GDELEC: what changed
Two fiscal 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.
GDELEC
Largest movements
- Receivables within one year -€41,879
down €41,879 (-62.9%), from €66,600 to €24,720
of which Trade receivables: -€46,841
- Stocks and contracts +€15,403
up €15,403 (+292.9%), from €5,259 to €20,662
- Receivables after one year -€2,682
down €2,682 (-5.4%), from €49,451 to €46,769
of which Other amounts receivable: -€2,682
- Cash -€1,873
down €1,873 (-5.1%), from €36,624 to €34,752
mainly Contributions, distributions and other (-€86,632) and Trade debts (-€27,868)
- Other debts +€75,689
up €75,689 (+691.6%), from €10,943 to €86,632
- Reserves -€41,400
down €41,400 (-95.7%), from €43,260 to €1,860
of which Distributable reserves: -€41,400
- Profit (loss) carried forward -€35,727
down €35,727 (-79.0%), from €45,232 to €9,505
- Trade debts -€27,868
down €27,868 (-79.0%), from €35,285 to €7,417
- Tax, wage and social debts -€3,869
down €3,869 (-37.6%), from €10,290 to €6,422
of which Remuneration and social security: -€3,869
- Staff costs +€19,911
up €19,911 (+32.0%), from €62,181 to €82,092
- Gross operating margin +€12,686
up €12,686 (+15.5%), from €81,887 to €94,573
- Taxes -€3,502
down €3,502 (-53.0%), from €6,604 to €3,102
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.
Cash bridge derived
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 | €169,610 | €138,436 | -€31,175 | -18.4% |
| Fixed assets | 21/28 | €994 | €576 | -€418 | -42.1% |
| Tangible fixed assets | 22/27 | €994 | €576 | -€418 | -42.1% |
| Furniture and vehicles | 24 | €994 | €576 | -€418 | -42.1% |
| Current assets | 29/58 | €168,616 | €137,860 | -€30,757 | -18.2% |
| Amounts receivable after more than one year | 29 | €49,451 | €46,769 | -€2,682 | -5.4% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €49,451 | €46,769 | -€2,682 | -5.4% |
| Stocks and contracts in progress | 3 | €5,259 | €20,662 | +€15,403 | +292.9% |
| Stocks | 30/36 | €5,259 | €20,662 | +€15,403 | +292.9% |
| Amounts receivable within one year | 40/41 | €66,600 | €24,720 | -€41,879 | -62.9% |
| Trade receivables | 40 | €56,010 | €9,169 | -€46,841 | -83.6% |
| Other amounts receivable | 41 | €10,590 | €15,552 | +€4,962 | +46.9% |
| Cash at bank and in hand | 54/58 | €36,624 | €34,752 | -€1,873 | -5.1% |
| Deferred charges and accrued income | 490/1 | €10,683 | €10,957 | +€274 | +2.6% |
| Total equity and liabilities | 10/49 | €169,610 | €138,436 | -€31,175 | -18.4% |
| Equity | 10/15 | €107,092 | €29,965 | -€77,127 | -72.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,260 | €1,860 | -€41,400 | -95.7% |
| 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 | €41,400 | - | -€41,400 | |
| Profit (loss) carried forward | 14 | €45,232 | €9,505 | -€35,727 | -79.0% |
| Amounts payable | 17/49 | €62,518 | €108,471 | +€45,952 | +73.5% |
| Amounts payable within one year | 42/48 | €62,518 | €108,471 | +€45,952 | +73.5% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Trade debts | 44 | €35,285 | €7,417 | -€27,868 | -79.0% |
| Suppliers | 440/4 | €35,285 | €7,417 | -€27,868 | -79.0% |
| Taxes, remuneration and social security | 45 | €10,290 | €6,422 | -€3,869 | -37.6% |
| Taxes | 450/3 | €2,400 | €2,400 | = | 0.0% |
| Remuneration and social security | 454/9 | €7,890 | €4,022 | -€3,869 | -49.0% |
| Other amounts payable | 47/48 | €10,943 | €86,632 | +€75,689 | +691.6% |
| Remuneration, social security and pensions | 62 | €62,181 | €82,092 | +€19,911 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €418 | €418 | = | 0.0% |
| Other operating charges | 640/8 | €1,492 | €1,986 | +€494 | +33.1% |
| Gross operating margin | 9900 | €81,887 | €94,573 | +€12,686 | +15.5% |
| Operating profit (loss) | 9901 | €17,796 | €10,078 | -€7,719 | -43.4% |
| Financial income | 75/76B | €3,715 | €3,852 | +€137 | +3.7% |
| Recurring financial income | 75 | €3,715 | €3,302 | -€413 | -11.1% |
| Non-recurring financial income | 76B | - | €550 | +€550 | |
| Financial charges | 65/66B | €1,487 | €1,323 | -€164 | -11.1% |
| Recurring financial charges | 65 | €1,487 | €1,323 | -€164 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €20,024 | €12,606 | -€7,417 | -37.0% |
| Income taxes | 67/77 | €6,604 | €3,102 | -€3,502 | -53.0% |
| Profit (loss) for the period | 9904 | €13,420 | €9,505 | -€3,915 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,420 | €9,505 | -€3,915 | -29.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.