GECELEC: 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.
GECELEC
Largest movements
- Cash +€36,469
up €36,469 (+242%), from €15,039 to €51,508
mainly Net result for the year (+€34,952) and Receivables within one year (+€30,856)
- Receivables within one year -€30,856
down €30,856 (-32.8%), from €94,118 to €63,262
of which Trade receivables: -€42,174
- Trade debts -€45,041
down €45,041 (-67.2%), from €67,040 to €21,999
- Reserves +€34,952
up €34,952 (+67.3%), from €51,946 to €86,898
- Debts after one year +€12,804
new in 2024: €12,804
- Current portion of long-term debt +€6,245
up €6,245 (+60.1%), from €10,388 to €16,633
- Short-term financial debts -€4,917
no longer reported in 2024 (was €4,917)
- Taxes +€8,535
up €8,535 (+85.4%), from €10,000 to €18,535
- Financial charges +€3,673
up €3,673 (+1,228%), from €299 to €3,972
- Depreciation +€3,312
up €3,312 (+28.7%), from €11,560 to €14,872
- Gross operating margin -€3,120
down €3,120 (-1.8%), from €169,277 to €166,157
- Staff costs -€1,889
down €1,889 (-2.0%), from €94,250 to €92,361
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,373 | €152,079 | +€4,706 | +3.2% |
| Fixed assets | 21/28 | €36,368 | €35,848 | -€520 | -1.4% |
| Tangible fixed assets | 22/27 | €36,003 | €35,483 | -€520 | -1.4% |
| Land and buildings | 22 | €781 | €3,262 | +€2,481 | +318% |
| Plant, machinery and equipment | 23 | €20,036 | €17,748 | -€2,288 | -11.4% |
| Furniture and vehicles | 24 | €15,186 | €14,473 | -€713 | -4.7% |
| Financial fixed assets | 28 | €365 | €365 | = | 0.0% |
| Current assets | 29/58 | €111,005 | €116,231 | +€5,226 | +4.7% |
| Amounts receivable within one year | 40/41 | €94,118 | €63,262 | -€30,856 | -32.8% |
| Trade receivables | 40 | €78,814 | €36,640 | -€42,174 | -53.5% |
| Other amounts receivable | 41 | €15,304 | €26,622 | +€11,318 | +74.0% |
| Cash at bank and in hand | 54/58 | €15,039 | €51,508 | +€36,469 | +242% |
| Deferred charges and accrued income | 490/1 | €1,848 | €1,461 | -€387 | -20.9% |
| Total equity and liabilities | 10/49 | €147,373 | €152,079 | +€4,706 | +3.2% |
| Equity | 10/15 | €57,946 | €92,898 | +€34,952 | +60.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €51,946 | €86,898 | +€34,952 | +67.3% |
| Distributable reserves | 133 | €51,946 | €86,898 | +€34,952 | +67.3% |
| Amounts payable | 17/49 | €89,427 | €59,181 | -€30,246 | -33.8% |
| Amounts payable after more than one year | 17 | - | €12,804 | +€12,804 | |
| Financial debts | 170/4 | - | €12,804 | +€12,804 | |
| Amounts payable within one year | 42/48 | €89,427 | €46,377 | -€43,050 | -48.1% |
| Current portion of amounts payable after more than one year | 42 | €10,388 | €16,633 | +€6,245 | +60.1% |
| Financial debts | 43 | €4,917 | - | -€4,917 | |
| Other loans | 439 | €4,917 | - | -€4,917 | |
| Trade debts | 44 | €67,040 | €21,999 | -€45,041 | -67.2% |
| Suppliers | 440/4 | €67,040 | €21,999 | -€45,041 | -67.2% |
| Taxes, remuneration and social security | 45 | €7,082 | €7,745 | +€663 | +9.4% |
| Remuneration and social security | 454/9 | €7,082 | €7,745 | +€663 | +9.4% |
| Remuneration, social security and pensions | 62 | €94,250 | €92,361 | -€1,889 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,560 | €14,872 | +€3,312 | +28.7% |
| Other operating charges | 640/8 | €1,227 | €2,070 | +€843 | +68.7% |
| Non-recurring operating charges | 66A | - | €321 | +€321 | |
| Gross operating margin | 9900 | €169,277 | €166,157 | -€3,120 | -1.8% |
| Operating profit (loss) | 9901 | €62,240 | €56,533 | -€5,707 | -9.2% |
| Financial income | 75/76B | €5 | €926 | +€921 | +18,420% |
| Recurring financial income | 75 | €5 | €926 | +€921 | +18,420% |
| Financial charges | 65/66B | €299 | €3,972 | +€3,673 | +1,228% |
| Recurring financial charges | 65 | €299 | €3,972 | +€3,673 | +1,228% |
| Profit (loss) for the period before taxes | 9903 | €61,946 | €53,487 | -€8,459 | -13.7% |
| Income taxes | 67/77 | €10,000 | €18,535 | +€8,535 | +85.4% |
| Profit (loss) for the period | 9904 | €51,946 | €34,952 | -€16,994 | -32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,946 | €34,952 | -€16,994 | -32.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.