GEZEL IV ICT: 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.
GEZEL IV ICT
Largest movements
- Receivables within one year +€14,913
up €14,913 (+92.3%), from €16,148 to €31,061
- Tangible fixed assets -€11,872
down €11,872 (-3.7%), from €322,546 to €310,675
of which Land and buildings: -€7,307
- Cash -€10,681
down €10,681 (-8.4%), from €126,822 to €116,141
mainly Other debts (-€48,599) and Receivables within one year (-€14,913)
- Other debts -€48,599
down €48,599 (-65.0%), from €74,778 to €26,178
- Reserves +€44,358
up €44,358 (+22.1%), from €200,526 to €244,884
of which Distributable reserves: +€46,095
- Debts after one year -€10,402
down €10,402 (-7.3%), from €143,172 to €132,770
- Tax, wage and social debts +€7,137
up €7,137 (+58.4%), from €12,212 to €19,349
- Depreciation -€4,112
down €4,112 (-30.4%), from €13,516 to €9,404
- Gross operating margin +€2,697
up €2,697 (+3.7%), from €73,757 to €76,453
- Taxes +€1,241
up €1,241 (+7.7%), from €16,206 to €17,447
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 | €467,906 | €460,400 | -€7,506 | -1.6% |
| Fixed assets | 21/28 | €322,546 | €310,675 | -€11,872 | -3.7% |
| Tangible fixed assets | 22/27 | €322,546 | €310,675 | -€11,872 | -3.7% |
| Land and buildings | 22 | €307,659 | €300,352 | -€7,307 | -2.4% |
| Plant, machinery and equipment | 23 | €8,855 | €7,891 | -€964 | -10.9% |
| Furniture and vehicles | 24 | €6,032 | €2,432 | -€3,600 | -59.7% |
| Current assets | 29/58 | €145,359 | €149,725 | +€4,365 | +3.0% |
| Amounts receivable within one year | 40/41 | €16,148 | €31,061 | +€14,913 | +92.3% |
| Trade receivables | 40 | €16,148 | €31,061 | +€14,913 | +92.3% |
| Cash at bank and in hand | 54/58 | €126,822 | €116,141 | -€10,681 | -8.4% |
| Deferred charges and accrued income | 490/1 | €2,390 | €2,523 | +€133 | +5.6% |
| Total equity and liabilities | 10/49 | €467,906 | €460,400 | -€7,506 | -1.6% |
| Equity | 10/15 | €213,225 | €257,583 | +€44,358 | +20.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €200,526 | €244,884 | +€44,358 | +22.1% |
| Tax-exempt reserves | 132 | €57,779 | €56,042 | -€1,737 | -3.0% |
| Distributable reserves | 133 | €142,747 | €188,842 | +€46,095 | +32.3% |
| Profit (loss) carried forward | 14 | €298 | €298 | = | 0.0% |
| Provisions and deferred taxes | 16 | €13,743 | €12,957 | -€785 | -5.7% |
| Deferred taxes | 168 | €13,743 | €12,957 | -€785 | -5.7% |
| Amounts payable | 17/49 | €240,939 | €189,860 | -€51,079 | -21.2% |
| Amounts payable after more than one year | 17 | €143,172 | €132,770 | -€10,402 | -7.3% |
| Financial debts | 170/4 | €143,172 | €132,770 | -€10,402 | -7.3% |
| Amounts payable within one year | 42/48 | €97,746 | €57,089 | -€40,656 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €10,750 | €10,402 | -€347 | -3.2% |
| Trade debts | 44 | €7 | €1,160 | +€1,153 | +16,520% |
| Suppliers | 440/4 | €7 | €1,160 | +€1,153 | +16,520% |
| Taxes, remuneration and social security | 45 | €12,212 | €19,349 | +€7,137 | +58.4% |
| Taxes | 450/3 | €12,212 | €19,349 | +€7,137 | +58.4% |
| Other amounts payable | 47/48 | €74,778 | €26,178 | -€48,599 | -65.0% |
| Accrued charges and deferred income | 492/3 | €20 | - | -€20 | |
| Non-recurring operating income | 76A | - | €4,079 | +€4,079 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,516 | €9,404 | -€4,112 | -30.4% |
| Other operating charges | 640/8 | €2,468 | €1,862 | -€606 | -24.5% |
| Gross operating margin | 9900 | €73,757 | €76,453 | +€2,697 | +3.7% |
| Operating profit (loss) | 9901 | €57,773 | €65,187 | +€7,414 | +12.8% |
| Financial income | 75/76B | €838 | €432 | -€406 | -48.4% |
| Recurring financial income | 75 | €838 | €432 | -€406 | -48.4% |
| Financial charges | 65/66B | €4,923 | €4,600 | -€324 | -6.6% |
| Recurring financial charges | 65 | €4,923 | €4,600 | -€324 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €53,687 | €61,020 | +€7,332 | +13.7% |
| Transfer from deferred taxes | 780 | €785 | €785 | = | 0.0% |
| Income taxes | 67/77 | €16,206 | €17,447 | +€1,241 | +7.7% |
| Profit (loss) for the period | 9904 | €38,267 | €44,358 | +€6,092 | +15.9% |
| Transfer from tax-exempt reserves | 789 | €1,737 | €1,737 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,003 | €46,095 | +€6,092 | +15.2% |
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 18 October 2026 via checked.be.