Gesu: 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.
Gesu
Largest movements
- Stocks and contracts -€1.3m
down €1.3m (-26.5%), from €4.9m to €3.6m
- Receivables within one year +€702,468
up €702,468 (+349%), from €201,048 to €903,516
- Cash +€296,762
up €296,762 (+122%), from €242,384 to €539,146
mainly Stocks and contracts (+€1.3m) and Net result for the year (+€701,021)
- Debts after one year -€953,627
down €953,627 (-24.1%), from €4.0m to €3.0m
- Other debts +€520,000
up €520,000, from €0 to €520,000
- Reserves +€318,561
up €318,561 (+33.2%), from €958,091 to €1.3m
of which Distributable reserves: +€318,561
- Profit (loss) carried forward -€137,540
down €137,540 (-100%), from €137,540 to €0
- Gross operating margin +€796,370
up €796,370 (+384%), from €207,462 to €1.0m
- Taxes +€181,807
up €181,807 (+356%), from €51,097 to €232,903
- Financial charges +€59,166
up €59,166 (+271%), from €21,841 to €81,008
- Financial income +€16,533
up €16,533 (+403%), from €4,101 to €20,634
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 | €5,378,551 | €5,068,619 | -€309,932 | -5.8% |
| Current assets | 29/58 | €5,378,551 | €5,068,619 | -€309,932 | -5.8% |
| Stocks and contracts in progress | 3 | €4,935,119 | €3,625,957 | -€1.3m | -26.5% |
| Stocks | 30/36 | €4,935,119 | €3,625,957 | -€1.3m | -26.5% |
| Amounts receivable within one year | 40/41 | €201,048 | €903,516 | +€702,468 | +349% |
| Other amounts receivable | 41 | €201,048 | €903,516 | +€702,468 | +349% |
| Cash at bank and in hand | 54/58 | €242,384 | €539,146 | +€296,762 | +122% |
| Total equity and liabilities | 10/49 | €5,378,551 | €5,068,619 | -€309,932 | -5.8% |
| Equity | 10/15 | €1,345,631 | €1,526,652 | +€181,021 | +13.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €958,091 | €1,276,652 | +€318,561 | +33.2% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €933,091 | €1,251,652 | +€318,561 | +34.1% |
| Profit (loss) carried forward | 14 | €137,540 | €0 | -€137,540 | -100% |
| Amounts payable | 17/49 | €4,032,920 | €3,541,967 | -€490,953 | -12.2% |
| Amounts payable after more than one year | 17 | €3,954,119 | €3,000,492 | -€953,627 | -24.1% |
| Financial debts | 170/4 | €3,954,119 | €3,000,492 | -€953,627 | -24.1% |
| Amounts payable within one year | 42/48 | €55,216 | €523,525 | +€468,309 | +848% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,216 | €3,025 | -€191 | -6.0% |
| Suppliers | 440/4 | €3,216 | €3,025 | -€191 | -6.0% |
| Taxes, remuneration and social security | 45 | €52,000 | €500 | -€51,500 | -99.0% |
| Taxes | 450/3 | €52,000 | €500 | -€51,500 | -99.0% |
| Other amounts payable | 47/48 | €0 | €520,000 | +€520,000 | |
| Accrued charges and deferred income | 492/3 | €23,584 | €17,950 | -€5,634 | -23.9% |
| Other operating charges | 640/8 | €1,086 | €9,533 | +€8,448 | +778% |
| Gross operating margin | 9900 | €207,462 | €1,003,831 | +€796,370 | +384% |
| Operating profit (loss) | 9901 | €206,376 | €994,298 | +€787,922 | +382% |
| Financial income | 75/76B | €4,101 | €20,634 | +€16,533 | +403% |
| Recurring financial income | 75 | €4,101 | €20,634 | +€16,533 | +403% |
| Financial charges | 65/66B | €21,841 | €81,008 | +€59,166 | +271% |
| Recurring financial charges | 65 | €21,841 | €81,008 | +€59,166 | +271% |
| Profit (loss) for the period before taxes | 9903 | €188,636 | €933,925 | +€745,288 | +395% |
| Income taxes | 67/77 | €51,097 | €232,903 | +€181,807 | +356% |
| Profit (loss) for the period | 9904 | €137,540 | €701,021 | +€563,482 | +410% |
| Profit (loss) for the period to be appropriated | 9905 | €137,540 | €701,021 | +€563,482 | +410% |
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 25 October 2026 via checked.be.