GEC: 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.
GEC
Largest movements
- Receivables within one year +€57,450
up €57,450 (+104.4%), from €55,039 to €112,488
of which Trade receivables: +€58,767
- Tangible fixed assets +€35,014
up €35,014 (+15.0%), from €233,963 to €268,977
of which Furniture and vehicles: +€21,930
- Cash +€26,018
up €26,018 (+128.7%), from €20,218 to €46,236
mainly Net result for the year (+€89,462) and Depreciation (+€19,165)
- Profit (loss) carried forward +€89,462
up €89,462 (+187.0%), from €47,846 to €137,307
- Tax, wage and social debts +€17,813
up €17,813 (+182.5%), from €9,761 to €27,574
- Current portion of long-term debt +€7,901
up €7,901 (+82.0%), from €9,636 to €17,538
- Debts after one year +€5,962
up €5,962 (+3.6%), from €167,915 to €173,878
- Gross operating margin +€91,523
up €91,523 (+102.1%), from €89,666 to €181,188
- Staff costs +€32,377
up €32,377 (+185751.7%), from €17 to €32,394
- Taxes +€23,372
up €23,372 (+306.6%), from €7,623 to €30,995
- Depreciation -€20,954
down €20,954 (-52.2%), from €40,118 to €19,165
- Other operating charges -€7,430
down €7,430 (-66.9%), from €11,099 to €3,668
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 | €311,406 | €428,781 | +€117,375 | +37.7% |
| Fixed assets | 21/28 | €234,188 | €269,202 | +€35,014 | +15.0% |
| Tangible fixed assets | 22/27 | €233,963 | €268,977 | +€35,014 | +15.0% |
| Land and buildings | 22 | €198,727 | €190,057 | -€8,670 | -4.4% |
| Plant, machinery and equipment | 23 | €2,605 | €24,358 | +€21,753 | +835.2% |
| Furniture and vehicles | 24 | €32,632 | €54,562 | +€21,930 | +67.2% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €77,218 | €159,579 | +€82,361 | +106.7% |
| Amounts receivable within one year | 40/41 | €55,039 | €112,488 | +€57,450 | +104.4% |
| Trade receivables | 40 | €53,721 | €112,488 | +€58,767 | +109.4% |
| Other amounts receivable | 41 | €1,318 | - | -€1,318 | |
| Cash at bank and in hand | 54/58 | €20,218 | €46,236 | +€26,018 | +128.7% |
| Deferred charges and accrued income | 490/1 | €1,961 | €855 | -€1,106 | -56.4% |
| Total equity and liabilities | 10/49 | €311,406 | €428,781 | +€117,375 | +37.7% |
| Equity | 10/15 | €50,346 | €139,807 | +€89,462 | +177.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,846 | €137,307 | +€89,462 | +187.0% |
| Amounts payable | 17/49 | €261,060 | €288,974 | +€27,913 | +10.7% |
| Amounts payable after more than one year | 17 | €167,915 | €173,878 | +€5,962 | +3.6% |
| Financial debts | 170/4 | €167,915 | €173,878 | +€5,962 | +3.6% |
| Amounts payable within one year | 42/48 | €93,145 | €115,096 | +€21,951 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €9,636 | €17,538 | +€7,901 | +82.0% |
| Trade debts | 44 | - | €513 | +€513 | |
| Suppliers | 440/4 | - | €513 | +€513 | |
| Taxes, remuneration and social security | 45 | €9,761 | €27,574 | +€17,813 | +182.5% |
| Taxes | 450/3 | €9,761 | €27,574 | +€17,813 | +182.5% |
| Other amounts payable | 47/48 | €73,747 | €69,471 | -€4,276 | -5.8% |
| Remuneration, social security and pensions | 62 | €17 | €32,394 | +€32,377 | +185751.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,118 | €19,165 | -€20,954 | -52.2% |
| Other operating charges | 640/8 | €11,099 | €3,668 | -€7,430 | -66.9% |
| Gross operating margin | 9900 | €89,666 | €181,188 | +€91,523 | +102.1% |
| Operating profit (loss) | 9901 | €38,431 | €125,961 | +€87,530 | +227.8% |
| Financial income | 75/76B | - | €1,115 | +€1,115 | |
| Recurring financial income | 75 | - | €1,115 | +€1,115 | |
| Non-recurring financial income | 76B | - | €1,115 | +€1,115 | |
| Financial charges | 65/66B | €4,841 | €6,619 | +€1,778 | +36.7% |
| Recurring financial charges | 65 | €4,841 | €6,619 | +€1,778 | +36.7% |
| Profit (loss) for the period before taxes | 9903 | €33,590 | €120,457 | +€86,867 | +258.6% |
| Income taxes | 67/77 | €7,623 | €30,995 | +€23,372 | +306.6% |
| Profit (loss) for the period | 9904 | €25,967 | €89,462 | +€63,495 | +244.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,967 | €89,462 | +€63,495 | +244.5% |
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 7 October 2026 via checked.be.