HET GELEED: 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.
HET GELEED
Largest movements
- Cash +€171,203
up €171,203 (+46.2%), from €370,932 to €542,135
mainly Net result for the year (+€170,369) and Depreciation (+€156,136)
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Profit (loss) carried forward +€170,369
up €170,369 (+20.2%), from -€842,033 to -€671,664
- Accrued charges and deferred income -€32,718
down €32,718 (-18.8%), from €174,424 to €141,706
- Gross operating margin +€209,225
up €209,225 (+121%), from €173,347 to €382,572
- Write-downs -€29,766
down €29,766, from €14,883 to -€14,883
- Depreciation +€11,483
up €11,483 (+7.9%), from €144,654 to €156,136
- Financial income -€7,272
down €7,272 (-91.3%), from €7,964 to €692
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 | €1,466,072 | €1,587,792 | +€121,720 | +8.3% |
| Fixed assets | 21/28 | €1,002,334 | €1,017,284 | +€14,950 | +1.5% |
| Tangible fixed assets | 22/27 | €1,002,334 | €1,017,284 | +€14,950 | +1.5% |
| Land and buildings | 22 | €938,549 | €862,211 | -€76,337 | -8.1% |
| Plant, machinery and equipment | 23 | €59,469 | €57,322 | -€2,147 | -3.6% |
| Furniture and vehicles | 24 | €4,317 | €97,751 | +€93,434 | +2,164% |
| Current assets | 29/58 | €463,738 | €570,508 | +€106,770 | +23.0% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Other amounts receivable | 291 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €18,517 | €14,637 | -€3,880 | -21.0% |
| Trade receivables | 40 | €6,050 | €2,170 | -€3,880 | -64.1% |
| Other amounts receivable | 41 | €12,467 | €12,467 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €370,932 | €542,135 | +€171,203 | +46.2% |
| Deferred charges and accrued income | 490/1 | €24,288 | €13,736 | -€10,553 | -43.4% |
| Total equity and liabilities | 10/49 | €1,466,072 | €1,587,792 | +€121,720 | +8.3% |
| Equity | 10/15 | €410,450 | €580,819 | +€170,369 | +41.5% |
| Contributions | 10/11 | €1,252,483 | €1,252,483 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€842,033 | -€671,664 | +€170,369 | +20.2% |
| Amounts payable | 17/49 | €1,055,623 | €1,006,973 | -€48,650 | -4.6% |
| Amounts payable after more than one year | 17 | €831,000 | €831,000 | = | 0.0% |
| Other amounts payable | 178/9 | €831,000 | €831,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €50,198 | €34,267 | -€15,931 | -31.7% |
| Trade debts | 44 | €21,243 | €15,128 | -€6,114 | -28.8% |
| Suppliers | 440/4 | €21,243 | €15,128 | -€6,114 | -28.8% |
| Taxes, remuneration and social security | 45 | €11,499 | €7,416 | -€4,083 | -35.5% |
| Taxes | 450/3 | €9,499 | €5,416 | -€4,083 | -43.0% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €17,457 | €11,723 | -€5,734 | -32.8% |
| Accrued charges and deferred income | 492/3 | €174,424 | €141,706 | -€32,718 | -18.8% |
| Non-recurring operating income | 76A | - | €193,469 | +€193,469 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,654 | €156,136 | +€11,483 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,883 | -€14,883 | -€29,766 | |
| Other operating charges | 640/8 | €44,366 | €45,665 | +€1,299 | +2.9% |
| Gross operating margin | 9900 | €173,347 | €382,572 | +€209,225 | +121% |
| Operating profit (loss) | 9901 | -€30,555 | €195,653 | +€226,209 | |
| Financial income | 75/76B | €7,964 | €692 | -€7,272 | -91.3% |
| Recurring financial income | 75 | €7,964 | €692 | -€7,272 | -91.3% |
| Financial charges | 65/66B | €25,074 | €25,129 | +€55 | +0.2% |
| Recurring financial charges | 65 | €25,074 | €25,129 | +€55 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€47,666 | €171,216 | +€218,883 | |
| Income taxes | 67/77 | €919 | €847 | -€72 | -7.8% |
| Profit (loss) for the period | 9904 | -€48,585 | €170,369 | +€218,955 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,585 | €170,369 | +€218,955 |
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.