GESTHAEG: 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.
GESTHAEG
Largest movements
- Tangible fixed assets -€24,785
down €24,785 (-3.3%), from €761,961 to €737,176
of which Land and buildings: -€24,584
- Cash -€10,777
down €10,777 (-68.1%), from €15,833 to €5,056
mainly Debts after one year (-€32,513) and Net result for the year (-€13,906)
- Debts after one year -€32,513
down €32,513 (-9.0%), from €360,744 to €328,231
- Reserves -€13,906
down €13,906 (-2.6%), from €534,636 to €520,730
of which Tax-exempt reserves: -€13,893
- Gross operating margin -€1,271
down €1,271 (-6.1%), from €20,724 to €19,453
- Other operating charges -€1,248
down €1,248 (-23.0%), from €5,427 to €4,179
- Financial charges +€317
up €317 (+4.4%), from €7,274 to €7,591
- Depreciation -€233
down €233 (-0.9%), from €25,018 to €24,785
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 | €1,043,130 | €998,724 | -€44,406 | -4.3% |
| Fixed assets | 21/28 | €761,961 | €737,176 | -€24,785 | -3.3% |
| Tangible fixed assets | 22/27 | €761,961 | €737,176 | -€24,785 | -3.3% |
| Land and buildings | 22 | €761,330 | €736,746 | -€24,584 | -3.2% |
| Furniture and vehicles | 24 | €631 | €430 | -€201 | -31.9% |
| Current assets | 29/58 | €281,169 | €261,548 | -€19,622 | -7.0% |
| Amounts receivable after more than one year | 29 | €250,000 | €245,000 | -€5,000 | -2.0% |
| Trade receivables | 290 | €250,000 | €245,000 | -€5,000 | -2.0% |
| Amounts receivable within one year | 40/41 | €14,537 | €10,799 | -€3,738 | -25.7% |
| Trade receivables | 40 | €12,073 | €10,143 | -€1,930 | -16.0% |
| Other amounts receivable | 41 | €2,465 | €656 | -€1,809 | -73.4% |
| Cash at bank and in hand | 54/58 | €15,833 | €5,056 | -€10,777 | -68.1% |
| Deferred charges and accrued income | 490/1 | €799 | €692 | -€106 | -13.3% |
| Total equity and liabilities | 10/49 | €1,043,130 | €998,724 | -€44,406 | -4.3% |
| Equity | 10/15 | €553,228 | €539,322 | -€13,906 | -2.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €534,636 | €520,730 | -€13,906 | -2.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €360,308 | €346,416 | -€13,893 | -3.9% |
| Distributable reserves | 133 | €172,468 | €172,455 | -€13 | 0.0% |
| Provisions and deferred taxes | 16 | €81,041 | €77,567 | -€3,473 | -4.3% |
| Deferred taxes | 168 | €81,041 | €77,567 | -€3,473 | -4.3% |
| Amounts payable | 17/49 | €408,861 | €381,834 | -€27,027 | -6.6% |
| Amounts payable after more than one year | 17 | €360,744 | €328,231 | -€32,513 | -9.0% |
| Financial debts | 170/4 | €360,744 | €328,231 | -€32,513 | -9.0% |
| Amounts payable within one year | 42/48 | €48,117 | €53,603 | +€5,486 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €31,910 | €32,513 | +€604 | +1.9% |
| Financial debts | 43 | €513 | - | -€513 | |
| Credit institutions | 430/8 | €513 | - | -€513 | |
| Trade debts | 44 | €15,114 | €12,077 | -€3,037 | -20.1% |
| Bills of exchange payable | 441 | €15,114 | €12,077 | -€3,037 | -20.1% |
| Taxes, remuneration and social security | 45 | €580 | €725 | +€145 | +25.0% |
| Taxes | 450/3 | €580 | €725 | +€145 | +25.0% |
| Other amounts payable | 47/48 | - | €8,288 | +€8,288 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,018 | €24,785 | -€233 | -0.9% |
| Other operating charges | 640/8 | €5,427 | €4,179 | -€1,248 | -23.0% |
| Gross operating margin | 9900 | €20,724 | €19,453 | -€1,271 | -6.1% |
| Operating profit (loss) | 9901 | -€9,721 | -€9,511 | +€210 | +2.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -95.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -95.3% |
| Financial charges | 65/66B | €7,274 | €7,591 | +€317 | +4.4% |
| Recurring financial charges | 65 | €7,274 | €7,591 | +€317 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,994 | -€17,102 | -€108 | -0.6% |
| Transfer from deferred taxes | 780 | €3,473 | €3,473 | = | 0.0% |
| Income taxes | 67/77 | €273 | €278 | +€4 | +1.6% |
| Profit (loss) for the period | 9904 | -€13,794 | -€13,906 | -€112 | -0.8% |
| Transfer from tax-exempt reserves | 789 | €13,893 | €13,893 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99 | -€13 | -€112 |
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 3 October 2026 via checked.be.