GESVAL: what changed
What changed
GESVAL
NACE 73.200, Market research and public opinion polling
filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €4.5m-€3.4m
Equity
€12.9m
2024 · €11.8m+€1.1m
Cash
€4.7m
2024 · €1.8m+€3.0m
Balance sheet total
€15.6m
2024 · €15.7m-€160,044
Largest movements
Assets
- Current investments -€4.5m
down €4.5m (-81.8%), from €5.5m to €998,612
- Cash +€3.0m
up €3.0m (+168%), from €1.8m to €4.7m
mainly Current investments (+€4.5m) and Net result for the year (+€1.1m)
- Receivables within one year +€845,313
up €845,313 (+73.5%), from €1.1m to €2.0m
of which Other amounts receivable: +€1.1m
- Financial fixed assets +€329,962
up €329,962 (+4.7%), from €7.1m to €7.4m
- Receivables after one year +€208,355
up €208,355 (+103%), from €202,603 to €410,958
Equity and liabilities
- Profit (loss) carried forward +€1.1m
up €1.1m (+19.9%), from €5.4m to €6.4m
- Debts after one year -€845,348
down €845,348 (-28.4%), from €3.0m to €2.1m
of which Trade debts: -€845,348
- Other debts -€415,254
down €415,254 (-100%), from €415,254 to €0
Income statement
- Financial income -€3.1m
down €3.1m (-58.2%), from €5.3m to €2.2m
of which Financial income: -€5.2m
- Financial charges +€395,134
up €395,134 (+39.8%), from €992,048 to €1.4m
of which Non-recurring financial charges: +€394,759
- Write-downs -€119,103
down €119,103 (-70.4%), from €169,103 to €50,000
- Gross operating margin -€36,277
down €36,277 (-7.9%), from €457,532 to €421,255
- Taxes -€17,467
down €17,467, from €9,076 to -€8,391
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4.5m
Gross operating margin
-€36,277
Staff costs
+€8,967
Depreciation
+€380
Write-downs
+€119,103
Other operating charges
+€1,459
Other operating items
+€1
Financial income
-€3.1m
Financial charges
-€395,134
Taxes
+€17,467
Deferred taxes and other
-€1
Result 2025
€1.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€356,655
Investment
+€4.2m
Financing
-€857,845
Cash 2024
€1.8m
From operations (derived)
-€356,655
Net result for the year
+€1.1m
Depreciation
+€1,077
Receivables after one year
-€208,355
Receivables within one year
-€845,313
Smaller working-capital items
-€11,020
Other debts
-€415,254
Investment (derived)
+€4.2m
Investment in fixed assets (net)
-€329,962
Current investments
+€4.5m
Financing
-€857,845
Debts after one year
-€845,348
Current portion of long-term debt
-€12,500
Contributions, distributions and other
+€3
Not broken down
-€2
Cash 2025
€4.7m
brings cash intakes cash outdifference in the filed balance sheets themselves
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,725,615 | €15,565,571 | -€160,044 | -1.0% |
| Fixed assets | 21/28 | €7,097,907 | €7,426,791 | +€328,884 | +4.6% |
| Intangible fixed assets | 21 | €47 | €47 | = | 0.0% |
| Tangible fixed assets | 22/27 | €3,550 | €2,473 | -€1,077 | -30.3% |
| Furniture and vehicles | 24 | €3,550 | €2,473 | -€1,077 | -30.3% |
| Financial fixed assets | 28 | €7,094,309 | €7,424,271 | +€329,962 | +4.7% |
| Current assets | 29/58 | €8,627,708 | €8,138,780 | -€488,928 | -5.7% |
| Amounts receivable after more than one year | 29 | €202,603 | €410,958 | +€208,355 | +103% |
| Trade receivables | 290 | €202,603 | €410,958 | +€208,355 | +103% |
| Amounts receivable within one year | 40/41 | €1,149,575 | €1,994,888 | +€845,313 | +73.5% |
| Trade receivables | 40 | €921,546 | €648,686 | -€272,860 | -29.6% |
| Other amounts receivable | 41 | €228,029 | €1,346,201 | +€1.1m | +490% |
| Current investments | 50/53 | €5,499,400 | €998,612 | -€4.5m | -81.8% |
| Cash at bank and in hand | 54/58 | €1,762,370 | €4,718,694 | +€3.0m | +168% |
| Deferred charges and accrued income | 490/1 | €13,759 | €15,629 | +€1,870 | +13.6% |
| Total equity and liabilities | 10/49 | €15,725,615 | €15,565,571 | -€160,044 | -1.0% |
| Equity | 10/15 | €11,758,914 | €12,881,125 | +€1.1m | +9.5% |
| Contributions | 10/11 | €6,096,676 | €6,096,677 | +€1 | 0.0% |
| Capital | 10 | €6,096,676 | €6,096,677 | +€1 | 0.0% |
| Issued capital | 100 | €8,000,000 | €8,000,000 | = | 0.0% |
| Uncalled capital | 101 | €1,903,323 | €1,903,323 | = | 0.0% |
| Reserves | 13 | €312,176 | €368,287 | +€56,111 | +18.0% |
| Non-distributable reserves | 130/1 | €312,176 | €368,287 | +€56,111 | +18.0% |
| Legal reserve | 130 | €312,176 | €368,287 | +€56,111 | +18.0% |
| Profit (loss) carried forward | 14 | €5,350,060 | €6,416,161 | +€1.1m | +19.9% |
| Amounts payable | 17/49 | €3,966,701 | €2,684,447 | -€1.3m | -32.3% |
| Amounts payable after more than one year | 17 | €2,972,103 | €2,126,755 | -€845,348 | -28.4% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 175 | €2,922,103 | €2,076,755 | -€845,348 | -28.9% |
| Amounts payable within one year | 42/48 | €994,597 | €557,692 | -€436,905 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €12,500 | €0 | -€12,500 | -100% |
| Trade debts | 44 | €536,780 | €526,042 | -€10,738 | -2.0% |
| Suppliers | 440/4 | €536,780 | €526,042 | -€10,738 | -2.0% |
| Taxes, remuneration and social security | 45 | €30,062 | €31,650 | +€1,588 | +5.3% |
| Taxes | 450/3 | €0 | €7,749 | +€7,749 | |
| Remuneration and social security | 454/9 | €30,062 | €23,901 | -€6,161 | -20.5% |
| Other amounts payable | 47/48 | €415,254 | €0 | -€415,254 | -100% |
| Non-recurring operating income | 76A | €783,115 | €761,199 | -€21,916 | -2.8% |
| Remuneration, social security and pensions | 62 | €101,505 | €92,538 | -€8,967 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,457 | €1,077 | -€380 | -26.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €169,103 | €50,000 | -€119,103 | -70.4% |
| Other operating charges | 640/8 | €1,924 | €465 | -€1,459 | -75.8% |
| Gross operating margin | 9900 | €457,532 | €421,255 | -€36,277 | -7.9% |
| Operating profit (loss) | 9901 | €183,541 | €277,174 | +€93,633 | +51.0% |
| Financial income | 75/76B | €5,322,561 | €2,223,828 | -€3.1m | -58.2% |
| Recurring financial income | 75 | €5,322,561 | €130,014 | -€5.2m | -97.6% |
| Non-recurring financial income | 76B | €0 | €2,093,813 | +€2.1m | |
| Financial charges | 65/66B | €992,048 | €1,387,182 | +€395,134 | +39.8% |
| Recurring financial charges | 65 | €5,209 | €5,585 | +€376 | +7.2% |
| Non-recurring financial charges | 66B | €986,838 | €1,381,597 | +€394,759 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | €4,514,054 | €1,113,820 | -€3.4m | -75.3% |
| Income taxes | 67/77 | €9,076 | -€8,391 | -€17,467 | |
| Profit (loss) for the period | 9904 | €4,504,978 | €1,122,210 | -€3.4m | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,504,978 | €1,122,210 | -€3.4m | -75.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.