GECINVEST: 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.
GECINVEST
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+80.3%), from €1.8m to €3.2m
of which Land and buildings: +€1.4m
- Stocks and contracts +€610,676
new in 2025: €610,676
- Current investments +€270,000
new in 2025: €270,000
- Cash +€126,223
up €126,223 (+175.9%), from €71,751 to €197,974
mainly Contributions, distributions and other (+€1.5m) and Other debts (+€592,568)
- Deferred charges and accrued income -€63,082
down €63,082 (-95.8%), from €65,845 to €2,763
- Revaluation surpluses +€1.5m
up €1.5m (+141.3%), from €1.1m to €2.6m
- Other debts +€592,568
up €592,568 (+484.9%), from €122,210 to €714,778
- Debts after one year +€200,000
up €200,000 (+20.9%), from €957,433 to €1.2m
- Reserves +€44,500
up €44,500 (+23.4%), from €190,050 to €234,550
- Gross operating margin -€67,732
down €67,732 (-25.3%), from €267,239 to €199,507
- Taxes +€16,495
up €16,495, from -€909 to €15,586
- Depreciation -€13,447
down €13,447 (-14.5%), from €92,825 to €79,378
- Financial charges -€9,491
down €9,491 (-18.8%), from €50,399 to €40,908
- Financial income -€3,918
no longer reported in 2025 (was €3,918)
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 | €1,950,988 | €4,326,558 | +€2.4m | +121.8% |
| Formation expenses | 20 | €32,429 | €32,429 | = | 0.0% |
| Fixed assets | 21/28 | €1,780,963 | €3,204,568 | +€1.4m | +79.9% |
| Tangible fixed assets | 22/27 | €1,772,806 | €3,196,410 | +€1.4m | +80.3% |
| Land and buildings | 22 | €1,772,116 | €3,194,540 | +€1.4m | +80.3% |
| Furniture and vehicles | 24 | €690 | €1,870 | +€1,180 | +170.9% |
| Financial fixed assets | 28 | €8,157 | €8,157 | = | 0.0% |
| Current assets | 29/58 | €137,596 | €1,089,561 | +€951,965 | +691.9% |
| Stocks and contracts in progress | 3 | - | €610,676 | +€610,676 | |
| Stocks | 30/36 | - | €610,676 | +€610,676 | |
| Amounts receivable within one year | 40/41 | - | €8,148 | +€8,148 | |
| Other amounts receivable | 41 | - | €8,148 | +€8,148 | |
| Current investments | 50/53 | - | €270,000 | +€270,000 | |
| Cash at bank and in hand | 54/58 | €71,751 | €197,974 | +€126,223 | +175.9% |
| Deferred charges and accrued income | 490/1 | €65,845 | €2,763 | -€63,082 | -95.8% |
| Total equity and liabilities | 10/49 | €1,950,988 | €4,326,558 | +€2.4m | +121.8% |
| Equity | 10/15 | €843,347 | €2,413,584 | +€1.6m | +186.2% |
| Contributions | 10/11 | €198,811 | €198,811 | = | 0.0% |
| Revaluation surpluses | 12 | €1,079,801 | €2,605,433 | +€1.5m | +141.3% |
| Reserves | 13 | €190,050 | €234,550 | +€44,500 | +23.4% |
| Distributable reserves | 133 | €190,050 | €234,550 | +€44,500 | +23.4% |
| Profit (loss) carried forward | 14 | -€625,315 | -€625,210 | +€105 | 0.0% |
| Amounts payable | 17/49 | €1,107,642 | €1,912,974 | +€805,332 | +72.7% |
| Amounts payable after more than one year | 17 | €957,433 | €1,157,433 | +€200,000 | +20.9% |
| Financial debts | 170/4 | €957,433 | €1,157,433 | +€200,000 | +20.9% |
| Amounts payable within one year | 42/48 | €149,251 | €752,817 | +€603,566 | +404.4% |
| Current portion of amounts payable after more than one year | 42 | €7,612 | €1,620 | -€5,992 | -78.7% |
| Trade debts | 44 | €19,377 | €15,277 | -€4,100 | -21.2% |
| Suppliers | 440/4 | €19,377 | €15,277 | -€4,100 | -21.2% |
| Taxes, remuneration and social security | 45 | €53 | €21,142 | +€21,089 | +40055.9% |
| Taxes | 450/3 | €53 | €15,596 | +€15,543 | +29521.5% |
| Remuneration and social security | 454/9 | - | €5,546 | +€5,546 | |
| Other amounts payable | 47/48 | €122,210 | €714,778 | +€592,568 | +484.9% |
| Accrued charges and deferred income | 492/3 | €957 | €2,723 | +€1,766 | +184.6% |
| Non-recurring operating income | 76A | €283,677 | €150,361 | -€133,316 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,825 | €79,378 | -€13,447 | -14.5% |
| Other operating charges | 640/8 | €22,262 | €19,030 | -€3,232 | -14.5% |
| Gross operating margin | 9900 | €267,239 | €199,507 | -€67,732 | -25.3% |
| Operating profit (loss) | 9901 | €152,153 | €101,099 | -€51,053 | -33.6% |
| Financial income | 75/76B | €3,918 | - | -€3,918 | |
| Recurring financial income | 75 | €3,918 | - | -€3,918 | |
| Financial charges | 65/66B | €50,399 | €40,908 | -€9,491 | -18.8% |
| Recurring financial charges | 65 | €50,399 | €40,908 | -€9,491 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €105,672 | €60,191 | -€45,480 | -43.0% |
| Income taxes | 67/77 | -€909 | €15,586 | +€16,495 | |
| Profit (loss) for the period | 9904 | €106,581 | €44,605 | -€61,976 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €106,581 | €44,605 | -€61,976 | -58.1% |
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 7 October 2026 via checked.be.