GISECO: 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.
GISECO
Largest movements
- Receivables within one year +€19,215
up €19,215 (+14.7%), from €130,484 to €149,699
of which Other amounts receivable: +€19,088
- Cash +€9,187
up €9,187 (+3,172%), from €290 to €9,477
mainly Net result for the year (+€26,383) and Trade debts (+€10,630)
- Receivables after one year -€5,000
down €5,000 (-33.3%), from €15,000 to €10,000
- Trade debts +€10,630
up €10,630 (+63.3%), from €16,790 to €27,421
- Reserves +€10,550
up €10,550 (+10.1%), from €104,467 to €115,017
- Tax, wage and social debts +€2,850
up €2,850 (+17.9%), from €15,903 to €18,753
- Taxes -€541
down €541 (-6.9%), from €7,844 to €7,303
- Financial income +€434
up €434 (+6.5%), from €6,657 to €7,091
- Gross operating margin -€315
down €315 (-1.1%), from €28,767 to €28,452
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 | €151,462 | €175,474 | +€24,012 | +15.9% |
| Fixed assets | 21/28 | - | €747 | +€747 | |
| Tangible fixed assets | 22/27 | - | €747 | +€747 | |
| Furniture and vehicles | 24 | - | €747 | +€747 | |
| Current assets | 29/58 | €151,462 | €174,727 | +€23,266 | +15.4% |
| Amounts receivable after more than one year | 29 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Other amounts receivable | 291 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €130,484 | €149,699 | +€19,215 | +14.7% |
| Trade receivables | 40 | - | €127 | +€127 | |
| Other amounts receivable | 41 | €130,484 | €149,572 | +€19,088 | +14.6% |
| Cash at bank and in hand | 54/58 | €290 | €9,477 | +€9,187 | +3,172% |
| Deferred charges and accrued income | 490/1 | €5,689 | €5,552 | -€137 | -2.4% |
| Total equity and liabilities | 10/49 | €151,462 | €175,474 | +€24,012 | +15.9% |
| Equity | 10/15 | €110,667 | €121,217 | +€10,550 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €104,467 | €115,017 | +€10,550 | +10.1% |
| Distributable reserves | 133 | €104,467 | €115,017 | +€10,550 | +10.1% |
| Amounts payable | 17/49 | €40,795 | €54,257 | +€13,462 | +33.0% |
| Amounts payable within one year | 42/48 | €40,795 | €54,257 | +€13,462 | +33.0% |
| Trade debts | 44 | €16,790 | €27,421 | +€10,630 | +63.3% |
| Suppliers | 440/4 | €16,790 | €27,421 | +€10,630 | +63.3% |
| Taxes, remuneration and social security | 45 | €15,903 | €18,753 | +€2,850 | +17.9% |
| Taxes | 450/3 | €15,903 | €18,753 | +€2,850 | +17.9% |
| Other amounts payable | 47/48 | €8,101 | €8,083 | -€18 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €22 | +€22 | |
| Other operating charges | 640/8 | €1,664 | €1,605 | -€58 | -3.5% |
| Gross operating margin | 9900 | €28,767 | €28,452 | -€315 | -1.1% |
| Operating profit (loss) | 9901 | €27,104 | €26,825 | -€279 | -1.0% |
| Financial income | 75/76B | €6,657 | €7,091 | +€434 | +6.5% |
| Recurring financial income | 75 | €6,657 | €7,091 | +€434 | +6.5% |
| Financial charges | 65/66B | €169 | €230 | +€61 | +36.4% |
| Recurring financial charges | 65 | €169 | €230 | +€61 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €33,592 | €33,687 | +€94 | +0.3% |
| Income taxes | 67/77 | €7,844 | €7,303 | -€541 | -6.9% |
| Profit (loss) for the period | 9904 | €25,748 | €26,383 | +€635 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,748 | €26,383 | +€635 | +2.5% |
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 13 October 2026 via checked.be.