GECEFI: 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.
GECEFI
Largest movements
- Cash +€17,622
up €17,622 (+18.1%), from €97,594 to €115,216
mainly Net result for the year (+€35,082) and Other debts (+€6,858)
- Reserves +€8,000
up €8,000 (+58.0%), from €13,800 to €21,800
of which Distributable reserves: +€8,000
- Other debts +€6,858
up €6,858 (+20.4%), from €33,616 to €40,474
- Profit (loss) carried forward +€3,486
up €3,486 (+5.5%), from €63,347 to €66,833
- Current portion of long-term debt -€2,498
down €2,498 (-83.2%), from €3,001 to €503
- Gross operating margin +€6,335
up €6,335 (+16.0%), from €39,511 to €45,846
- Financial charges -€2,271
down €2,271 (-95.8%), from €2,371 to €100
of which Non-recurring financial charges: -€2,245
- Depreciation +€1,013
up €1,013 (+28.9%), from €3,508 to €4,521
- Taxes +€686
up €686 (+17.2%), from €3,995 to €4,681
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 | €139,274 | €157,426 | +€18,152 | +13.0% |
| Fixed assets | 21/28 | €30,316 | €29,647 | -€669 | -2.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €28,857 | €28,188 | -€669 | -2.3% |
| Plant, machinery and equipment | 23 | - | €2,891 | +€2,891 | |
| Other tangible fixed assets | 26 | €28,857 | €25,297 | -€3,560 | -12.3% |
| Financial fixed assets | 28 | €1,459 | €1,459 | = | 0.0% |
| Current assets | 29/58 | €108,958 | €127,779 | +€18,821 | +17.3% |
| Amounts receivable within one year | 40/41 | €9,564 | €11,087 | +€1,523 | +15.9% |
| Trade receivables | 40 | €9,564 | €11,087 | +€1,523 | +15.9% |
| Cash at bank and in hand | 54/58 | €97,594 | €115,216 | +€17,622 | +18.1% |
| Deferred charges and accrued income | 490/1 | €1,800 | €1,476 | -€324 | -18.0% |
| Total equity and liabilities | 10/49 | €139,274 | €157,426 | +€18,152 | +13.0% |
| Equity | 10/15 | €97,147 | €108,633 | +€11,486 | +11.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €13,800 | €21,800 | +€8,000 | +58.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,800 | €3,800 | = | 0.0% |
| Distributable reserves | 133 | €8,000 | €16,000 | +€8,000 | +100.0% |
| Profit (loss) carried forward | 14 | €63,347 | €66,833 | +€3,486 | +5.5% |
| Amounts payable | 17/49 | €42,127 | €48,793 | +€6,666 | +15.8% |
| Amounts payable after more than one year | 17 | €503 | - | -€503 | |
| Financial debts | 170/4 | €503 | - | -€503 | |
| Amounts payable within one year | 42/48 | €41,624 | €48,793 | +€7,169 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €3,001 | €503 | -€2,498 | -83.2% |
| Trade debts | 44 | €325 | €1,687 | +€1,362 | +419.1% |
| Suppliers | 440/4 | €325 | €1,687 | +€1,362 | +419.1% |
| Taxes, remuneration and social security | 45 | €4,682 | €6,129 | +€1,447 | +30.9% |
| Taxes | 450/3 | €4,682 | €6,129 | +€1,447 | +30.9% |
| Other amounts payable | 47/48 | €33,616 | €40,474 | +€6,858 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,508 | €4,521 | +€1,013 | +28.9% |
| Other operating charges | 640/8 | €1,710 | €1,762 | +€52 | +3.0% |
| Gross operating margin | 9900 | €39,511 | €45,846 | +€6,335 | +16.0% |
| Operating profit (loss) | 9901 | €34,293 | €39,563 | +€5,270 | +15.4% |
| Financial income | 75/76B | €411 | €300 | -€111 | -27.0% |
| Recurring financial income | 75 | €411 | €300 | -€111 | -27.0% |
| Financial charges | 65/66B | €2,371 | €100 | -€2,271 | -95.8% |
| Recurring financial charges | 65 | €126 | €100 | -€26 | -20.6% |
| Non-recurring financial charges | 66B | €2,245 | - | -€2,245 | |
| Profit (loss) for the period before taxes | 9903 | €32,333 | €39,763 | +€7,430 | +23.0% |
| Income taxes | 67/77 | €3,995 | €4,681 | +€686 | +17.2% |
| Profit (loss) for the period | 9904 | €28,338 | €35,082 | +€6,744 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,338 | €35,082 | +€6,744 | +23.8% |
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 4 October 2026 via checked.be.