GISERCO: 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.
GISERCO
Largest movements
- Receivables within one year +€34,511
up €34,511 (+66.7%), from €51,778 to €86,289
of which Trade receivables: +€23,769
- Cash -€22,814
down €22,814 (-25.3%), from €90,231 to €67,417
mainly Debts after one year (-€44,738) and Receivables within one year (-€34,511)
- Tangible fixed assets -€18,527
down €18,527 (-4.4%), from €423,840 to €405,313
of which Land and buildings: -€15,509
- Reserves +€54,140
up €54,140 (+17.9%), from €302,265 to €356,405
- Debts after one year -€44,738
down €44,738 (-21.5%), from €207,668 to €162,930
of which Financial debts: -€43,613
- Current portion of long-term debt -€11,426
down €11,426 (-20.8%), from €55,039 to €43,613
- Gross operating margin -€52,453
down €52,453 (-32.7%), from €160,246 to €107,793
- Taxes -€15,140
down €15,140 (-38.4%), from €39,440 to €24,300
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 | €750,921 | €737,412 | -€13,510 | -1.8% |
| Fixed assets | 21/28 | €424,285 | €405,422 | -€18,863 | -4.4% |
| Intangible fixed assets | 21 | €446 | €110 | -€336 | -75.4% |
| Tangible fixed assets | 22/27 | €423,840 | €405,313 | -€18,527 | -4.4% |
| Land and buildings | 22 | €301,483 | €285,975 | -€15,509 | -5.1% |
| Plant, machinery and equipment | 23 | €1,023 | €4,422 | +€3,399 | +332.3% |
| Furniture and vehicles | 24 | €7,362 | €6,205 | -€1,157 | -15.7% |
| Other tangible fixed assets | 26 | €113,972 | €108,710 | -€5,261 | -4.6% |
| Current assets | 29/58 | €326,636 | €331,989 | +€5,354 | +1.6% |
| Amounts receivable after more than one year | 29 | €175,000 | €175,000 | = | 0.0% |
| Other amounts receivable | 291 | €175,000 | €175,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €51,778 | €86,289 | +€34,511 | +66.7% |
| Trade receivables | 40 | €34,191 | €57,960 | +€23,769 | +69.5% |
| Other amounts receivable | 41 | €17,587 | €28,329 | +€10,742 | +61.1% |
| Cash at bank and in hand | 54/58 | €90,231 | €67,417 | -€22,814 | -25.3% |
| Deferred charges and accrued income | 490/1 | €9,627 | €3,284 | -€6,343 | -65.9% |
| Total equity and liabilities | 10/49 | €750,921 | €737,412 | -€13,510 | -1.8% |
| Equity | 10/15 | €422,654 | €476,794 | +€54,140 | +12.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €302,265 | €356,405 | +€54,140 | +17.9% |
| Distributable reserves | 133 | €302,265 | €356,405 | +€54,140 | +17.9% |
| Profit (loss) carried forward | 14 | €95,389 | €95,389 | = | 0.0% |
| Amounts payable | 17/49 | €328,267 | €260,617 | -€67,650 | -20.6% |
| Amounts payable after more than one year | 17 | €207,668 | €162,930 | -€44,738 | -21.5% |
| Financial debts | 170/4 | €206,543 | €162,930 | -€43,613 | -21.1% |
| Other amounts payable | 178/9 | €1,125 | €0 | -€1,125 | -100.0% |
| Amounts payable within one year | 42/48 | €118,855 | €97,025 | -€21,830 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €55,039 | €43,613 | -€11,426 | -20.8% |
| Financial debts | 43 | €17,864 | €18,009 | +€145 | +0.8% |
| Credit institutions | 430/8 | €17,864 | €18,009 | +€145 | +0.8% |
| Trade debts | 44 | €7,898 | €2,198 | -€5,699 | -72.2% |
| Suppliers | 440/4 | €7,898 | €2,198 | -€5,699 | -72.2% |
| Taxes, remuneration and social security | 45 | €26,526 | €28,297 | +€1,771 | +6.7% |
| Taxes | 450/3 | €24,426 | €26,197 | +€1,771 | +7.2% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | = | 0.0% |
| Other amounts payable | 47/48 | €11,528 | €4,908 | -€6,620 | -57.4% |
| Accrued charges and deferred income | 492/3 | €1,744 | €662 | -€1,081 | -62.0% |
| Non-recurring operating income | 76A | - | €1,125 | +€1,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,420 | €25,107 | +€687 | +2.8% |
| Other operating charges | 640/8 | €4,126 | €4,196 | +€70 | +1.7% |
| Gross operating margin | 9900 | €160,246 | €107,793 | -€52,453 | -32.7% |
| Operating profit (loss) | 9901 | €131,700 | €78,490 | -€53,210 | -40.4% |
| Financial income | 75/76B | €5,159 | €5,134 | -€25 | -0.5% |
| Recurring financial income | 75 | €5,159 | €5,134 | -€25 | -0.5% |
| Financial charges | 65/66B | €6,279 | €5,183 | -€1,095 | -17.4% |
| Recurring financial charges | 65 | €6,279 | €5,183 | -€1,095 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €130,580 | €78,440 | -€52,140 | -39.9% |
| Income taxes | 67/77 | €39,440 | €24,300 | -€15,140 | -38.4% |
| Profit (loss) for the period | 9904 | €91,139 | €54,140 | -€36,999 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,139 | €54,140 | -€36,999 | -40.6% |
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 7 October 2026 via checked.be.