GYPEL: 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.
GYPEL
Largest movements
- Tangible fixed assets +€30,852
up €30,852 (+20.9%), from €147,547 to €178,400
of which Plant, machinery and equipment: +€27,483
- Receivables within one year +€25,819
up €25,819 (+11.5%), from €225,154 to €250,973
of which Other amounts receivable: +€26,985
- Cash -€20,678
down €20,678 (-21.8%), from €94,691 to €74,012
mainly Investment in fixed assets (net) (-€56,824) and Receivables within one year (-€25,819)
- Reserves +€38,847
up €38,847 (+83.2%), from €46,706 to €85,553
- Trade debts +€19,003
up €19,003 (+211%), from €8,991 to €27,994
- Debts after one year -€16,391
down €16,391 (-18.5%), from €88,612 to €72,220
- Tax, wage and social debts -€6,545
down €6,545 (-61.9%), from €10,581 to €4,036
of which Taxes: -€4,267
- Staff costs +€26,135
up €26,135 (+37.9%), from €68,875 to €95,010
- Gross operating margin +€8,751
up €8,751 (+5.0%), from €173,894 to €182,645
- Depreciation -€8,135
down €8,135 (-23.9%), from €34,106 to €25,971
- Taxes -€4,014
down €4,014 (-17.4%), from €23,030 to €19,016
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 | €536,582 | €572,002 | +€35,420 | +6.6% |
| Fixed assets | 21/28 | €147,847 | €178,700 | +€30,852 | +20.9% |
| Tangible fixed assets | 22/27 | €147,547 | €178,400 | +€30,852 | +20.9% |
| Land and buildings | 22 | €138,902 | €143,018 | +€4,116 | +3.0% |
| Plant, machinery and equipment | 23 | €3,962 | €31,444 | +€27,483 | +694% |
| Furniture and vehicles | 24 | €4,684 | €3,938 | -€746 | -15.9% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €388,735 | €393,303 | +€4,568 | +1.2% |
| Stocks and contracts in progress | 3 | €55,118 | €55,471 | +€353 | +0.6% |
| Stocks | 30/36 | €55,118 | €55,471 | +€353 | +0.6% |
| Amounts receivable within one year | 40/41 | €225,154 | €250,973 | +€25,819 | +11.5% |
| Trade receivables | 40 | €151,320 | €150,154 | -€1,166 | -0.8% |
| Other amounts receivable | 41 | €73,835 | €100,819 | +€26,985 | +36.5% |
| Cash at bank and in hand | 54/58 | €94,691 | €74,012 | -€20,678 | -21.8% |
| Deferred charges and accrued income | 490/1 | €13,771 | €12,846 | -€926 | -6.7% |
| Total equity and liabilities | 10/49 | €536,582 | €572,002 | +€35,420 | +6.6% |
| Equity | 10/15 | €403,016 | €441,863 | +€38,847 | +9.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €46,706 | €85,553 | +€38,847 | +83.2% |
| Distributable reserves | 133 | €46,706 | €85,553 | +€38,847 | +83.2% |
| Profit (loss) carried forward | 14 | €336,310 | €336,310 | = | 0.0% |
| Amounts payable | 17/49 | €133,566 | €130,139 | -€3,427 | -2.6% |
| Amounts payable after more than one year | 17 | €88,612 | €72,220 | -€16,391 | -18.5% |
| Financial debts | 170/4 | €88,612 | €72,220 | -€16,391 | -18.5% |
| Amounts payable within one year | 42/48 | €40,708 | €53,684 | +€12,976 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €21,136 | €21,655 | +€518 | +2.5% |
| Trade debts | 44 | €8,991 | €27,994 | +€19,003 | +211% |
| Suppliers | 440/4 | €8,991 | €27,994 | +€19,003 | +211% |
| Taxes, remuneration and social security | 45 | €10,581 | €4,036 | -€6,545 | -61.9% |
| Taxes | 450/3 | €8,303 | €4,036 | -€4,267 | -51.4% |
| Remuneration and social security | 454/9 | €2,278 | - | -€2,278 | |
| Accrued charges and deferred income | 492/3 | €4,246 | €4,235 | -€11 | -0.3% |
| Remuneration, social security and pensions | 62 | €68,875 | €95,010 | +€26,135 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,106 | €25,971 | -€8,135 | -23.9% |
| Other operating charges | 640/8 | €1,195 | €1,357 | +€162 | +13.6% |
| Gross operating margin | 9900 | €173,894 | €182,645 | +€8,751 | +5.0% |
| Operating profit (loss) | 9901 | €69,718 | €60,307 | -€9,411 | -13.5% |
| Financial income | 75/76B | €3,276 | €3,089 | -€187 | -5.7% |
| Recurring financial income | 75 | €3,276 | €3,089 | -€187 | -5.7% |
| Financial charges | 65/66B | €5,258 | €5,533 | +€275 | +5.2% |
| Recurring financial charges | 65 | €5,258 | €5,533 | +€275 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €67,736 | €57,863 | -€9,873 | -14.6% |
| Income taxes | 67/77 | €23,030 | €19,016 | -€4,014 | -17.4% |
| Profit (loss) for the period | 9904 | €44,706 | €38,847 | -€5,859 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,706 | €38,847 | -€5,859 | -13.1% |
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 17 October 2026 via checked.be.