | -€203,030 | -23.5% |
| Tangible fixed assets | 22/27 | €471,588 | €268,557 | -€203,030 | -43.1% |
| Land and buildings | 22 | €471,588 | €268,557 | -€203,030 | -43.1% |
| Financial fixed assets | 28 | €392,093 | €392,093 | = | 0.0% |
| Current assets | 29/58 | €24,051 | €21,047 | -€3,004 | -12.5% |
| Amounts receivable within one year | 40/41 | €6,071 | €5,786 | -€285 | -4.7% |
| Trade receivables | 40 | €5,513 | €5,077 | -€436 | -7.9% |
| Other amounts receivable | 41 | €559 | €709 | +€151 | +27.0% |
| Cash at bank and in hand | 54/58 | €14,862 | €11,718 | -€3,145 | -21.2% |
| Deferred charges and accrued income | 490/1 | €3,117 | €3,543 | +€426 | +13.7% |
| Total equity and liabilities | 10/49 | €887,731 | €681,697 | -€206,034 | -23.2% |
| Equity | 10/15 | €465,347 | €467,038 | +€1,691 | +0.4% |
| Contributions | 10/11 | €190,830 | €190,830 | = | 0.0% |
| Capital | 10 | €190,830 | €190,830 | = | 0.0% |
| Issued capital | 100 | €190,830 | €190,830 | = | 0.0% |
| Reserves | 13 | €223,872 | €225,563 | +€1,691 | +0.8% |
| Non-distributable reserves | 130/1 | €17,438 | €19,083 | +€1,645 | +9.4% |
| Legal reserve | 130 | €17,438 | €19,083 | +€1,645 | +9.4% |
| Tax-exempt reserves | 132 | €178,058 | €124,884 | -€53,174 | -29.9% |
| Distributable reserves | 133 | €28,375 | €81,596 | +€53,221 | +187.6% |
| Profit (loss) carried forward | 14 | €50,645 | €50,645 | = | 0.0% |
| Provisions and deferred taxes | 16 | €57,708 | €39,983 | -€17,725 | -30.7% |
| Deferred taxes | 168 | €57,708 | €39,983 | -€17,725 | -30.7% |
| Amounts payable | 17/49 | €364,676 | €174,676 | -€190,000 | -52.1% |
| Amounts payable after more than one year | 17 | €247,469 | €55,714 | -€191,755 | -77.5% |
| Financial debts | 170/4 | €247,469 | €55,714 | -€191,755 | -77.5% |
| Amounts payable within one year | 42/48 | €116,577 | €118,392 | +€1,815 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €32,550 | €18,571 | -€13,978 | -42.9% |
| Trade debts | 44 | €19,520 | €9,445 | -€10,075 | -51.6% |
| Suppliers | 440/4 | €19,520 | €9,445 | -€10,075 | -51.6% |
| Taxes, remuneration and social security | 45 | €514 | €4,467 | +€3,953 | +768.4% |
| Taxes | 450/3 | €514 | €4,467 | +€3,953 | +768.4% |
| Other amounts payable | 47/48 | €63,992 | €85,908 | +€21,915 | +34.2% |
| Accrued charges and deferred income | 492/3 | €630 | €570 | -€60 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,595 | €24,015 | -€3,580 | -13.0% |
| Other operating charges | 640/8 | €10,737 | €10,980 | +€243 | +2.3% |
| Non-recurring operating charges | 66A | €2,551 | €0 | -€2,551 | -100.0% |
| Gross operating margin | 9900 | €18,635 | €33,367 | +€14,732 | +79.1% |
| Operating profit (loss) | 9901 | -€22,248 | -€1,628 | +€20,620 | +92.7% |
| Financial income | 75/76B | €89 | €89 | +€0 | +0.3% |
| Recurring financial income | 75 | €89 | €89 | +€0 | +0.3% |
| Financial charges | 65/66B | €8,646 | €7,489 | -€1,158 | -13.4% |
| Recurring financial charges | 65 | €8,646 | €7,489 | -€1,158 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€30,805 | -€9,027 | +€21,778 | +70.7% |
| Transfer from deferred taxes | 780 | €4,630 | €17,725 | +€13,095 | +282.8% |
| Income taxes | 67/77 | - | €7,006 | +€7,006 | |
| Profit (loss) for the period | 9904 | -€26,175 | €1,691 | +€27,867 | |
| Transfer from tax-exempt reserves | 789 | €8,957 | €53,174 | +€44,218 | +493.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,219 | €54,866 | +€72,084 |
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.