GECALO: 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.
GECALO
Largest movements
- Current investments +€669,012
up €669,012 (+484.4%), from €138,106 to €807,117
- Financial fixed assets -€252,885
down €252,885 (-50.3%), from €502,885 to €250,000
- Receivables within one year -€171,836
down €171,836 (-33.2%), from €516,974 to €345,138
of which Trade receivables: -€88,000
- Tangible fixed assets -€139,808
down €139,808 (-8.6%), from €1.6m to €1.5m
of which Land and buildings: -€156,986
- Reserves +€429,403
up €429,403 (+47.5%), from €904,581 to €1.3m
- Other debts -€309,011
down €309,011 (-39.3%), from €785,342 to €476,331
- Gross operating margin -€793,200
down €793,200 (-91.1%), from €870,797 to €77,597
- Financial income +€488,143
up €488,143 (+1700.5%), from €28,705 to €516,849
- Taxes -€166,654
down €166,654 (-79.4%), from €209,817 to €43,163
- Financial charges -€36,697
down €36,697 (-38.9%), from €94,304 to €57,607
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 | €3,112,120 | €3,205,042 | +€92,922 | +3.0% |
| Fixed assets | 21/28 | €2,129,720 | €1,737,027 | -€392,693 | -18.4% |
| Tangible fixed assets | 22/27 | €1,626,835 | €1,487,027 | -€139,808 | -8.6% |
| Land and buildings | 22 | €1,555,049 | €1,398,063 | -€156,986 | -10.1% |
| Plant, machinery and equipment | 23 | €7,183 | €4,214 | -€2,969 | -41.3% |
| Furniture and vehicles | 24 | €43,772 | €63,324 | +€19,552 | +44.7% |
| Other tangible fixed assets | 26 | €20,831 | €21,426 | +€595 | +2.9% |
| Financial fixed assets | 28 | €502,885 | €250,000 | -€252,885 | -50.3% |
| Current assets | 29/58 | €982,400 | €1,468,015 | +€485,615 | +49.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €516,974 | €345,138 | -€171,836 | -33.2% |
| Trade receivables | 40 | €110,000 | €22,000 | -€88,000 | -80.0% |
| Other amounts receivable | 41 | €406,974 | €323,138 | -€83,836 | -20.6% |
| Current investments | 50/53 | €138,106 | €807,117 | +€669,012 | +484.4% |
| Cash at bank and in hand | 54/58 | €315,354 | €311,350 | -€4,005 | -1.3% |
| Deferred charges and accrued income | 490/1 | €11,966 | €4,409 | -€7,556 | -63.1% |
| Total equity and liabilities | 10/49 | €3,112,120 | €3,205,042 | +€92,922 | +3.0% |
| Equity | 10/15 | €916,981 | €1,346,383 | +€429,403 | +46.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €904,581 | €1,333,983 | +€429,403 | +47.5% |
| Distributable reserves | 133 | €904,581 | €1,333,983 | +€429,403 | +47.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,195,139 | €1,858,658 | -€336,481 | -15.3% |
| Amounts payable after more than one year | 17 | €1,270,391 | €1,243,630 | -€26,761 | -2.1% |
| Financial debts | 170/4 | €1,270,391 | €1,243,630 | -€26,761 | -2.1% |
| Amounts payable within one year | 42/48 | €878,486 | €585,617 | -€292,869 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €48,458 | €60,682 | +€12,224 | +25.2% |
| Trade debts | 44 | €1,000 | €5,663 | +€4,663 | +466.5% |
| Suppliers | 440/4 | €1,000 | €5,663 | +€4,663 | +466.5% |
| Taxes, remuneration and social security | 45 | €43,686 | €42,940 | -€746 | -1.7% |
| Taxes | 450/3 | €43,686 | €42,940 | -€746 | -1.7% |
| Other amounts payable | 47/48 | €785,342 | €476,331 | -€309,011 | -39.3% |
| Accrued charges and deferred income | 492/3 | €46,262 | €29,412 | -€16,850 | -36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,710 | €61,750 | -€1,960 | -3.1% |
| Other operating charges | 640/8 | €2,853 | €2,523 | -€330 | -11.6% |
| Non-recurring operating charges | 66A | €35,840 | €0 | -€35,840 | -100.0% |
| Gross operating margin | 9900 | €870,797 | €77,597 | -€793,200 | -91.1% |
| Operating profit (loss) | 9901 | €768,394 | €13,324 | -€755,070 | -98.3% |
| Financial income | 75/76B | €28,705 | €516,849 | +€488,143 | +1700.5% |
| Recurring financial income | 75 | €28,705 | €516,849 | +€488,143 | +1700.5% |
| Financial charges | 65/66B | €94,304 | €57,607 | -€36,697 | -38.9% |
| Recurring financial charges | 65 | €94,304 | €57,607 | -€36,697 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €702,795 | €472,566 | -€230,230 | -32.8% |
| Income taxes | 67/77 | €209,817 | €43,163 | -€166,654 | -79.4% |
| Profit (loss) for the period | 9904 | €492,978 | €429,403 | -€63,576 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €492,978 | €429,403 | -€63,576 | -12.9% |
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 5 October 2026 via checked.be.