GECIROUTE: what changed
What changed
GECIROUTE
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€729,747
2024 · €619,317+€110,430
Equity
€2.3m
2024 · €1.6m+€728,392
Cash
€1.9m
2024 · €1.4m+€489,528
Balance sheet total
€4.4m
2024 · €4.2m+€137,830
Largest movements
Assets
- Cash +€489,528
up €489,528 (+35.6%), from €1.4m to €1.9m
mainly Net result for the year (+€729,747) and Receivables within one year (+€306,568)
- Receivables within one year -€306,568
down €306,568 (-23.9%), from €1.3m to €976,396
of which Other amounts receivable: -€213,791
Equity and liabilities
- Reserves +€1.2m
up €1.2m (+170%), from €715,961 to €1.9m
of which Distributable reserves: +€1.2m
- Other debts -€500,000
no longer reported in 2025 (was €500,000)
- Profit (loss) carried forward -€489,357
down €489,357 (-99.4%), from €492,334 to €2,977
- Debts after one year -€100,176
down €100,176 (-11.3%), from €890,115 to €789,939
Income statement
- Gross operating margin +€575,078
up €575,078 (+32.2%), from €1.8m to €2.4m
- Staff costs +€187,161
up €187,161 (+26.1%), from €716,727 to €903,888
- Write-downs +€173,841
up €173,841 (+9,934%), from €1,750 to €175,591
- Taxes +€65,512
up €65,512 (+34.9%), from €187,494 to €253,006
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€619,317
Gross operating margin
+€575,078
Staff costs
-€187,161
Depreciation
-€20,169
Write-downs
-€173,841
Provisions
-€6,356
Other operating charges
-€885
Other operating items
+€13,170
Financial income
-€12,810
Financial charges
-€2,373
Taxes
-€65,512
Deferred taxes and other
-€8,711
Result 2025
€729,747
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€796,831
Investment
-€224,666
Financing
-€82,637
Cash 2024
€1.4m
From operations (derived)
+€796,831
Net result for the year
+€729,747
Depreciation
+€244,999
Stocks and contracts
+€32,837
Receivables within one year
+€306,568
Deferred charges and accrued income
-€8,040
Provisions
+€2,095
Trade debts
+€27,614
Tax, wage and social debts
-€17,141
Other debts
-€500,000
Accrued charges and deferred income
-€21,848
Investment (derived)
-€224,666
Investment in fixed assets (net)
-€224,666
Financing
-€82,637
Debts after one year
-€100,176
Current portion of long-term debt
+€18,894
Contributions, distributions and other
-€1,355
Cash 2025
€1.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,234,677 | €4,372,507 | +€137,830 | +3.3% |
| Fixed assets | 21/28 | €1,457,687 | €1,437,354 | -€20,333 | -1.4% |
| Intangible fixed assets | 21 | €7,815 | €2,779 | -€5,036 | -64.4% |
| Tangible fixed assets | 22/27 | €1,355,558 | €1,323,886 | -€31,672 | -2.3% |
| Land and buildings | 22 | €146,652 | €146,652 | = | 0.0% |
| Plant, machinery and equipment | 23 | €150,710 | €171,878 | +€21,168 | +14.0% |
| Furniture and vehicles | 24 | €73,955 | €182,550 | +€108,595 | +147% |
| Leasing and similar rights | 25 | €984,241 | €822,806 | -€161,435 | -16.4% |
| Financial fixed assets | 28 | €94,314 | €110,689 | +€16,375 | +17.4% |
| Current assets | 29/58 | €2,776,990 | €2,935,153 | +€158,163 | +5.7% |
| Stocks and contracts in progress | 3 | €68,982 | €36,145 | -€32,837 | -47.6% |
| Stocks | 30/36 | €68,982 | €36,145 | -€32,837 | -47.6% |
| Amounts receivable within one year | 40/41 | €1,282,964 | €976,396 | -€306,568 | -23.9% |
| Trade receivables | 40 | €1,011,521 | €918,744 | -€92,777 | -9.2% |
| Other amounts receivable | 41 | €271,443 | €57,652 | -€213,791 | -78.8% |
| Cash at bank and in hand | 54/58 | €1,374,402 | €1,863,930 | +€489,528 | +35.6% |
| Deferred charges and accrued income | 490/1 | €50,642 | €58,682 | +€8,040 | +15.9% |
| Total equity and liabilities | 10/49 | €4,234,677 | €4,372,507 | +€137,830 | +3.3% |
| Equity | 10/15 | €1,559,650 | €2,288,042 | +€728,392 | +46.7% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €715,961 | €1,935,065 | +€1.2m | +170% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €80,961 | €100,065 | +€19,104 | +23.6% |
| Distributable reserves | 133 | €600,000 | €1,800,000 | +€1.2m | +200% |
| Profit (loss) carried forward | 14 | €492,334 | €2,977 | -€489,357 | -99.4% |
| Investment grants | 15 | €1,355 | - | -€1,355 | |
| Provisions and deferred taxes | 16 | €35,122 | €37,217 | +€2,095 | +6.0% |
| Provisions for liabilities and charges | 160/5 | €7,336 | €3,812 | -€3,524 | -48.0% |
| Environmental obligations | 163 | €7,336 | €3,812 | -€3,524 | -48.0% |
| Deferred taxes | 168 | €27,786 | €33,405 | +€5,619 | +20.2% |
| Amounts payable | 17/49 | €2,639,905 | €2,047,248 | -€592,657 | -22.4% |
| Amounts payable after more than one year | 17 | €890,115 | €789,939 | -€100,176 | -11.3% |
| Financial debts | 170/4 | €890,115 | €789,939 | -€100,176 | -11.3% |
| Amounts payable within one year | 42/48 | €1,686,540 | €1,215,907 | -€470,633 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €181,271 | €200,165 | +€18,894 | +10.4% |
| Trade debts | 44 | €886,121 | €913,735 | +€27,614 | +3.1% |
| Suppliers | 440/4 | €886,121 | €913,735 | +€27,614 | +3.1% |
| Taxes, remuneration and social security | 45 | €119,148 | €102,007 | -€17,141 | -14.4% |
| Taxes | 450/3 | €80,499 | €49,571 | -€30,928 | -38.4% |
| Remuneration and social security | 454/9 | €38,649 | €52,436 | +€13,787 | +35.7% |
| Other amounts payable | 47/48 | €500,000 | - | -€500,000 | |
| Accrued charges and deferred income | 492/3 | €63,250 | €41,402 | -€21,848 | -34.5% |
| Non-recurring operating income | 76A | €17,742 | - | -€17,742 | |
| Remuneration, social security and pensions | 62 | €716,727 | €903,888 | +€187,161 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,830 | €244,999 | +€20,169 | +9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,750 | €175,591 | +€173,841 | +9,934% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,356 | - | +€6,356 | |
| Other operating charges | 640/8 | €10,797 | €11,682 | +€885 | +8.2% |
| Non-recurring operating charges | 66A | €13,170 | - | -€13,170 | |
| Gross operating margin | 9900 | €1,783,197 | €2,358,275 | +€575,078 | +32.2% |
| Operating profit (loss) | 9901 | €822,279 | €1,022,115 | +€199,836 | +24.3% |
| Financial income | 75/76B | €21,812 | €9,002 | -€12,810 | -58.7% |
| Recurring financial income | 75 | €21,812 | €9,002 | -€12,810 | -58.7% |
| Financial charges | 65/66B | €40,371 | €42,744 | +€2,373 | +5.9% |
| Recurring financial charges | 65 | €40,371 | €42,744 | +€2,373 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €803,720 | €988,373 | +€184,653 | +23.0% |
| Transfer from deferred taxes | 780 | €4,966 | €6,664 | +€1,698 | +34.2% |
| Transfer to deferred taxes | 680 | €1,875 | €12,284 | +€10,409 | +555% |
| Income taxes | 67/77 | €187,494 | €253,006 | +€65,512 | +34.9% |
| Profit (loss) for the period | 9904 | €619,317 | €729,747 | +€110,430 | +17.8% |
| Transfer from tax-exempt reserves | 789 | €14,157 | €17,748 | +€3,591 | +25.4% |
| Transfer to tax-exempt reserves | 689 | €5,625 | €36,852 | +€31,227 | +555% |
| Profit (loss) for the period to be appropriated | 9905 | €627,849 | €710,643 | +€82,794 | +13.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.