GESPIA: 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.
GESPIA
Largest movements
- Stocks and contracts +€18,636
up €18,636 (+11.0%), from €169,447 to €188,082
- Receivables within one year -€3,352
down €3,352 (-7.7%), from €43,296 to €39,944
of which Trade receivables: -€21,885
- Short-term financial debts +€50,079
up €50,079 (+100%), from €49,921 to €100,000
- Profit (loss) carried forward -€14,570
down €14,570 (-66.1%), from -€22,052 to -€36,623
- Current portion of long-term debt -€14,221
down €14,221 (-97.3%), from €14,610 to €389
- Advances received -€10,000
no longer reported in 2025 (was €10,000)
- Trade debts +€9,569
up €9,569 (+36.4%), from €26,262 to €35,831
- Gross operating margin +€40,526
up €40,526 (+86.6%), from -€46,775 to -€6,250
- Depreciation -€2,436
down €2,436 (-57.8%), from €4,218 to €1,782
- Financial charges +€1,599
up €1,599 (+33.9%), from €4,719 to €6,318
- Other operating charges -€643
down €643 (-74.3%), from €866 to €222
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.
Derived cash bridge
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 | €218,480 | €232,403 | +€13,923 | +6.4% |
| Fixed assets | 21/28 | €5,535 | €3,753 | -€1,782 | -32.2% |
| Tangible fixed assets | 22/27 | €5,335 | €3,553 | -€1,782 | -33.4% |
| Furniture and vehicles | 24 | €223 | - | -€223 | |
| Other tangible fixed assets | 26 | €5,111 | €3,553 | -€1,559 | -30.5% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €212,945 | €228,650 | +€15,705 | +7.4% |
| Stocks and contracts in progress | 3 | €169,447 | €188,082 | +€18,636 | +11.0% |
| Stocks | 30/36 | €169,447 | €188,082 | +€18,636 | +11.0% |
| Amounts receivable within one year | 40/41 | €43,296 | €39,944 | -€3,352 | -7.7% |
| Trade receivables | 40 | €33,985 | €12,100 | -€21,885 | -64.4% |
| Other amounts receivable | 41 | €9,311 | €27,844 | +€18,533 | +199% |
| Cash at bank and in hand | 54/58 | - | €453 | +€453 | |
| Deferred charges and accrued income | 490/1 | €203 | €170 | -€32 | -15.9% |
| Total equity and liabilities | 10/49 | €218,480 | €232,403 | +€13,923 | +6.4% |
| Equity | 10/15 | €110,754 | €96,183 | -€14,570 | -13.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €107,806 | €107,806 | = | 0.0% |
| Distributable reserves | 133 | €107,806 | €107,806 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,052 | -€36,623 | -€14,570 | -66.1% |
| Amounts payable | 17/49 | €107,726 | €136,220 | +€28,493 | +26.4% |
| Amounts payable within one year | 42/48 | €107,726 | €136,220 | +€28,493 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €14,610 | €389 | -€14,221 | -97.3% |
| Financial debts | 43 | €49,921 | €100,000 | +€50,079 | +100% |
| Credit institutions | 430/8 | €49,921 | €100,000 | +€50,079 | +100% |
| Trade debts | 44 | €26,262 | €35,831 | +€9,569 | +36.4% |
| Suppliers | 440/4 | €26,262 | €35,831 | +€9,569 | +36.4% |
| Advances received on contracts in progress | 46 | €10,000 | - | -€10,000 | |
| Other amounts payable | 47/48 | €6,934 | - | -€6,934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,218 | €1,782 | -€2,436 | -57.8% |
| Other operating charges | 640/8 | €866 | €222 | -€643 | -74.3% |
| Gross operating margin | 9900 | -€46,775 | -€6,250 | +€40,526 | +86.6% |
| Operating profit (loss) | 9901 | -€51,859 | -€8,254 | +€43,605 | +84.1% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €4,719 | €6,318 | +€1,599 | +33.9% |
| Recurring financial charges | 65 | €4,719 | €6,318 | +€1,599 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | -€56,577 | -€14,570 | +€42,007 | +74.2% |
| Income taxes | 67/77 | €192 | - | -€192 | |
| Profit (loss) for the period | 9904 | -€56,769 | -€14,570 | +€42,199 | +74.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,769 | -€14,570 | +€42,199 | +74.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.