GECE: 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.
GECE
Largest movements
- Cash +€383,899
up €383,899 (+1389.8%), from €27,623 to €411,521
mainly Investment in fixed assets (net) (+€193,356) and Net result for the year (+€102,303)
- Tangible fixed assets -€217,909
down €217,909 (-88.5%), from €246,191 to €28,282
of which Other tangible fixed assets: -€184,099
- Stocks and contracts -€88,194
down €88,194 (-36.1%), from €244,255 to €156,060
- Profit (loss) carried forward +€102,303
up €102,303 (+99.1%), from -€103,256 to -€953
- Tax, wage and social debts +€78,857
up €78,857 (+359.9%), from €21,913 to €100,770
of which Taxes: +€78,523
- Debts after one year -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Current portion of long-term debt -€45,657
down €45,657 (-100.0%), from €45,657 to €0
- Trade debts +€28,410
up €28,410 (+181.4%), from €15,664 to €44,074
- Gross operating margin +€76,909
up €76,909 (+70.4%), from €109,306 to €186,215
- Depreciation -€52,505
down €52,505 (-65.9%), from €79,624 to €27,119
- Taxes +€5,312
up €5,312 (+2817.8%), from €189 to €5,501
- Staff costs -€3,048
down €3,048 (-6.2%), from €49,274 to €46,226
- Financial income +€2,475
up €2,475 (+18.7%), from €13,266 to €15,742
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 | €529,062 | €605,810 | +€76,748 | +14.5% |
| Fixed assets | 21/28 | €248,762 | €28,287 | -€220,476 | -88.6% |
| Intangible fixed assets | 21 | €2,571 | €4 | -€2,567 | -99.8% |
| Tangible fixed assets | 22/27 | €246,191 | €28,282 | -€217,909 | -88.5% |
| Plant, machinery and equipment | 23 | €22,321 | €16,281 | -€6,041 | -27.1% |
| Furniture and vehicles | 24 | €39,770 | €12,002 | -€27,769 | -69.8% |
| Other tangible fixed assets | 26 | €184,099 | €0 | -€184,099 | -100.0% |
| Current assets | 29/58 | €280,300 | €577,523 | +€297,223 | +106.0% |
| Stocks and contracts in progress | 3 | €244,255 | €156,060 | -€88,194 | -36.1% |
| Stocks | 30/36 | €244,255 | €156,060 | -€88,194 | -36.1% |
| Amounts receivable within one year | 40/41 | €1,429 | €929 | -€500 | -35.0% |
| Trade receivables | 40 | €1,076 | €684 | -€392 | -36.4% |
| Other amounts receivable | 41 | €353 | €245 | -€108 | -30.5% |
| Cash at bank and in hand | 54/58 | €27,623 | €411,521 | +€383,899 | +1389.8% |
| Deferred charges and accrued income | 490/1 | €6,994 | €9,012 | +€2,019 | +28.9% |
| Total equity and liabilities | 10/49 | €529,062 | €605,810 | +€76,748 | +14.5% |
| Equity | 10/15 | -€84,656 | €17,647 | +€102,303 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€103,256 | -€953 | +€102,303 | +99.1% |
| Amounts payable | 17/49 | €613,718 | €588,163 | -€25,555 | -4.2% |
| Amounts payable after more than one year | 17 | €75,000 | €0 | -€75,000 | -100.0% |
| Financial debts | 170/4 | €75,000 | €0 | -€75,000 | -100.0% |
| Amounts payable within one year | 42/48 | €535,750 | €583,877 | +€48,128 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €45,657 | €0 | -€45,657 | -100.0% |
| Financial debts | 43 | €1,527 | €142 | -€1,384 | -90.7% |
| Credit institutions | 430/8 | €1,397 | €0 | -€1,397 | -100.0% |
| Other loans | 439 | €130 | €142 | +€13 | +9.8% |
| Trade debts | 44 | €15,664 | €44,074 | +€28,410 | +181.4% |
| Suppliers | 440/4 | €15,664 | €44,074 | +€28,410 | +181.4% |
| Advances received on contracts in progress | 46 | €12,122 | €0 | -€12,122 | -100.0% |
| Taxes, remuneration and social security | 45 | €21,913 | €100,770 | +€78,857 | +359.9% |
| Taxes | 450/3 | €8,399 | €86,921 | +€78,523 | +934.9% |
| Remuneration and social security | 454/9 | €13,514 | €13,849 | +€335 | +2.5% |
| Other amounts payable | 47/48 | €438,868 | €438,891 | +€23 | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,969 | €4,286 | +€1,317 | +44.4% |
| Non-recurring operating income | 76A | - | €160,740 | +€160,740 | |
| Remuneration, social security and pensions | 62 | €49,274 | €46,226 | -€3,048 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,624 | €27,119 | -€52,505 | -65.9% |
| Other operating charges | 640/8 | €10,353 | €10,744 | +€391 | +3.8% |
| Non-recurring operating charges | 66A | - | €4,096 | +€4,096 | |
| Gross operating margin | 9900 | €109,306 | €186,215 | +€76,909 | +70.4% |
| Operating profit (loss) | 9901 | -€29,945 | €98,030 | +€127,975 | |
| Financial income | 75/76B | €13,266 | €15,742 | +€2,475 | +18.7% |
| Recurring financial income | 75 | €13,266 | €15,742 | +€2,475 | +18.7% |
| Financial charges | 65/66B | €5,712 | €5,968 | +€256 | +4.5% |
| Recurring financial charges | 65 | €5,712 | €5,968 | +€256 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,391 | €107,804 | +€130,194 | |
| Income taxes | 67/77 | €189 | €5,501 | +€5,312 | +2817.8% |
| Profit (loss) for the period | 9904 | -€22,579 | €102,303 | +€124,882 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,579 | €102,303 | +€124,882 |
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 9 October 2026 via checked.be.