GECAL: 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.
GECAL
Largest movements
- Receivables within one year +€347,849
up €347,849 (+317.5%), from €109,544 to €457,393
of which Other amounts receivable: +€351,348
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Cash -€108,249
down €108,249 (-95.8%), from €112,978 to €4,728
mainly Receivables within one year (-€347,849) and Contributions, distributions and other (-€19,500)
- Tangible fixed assets -€21,482
down €21,482 (-100.0%), from €21,482 to €0
of which Furniture and vehicles: -€21,466
- Financial fixed assets -€4,780
down €4,780 (-97.3%), from €4,915 to €135
- Other debts +€19,500
new in 2025: €19,500
- Current portion of long-term debt -€6,988
down €6,988 (-100.0%), from €6,988 to €0
- Staff costs -€116,966
down €116,966 (-71.1%), from €164,427 to €47,461
- Gross operating margin -€111,043
down €111,043 (-63.6%), from €174,546 to €63,503
- Depreciation -€9,761
down €9,761 (-99.8%), from €9,777 to €16
- Financial income -€3,990
down €3,990 (-38.0%), from €10,506 to €6,517
- Taxes -€1,852
down €1,852 (-85.6%), from €2,162 to €311
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 | €450,262 | €462,257 | +€11,995 | +2.7% |
| Fixed assets | 21/28 | €26,397 | €135 | -€26,262 | -99.5% |
| Tangible fixed assets | 22/27 | €21,482 | €0 | -€21,482 | -100.0% |
| Plant, machinery and equipment | 23 | €16 | €0 | -€16 | -100.0% |
| Furniture and vehicles | 24 | €21,466 | €0 | -€21,466 | -100.0% |
| Financial fixed assets | 28 | €4,915 | €135 | -€4,780 | -97.3% |
| Current assets | 29/58 | €423,864 | €462,122 | +€38,257 | +9.0% |
| Amounts receivable within one year | 40/41 | €109,544 | €457,393 | +€347,849 | +317.5% |
| Trade receivables | 40 | €6,000 | €2,501 | -€3,500 | -58.3% |
| Other amounts receivable | 41 | €103,544 | €454,892 | +€351,348 | +339.3% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €112,978 | €4,728 | -€108,249 | -95.8% |
| Deferred charges and accrued income | 490/1 | €1,343 | €0 | -€1,343 | -100.0% |
| Total equity and liabilities | 10/49 | €450,262 | €462,257 | +€11,995 | +2.7% |
| Equity | 10/15 | €441,317 | €441,459 | +€142 | 0.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €358,817 | €358,959 | +€142 | 0.0% |
| Amounts payable | 17/49 | €8,945 | €20,798 | +€11,853 | +132.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €8,542 | €20,798 | +€12,256 | +143.5% |
| Current portion of amounts payable after more than one year | 42 | €6,988 | €0 | -€6,988 | -100.0% |
| Trade debts | 44 | €0 | €1,023 | +€1,023 | |
| Suppliers | 440/4 | €0 | €1,023 | +€1,023 | |
| Taxes, remuneration and social security | 45 | €1,554 | €275 | -€1,279 | -82.3% |
| Taxes | 450/3 | €1,554 | €275 | -€1,279 | -82.3% |
| Other amounts payable | 47/48 | - | €19,500 | +€19,500 | |
| Accrued charges and deferred income | 492/3 | €403 | €0 | -€403 | -100.0% |
| Non-recurring operating income | 76A | €15,000 | €19,604 | +€4,604 | +30.7% |
| Remuneration, social security and pensions | 62 | €164,427 | €47,461 | -€116,966 | -71.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,777 | €16 | -€9,761 | -99.8% |
| Other operating charges | 640/8 | €1,515 | €796 | -€719 | -47.5% |
| Non-recurring operating charges | 66A | - | €1,926 | +€1,926 | |
| Gross operating margin | 9900 | €174,546 | €63,503 | -€111,043 | -63.6% |
| Operating profit (loss) | 9901 | -€1,173 | €13,304 | +€14,476 | |
| Financial income | 75/76B | €10,506 | €6,517 | -€3,990 | -38.0% |
| Recurring financial income | 75 | €10,506 | €6,517 | -€3,990 | -38.0% |
| Financial charges | 65/66B | €638 | -€132 | -€770 | |
| Recurring financial charges | 65 | €638 | -€132 | -€770 | |
| Profit (loss) for the period before taxes | 9903 | €8,696 | €19,953 | +€11,257 | +129.5% |
| Income taxes | 67/77 | €2,162 | €311 | -€1,852 | -85.6% |
| Profit (loss) for the period | 9904 | €6,533 | €19,642 | +€13,109 | +200.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,533 | €19,642 | +€13,109 | +200.6% |
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 30 September 2026 via checked.be.