GEZ: 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.
GEZ
Largest movements
- Tangible fixed assets +€801,063
up €801,063 (+265.2%), from €302,027 to €1.1m
of which Land and buildings: +€798,291
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€353,487
up €353,487 (+614.6%), from €57,517 to €411,004
mainly Debts after one year (+€632,282) and Current investments (+€400,000)
- Financial fixed assets +€325,612
up €325,612 (+29.4%), from €1.1m to €1.4m
- Receivables within one year -€112,555
down €112,555 (-37.7%), from €298,582 to €186,027
of which Trade receivables: -€58,701
- Debts after one year +€632,282
up €632,282 (+883.2%), from €71,592 to €703,874
- Other debts +€203,246
up €203,246 (+48.4%), from €419,590 to €622,836
- Reserves +€139,809
up €139,809 (+14.2%), from €981,564 to €1.1m
- Gross operating margin -€50,002
down €50,002 (-69.8%), from €71,611 to €21,609
- Depreciation +€45,574
up €45,574 (+6581.1%), from €693 to €46,267
- Financial charges +€35,834
up €35,834 (+147.4%), from €24,315 to €60,149
- Taxes -€22,691
down €22,691 (-61.9%), from €36,684 to €13,993
- Financial income -€6,058
down €6,058 (-2.5%), from €247,084 to €241,027
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 | €2,171,357 | €3,134,042 | +€962,685 | +44.3% |
| Fixed assets | 21/28 | €1,408,027 | €2,534,702 | +€1.1m | +80.0% |
| Tangible fixed assets | 22/27 | €302,027 | €1,103,090 | +€801,063 | +265.2% |
| Land and buildings | 22 | €302,027 | €1,100,318 | +€798,291 | +264.3% |
| Plant, machinery and equipment | 23 | - | €1,259 | +€1,259 | |
| Furniture and vehicles | 24 | - | €1,513 | +€1,513 | |
| Financial fixed assets | 28 | €1,106,000 | €1,431,612 | +€325,612 | +29.4% |
| Current assets | 29/58 | €763,331 | €599,340 | -€163,990 | -21.5% |
| Amounts receivable within one year | 40/41 | €298,582 | €186,027 | -€112,555 | -37.7% |
| Trade receivables | 40 | €84,542 | €25,841 | -€58,701 | -69.4% |
| Other amounts receivable | 41 | €214,040 | €160,186 | -€53,854 | -25.2% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €57,517 | €411,004 | +€353,487 | +614.6% |
| Deferred charges and accrued income | 490/1 | €7,232 | €2,310 | -€4,922 | -68.1% |
| Total equity and liabilities | 10/49 | €2,171,357 | €3,134,042 | +€962,685 | +44.3% |
| Equity | 10/15 | €1,531,564 | €1,671,372 | +€139,809 | +9.1% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €981,564 | €1,121,372 | +€139,809 | +14.2% |
| Distributable reserves | 133 | €981,564 | €1,121,372 | +€139,809 | +14.2% |
| Amounts payable | 17/49 | €639,794 | €1,462,670 | +€822,876 | +128.6% |
| Amounts payable after more than one year | 17 | €71,592 | €703,874 | +€632,282 | +883.2% |
| Financial debts | 170/4 | €71,592 | €703,874 | +€632,282 | +883.2% |
| Amounts payable within one year | 42/48 | €544,842 | €716,984 | +€172,142 | +31.6% |
| Current portion of amounts payable after more than one year | 42 | €28,829 | €53,455 | +€24,626 | +85.4% |
| Trade debts | 44 | €31,406 | €739 | -€30,667 | -97.6% |
| Suppliers | 440/4 | €31,406 | €739 | -€30,667 | -97.6% |
| Taxes, remuneration and social security | 45 | €65,018 | €39,954 | -€25,063 | -38.5% |
| Taxes | 450/3 | €60,718 | €34,074 | -€26,643 | -43.9% |
| Remuneration and social security | 454/9 | €4,300 | €5,880 | +€1,580 | +36.7% |
| Other amounts payable | 47/48 | €419,590 | €622,836 | +€203,246 | +48.4% |
| Accrued charges and deferred income | 492/3 | €23,360 | €41,811 | +€18,452 | +79.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €693 | €46,267 | +€45,574 | +6581.1% |
| Other operating charges | 640/8 | €410 | €2,419 | +€2,009 | +490.0% |
| Gross operating margin | 9900 | €71,611 | €21,609 | -€50,002 | -69.8% |
| Operating profit (loss) | 9901 | €70,508 | -€27,076 | -€97,585 | |
| Financial income | 75/76B | €247,084 | €241,027 | -€6,058 | -2.5% |
| Recurring financial income | 75 | €247,084 | €241,027 | -€6,058 | -2.5% |
| Financial charges | 65/66B | €24,315 | €60,149 | +€35,834 | +147.4% |
| Recurring financial charges | 65 | €24,315 | €60,149 | +€35,834 | +147.4% |
| Profit (loss) for the period before taxes | 9903 | €293,278 | €153,801 | -€139,476 | -47.6% |
| Income taxes | 67/77 | €36,684 | €13,993 | -€22,691 | -61.9% |
| Profit (loss) for the period | 9904 | €256,593 | €139,809 | -€116,785 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €256,593 | €139,809 | -€116,785 | -45.5% |
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 7 October 2026 via checked.be.