GISCALE: 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.
GISCALE
Largest movements
- Receivables within one year -€20,250
down €20,250 (-43.1%), from €46,958 to €26,708
of which Other amounts receivable: -€21,751
- Receivables after one year -€6,000
no longer reported in 2025 (was €6,000)
- Cash +€5,050
up €5,050 (+2.7%), from €185,953 to €191,003
mainly Net result for the year (+€45,428) and Receivables within one year (+€20,250)
- Tangible fixed assets +€4,006
up €4,006 (+54.0%), from €7,416 to €11,423
of which Leasing and similar rights: +€3,932
- Reserves -€13,305
down €13,305 (-5.8%), from €231,371 to €218,067
- Accrued charges and deferred income -€7,380
down €7,380 (-83.8%), from €8,810 to €1,430
- Gross operating margin +€23,884
up €23,884 (+46.6%), from €51,252 to €75,136
- Taxes +€5,220
up €5,220 (+36.7%), from €14,218 to €19,438
- Financial charges +€3,511
up €3,511 (+2070.2%), from €170 to €3,681
- Depreciation -€775
down €775 (-12.7%), from €6,113 to €5,338
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 | €257,655 | €240,197 | -€17,458 | -6.8% |
| Fixed assets | 21/28 | €10,716 | €14,723 | +€4,006 | +37.4% |
| Tangible fixed assets | 22/27 | €7,416 | €11,423 | +€4,006 | +54.0% |
| Furniture and vehicles | 24 | €7,416 | €5,960 | -€1,456 | -19.6% |
| Leasing and similar rights | 25 | - | €3,932 | +€3,932 | |
| Other tangible fixed assets | 26 | - | €1,531 | +€1,531 | |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €246,938 | €225,474 | -€21,464 | -8.7% |
| Amounts receivable after more than one year | 29 | €6,000 | - | -€6,000 | |
| Other amounts receivable | 291 | €6,000 | - | -€6,000 | |
| Amounts receivable within one year | 40/41 | €46,958 | €26,708 | -€20,250 | -43.1% |
| Trade receivables | 40 | €19,687 | €21,188 | +€1,501 | +7.6% |
| Other amounts receivable | 41 | €27,271 | €5,520 | -€21,751 | -79.8% |
| Cash at bank and in hand | 54/58 | €185,953 | €191,003 | +€5,050 | +2.7% |
| Deferred charges and accrued income | 490/1 | €8,027 | €7,763 | -€264 | -3.3% |
| Total equity and liabilities | 10/49 | €257,655 | €240,197 | -€17,458 | -6.8% |
| Equity | 10/15 | €237,571 | €224,267 | -€13,305 | -5.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €231,371 | €218,067 | -€13,305 | -5.8% |
| Distributable reserves | 133 | €231,371 | €218,067 | -€13,305 | -5.8% |
| Amounts payable | 17/49 | €20,083 | €15,930 | -€4,153 | -20.7% |
| Amounts payable after more than one year | 17 | - | €2,548 | +€2,548 | |
| Financial debts | 170/4 | - | €2,548 | +€2,548 | |
| Amounts payable within one year | 42/48 | €11,273 | €11,952 | +€679 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | - | €1,189 | +€1,189 | |
| Trade debts | 44 | €1,655 | - | -€1,655 | |
| Suppliers | 440/4 | €1,655 | - | -€1,655 | |
| Taxes, remuneration and social security | 45 | €9,619 | €10,763 | +€1,144 | +11.9% |
| Taxes | 450/3 | €7,169 | €8,313 | +€1,144 | +16.0% |
| Remuneration and social security | 454/9 | €2,450 | €2,450 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €8,810 | €1,430 | -€7,380 | -83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,113 | €5,338 | -€775 | -12.7% |
| Other operating charges | 640/8 | €1,576 | €1,260 | -€316 | -20.1% |
| Gross operating margin | 9900 | €51,252 | €75,136 | +€23,884 | +46.6% |
| Operating profit (loss) | 9901 | €43,563 | €68,538 | +€24,975 | +57.3% |
| Financial income | 75/76B | €3 | €9 | +€6 | +198.7% |
| Recurring financial income | 75 | €3 | €9 | +€6 | +198.7% |
| Financial charges | 65/66B | €170 | €3,681 | +€3,511 | +2070.2% |
| Recurring financial charges | 65 | €170 | €3,681 | +€3,511 | +2070.2% |
| Profit (loss) for the period before taxes | 9903 | €43,397 | €64,866 | +€21,469 | +49.5% |
| Income taxes | 67/77 | €14,218 | €19,438 | +€5,220 | +36.7% |
| Profit (loss) for the period | 9904 | €29,179 | €45,428 | +€16,249 | +55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,179 | €45,428 | +€16,249 | +55.7% |
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 9 October 2026 via checked.be.