GELBOR: 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.
GELBOR
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts +€136,126
up €136,126 (+19.1%), from €713,042 to €849,168
- Reserves -€55,270
down €55,270 (-7.3%), from €759,773 to €704,503
of which Distributable reserves: -€55,270
- Debts after one year -€48,199
down €48,199 (-44.3%), from €108,913 to €60,714
- Gross operating margin -€93,254
down €93,254, from €71,641 to -€21,613
- Financial charges +€9,094
up €9,094 (+45.1%), from €20,171 to €29,264
- Taxes -€9,055
down €9,055 (-95.1%), from €9,518 to €464
- Depreciation -€4,208
down €4,208 (-58.0%), from €7,251 to €3,043
- Financial income -€4,110
down €4,110 (-77.3%), from €5,320 to €1,210
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 | €2,948,580 | €2,954,594 | +€6,014 | +0.2% |
| Fixed assets | 21/28 | €2,926,012 | €2,922,969 | -€3,043 | -0.1% |
| Tangible fixed assets | 22/27 | €12,172 | €9,129 | -€3,043 | -25.0% |
| Land and buildings | 22 | €12,172 | €9,129 | -€3,043 | -25.0% |
| Financial fixed assets | 28 | €2,913,840 | €2,913,840 | = | 0.0% |
| Current assets | 29/58 | €22,568 | €31,625 | +€9,057 | +40.1% |
| Amounts receivable within one year | 40/41 | €18,791 | €29,475 | +€10,684 | +56.9% |
| Trade receivables | 40 | €422 | €2,705 | +€2,283 | +541% |
| Other amounts receivable | 41 | €18,369 | €26,770 | +€8,401 | +45.7% |
| Cash at bank and in hand | 54/58 | €225 | €376 | +€151 | +67.0% |
| Deferred charges and accrued income | 490/1 | €3,552 | €1,774 | -€1,778 | -50.0% |
| Total equity and liabilities | 10/49 | €2,948,580 | €2,954,594 | +€6,014 | +0.2% |
| Equity | 10/15 | €2,035,773 | €1,980,503 | -€55,270 | -2.7% |
| Contributions | 10/11 | €1,276,000 | €1,276,000 | = | 0.0% |
| Capital | 10 | €1,276,000 | €1,276,000 | = | 0.0% |
| Issued capital | 100 | €1,276,000 | €1,276,000 | = | 0.0% |
| Reserves | 13 | €759,773 | €704,503 | -€55,270 | -7.3% |
| Non-distributable reserves | 130/1 | €45,469 | €45,469 | = | 0.0% |
| Legal reserve | 130 | €45,469 | €45,469 | = | 0.0% |
| Distributable reserves | 133 | €714,304 | €659,034 | -€55,270 | -7.7% |
| Amounts payable | 17/49 | €912,807 | €974,091 | +€61,284 | +6.7% |
| Amounts payable after more than one year | 17 | €108,913 | €60,714 | -€48,199 | -44.3% |
| Financial debts | 170/4 | €108,913 | €60,714 | -€48,199 | -44.3% |
| Amounts payable within one year | 42/48 | €803,894 | €913,377 | +€109,483 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €55,549 | €48,199 | -€7,350 | -13.2% |
| Financial debts | 43 | €14,655 | - | -€14,655 | |
| Credit institutions | 430/8 | €14,655 | - | -€14,655 | |
| Trade debts | 44 | €20 | €329 | +€309 | +1,561% |
| Suppliers | 440/4 | €20 | €329 | +€309 | +1,561% |
| Taxes, remuneration and social security | 45 | €20,628 | €15,681 | -€4,947 | -24.0% |
| Taxes | 450/3 | €20,628 | €15,681 | -€4,947 | -24.0% |
| Other amounts payable | 47/48 | €713,042 | €849,168 | +€136,126 | +19.1% |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,251 | €3,043 | -€4,208 | -58.0% |
| Other operating charges | 640/8 | €3,226 | €2,095 | -€1,131 | -35.0% |
| Gross operating margin | 9900 | €71,641 | -€21,613 | -€93,254 | |
| Operating profit (loss) | 9901 | €61,164 | -€26,751 | -€87,915 | |
| Financial income | 75/76B | €5,320 | €1,210 | -€4,110 | -77.3% |
| Recurring financial income | 75 | €5,320 | €1,210 | -€4,110 | -77.3% |
| Financial charges | 65/66B | €20,171 | €29,264 | +€9,094 | +45.1% |
| Recurring financial charges | 65 | €20,171 | €29,264 | +€9,094 | +45.1% |
| Profit (loss) for the period before taxes | 9903 | €46,313 | -€54,806 | -€101,119 | |
| Income taxes | 67/77 | €9,518 | €464 | -€9,055 | -95.1% |
| Profit (loss) for the period | 9904 | €36,795 | -€55,270 | -€92,065 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,795 | -€55,270 | -€92,065 |
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 21 October 2026 via checked.be.