GISA: 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.
GISA
Largest movements
- Deferred charges and accrued income -€414,700
down €414,700 (-100%), from €414,700 to €0
- Cash +€74,477
up €74,477 (+71.6%), from €103,973 to €178,450
mainly Deferred charges and accrued income (+€414,700) and Receivables within one year (+€24,190)
- Receivables within one year -€24,190
down €24,190 (-58.5%), from €41,366 to €17,176
of which Trade receivables: -€24,754
- Tangible fixed assets -€19,177
down €19,177 (-76.4%), from €25,096 to €5,919
- Current portion of long-term debt -€388,659
down €388,659 (-100%), from €388,659 to €0
- Trade debts +€10,379
up €10,379 (+77.7%), from €13,349 to €23,728
- Gross operating margin -€123,881
down €123,881 (-85.4%), from €145,103 to €21,222
- Depreciation -€8,310
down €8,310 (-55.0%), from €15,100 to €6,790
- Financial charges -€7,326
down €7,326 (-27.6%), from €26,575 to €19,249
- Taxes -€3,547
down €3,547 (-97.2%), from €3,648 to €101
- Other operating charges -€2,144
down €2,144 (-79.0%), from €2,713 to €569
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 | €585,135 | €201,544 | -€383,591 | -65.6% |
| Fixed assets | 21/28 | €25,096 | €5,919 | -€19,177 | -76.4% |
| Tangible fixed assets | 22/27 | €25,096 | €5,919 | -€19,177 | -76.4% |
| Furniture and vehicles | 24 | €25,096 | €5,919 | -€19,177 | -76.4% |
| Current assets | 29/58 | €560,039 | €195,625 | -€364,414 | -65.1% |
| Amounts receivable within one year | 40/41 | €41,366 | €17,176 | -€24,190 | -58.5% |
| Trade receivables | 40 | €41,366 | €16,612 | -€24,754 | -59.8% |
| Other amounts receivable | 41 | - | €563 | +€563 | |
| Cash at bank and in hand | 54/58 | €103,973 | €178,450 | +€74,477 | +71.6% |
| Deferred charges and accrued income | 490/1 | €414,700 | €0 | -€414,700 | -100% |
| Total equity and liabilities | 10/49 | €585,135 | €201,544 | -€383,591 | -65.6% |
| Equity | 10/15 | €172,814 | €167,712 | -€5,102 | -3.0% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,814 | €7,712 | -€5,102 | -39.8% |
| Amounts payable | 17/49 | €412,321 | €33,832 | -€378,489 | -91.8% |
| Amounts payable within one year | 42/48 | €412,321 | €33,832 | -€378,489 | -91.8% |
| Current portion of amounts payable after more than one year | 42 | €388,659 | €0 | -€388,659 | -100% |
| Trade debts | 44 | €13,349 | €23,728 | +€10,379 | +77.7% |
| Suppliers | 440/4 | €13,349 | €23,728 | +€10,379 | +77.7% |
| Taxes, remuneration and social security | 45 | €8,250 | €3,609 | -€4,641 | -56.3% |
| Taxes | 450/3 | €3,609 | €3,609 | +€0 | 0.0% |
| Remuneration and social security | 454/9 | €4,641 | €0 | -€4,641 | -100% |
| Other amounts payable | 47/48 | €2,063 | €6,495 | +€4,432 | +215% |
| Remuneration, social security and pensions | 62 | €1,571 | €0 | -€1,571 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,100 | €6,790 | -€8,310 | -55.0% |
| Other operating charges | 640/8 | €2,713 | €569 | -€2,144 | -79.0% |
| Non-recurring operating charges | 66A | €85,090 | €0 | -€85,090 | -100% |
| Gross operating margin | 9900 | €145,103 | €21,222 | -€123,881 | -85.4% |
| Operating profit (loss) | 9901 | €40,629 | €13,863 | -€26,766 | -65.9% |
| Financial income | 75/76B | €2,408 | €385 | -€2,023 | -84.0% |
| Recurring financial income | 75 | €2,408 | €385 | -€2,023 | -84.0% |
| Financial charges | 65/66B | €26,575 | €19,249 | -€7,326 | -27.6% |
| Recurring financial charges | 65 | €26,575 | €19,249 | -€7,326 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €16,462 | -€5,001 | -€21,463 | |
| Income taxes | 67/77 | €3,648 | €101 | -€3,547 | -97.2% |
| Profit (loss) for the period | 9904 | €12,814 | -€5,102 | -€17,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,814 | -€5,102 | -€17,916 |
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 17 October 2026 via checked.be.