GECIFIN: 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.
GECIFIN
Largest movements
- Cash -€64,458
down €64,458 (-12.7%), from €509,203 to €444,745
mainly Other debts (-€587,112) and Debts after one year (-€73,869)
- Reserves +€800,000
up €800,000 (+70.8%), from €1.1m to €1.9m
of which Distributable reserves: +€600,000
- Other debts -€587,112
down €587,112 (-99.0%), from €592,766 to €5,654
- Profit (loss) carried forward -€170,231
down €170,231 (-89.0%), from €191,175 to €20,944
- Debts after one year -€73,869
down €73,869 (-44.2%), from €167,260 to €93,391
- Financial income +€74,941
up €74,941 (+15.0%), from €500,059 to €575,000
- Financial charges -€2,739
down €2,739 (-63.6%), from €4,305 to €1,566
- Depreciation +€2,205
up €2,205 (+27.8%), from €7,945 to €10,150
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.
Derived cash bridge
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 | €2,973,225 | €2,959,751 | -€13,474 | -0.5% |
| Fixed assets | 21/28 | €2,457,544 | €2,479,894 | +€22,350 | +0.9% |
| Tangible fixed assets | 22/27 | €27,006 | €49,356 | +€22,350 | +82.8% |
| Plant, machinery and equipment | 23 | €27,006 | €49,356 | +€22,350 | +82.8% |
| Financial fixed assets | 28 | €2,430,538 | €2,430,538 | = | 0.0% |
| Current assets | 29/58 | €515,681 | €479,857 | -€35,824 | -6.9% |
| Amounts receivable within one year | 40/41 | €6,478 | €35,112 | +€28,634 | +442% |
| Trade receivables | 40 | €2,780 | €15,099 | +€12,319 | +443% |
| Other amounts receivable | 41 | €3,698 | €20,013 | +€16,315 | +441% |
| Cash at bank and in hand | 54/58 | €509,203 | €444,745 | -€64,458 | -12.7% |
| Total equity and liabilities | 10/49 | €2,973,225 | €2,959,751 | -€13,474 | -0.5% |
| Equity | 10/15 | €2,111,175 | €2,740,944 | +€629,769 | +29.8% |
| Contributions | 10/11 | €790,000 | €790,000 | = | 0.0% |
| Contributions outside capital | 11 | €790,000 | €790,000 | = | 0.0% |
| Other | 1109/19 | €790,000 | €790,000 | = | 0.0% |
| Reserves | 13 | €1,130,000 | €1,930,000 | +€800,000 | +70.8% |
| Non-distributable reserves | 130/1 | €580,000 | €780,000 | +€200,000 | +34.5% |
| Reserves not available under the articles | 1311 | €580,000 | €780,000 | +€200,000 | +34.5% |
| Distributable reserves | 133 | €550,000 | €1,150,000 | +€600,000 | +109% |
| Profit (loss) carried forward | 14 | €191,175 | €20,944 | -€170,231 | -89.0% |
| Amounts payable | 17/49 | €862,050 | €218,807 | -€643,243 | -74.6% |
| Amounts payable after more than one year | 17 | €167,260 | €93,391 | -€73,869 | -44.2% |
| Financial debts | 170/4 | €167,260 | €93,391 | -€73,869 | -44.2% |
| Amounts payable within one year | 42/48 | €692,893 | €125,416 | -€567,477 | -81.9% |
| Current portion of amounts payable after more than one year | 42 | €73,614 | €73,869 | +€255 | +0.3% |
| Trade debts | 44 | €380 | €220 | -€160 | -42.1% |
| Suppliers | 440/4 | €380 | €220 | -€160 | -42.1% |
| Taxes, remuneration and social security | 45 | €26,133 | €45,673 | +€19,540 | +74.8% |
| Taxes | 450/3 | €26,133 | €45,673 | +€19,540 | +74.8% |
| Other amounts payable | 47/48 | €592,766 | €5,654 | -€587,112 | -99.0% |
| Accrued charges and deferred income | 492/3 | €1,897 | - | -€1,897 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,945 | €10,150 | +€2,205 | +27.8% |
| Gross operating margin | 9900 | €110,957 | €109,911 | -€1,046 | -0.9% |
| Operating profit (loss) | 9901 | €103,012 | €99,761 | -€3,251 | -3.2% |
| Financial income | 75/76B | €500,059 | €575,000 | +€74,941 | +15.0% |
| Recurring financial income | 75 | €500,059 | €575,000 | +€74,941 | +15.0% |
| Financial charges | 65/66B | €4,305 | €1,566 | -€2,739 | -63.6% |
| Recurring financial charges | 65 | €4,305 | €1,566 | -€2,739 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €598,766 | €673,195 | +€74,429 | +12.4% |
| Income taxes | 67/77 | €44,069 | €43,426 | -€643 | -1.5% |
| Profit (loss) for the period | 9904 | €554,697 | €629,769 | +€75,072 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €554,697 | €629,769 | +€75,072 | +13.5% |
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 23 October 2026 via checked.be.