GECAFIN: 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.
GECAFIN
Largest movements
- Cash +€154,379
up €154,379 (+37.9%), from €407,654 to €562,033
mainly Net result for the year (+€214,329) and Debts after one year (+€87,508)
- Tangible fixed assets +€104,172
up €104,172 (+32.2%), from €323,407 to €427,579
of which Leasing and similar rights: +€141,621
- Receivables within one year -€69,681
down €69,681 (-69.3%), from €100,525 to €30,844
of which Other amounts receivable: -€72,588
- Debts after one year +€87,508
up €87,508 (+50.8%), from €172,315 to €259,823
- Tax, wage and social debts +€31,659
up €31,659 (+54.3%), from €58,265 to €89,924
of which Taxes: +€31,275
- Other debts +€30,000
new in 2025: €30,000
- Profit (loss) carried forward +€29,608
up €29,608 (+5.9%), from €503,823 to €533,431
- Gross operating margin +€121,228
up €121,228 (+32.0%), from €379,215 to €500,443
- Financial charges +€23,044
up €23,044 (+230%), from €10,006 to €33,050
- Staff costs +€18,813
up €18,813 (+22.0%), from €85,502 to €104,315
- Depreciation -€5,134
down €5,134 (-6.3%), from €81,547 to €76,413
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 | €842,261 | €1,030,013 | +€187,752 | +22.3% |
| Formation expenses | 20 | €6,627 | €6,627 | = | 0.0% |
| Fixed assets | 21/28 | €325,482 | €429,654 | +€104,172 | +32.0% |
| Tangible fixed assets | 22/27 | €323,407 | €427,579 | +€104,172 | +32.2% |
| Land and buildings | 22 | €215,629 | €210,103 | -€5,526 | -2.6% |
| Plant, machinery and equipment | 23 | €49,735 | €40,764 | -€8,971 | -18.0% |
| Furniture and vehicles | 24 | €58,043 | €35,091 | -€22,952 | -39.5% |
| Leasing and similar rights | 25 | - | €141,621 | +€141,621 | |
| Financial fixed assets | 28 | €2,075 | €2,075 | = | 0.0% |
| Current assets | 29/58 | €510,152 | €593,732 | +€83,580 | +16.4% |
| Amounts receivable within one year | 40/41 | €100,525 | €30,844 | -€69,681 | -69.3% |
| Trade receivables | 40 | €39 | €2,946 | +€2,907 | +7,454% |
| Other amounts receivable | 41 | €100,486 | €27,898 | -€72,588 | -72.2% |
| Cash at bank and in hand | 54/58 | €407,654 | €562,033 | +€154,379 | +37.9% |
| Deferred charges and accrued income | 490/1 | €1,973 | €855 | -€1,118 | -56.7% |
| Total equity and liabilities | 10/49 | €842,261 | €1,030,013 | +€187,752 | +22.3% |
| Equity | 10/15 | €524,283 | €553,891 | +€29,608 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €503,823 | €533,431 | +€29,608 | +5.9% |
| Amounts payable | 17/49 | €317,978 | €476,122 | +€158,144 | +49.7% |
| Amounts payable after more than one year | 17 | €172,315 | €259,823 | +€87,508 | +50.8% |
| Financial debts | 170/4 | €172,315 | €259,823 | +€87,508 | +50.8% |
| Amounts payable within one year | 42/48 | €145,663 | €216,299 | +€70,636 | +48.5% |
| Current portion of amounts payable after more than one year | 42 | €78,507 | €82,623 | +€4,116 | +5.2% |
| Trade debts | 44 | €8,891 | €13,752 | +€4,861 | +54.7% |
| Suppliers | 440/4 | €8,891 | €13,752 | +€4,861 | +54.7% |
| Taxes, remuneration and social security | 45 | €58,265 | €89,924 | +€31,659 | +54.3% |
| Taxes | 450/3 | €47,030 | €78,305 | +€31,275 | +66.5% |
| Remuneration and social security | 454/9 | €11,235 | €11,619 | +€384 | +3.4% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Remuneration, social security and pensions | 62 | €85,502 | €104,315 | +€18,813 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,547 | €76,413 | -€5,134 | -6.3% |
| Other operating charges | 640/8 | €12,565 | €16,235 | +€3,670 | +29.2% |
| Gross operating margin | 9900 | €379,215 | €500,443 | +€121,228 | +32.0% |
| Operating profit (loss) | 9901 | €199,601 | €303,480 | +€103,879 | +52.0% |
| Financial income | 75/76B | €5,662 | €6,882 | +€1,220 | +21.5% |
| Recurring financial income | 75 | €5,662 | €6,882 | +€1,220 | +21.5% |
| Financial charges | 65/66B | €10,006 | €33,050 | +€23,044 | +230% |
| Recurring financial charges | 65 | €10,006 | €33,050 | +€23,044 | +230% |
| Profit (loss) for the period before taxes | 9903 | €195,257 | €277,312 | +€82,055 | +42.0% |
| Income taxes | 67/77 | €61,265 | €62,983 | +€1,718 | +2.8% |
| Profit (loss) for the period | 9904 | €133,992 | €214,329 | +€80,337 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €133,992 | €214,329 | +€80,337 | +60.0% |
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 28 October 2026 via checked.be.