GOZEL: 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.
GOZEL
Largest movements
- Tangible fixed assets +€238,705
up €238,705 (+186%), from €128,247 to €366,952
of which Land and buildings: +€276,860
- Receivables within one year -€30,925
down €30,925 (-63.3%), from €48,877 to €17,952
of which Trade receivables: -€31,993
- Debts after one year +€162,330
up €162,330 (+649%), from €25,025 to €187,355
- Profit (loss) carried forward +€21,733
up €21,733 (+46.1%), from -€47,116 to -€25,383
- Tax, wage and social debts +€12,424
up €12,424 (+1,749%), from €710 to €13,134
of which Remuneration and social security: +€12,000
- Current portion of long-term debt +€9,985
up €9,985 (+74.4%), from €13,422 to €23,407
- Other debts +€4,916
up €4,916 (+3.0%), from €161,993 to €166,910
- Gross operating margin +€24,812
up €24,812 (+90.0%), from €27,557 to €52,369
- Staff costs -€6,714
down €6,714 (-70.1%), from €9,573 to €2,859
- Depreciation +€4,548
up €4,548 (+31.7%), from €14,336 to €18,884
- Financial charges +€2,886
up €2,886 (+89.7%), from €3,217 to €6,102
- Other operating charges +€2,417
up €2,417 (+623%), from €388 to €2,804
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 | €203,605 | €411,981 | +€208,376 | +102% |
| Fixed assets | 21/28 | €128,247 | €366,952 | +€238,705 | +186% |
| Tangible fixed assets | 22/27 | €128,247 | €366,952 | +€238,705 | +186% |
| Land and buildings | 22 | €1,647 | €278,507 | +€276,860 | +16,809% |
| Plant, machinery and equipment | 23 | €70,665 | €63,171 | -€7,495 | -10.6% |
| Furniture and vehicles | 24 | €4,843 | €3,822 | -€1,022 | -21.1% |
| Other tangible fixed assets | 26 | €51,091 | €21,453 | -€29,639 | -58.0% |
| Current assets | 29/58 | €75,358 | €45,030 | -€30,329 | -40.2% |
| Stocks and contracts in progress | 3 | €26,267 | €23,898 | -€2,370 | -9.0% |
| Stocks | 30/36 | €26,267 | €23,898 | -€2,370 | -9.0% |
| Amounts receivable within one year | 40/41 | €48,877 | €17,952 | -€30,925 | -63.3% |
| Trade receivables | 40 | €48,608 | €16,616 | -€31,993 | -65.8% |
| Other amounts receivable | 41 | €269 | €1,336 | +€1,067 | +397% |
| Cash at bank and in hand | 54/58 | €30 | €2,790 | +€2,761 | +9,337% |
| Deferred charges and accrued income | 490/1 | €184 | €389 | +€205 | +111% |
| Total equity and liabilities | 10/49 | €203,605 | €411,981 | +€208,376 | +102% |
| Equity | 10/15 | -€37,076 | -€15,343 | +€21,733 | +58.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €7,040 | €7,040 | = | 0.0% |
| Distributable reserves | 133 | €7,040 | €7,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,116 | -€25,383 | +€21,733 | +46.1% |
| Amounts payable | 17/49 | €240,681 | €427,324 | +€186,643 | +77.5% |
| Amounts payable after more than one year | 17 | €25,025 | €187,355 | +€162,330 | +649% |
| Financial debts | 170/4 | €25,025 | €187,355 | +€162,330 | +649% |
| Amounts payable within one year | 42/48 | €186,992 | €211,305 | +€24,313 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €13,422 | €23,407 | +€9,985 | +74.4% |
| Trade debts | 44 | €10,866 | €7,853 | -€3,012 | -27.7% |
| Suppliers | 440/4 | €10,866 | €7,853 | -€3,012 | -27.7% |
| Taxes, remuneration and social security | 45 | €710 | €13,134 | +€12,424 | +1,749% |
| Taxes | 450/3 | €150 | €574 | +€424 | +283% |
| Remuneration and social security | 454/9 | €560 | €12,560 | +€12,000 | +2,142% |
| Other amounts payable | 47/48 | €161,993 | €166,910 | +€4,916 | +3.0% |
| Accrued charges and deferred income | 492/3 | €28,664 | €28,664 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €9,573 | €2,859 | -€6,714 | -70.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,336 | €18,884 | +€4,548 | +31.7% |
| Other operating charges | 640/8 | €388 | €2,804 | +€2,417 | +623% |
| Gross operating margin | 9900 | €27,557 | €52,369 | +€24,812 | +90.0% |
| Operating profit (loss) | 9901 | €3,261 | €27,822 | +€24,562 | +753% |
| Financial income | 75/76B | €25 | €13 | -€12 | -48.9% |
| Recurring financial income | 75 | €25 | €13 | -€12 | -48.9% |
| Financial charges | 65/66B | €3,217 | €6,102 | +€2,886 | +89.7% |
| Recurring financial charges | 65 | €3,217 | €6,102 | +€2,886 | +89.7% |
| Profit (loss) for the period before taxes | 9903 | €69 | €21,733 | +€21,664 | +31,252% |
| Profit (loss) for the period | 9904 | €69 | €21,733 | +€21,664 | +31,252% |
| Profit (loss) for the period to be appropriated | 9905 | €69 | €21,733 | +€21,664 | +31,252% |
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 14 October 2026 via checked.be.