GESTE VL: 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.
GESTE VL
Largest movements
- Receivables within one year +€565,105
up €565,105 (+1517.2%), from €37,247 to €602,352
of which Other amounts receivable: +€334,512
- Tangible fixed assets -€403,811
down €403,811 (-6.8%), from €6.0m to €5.6m
of which Land and buildings: -€400,561
- Cash -€290,780
down €290,780 (-66.8%), from €435,000 to €144,220
mainly Trade debts (-€999,104) and Receivables within one year (-€565,105)
- Financial fixed assets +€200,000
new in 2025: €200,000
- Receivables after one year +€92,277
up €92,277 (+21.6%), from €426,851 to €519,128
- Debts after one year +€1.0m
up €1.0m (+23.8%), from €4.3m to €5.4m
of which Other amounts payable: +€771,763
- Trade debts -€999,104
down €999,104 (-97.5%), from €1.0m to €25,361
- Gross operating margin -€503,244
down €503,244 (-49.8%), from €1.0m to €506,440
- Depreciation -€176,966
down €176,966 (-54.2%), from €326,420 to €149,454
- Financial charges +€99,039
up €99,039 (+50.1%), from €197,673 to €296,712
- Taxes -€65,590
down €65,590 (-91.9%), from €71,349 to €5,759
- Financial income +€23,423
up €23,423 (+569.8%), from €4,111 to €27,534
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 | €6,895,871 | €7,060,832 | +€164,960 | +2.4% |
| Fixed assets | 21/28 | €5,981,052 | €5,777,241 | -€203,811 | -3.4% |
| Tangible fixed assets | 22/27 | €5,981,052 | €5,577,241 | -€403,811 | -6.8% |
| Land and buildings | 22 | €5,970,723 | €5,570,162 | -€400,561 | -6.7% |
| Furniture and vehicles | 24 | €10,329 | €7,079 | -€3,250 | -31.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | - | €200,000 | +€200,000 | |
| Current assets | 29/58 | €914,819 | €1,283,591 | +€368,771 | +40.3% |
| Amounts receivable after more than one year | 29 | €426,851 | €519,128 | +€92,277 | +21.6% |
| Other amounts receivable | 291 | €426,851 | €519,128 | +€92,277 | +21.6% |
| Amounts receivable within one year | 40/41 | €37,247 | €602,352 | +€565,105 | +1517.2% |
| Trade receivables | 40 | €9,779 | €240,372 | +€230,593 | +2358.1% |
| Other amounts receivable | 41 | €27,468 | €361,980 | +€334,512 | +1217.8% |
| Cash at bank and in hand | 54/58 | €435,000 | €144,220 | -€290,780 | -66.8% |
| Deferred charges and accrued income | 490/1 | €15,722 | €17,891 | +€2,169 | +13.8% |
| Total equity and liabilities | 10/49 | €6,895,871 | €7,060,832 | +€164,960 | +2.4% |
| Equity | 10/15 | €950,993 | €972,976 | +€21,983 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,216 | €197,701 | -€1,515 | -0.8% |
| Tax-exempt reserves | 132 | €197,356 | €195,841 | -€1,515 | -0.8% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €733,177 | €756,675 | +€23,498 | +3.2% |
| Provisions and deferred taxes | 16 | €16,669 | €16,164 | -€505 | -3.0% |
| Deferred taxes | 168 | €16,669 | €16,164 | -€505 | -3.0% |
| Amounts payable | 17/49 | €5,928,210 | €6,071,692 | +€143,482 | +2.4% |
| Amounts payable after more than one year | 17 | €4,331,723 | €5,362,642 | +€1.0m | +23.8% |
| Financial debts | 170/4 | €2,826,047 | €3,085,203 | +€259,156 | +9.2% |
| Other amounts payable | 178/9 | €1,505,676 | €2,277,439 | +€771,763 | +51.3% |
| Amounts payable within one year | 42/48 | €1,594,683 | €700,601 | -€894,082 | -56.1% |
| Current portion of amounts payable after more than one year | 42 | €480,063 | €486,041 | +€5,979 | +1.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,024,465 | €25,361 | -€999,104 | -97.5% |
| Suppliers | 440/4 | €1,024,465 | €25,361 | -€999,104 | -97.5% |
| Taxes, remuneration and social security | 45 | €65,821 | €106,396 | +€40,575 | +61.6% |
| Taxes | 450/3 | €58,568 | €95,836 | +€37,268 | +63.6% |
| Remuneration and social security | 454/9 | €7,253 | €10,560 | +€3,307 | +45.6% |
| Other amounts payable | 47/48 | €24,334 | €82,802 | +€58,468 | +240.3% |
| Accrued charges and deferred income | 492/3 | €1,805 | €8,450 | +€6,645 | +368.2% |
| Non-recurring operating income | 76A | €171,662 | €7,803 | -€163,859 | -95.5% |
| Remuneration, social security and pensions | 62 | €21,115 | €29,951 | +€8,836 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326,420 | €149,454 | -€176,966 | -54.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,806 | €0 | +€6,806 | |
| Other operating charges | 640/8 | €53,998 | €30,619 | -€23,378 | -43.3% |
| Gross operating margin | 9900 | €1,009,684 | €506,440 | -€503,244 | -49.8% |
| Operating profit (loss) | 9901 | €614,957 | €296,415 | -€318,542 | -51.8% |
| Financial income | 75/76B | €4,111 | €27,534 | +€23,423 | +569.8% |
| Recurring financial income | 75 | €4,111 | €27,534 | +€23,423 | +569.8% |
| Financial charges | 65/66B | €197,673 | €296,712 | +€99,039 | +50.1% |
| Recurring financial charges | 65 | €197,673 | €296,712 | +€99,039 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | €421,395 | €27,237 | -€394,158 | -93.5% |
| Transfer from deferred taxes | 780 | €4 | €505 | +€502 | +13930.8% |
| Transfer to deferred taxes | 680 | €16,672 | €0 | -€16,672 | -100.0% |
| Income taxes | 67/77 | €71,349 | €5,759 | -€65,590 | -91.9% |
| Profit (loss) for the period | 9904 | €333,378 | €21,983 | -€311,395 | -93.4% |
| Transfer from tax-exempt reserves | 789 | €11 | €1,515 | +€1,505 | +13917.9% |
| Transfer to tax-exempt reserves | 689 | €197,367 | €0 | -€197,367 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €136,022 | €23,498 | -€112,523 | -82.7% |
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 10 October 2026 via checked.be.