GADECOR: 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.
GADECOR
Largest movements
- Receivables within one year -€134,890
down €134,890 (-88.7%), from €152,110 to €17,220
of which Trade receivables: -€134,507
- Cash -€12,557
down €12,557 (-82.0%), from €15,307 to €2,750
mainly Net result for the year (-€55,247) and Accrued charges and deferred income (-€38,668)
- Profit (loss) carried forward -€55,247
down €55,247, from €14,258 to -€40,989
- Accrued charges and deferred income -€38,668
no longer reported in 2025 (was €38,668)
- Tax, wage and social debts -€26,673
down €26,673 (-33.0%), from €80,837 to €54,164
of which Remuneration and social security: -€23,348
- Trade debts -€25,108
down €25,108 (-84.3%), from €29,785 to €4,677
- Other debts -€3,447
no longer reported in 2025 (was €3,447)
- Gross operating margin -€128,139
down €128,139, from €125,291 to -€2,848
- Staff costs -€54,258
down €54,258 (-51.7%), from €104,882 to €50,624
- Taxes -€3,727
no longer reported in 2025 (was €3,727)
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 | €171,004 | €21,852 | -€149,152 | -87.2% |
| Fixed assets | 21/28 | €3,587 | €1,882 | -€1,705 | -47.5% |
| Tangible fixed assets | 22/27 | €3,587 | €1,882 | -€1,705 | -47.5% |
| Furniture and vehicles | 24 | €3,587 | €1,882 | -€1,705 | -47.5% |
| Current assets | 29/58 | €167,417 | €19,970 | -€147,447 | -88.1% |
| Amounts receivable within one year | 40/41 | €152,110 | €17,220 | -€134,890 | -88.7% |
| Trade receivables | 40 | €144,931 | €10,424 | -€134,507 | -92.8% |
| Other amounts receivable | 41 | €7,179 | €6,796 | -€383 | -5.3% |
| Cash at bank and in hand | 54/58 | €15,307 | €2,750 | -€12,557 | -82.0% |
| Total equity and liabilities | 10/49 | €171,004 | €21,852 | -€149,152 | -87.2% |
| Equity | 10/15 | €18,258 | -€36,989 | -€55,247 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,258 | -€40,989 | -€55,247 | |
| Amounts payable | 17/49 | €152,746 | €58,841 | -€93,905 | -61.5% |
| Amounts payable within one year | 42/48 | €114,078 | €58,841 | -€55,237 | -48.4% |
| Financial debts | 43 | €9 | - | -€9 | |
| Credit institutions | 430/8 | €9 | - | -€9 | |
| Trade debts | 44 | €29,785 | €4,677 | -€25,108 | -84.3% |
| Suppliers | 440/4 | €29,785 | €4,677 | -€25,108 | -84.3% |
| Taxes, remuneration and social security | 45 | €80,837 | €54,164 | -€26,673 | -33.0% |
| Taxes | 450/3 | €20,226 | €16,901 | -€3,325 | -16.4% |
| Remuneration and social security | 454/9 | €60,611 | €37,263 | -€23,348 | -38.5% |
| Other amounts payable | 47/48 | €3,447 | - | -€3,447 | |
| Accrued charges and deferred income | 492/3 | €38,668 | - | -€38,668 | |
| Remuneration, social security and pensions | 62 | €104,882 | €50,624 | -€54,258 | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,528 | €1,705 | +€177 | +11.6% |
| Other operating charges | 640/8 | €850 | - | -€850 | |
| Gross operating margin | 9900 | €125,291 | -€2,848 | -€128,139 | |
| Operating profit (loss) | 9901 | €18,031 | -€55,177 | -€73,208 | |
| Financial charges | 65/66B | €46 | €70 | +€24 | +52.2% |
| Recurring financial charges | 65 | €46 | €70 | +€24 | +52.2% |
| Profit (loss) for the period before taxes | 9903 | €17,985 | -€55,247 | -€73,232 | |
| Income taxes | 67/77 | €3,727 | - | -€3,727 | |
| Profit (loss) for the period | 9904 | €14,258 | -€55,247 | -€69,505 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,258 | -€55,247 | -€69,505 |
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 13 October 2026 via checked.be.