GESTEL: 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.
GESTEL
Largest movements
- Current investments +€151,618
up €151,618 (+18.9%), from €802,912 to €954,530
- Cash -€147,612
down €147,612 (-54.5%), from €270,783 to €123,171
mainly Contributions, distributions and other (-€497,653) and Current investments (-€151,618)
- Receivables within one year +€31,844
up €31,844 (+23.6%), from €135,005 to €166,849
of which Other amounts receivable: +€23,471
- Tangible fixed assets -€21,786
down €21,786 (-3.2%), from €683,581 to €661,796
of which Furniture and vehicles: -€16,631
- Other debts +€270,923
up €270,923 (+711%), from €38,099 to €309,022
- Reserves -€214,723
down €214,723 (-13.7%), from €1.6m to €1.4m
- Debts after one year -€21,356
down €21,356 (-12.6%), from €169,411 to €148,055
- Tax, wage and social debts -€19,255
down €19,255 (-24.1%), from €79,883 to €60,628
of which Taxes: -€19,255
- Financial income -€165,666
down €165,666 (-87.6%), from €189,144 to €23,478
- Gross operating margin +€66,774
up €66,774 (+18.1%), from €369,088 to €435,862
- Taxes -€25,416
down €25,416 (-15.9%), from €159,448 to €134,032
- Financial charges -€9,239
down €9,239 (-45.2%), from €20,426 to €11,188
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 | €1,899,490 | €1,913,513 | +€14,023 | +0.7% |
| Fixed assets | 21/28 | €683,581 | €661,796 | -€21,786 | -3.2% |
| Tangible fixed assets | 22/27 | €683,581 | €661,796 | -€21,786 | -3.2% |
| Land and buildings | 22 | €652,602 | €647,447 | -€5,154 | -0.8% |
| Furniture and vehicles | 24 | €30,980 | €14,348 | -€16,631 | -53.7% |
| Current assets | 29/58 | €1,215,909 | €1,251,717 | +€35,808 | +2.9% |
| Amounts receivable within one year | 40/41 | €135,005 | €166,849 | +€31,844 | +23.6% |
| Trade receivables | 40 | €134,689 | €143,063 | +€8,373 | +6.2% |
| Other amounts receivable | 41 | €316 | €23,787 | +€23,471 | +7,429% |
| Current investments | 50/53 | €802,912 | €954,530 | +€151,618 | +18.9% |
| Cash at bank and in hand | 54/58 | €270,783 | €123,171 | -€147,612 | -54.5% |
| Deferred charges and accrued income | 490/1 | €7,208 | €7,167 | -€42 | -0.6% |
| Total equity and liabilities | 10/49 | €1,899,490 | €1,913,513 | +€14,023 | +0.7% |
| Equity | 10/15 | €1,585,453 | €1,370,730 | -€214,723 | -13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,566,853 | €1,352,130 | -€214,723 | -13.7% |
| Distributable reserves | 133 | €1,566,853 | €1,352,130 | -€214,723 | -13.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €314,037 | €542,782 | +€228,746 | +72.8% |
| Amounts payable after more than one year | 17 | €169,411 | €148,055 | -€21,356 | -12.6% |
| Financial debts | 170/4 | €169,411 | €148,055 | -€21,356 | -12.6% |
| Amounts payable within one year | 42/48 | €143,965 | €393,604 | +€249,639 | +173% |
| Current portion of amounts payable after more than one year | 42 | €23,473 | €21,356 | -€2,117 | -9.0% |
| Financial debts | 43 | €0 | €0 | -€0 | -100% |
| Credit institutions | 430/8 | €0 | €0 | -€0 | -100% |
| Trade debts | 44 | €2,510 | €2,598 | +€87 | +3.5% |
| Suppliers | 440/4 | €2,510 | €2,598 | +€87 | +3.5% |
| Taxes, remuneration and social security | 45 | €79,883 | €60,628 | -€19,255 | -24.1% |
| Taxes | 450/3 | €77,481 | €58,226 | -€19,255 | -24.9% |
| Remuneration and social security | 454/9 | €2,402 | €2,402 | = | 0.0% |
| Other amounts payable | 47/48 | €38,099 | €309,022 | +€270,923 | +711% |
| Accrued charges and deferred income | 492/3 | €660 | €1,123 | +€463 | +70.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,629 | €29,296 | -€334 | -1.1% |
| Other operating charges | 640/8 | €579 | €1,895 | +€1,316 | +227% |
| Gross operating margin | 9900 | €369,088 | €435,862 | +€66,774 | +18.1% |
| Operating profit (loss) | 9901 | €338,879 | €404,672 | +€65,792 | +19.4% |
| Financial income | 75/76B | €189,144 | €23,478 | -€165,666 | -87.6% |
| Recurring financial income | 75 | €189,144 | €23,478 | -€165,666 | -87.6% |
| Financial charges | 65/66B | €20,426 | €11,188 | -€9,239 | -45.2% |
| Recurring financial charges | 65 | €20,426 | €11,188 | -€9,239 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €507,597 | €416,962 | -€90,635 | -17.9% |
| Income taxes | 67/77 | €159,448 | €134,032 | -€25,416 | -15.9% |
| Profit (loss) for the period | 9904 | €348,149 | €282,930 | -€65,219 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €348,149 | €282,930 | -€65,219 | -18.7% |
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 28 October 2026 via checked.be.