Gezel: 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.
What changed
Gezel
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€888,986
2024 · €1.7m-€819,244
Equity
€5.6m
2024 · €5.2m+€398,986
Cash
€561,134
2024 · €1.3m-€741,675
Balance sheet total
€10.3m
2024 · €9.1m+€1.2m
Largest movements
Assets
- Tangible fixed assets +€1.7m
up €1.7m (+62.9%), from €2.6m to €4.3m
of which Land and buildings: +€1.9m
- Receivables within one year +€1.5m
up €1.5m (+45.3%), from €3.4m to €4.9m
of which Trade receivables: +€1.2m
- Financial fixed assets -€1.3m
down €1.3m (-89.8%), from €1.5m to €151,501
of which Affiliated companies: -€1.4m
- Cash -€741,675
down €741,675 (-56.9%), from €1.3m to €561,134
mainly Receivables within one year (-€1.5m) and Investment in fixed assets (net) (-€827,669)
- Stocks and contracts +€108,850
up €108,850 (+40.0%), from €272,316 to €381,166
of which Contracts in progress: +€55,260
Equity and liabilities
- Trade debts +€1.2m
up €1.2m (+55.5%), from €2.2m to €3.4m
- Profit (loss) carried forward +€402,832
up €402,832 (+9.1%), from €4.4m to €4.8m
- Accrued charges and deferred income -€315,710
down €315,710 (-56.5%), from €558,932 to €243,222
- Tax, wage and social debts +€115,593
up €115,593 (+32.8%), from €351,940 to €467,534
of which Remuneration and social security: +€153,594
Income statement
- Turnover +€5.6m
up €5.6m (+30.6%), from €18.3m to €23.9m
- Goods and materials +€3.1m
up €3.1m (+28.0%), from €11.1m to €14.2m
of which Purchases: +€3.1m
- Staff costs +€1.9m
up €1.9m (+51.2%), from €3.7m to €5.6m
- Services and other goods +€1.5m
up €1.5m (+90.5%), from €1.7m to €3.2m
- Financial income -€468,710
down €468,710 (-84.8%), from €552,439 to €83,729
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.
Result 2024
€1.7m
Turnover
+€5.6m
Other operating income
+€90,908
Goods and materials
-€3.1m
Services and other goods
-€1.5m
Staff costs
-€1.9m
Depreciation
-€160,646
Write-downs
-€150,000
Provisions
+€118,749
Other operating charges
-€15,291
Other operating items
+€619,098
Financial income
-€468,710
Financial charges
-€23,354
Taxes
+€93,200
Deferred taxes and other
-€1,239
Result 2025
€888,986
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.
From operations
+€575,262
Investment
-€827,669
Financing
-€489,268
Cash 2024
€1.3m
From operations (derived)
+€575,262
Net result for the year
+€888,986
Depreciation
+€494,063
Stocks and contracts
-€108,850
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€8,532
Provisions
-€79,634
Trade debts
+€1.2m
Tax, wage and social debts
+€115,593
Other debts
-€97,372
Accrued charges and deferred income
-€315,710
Investment (derived)
-€827,669
Investment in fixed assets (net)
-€827,669
Financing
-€489,268
Current portion of long-term debt
+€732
Contributions, distributions and other
-€490,000
Cash 2025
€561,134
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,072,331 | €10,307,853 | +€1.2m | +13.6% |
| Fixed assets | 21/28 | €4,124,986 | €4,458,591 | +€333,606 | +8.1% |
| Intangible fixed assets | 21 | €10,786 | €23,738 | +€12,951 | +120.1% |
| Tangible fixed assets | 22/27 | €2,629,134 | €4,283,353 | +€1.7m | +62.9% |
| Land and buildings | 22 | €1,366,899 | €3,260,167 | +€1.9m | +138.5% |
| Plant, machinery and equipment | 23 | €101,689 | €138,967 | +€37,278 | +36.7% |
| Furniture and vehicles | 24 | €540,878 | €806,975 | +€266,096 | +49.2% |
| Other tangible fixed assets | 26 | - | €77,245 | +€77,245 | |
| Assets under construction and advance payments | 27 | €619,668 | - | -€619,668 | |
| Financial fixed assets | 28 | €1,485,065 | €151,501 | -€1.3m | -89.8% |
| Affiliated companies | 280/1 | €1,400,000 | - | -€1.4m | |
| Participating interests | 280 | €1,400,000 | - | -€1.4m | |
| Other financial fixed assets | 284/8 | €85,065 | €151,501 | +€66,436 | +78.1% |
| Shares | 284 | €9,725 | €13,600 | +€3,875 | +39.8% |
| Amounts receivable and cash guarantees | 285/8 | €75,340 | €137,901 | +€62,561 | +83.0% |
| Current assets | 29/58 | €4,947,345 | €5,849,261 | +€901,916 | +18.2% |
| Stocks and contracts in progress | 3 | €272,316 | €381,166 | +€108,850 | +40.0% |
| Stocks | 30/36 | €252,793 | €306,383 | +€53,590 | +21.2% |
| Raw materials and consumables | 30/31 | €252,793 | €306,383 | +€53,590 | +21.2% |
| Contracts in progress | 37 | €19,523 | €74,783 | +€55,260 | +283.1% |
| Amounts receivable within one year | 40/41 | €3,368,001 | €4,894,210 | +€1.5m | +45.3% |
| Trade receivables | 40 | €3,198,101 | €4,417,859 | +€1.2m | +38.1% |
| Other amounts receivable | 41 | €169,900 | €476,351 | +€306,451 | +180.4% |
| Cash at bank and in hand | 54/58 | €1,302,809 | €561,134 | -€741,675 | -56.9% |
| Deferred charges and accrued income | 490/1 | €4,220 | €12,751 | +€8,532 | +202.2% |
| Total equity and liabilities | 10/49 | €9,072,331 | €10,307,853 | +€1.2m | +13.6% |
| Equity | 10/15 | €5,191,644 | €5,590,630 | +€398,986 | +7.7% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €286,429 | €282,583 | -€3,846 | -1.3% |
| Non-distributable reserves | 130/1 | €50,282 | €50,282 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Other | 1319 | €282 | €282 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,976 | €20,130 | -€3,846 | -16.0% |
| Distributable reserves | 133 | €212,171 | €212,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,405,215 | €4,808,047 | +€402,832 | +9.1% |
| Provisions and deferred taxes | 16 | €184,037 | €104,402 | -€79,634 | -43.3% |
| Provisions for liabilities and charges | 160/5 | €182,421 | €104,402 | -€78,019 | -42.8% |
| Other liabilities and charges | 164/5 | €182,421 | €104,402 | -€78,019 | -42.8% |
| Deferred taxes | 168 | €1,616 | - | -€1,616 | |
| Amounts payable | 17/49 | €3,696,650 | €4,612,821 | +€916,171 | +24.8% |
| Amounts payable within one year | 42/48 | €3,137,718 | €4,369,598 | +€1.2m | +39.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €732 | +€732 | |
| Trade debts | 44 | €2,185,527 | €3,398,454 | +€1.2m | +55.5% |
| Suppliers | 440/4 | €2,185,527 | €3,398,454 | +€1.2m | +55.5% |
| Taxes, remuneration and social security | 45 | €351,940 | €467,534 | +€115,593 | +32.8% |
| Taxes | 450/3 | €125,990 | €87,989 | -€38,001 | -30.2% |
| Remuneration and social security | 454/9 | €225,951 | €379,544 | +€153,594 | +68.0% |
| Other amounts payable | 47/48 | €600,250 | €502,878 | -€97,372 | -16.2% |
| Accrued charges and deferred income | 492/3 | €558,932 | €243,222 | -€315,710 | -56.5% |
| Operating income | 70/76A | €18,423,891 | €24,726,327 | +€6.3m | +34.2% |
| Turnover | 70 | €18,282,417 | €23,874,847 | +€5.6m | +30.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€115,798 | €44,604 | +€160,402 | |
| Own construction capitalised | 72 | €12,900 | €471,596 | +€458,696 | +3555.8% |
| Other operating income | 74 | €244,372 | €335,280 | +€90,908 | +37.2% |
| Operating charges | 60/66A | €16,833,140 | €23,554,719 | +€6.7m | +39.9% |
| Goods for resale, raw materials and consumables | 60 | €11,057,991 | €14,157,371 | +€3.1m | +28.0% |
| Purchases | 600/8 | €10,969,603 | €14,058,606 | +€3.1m | +28.2% |
| Change in stocks: decrease (increase) | 609 | €88,388 | €98,764 | +€10,376 | +11.7% |
| Services and other goods | 61 | €1,688,985 | €3,218,283 | +€1.5m | +90.5% |
| Remuneration, social security and pensions | 62 | €3,684,397 | €5,570,110 | +€1.9m | +51.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €333,418 | €494,063 | +€160,646 | +48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €150,000 | +€150,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €27,617 | -€91,133 | -€118,749 | |
| Other operating charges | 640/8 | €40,733 | €56,024 | +€15,291 | +37.5% |
| Operating profit (loss) | 9901 | €1,590,751 | €1,171,609 | -€419,142 | -26.3% |
| Financial income | 75/76B | €552,439 | €83,729 | -€468,710 | -84.8% |
| Recurring financial income | 75 | €552,439 | €83,729 | -€468,710 | -84.8% |
| Income from financial fixed assets | 750 | €495,488 | - | -€495,488 | |
| Income from current assets | 751 | €12,622 | €17,956 | +€5,334 | +42.3% |
| Other financial income | 752/9 | €44,330 | €65,774 | +€21,444 | +48.4% |
| Financial charges | 65/66B | €4,028 | €27,382 | +€23,354 | +579.8% |
| Recurring financial charges | 65 | €4,028 | €7,486 | +€3,458 | +85.8% |
| Debt charges | 650 | €3,410 | €7,323 | +€3,914 | +114.8% |
| Other financial charges | 652/9 | €619 | €163 | -€456 | -73.7% |
| Non-recurring financial charges | 66B | - | €19,896 | +€19,896 | |
| Profit (loss) for the period before taxes | 9903 | €2,139,162 | €1,227,956 | -€911,206 | -42.6% |
| Transfer from deferred taxes | 780 | €2,855 | €1,616 | -€1,239 | -43.4% |
| Income taxes | 67/77 | €433,786 | €340,586 | -€93,200 | -21.5% |
| Taxes | 670/3 | €433,786 | €341,086 | -€92,700 | -21.4% |
| Tax adjustments and reversals of tax provisions | 77 | - | €500 | +€500 | |
| Profit (loss) for the period | 9904 | €1,708,230 | €888,986 | -€819,244 | -48.0% |
| Transfer from tax-exempt reserves | 789 | €6,796 | €3,846 | -€2,950 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,715,026 | €892,832 | -€822,194 | -47.9% |
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 5 October 2026 via checked.be.