't Geluc: 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.
't Geluc
Largest movements
- Cash +€18,265
up €18,265 (+46.6%), from €39,172 to €57,437
mainly Net result for the year (+€61,317) and Depreciation (+€22,454)
- Tangible fixed assets -€17,737
down €17,737 (-18.7%), from €94,685 to €76,949
- Receivables within one year +€5,391
up €5,391 (+140%), from €3,852 to €9,243
- Reserves +€27,984
up €27,984 (+34.7%), from €80,751 to €108,735
of which Distributable reserves: +€27,984
- Other debts -€17,787
down €17,787 (-65.5%), from €27,137 to €9,350
- Tax, wage and social debts -€7,463
down €7,463 (-44.6%), from €16,748 to €9,285
of which Remuneration and social security: -€4,826
- Trade debts +€2,147
up €2,147 (+564%), from €380 to €2,527
- Staff costs -€65,024
down €65,024 (-37.4%), from €174,052 to €109,028
- Taxes +€18,685
up €18,685 (+444%), from €4,211 to €22,896
- Other operating charges +€8,278
up €8,278 (+39.4%), from €21,028 to €29,306
- Gross operating margin +€4,808
up €4,808 (+2.0%), from €241,952 to €246,759
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 | €143,616 | €148,498 | +€4,882 | +3.4% |
| Fixed assets | 21/28 | €94,685 | €76,949 | -€17,737 | -18.7% |
| Tangible fixed assets | 22/27 | €94,685 | €76,949 | -€17,737 | -18.7% |
| Land and buildings | 22 | €61,359 | €55,495 | -€5,864 | -9.6% |
| Plant, machinery and equipment | 23 | €22,721 | €17,325 | -€5,396 | -23.7% |
| Furniture and vehicles | 24 | €10,605 | €4,129 | -€6,476 | -61.1% |
| Current assets | 29/58 | €48,931 | €71,550 | +€22,618 | +46.2% |
| Stocks and contracts in progress | 3 | €5,908 | €4,870 | -€1,038 | -17.6% |
| Stocks | 30/36 | €5,908 | €4,870 | -€1,038 | -17.6% |
| Amounts receivable within one year | 40/41 | €3,852 | €9,243 | +€5,391 | +140% |
| Other amounts receivable | 41 | €3,852 | €9,243 | +€5,391 | +140% |
| Cash at bank and in hand | 54/58 | €39,172 | €57,437 | +€18,265 | +46.6% |
| Total equity and liabilities | 10/49 | €143,616 | €148,498 | +€4,882 | +3.4% |
| Equity | 10/15 | €99,351 | €127,335 | +€27,984 | +28.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,751 | €108,735 | +€27,984 | +34.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €78,891 | €106,875 | +€27,984 | +35.5% |
| Amounts payable | 17/49 | €44,266 | €21,163 | -€23,103 | -52.2% |
| Amounts payable within one year | 42/48 | €44,266 | €21,163 | -€23,103 | -52.2% |
| Trade debts | 44 | €380 | €2,527 | +€2,147 | +564% |
| Suppliers | 440/4 | €380 | €2,527 | +€2,147 | +564% |
| Taxes, remuneration and social security | 45 | €16,748 | €9,285 | -€7,463 | -44.6% |
| Taxes | 450/3 | €2,637 | - | -€2,637 | |
| Remuneration and social security | 454/9 | €14,111 | €9,285 | -€4,826 | -34.2% |
| Other amounts payable | 47/48 | €27,137 | €9,350 | -€17,787 | -65.5% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €174,052 | €109,028 | -€65,024 | -37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,859 | €22,454 | +€1,595 | +7.6% |
| Other operating charges | 640/8 | €21,028 | €29,306 | +€8,278 | +39.4% |
| Non-recurring operating charges | 66A | €2,114 | - | -€2,114 | |
| Gross operating margin | 9900 | €241,952 | €246,759 | +€4,808 | +2.0% |
| Operating profit (loss) | 9901 | €23,898 | €85,971 | +€62,073 | +260% |
| Financial income | 75/76B | €709 | €958 | +€249 | +35.1% |
| Recurring financial income | 75 | €709 | €958 | +€249 | +35.1% |
| Financial charges | 65/66B | €2,198 | €2,715 | +€517 | +23.5% |
| Recurring financial charges | 65 | €2,198 | €2,715 | +€517 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €22,409 | €84,213 | +€61,805 | +276% |
| Income taxes | 67/77 | €4,211 | €22,896 | +€18,685 | +444% |
| Profit (loss) for the period | 9904 | €18,198 | €61,317 | +€43,119 | +237% |
| Profit (loss) for the period to be appropriated | 9905 | €18,198 | €61,317 | +€43,119 | +237% |
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 27 October 2026 via checked.be.