Giselan: 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.
Giselan
Largest movements
- Stocks and contracts -€78,677
down €78,677 (-100.0%), from €78,677 to €0
- Cash -€37,746
down €37,746 (-95.1%), from €39,705 to €1,959
mainly Net result for the year (-€105,741) and Tax, wage and social debts (-€37,335)
- Profit (loss) carried forward -€105,741
down €105,741 (-9.3%), from -€1.1m to -€1.2m
- Tax, wage and social debts -€37,335
down €37,335 (-86.0%), from €43,429 to €6,094
of which Remuneration and social security: -€27,792
- Short-term financial debts +€30,937
up €30,937 (+15.5%), from €200,052 to €230,989
- Other debts -€12,432
down €12,432 (-1.3%), from €973,289 to €960,857
- Gross operating margin -€157,818
down €157,818 (-73.1%), from €215,762 to €57,944
- Staff costs -€36,916
down €36,916 (-24.3%), from €152,104 to €115,188
- Depreciation -€10,796
down €10,796 (-58.1%), from €18,583 to €7,787
- Other operating charges +€2,674
up €2,674 (+18.1%), from €14,755 to €17,429
- Financial income -€2,556
down €2,556 (-93.5%), from €2,734 to €178
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 | €953,233 | €826,029 | -€127,203 | -13.3% |
| Fixed assets | 21/28 | €826,193 | €818,406 | -€7,787 | -0.9% |
| Tangible fixed assets | 22/27 | €826,193 | €818,406 | -€7,787 | -0.9% |
| Land and buildings | 22 | €790,832 | €784,017 | -€6,815 | -0.9% |
| Plant, machinery and equipment | 23 | €33,616 | €33,616 | = | 0.0% |
| Furniture and vehicles | 24 | €1,745 | €773 | -€972 | -55.7% |
| Current assets | 29/58 | €127,040 | €7,623 | -€119,416 | -94.0% |
| Stocks and contracts in progress | 3 | €78,677 | €0 | -€78,677 | -100.0% |
| Stocks | 30/36 | €78,677 | €0 | -€78,677 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,981 | €819 | -€1,162 | -58.7% |
| Trade receivables | 40 | €814 | €0 | -€814 | -100.0% |
| Other amounts receivable | 41 | €1,168 | €819 | -€348 | -29.8% |
| Cash at bank and in hand | 54/58 | €39,705 | €1,959 | -€37,746 | -95.1% |
| Deferred charges and accrued income | 490/1 | €6,676 | €4,845 | -€1,831 | -27.4% |
| Total equity and liabilities | 10/49 | €953,233 | €826,029 | -€127,203 | -13.3% |
| Equity | 10/15 | -€321,234 | -€426,975 | -€105,741 | -32.9% |
| Contributions | 10/11 | €749,940 | €749,940 | = | 0.0% |
| Capital | 10 | €749,940 | €749,940 | = | 0.0% |
| Issued capital | 100 | €749,940 | €749,940 | = | 0.0% |
| Reserves | 13 | €66,708 | €66,708 | = | 0.0% |
| Non-distributable reserves | 130/1 | €62,494 | €62,494 | = | 0.0% |
| Legal reserve | 130 | €62,494 | €62,494 | = | 0.0% |
| Distributable reserves | 133 | €4,214 | €4,214 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,137,882 | -€1,243,623 | -€105,741 | -9.3% |
| Amounts payable | 17/49 | €1,274,466 | €1,253,005 | -€21,462 | -1.7% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,223,889 | €1,200,127 | -€23,762 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €200,052 | €230,989 | +€30,937 | +15.5% |
| Credit institutions | 430/8 | €200,052 | €230,989 | +€30,937 | +15.5% |
| Trade debts | 44 | €5,583 | €2,188 | -€3,396 | -60.8% |
| Suppliers | 440/4 | €5,583 | €2,188 | -€3,396 | -60.8% |
| Advances received on contracts in progress | 46 | €1,535 | €0 | -€1,535 | -100.0% |
| Taxes, remuneration and social security | 45 | €43,429 | €6,094 | -€37,335 | -86.0% |
| Taxes | 450/3 | €15,637 | €6,094 | -€9,544 | -61.0% |
| Remuneration and social security | 454/9 | €27,792 | €0 | -€27,792 | -100.0% |
| Other amounts payable | 47/48 | €973,289 | €960,857 | -€12,432 | -1.3% |
| Accrued charges and deferred income | 492/3 | €578 | €2,878 | +€2,300 | +398.1% |
| Non-recurring operating income | 76A | - | €7,744 | +€7,744 | |
| Remuneration, social security and pensions | 62 | €152,104 | €115,188 | -€36,916 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,583 | €7,787 | -€10,796 | -58.1% |
| Other operating charges | 640/8 | €14,755 | €17,429 | +€2,674 | +18.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €215,762 | €57,944 | -€157,818 | -73.1% |
| Operating profit (loss) | 9901 | €30,321 | -€82,460 | -€112,780 | |
| Financial income | 75/76B | €2,734 | €178 | -€2,556 | -93.5% |
| Recurring financial income | 75 | €2,734 | €178 | -€2,556 | -93.5% |
| Financial charges | 65/66B | €25,174 | €23,750 | -€1,424 | -5.7% |
| Recurring financial charges | 65 | €25,174 | €23,750 | -€1,424 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €7,881 | -€106,031 | -€113,912 | |
| Income taxes | 67/77 | €608 | -€290 | -€898 | |
| Profit (loss) for the period | 9904 | €7,272 | -€105,741 | -€113,014 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,272 | -€105,741 | -€113,014 |
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 28 September 2026 via checked.be.