GECO: what changed
What changed
GECO
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
filed annual accounts (NBB)
Net result for the year
€11,881
2024 · €231,161-€219,281
Equity
€1.6m
2024 · €1.6m+€11,881
Cash
€253,845
2024 · €315,719-€61,875
Balance sheet total
€3.0m
2024 · €2.5m+€482,183
Largest movements
Assets
- Receivables within one year +€734,774
up €734,774 (+76.5%), from €960,273 to €1.7m
of which Other amounts receivable: +€388,674
- Current investments -€273,892
down €273,892 (-100%), from €273,892 to €0
- Tangible fixed assets +€94,536
up €94,536 (+37.5%), from €251,849 to €346,384
- Cash -€61,875
down €61,875 (-19.6%), from €315,719 to €253,845
mainly Receivables within one year (-€734,774) and Investment in fixed assets (net) (-€178,806)
- Stocks and contracts -€30,666
down €30,666 (-4.7%), from €657,347 to €626,681
Equity and liabilities
- Advances received +€135,591
up €135,591 (+65.1%), from €208,426 to €344,017
- Other debts +€117,084
up €117,084 (+34.7%), from €337,163 to €454,247
- Tax, wage and social debts +€116,707
up €116,707 (+95.4%), from €122,350 to €239,056
of which Remuneration and social security: +€62,252
- Trade debts +€37,027
up €37,027 (+31.3%), from €118,443 to €155,469
- Debts after one year +€34,853
up €34,853 (+60.4%), from €57,693 to €92,546
Income statement
- Staff costs +€121,014
up €121,014 (+8.9%), from €1.4m to €1.5m
- Gross operating margin -€91,081
down €91,081 (-5.6%), from €1.6m to €1.5m
- Other operating charges +€47,290
up €47,290 (+542%), from €8,724 to €56,014
- Write-downs -€35,865
down €35,865 (-297%), from -€12,058 to -€47,923
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
€231,161
Gross operating margin
-€91,081
Staff costs
-€121,014
Depreciation
-€1,739
Write-downs
+€35,865
Other operating charges
-€47,290
Financial income
+€6,352
Financial charges
+€2,327
Taxes
-€2,701
Result 2025
€11,881
raises the resultlowers the result
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
-€220,072
Investment
+€95,085
Financing
+€63,112
Cash 2024
€315,719
From operations (derived)
-€220,072
Net result for the year
+€11,881
Depreciation
+€80,942
Stocks and contracts
+€30,666
Receivables within one year
-€734,774
Deferred charges and accrued income
-€15,977
Provisions
-€3,098
Trade debts
+€37,027
Tax, wage and social debts
+€116,707
Advances received
+€135,591
Other debts
+€117,084
Accrued charges and deferred income
+€3,880
Investment (derived)
+€95,085
Investment in fixed assets (net)
-€178,806
Current investments
+€273,892
Financing
+€63,112
Debts after one year
+€34,853
Current portion of long-term debt
+€28,259
Cash 2025
€253,845
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,471,450 | €2,953,633 | +€482,183 | +19.5% |
| Fixed assets | 21/28 | €254,734 | €352,599 | +€97,865 | +38.4% |
| Intangible fixed assets | 21 | €845 | €669 | -€176 | -20.8% |
| Tangible fixed assets | 22/27 | €251,849 | €346,384 | +€94,536 | +37.5% |
| Plant, machinery and equipment | 23 | €167,928 | €207,057 | +€39,129 | +23.3% |
| Furniture and vehicles | 24 | €36,116 | €82,369 | +€46,252 | +128% |
| Other tangible fixed assets | 26 | €47,804 | €56,958 | +€9,154 | +19.1% |
| Financial fixed assets | 28 | €2,040 | €5,545 | +€3,505 | +172% |
| Current assets | 29/58 | €2,216,716 | €2,601,034 | +€384,319 | +17.3% |
| Stocks and contracts in progress | 3 | €657,347 | €626,681 | -€30,666 | -4.7% |
| Stocks | 30/36 | €657,347 | €626,681 | -€30,666 | -4.7% |
| Amounts receivable within one year | 40/41 | €960,273 | €1,695,046 | +€734,774 | +76.5% |
| Trade receivables | 40 | €444,922 | €791,022 | +€346,100 | +77.8% |
| Other amounts receivable | 41 | €515,351 | €904,024 | +€388,674 | +75.4% |
| Current investments | 50/53 | €273,892 | €0 | -€273,892 | -100% |
| Cash at bank and in hand | 54/58 | €315,719 | €253,845 | -€61,875 | -19.6% |
| Deferred charges and accrued income | 490/1 | €9,485 | €25,462 | +€15,977 | +168% |
| Total equity and liabilities | 10/49 | €2,471,450 | €2,953,633 | +€482,183 | +19.5% |
| Equity | 10/15 | €1,574,471 | €1,586,351 | +€11,881 | +0.8% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €1,388,550 | €1,400,431 | +€11,881 | +0.9% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,351,208 | €1,363,089 | +€11,881 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €28,028 | €24,930 | -€3,098 | -11.1% |
| Provisions for liabilities and charges | 160/5 | €28,028 | €24,930 | -€3,098 | -11.1% |
| Pensions and similar obligations | 160 | €10,326 | €7,228 | -€3,098 | -30.0% |
| Other liabilities and charges | 164/5 | €17,702 | €17,702 | = | 0.0% |
| Amounts payable | 17/49 | €868,952 | €1,342,352 | +€473,400 | +54.5% |
| Amounts payable after more than one year | 17 | €57,693 | €92,546 | +€34,853 | +60.4% |
| Financial debts | 170/4 | €57,693 | €92,546 | +€34,853 | +60.4% |
| Amounts payable within one year | 42/48 | €810,860 | €1,245,528 | +€434,667 | +53.6% |
| Current portion of amounts payable after more than one year | 42 | €24,479 | €52,738 | +€28,259 | +115% |
| Trade debts | 44 | €118,443 | €155,469 | +€37,027 | +31.3% |
| Suppliers | 440/4 | €118,443 | €155,469 | +€37,027 | +31.3% |
| Advances received on contracts in progress | 46 | €208,426 | €344,017 | +€135,591 | +65.1% |
| Taxes, remuneration and social security | 45 | €122,350 | €239,056 | +€116,707 | +95.4% |
| Taxes | 450/3 | €0 | €54,455 | +€54,455 | |
| Remuneration and social security | 454/9 | €122,350 | €184,601 | +€62,252 | +50.9% |
| Other amounts payable | 47/48 | €337,163 | €454,247 | +€117,084 | +34.7% |
| Accrued charges and deferred income | 492/3 | €398 | €4,278 | +€3,880 | +974% |
| Non-recurring operating income | 76A | €12,592 | €26,127 | +€13,535 | +107% |
| Remuneration, social security and pensions | 62 | €1,362,082 | €1,483,097 | +€121,014 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,203 | €80,942 | +€1,739 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,058 | -€47,923 | -€35,865 | -297% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,098 | -€3,098 | = | 0.0% |
| Other operating charges | 640/8 | €8,724 | €56,014 | +€47,290 | +542% |
| Gross operating margin | 9900 | €1,630,821 | €1,539,740 | -€91,081 | -5.6% |
| Operating profit (loss) | 9901 | €195,967 | -€29,292 | -€225,259 | |
| Financial income | 75/76B | €76,398 | €82,750 | +€6,352 | +8.3% |
| Recurring financial income | 75 | €76,398 | €82,750 | +€6,352 | +8.3% |
| Financial charges | 65/66B | €39,207 | €36,880 | -€2,327 | -5.9% |
| Recurring financial charges | 65 | €39,207 | €36,880 | -€2,327 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €233,158 | €16,578 | -€216,579 | -92.9% |
| Income taxes | 67/77 | €1,996 | €4,698 | +€2,701 | +135% |
| Profit (loss) for the period | 9904 | €231,161 | €11,881 | -€219,281 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €231,161 | €11,881 | -€219,281 | -94.9% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 8 November 2026 via checked.be.