P & A GELIN: 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.
P & A GELIN
Largest movements
- Tangible fixed assets +€524,155
up €524,155 (+205%), from €255,152 to €779,307
of which Land and buildings: +€395,538
- Receivables within one year -€61,257
down €61,257 (-24.8%), from €247,058 to €185,802
of which Trade receivables: -€65,262
- Cash +€41,829
up €41,829 (+181%), from €23,113 to €64,942
mainly Debts after one year (+€535,976) and Receivables within one year (+€61,257)
- Stocks and contracts +€28,682
up €28,682 (+4.0%), from €718,721 to €747,403
- Debts after one year +€535,976
up €535,976 (+145%), from €370,163 to €906,139
- Trade debts +€60,514
up €60,514 (+18.9%), from €320,099 to €380,613
- Current portion of long-term debt -€49,717
down €49,717 (-39.5%), from €125,983 to €76,267
- Advances received -€35,070
down €35,070 (-100%), from €35,070 to €0
- Short-term financial debts +€26,055
up €26,055 (+288%), from €9,037 to €35,092
- Gross operating margin -€67,062
down €67,062 (-26.2%), from €256,253 to €189,191
- Financial charges +€26,952
up €26,952 (+144%), from €18,679 to €45,631
- Financial income +€14,699
up €14,699 (+422%), from €3,482 to €18,180
of which Financial income: +€18,083
- Depreciation +€13,115
up €13,115 (+34.9%), from €37,624 to €50,739
- Staff costs -€12,548
down €12,548 (-11.5%), from €109,179 to €96,631
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 | €1,275,020 | €1,804,613 | +€529,593 | +41.5% |
| Fixed assets | 21/28 | €272,895 | €797,051 | +€524,155 | +192% |
| Tangible fixed assets | 22/27 | €255,152 | €779,307 | +€524,155 | +205% |
| Land and buildings | 22 | €34,260 | €429,798 | +€395,538 | +1,155% |
| Plant, machinery and equipment | 23 | €185,829 | €189,027 | +€3,198 | +1.7% |
| Furniture and vehicles | 24 | €35,062 | €26,614 | -€8,448 | -24.1% |
| Assets under construction and advance payments | 27 | - | €133,868 | +€133,868 | |
| Financial fixed assets | 28 | €17,744 | €17,744 | = | 0.0% |
| Current assets | 29/58 | €1,002,125 | €1,007,562 | +€5,437 | +0.5% |
| Stocks and contracts in progress | 3 | €718,721 | €747,403 | +€28,682 | +4.0% |
| Stocks | 30/36 | €718,721 | €747,403 | +€28,682 | +4.0% |
| Amounts receivable within one year | 40/41 | €247,058 | €185,802 | -€61,257 | -24.8% |
| Trade receivables | 40 | €240,804 | €175,542 | -€65,262 | -27.1% |
| Other amounts receivable | 41 | €6,254 | €10,259 | +€4,005 | +64.0% |
| Cash at bank and in hand | 54/58 | €23,113 | €64,942 | +€41,829 | +181% |
| Deferred charges and accrued income | 490/1 | €13,233 | €9,415 | -€3,818 | -28.8% |
| Total equity and liabilities | 10/49 | €1,275,020 | €1,804,613 | +€529,593 | +41.5% |
| Equity | 10/15 | €336,556 | €337,585 | +€1,029 | +0.3% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €25,100 | €26,129 | +€1,029 | +4.1% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,600 | €18,600 | = | 0.0% |
| Distributable reserves | 133 | - | €1,029 | +€1,029 | |
| Profit (loss) carried forward | 14 | €246,456 | €246,456 | = | 0.0% |
| Amounts payable | 17/49 | €938,464 | €1,467,027 | +€528,563 | +56.3% |
| Amounts payable after more than one year | 17 | €370,163 | €906,139 | +€535,976 | +145% |
| Financial debts | 170/4 | €370,163 | €906,139 | +€535,976 | +145% |
| Amounts payable within one year | 42/48 | €568,301 | €560,888 | -€7,413 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €125,983 | €76,267 | -€49,717 | -39.5% |
| Financial debts | 43 | €9,037 | €35,092 | +€26,055 | +288% |
| Credit institutions | 430/8 | €9,037 | €35,092 | +€26,055 | +288% |
| Trade debts | 44 | €320,099 | €380,613 | +€60,514 | +18.9% |
| Suppliers | 440/4 | €320,099 | €380,613 | +€60,514 | +18.9% |
| Advances received on contracts in progress | 46 | €35,070 | €0 | -€35,070 | -100% |
| Taxes, remuneration and social security | 45 | €52,980 | €38,020 | -€14,960 | -28.2% |
| Taxes | 450/3 | €37,601 | €23,828 | -€13,773 | -36.6% |
| Remuneration and social security | 454/9 | €15,379 | €14,192 | -€1,187 | -7.7% |
| Other amounts payable | 47/48 | €25,132 | €30,896 | +€5,764 | +22.9% |
| Non-recurring operating income | 76A | €1,766 | - | -€1,766 | |
| Remuneration, social security and pensions | 62 | €109,179 | €96,631 | -€12,548 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,624 | €50,739 | +€13,115 | +34.9% |
| Other operating charges | 640/8 | €7,833 | €7,130 | -€703 | -9.0% |
| Non-recurring operating charges | 66A | €882 | €796 | -€85 | -9.7% |
| Gross operating margin | 9900 | €256,253 | €189,191 | -€67,062 | -26.2% |
| Operating profit (loss) | 9901 | €100,735 | €33,894 | -€66,841 | -66.4% |
| Financial income | 75/76B | €3,482 | €18,180 | +€14,699 | +422% |
| Recurring financial income | 75 | €98 | €18,180 | +€18,083 | +18,541% |
| Non-recurring financial income | 76B | €3,384 | - | -€3,384 | |
| Financial charges | 65/66B | €18,679 | €45,631 | +€26,952 | +144% |
| Recurring financial charges | 65 | €18,679 | €45,631 | +€26,952 | +144% |
| Profit (loss) for the period before taxes | 9903 | €85,538 | €6,443 | -€79,095 | -92.5% |
| Income taxes | 67/77 | €17,674 | €5,414 | -€12,260 | -69.4% |
| Profit (loss) for the period | 9904 | €67,864 | €1,029 | -€66,835 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,864 | €1,029 | -€66,835 | -98.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.