GECIMAT: 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.
GECIMAT
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Receivables within one year +€93,778
up €93,778 (+72.7%), from €128,953 to €222,731
of which Trade receivables: +€106,944
- Stocks and contracts +€85,531
up €85,531 (+13.7%), from €622,710 to €708,241
- Cash +€22,524
up €22,524 (+7.2%), from €313,531 to €336,056
mainly Trade debts (+€266,751) and Net result for the year (+€145,677)
- Trade debts +€266,751
up €266,751 (+493%), from €54,064 to €320,815
- Reserves +€145,677
up €145,677 (+21.7%), from €670,090 to €815,767
of which Distributable reserves: +€267,767
- Debts after one year +€15,861
new in 2025: €15,861
- Taxes +€17,774
up €17,774 (+29.3%), from €60,744 to €78,518
- Other operating charges +€6,572
up €6,572 (+346%), from €1,897 to €8,469
- Write-downs -€5,148
down €5,148 (-35.0%), from €14,717 to €9,569
- Financial charges +€3,577
up €3,577 (+968%), from €370 to €3,946
- Depreciation -€2,840
down €2,840 (-63.6%), from €4,468 to €1,628
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 | €1,081,808 | €1,522,645 | +€440,838 | +40.8% |
| Fixed assets | 21/28 | €11,203 | €2,425 | -€8,778 | -78.4% |
| Tangible fixed assets | 22/27 | €11,203 | €2,425 | -€8,778 | -78.4% |
| Plant, machinery and equipment | 23 | €1,665 | €1,117 | -€548 | -32.9% |
| Furniture and vehicles | 24 | €2,266 | €1,309 | -€958 | -42.3% |
| Leasing and similar rights | 25 | €7,149 | - | -€7,149 | |
| Other tangible fixed assets | 26 | €123 | - | -€123 | |
| Current assets | 29/58 | €1,070,605 | €1,520,220 | +€449,615 | +42.0% |
| Stocks and contracts in progress | 3 | €622,710 | €708,241 | +€85,531 | +13.7% |
| Stocks | 30/36 | €622,710 | €708,241 | +€85,531 | +13.7% |
| Amounts receivable within one year | 40/41 | €128,953 | €222,731 | +€93,778 | +72.7% |
| Trade receivables | 40 | €108,273 | €215,217 | +€106,944 | +98.8% |
| Other amounts receivable | 41 | €20,681 | €7,515 | -€13,166 | -63.7% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €313,531 | €336,056 | +€22,524 | +7.2% |
| Deferred charges and accrued income | 490/1 | €5,410 | €3,192 | -€2,218 | -41.0% |
| Total equity and liabilities | 10/49 | €1,081,808 | €1,522,645 | +€440,838 | +40.8% |
| Equity | 10/15 | €992,669 | €1,138,498 | +€145,829 | +14.7% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Capital | 10 | €160,000 | - | -€160,000 | |
| Issued capital | 100 | €160,000 | - | -€160,000 | |
| Reserves | 13 | €670,090 | €815,767 | +€145,677 | +21.7% |
| Tax-exempt reserves | 132 | €332,590 | €210,500 | -€122,090 | -36.7% |
| Distributable reserves | 133 | €337,500 | €605,267 | +€267,767 | +79.3% |
| Profit (loss) carried forward | 14 | €162,579 | €162,731 | +€152 | +0.1% |
| Amounts payable | 17/49 | €89,139 | €384,147 | +€295,008 | +331% |
| Amounts payable after more than one year | 17 | - | €15,861 | +€15,861 | |
| Financial debts | 170/4 | - | €15,861 | +€15,861 | |
| Amounts payable within one year | 42/48 | €86,772 | €365,527 | +€278,755 | +321% |
| Current portion of amounts payable after more than one year | 42 | €4,875 | €8,475 | +€3,599 | +73.8% |
| Trade debts | 44 | €54,064 | €320,815 | +€266,751 | +493% |
| Suppliers | 440/4 | €54,064 | €320,815 | +€266,751 | +493% |
| Taxes, remuneration and social security | 45 | €27,832 | €24,162 | -€3,670 | -13.2% |
| Taxes | 450/3 | €27,832 | €24,162 | -€3,670 | -13.2% |
| Other amounts payable | 47/48 | - | €12,075 | +€12,075 | |
| Accrued charges and deferred income | 492/3 | €2,367 | €2,759 | +€392 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,468 | €1,628 | -€2,840 | -63.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,717 | €9,569 | -€5,148 | -35.0% |
| Other operating charges | 640/8 | €1,897 | €8,469 | +€6,572 | +346% |
| Gross operating margin | 9900 | €236,580 | €235,392 | -€1,188 | -0.5% |
| Operating profit (loss) | 9901 | €215,498 | €215,726 | +€227 | +0.1% |
| Financial income | 75/76B | €11,844 | €12,416 | +€571 | +4.8% |
| Recurring financial income | 75 | €11,844 | €12,416 | +€571 | +4.8% |
| Financial charges | 65/66B | €370 | €3,946 | +€3,577 | +968% |
| Recurring financial charges | 65 | €370 | €3,946 | +€3,577 | +968% |
| Profit (loss) for the period before taxes | 9903 | €226,973 | €224,195 | -€2,778 | -1.2% |
| Income taxes | 67/77 | €60,744 | €78,518 | +€17,774 | +29.3% |
| Profit (loss) for the period | 9904 | €166,229 | €145,677 | -€20,552 | -12.4% |
| Transfer from tax-exempt reserves | 789 | - | €164,190 | +€164,190 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,129 | €267,767 | +€143,638 | +116% |
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 16 October 2026 via checked.be.