GECO: 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.
GECO
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+19955.9%), from €5,527 to €1.1m
- Cash -€914,780
down €914,780 (-97.0%), from €943,292 to €28,512
mainly Receivables within one year (-€1.1m) and Current portion of long-term debt (-€18,976)
- Tangible fixed assets -€60,658
down €60,658 (-11.8%), from €515,978 to €455,321
- Reserves +€109,849
up €109,849 (+13.3%), from €828,284 to €938,133
of which Tax-exempt reserves: +€63,150
- Tax, wage and social debts +€22,529
up €22,529 (+57.3%), from €39,345 to €61,874
- Other debts +€21,384
new in 2025: €21,384
- Current portion of long-term debt -€18,976
down €18,976 (-53.1%), from €35,714 to €16,738
- Debts after one year -€16,738
down €16,738 (-54.9%), from €30,488 to €13,750
- Financial income -€55,426
down €55,426 (-74.9%), from €74,035 to €18,609
of which Non-recurring financial income: -€67,463
- Gross operating margin -€44,422
down €44,422 (-17.2%), from €258,158 to €213,735
- Taxes -€21,810
down €21,810 (-36.8%), from €59,345 to €37,536
- Depreciation -€8,893
down €8,893 (-11.3%), from €78,976 to €70,082
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 | €1,464,797 | €1,592,289 | +€127,491 | +8.7% |
| Fixed assets | 21/28 | €515,978 | €455,321 | -€60,658 | -11.8% |
| Tangible fixed assets | 22/27 | €515,978 | €455,321 | -€60,658 | -11.8% |
| Land and buildings | 22 | €515,978 | €455,321 | -€60,658 | -11.8% |
| Current assets | 29/58 | €948,819 | €1,136,968 | +€188,149 | +19.8% |
| Amounts receivable within one year | 40/41 | €5,527 | €1,108,456 | +€1.1m | +19955.9% |
| Other amounts receivable | 41 | €5,527 | €1,108,456 | +€1.1m | +19955.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €943,292 | €28,512 | -€914,780 | -97.0% |
| Total equity and liabilities | 10/49 | €1,464,797 | €1,592,289 | +€127,491 | +8.7% |
| Equity | 10/15 | €1,348,860 | €1,458,709 | +€109,849 | +8.1% |
| Contributions | 10/11 | €520,576 | €520,576 | = | 0.0% |
| Capital | 10 | €520,576 | €520,576 | = | 0.0% |
| Issued capital | 100 | €520,576 | €520,576 | = | 0.0% |
| Reserves | 13 | €828,284 | €938,133 | +€109,849 | +13.3% |
| Non-distributable reserves | 130/1 | €52,058 | €52,058 | = | 0.0% |
| Legal reserve | 130 | €52,058 | €52,058 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €63,150 | +€63,150 | |
| Distributable reserves | 133 | €776,226 | €822,925 | +€46,699 | +6.0% |
| Amounts payable | 17/49 | €115,937 | €133,579 | +€17,642 | +15.2% |
| Amounts payable after more than one year | 17 | €30,488 | €13,750 | -€16,738 | -54.9% |
| Financial debts | 170/4 | €30,488 | €13,750 | -€16,738 | -54.9% |
| Amounts payable within one year | 42/48 | €80,578 | €119,829 | +€39,252 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €35,714 | €16,738 | -€18,976 | -53.1% |
| Trade debts | 44 | €5,518 | €19,833 | +€14,315 | +259.4% |
| Suppliers | 440/4 | €5,518 | €19,833 | +€14,315 | +259.4% |
| Taxes, remuneration and social security | 45 | €39,345 | €61,874 | +€22,529 | +57.3% |
| Taxes | 450/3 | €39,345 | €61,874 | +€22,529 | +57.3% |
| Other amounts payable | 47/48 | - | €21,384 | +€21,384 | |
| Accrued charges and deferred income | 492/3 | €4,871 | €0 | -€4,871 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,976 | €70,082 | -€8,893 | -11.3% |
| Other operating charges | 640/8 | €14,775 | €13,602 | -€1,174 | -7.9% |
| Non-recurring operating charges | 66A | - | €90 | +€90 | |
| Gross operating margin | 9900 | €258,158 | €213,735 | -€44,422 | -17.2% |
| Operating profit (loss) | 9901 | €164,407 | €129,961 | -€34,445 | -21.0% |
| Financial income | 75/76B | €74,035 | €18,609 | -€55,426 | -74.9% |
| Recurring financial income | 75 | €6,572 | €18,609 | +€12,037 | +183.2% |
| Non-recurring financial income | 76B | €67,463 | €0 | -€67,463 | -100.0% |
| Financial charges | 65/66B | €1,481 | €1,185 | -€296 | -20.0% |
| Recurring financial charges | 65 | €1,481 | €1,185 | -€296 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €236,961 | €147,385 | -€89,576 | -37.8% |
| Income taxes | 67/77 | €59,345 | €37,536 | -€21,810 | -36.8% |
| Profit (loss) for the period | 9904 | €177,615 | €109,849 | -€67,766 | -38.2% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €177,615 | €46,699 | -€130,916 | -73.7% |
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 2 October 2026 via checked.be.