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 +€156,708
up €156,708 (+30.1%), from €520,290 to €676,997
of which Other amounts receivable: +€124,390
- Tangible fixed assets -€137,252
down €137,252 (-15.1%), from €906,117 to €768,865
of which Plant, machinery and equipment: -€72,626
- Cash -€56,459
down €56,459 (-33.4%), from €169,246 to €112,787
mainly Receivables within one year (-€156,708) and Debts after one year (-€148,831)
- Stocks and contracts +€26,109
up €26,109 (+4.3%), from €609,242 to €635,352
- Debts after one year -€148,831
down €148,831 (-20.9%), from €712,344 to €563,513
- Trade debts +€147,834
up €147,834 (+11.9%), from €1.2m to €1.4m
- Profit (loss) carried forward -€57,279
down €57,279, from €6,802 to -€50,477
- Current portion of long-term debt +€37,477
up €37,477 (+29.0%), from €129,253 to €166,731
- Turnover -€506,898
down €506,898 (-5.3%), from €9.6m to €9.1m
- Purchases and services -€495,997
down €495,997 (-5.6%), from €8.9m to €8.4m
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 | €2,253,812 | €2,237,841 | -€15,971 | -0.7% |
| Fixed assets | 21/28 | €906,117 | €768,865 | -€137,252 | -15.1% |
| Tangible fixed assets | 22/27 | €906,117 | €768,865 | -€137,252 | -15.1% |
| Plant, machinery and equipment | 23 | €500,584 | €427,958 | -€72,626 | -14.5% |
| Furniture and vehicles | 24 | €48,099 | €34,066 | -€14,033 | -29.2% |
| Leasing and similar rights | 25 | €357,434 | €306,840 | -€50,594 | -14.2% |
| Current assets | 29/58 | €1,347,695 | €1,468,976 | +€121,282 | +9.0% |
| Stocks and contracts in progress | 3 | €609,242 | €635,352 | +€26,109 | +4.3% |
| Stocks | 30/36 | €609,242 | €635,352 | +€26,109 | +4.3% |
| Amounts receivable within one year | 40/41 | €520,290 | €676,997 | +€156,708 | +30.1% |
| Trade receivables | 40 | €231,236 | €263,553 | +€32,318 | +14.0% |
| Other amounts receivable | 41 | €289,054 | €413,444 | +€124,390 | +43.0% |
| Cash at bank and in hand | 54/58 | €169,246 | €112,787 | -€56,459 | -33.4% |
| Deferred charges and accrued income | 490/1 | €48,917 | €43,840 | -€5,077 | -10.4% |
| Total equity and liabilities | 10/49 | €2,253,812 | €2,237,841 | -€15,971 | -0.7% |
| Equity | 10/15 | €75,552 | €18,273 | -€57,279 | -75.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,802 | -€50,477 | -€57,279 | |
| Amounts payable | 17/49 | €2,178,260 | €2,219,568 | +€41,309 | +1.9% |
| Amounts payable after more than one year | 17 | €712,344 | €563,513 | -€148,831 | -20.9% |
| Financial debts | 170/4 | €712,344 | €563,513 | -€148,831 | -20.9% |
| Amounts payable within one year | 42/48 | €1,465,916 | €1,656,056 | +€190,140 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €129,253 | €166,731 | +€37,477 | +29.0% |
| Trade debts | 44 | €1,241,781 | €1,389,614 | +€147,834 | +11.9% |
| Suppliers | 440/4 | €1,241,781 | €1,389,614 | +€147,834 | +11.9% |
| Taxes, remuneration and social security | 45 | €94,882 | €99,711 | +€4,829 | +5.1% |
| Remuneration and social security | 454/9 | €94,882 | €99,711 | +€4,829 | +5.1% |
| Turnover | 70 | €9,564,770 | €9,057,872 | -€506,898 | -5.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €8,883,512 | €8,387,515 | -€495,997 | -5.6% |
| Remuneration, social security and pensions | 62 | €938,518 | €943,414 | +€4,896 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,096 | €151,771 | +€11,676 | +8.3% |
| Other operating charges | 640/8 | €53,114 | €56,920 | +€3,806 | +7.2% |
| Gross operating margin | 9900 | €1,164,554 | €1,154,145 | -€10,409 | -0.9% |
| Operating profit (loss) | 9901 | €32,826 | €2,039 | -€30,787 | -93.8% |
| Financial income | 75/76B | €4,495 | €3,661 | -€835 | -18.6% |
| Recurring financial income | 75 | €4,495 | €3,661 | -€835 | -18.6% |
| Financial charges | 65/66B | €50,144 | €61,569 | +€11,425 | +22.8% |
| Recurring financial charges | 65 | €50,144 | €61,569 | +€11,425 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,822 | -€55,869 | -€43,047 | -335.7% |
| Income taxes | 67/77 | €1,995 | €1,410 | -€584 | -29.3% |
| Profit (loss) for the period | 9904 | -€14,817 | -€57,279 | -€42,463 | -286.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,817 | -€57,279 | -€42,463 | -286.6% |
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 3 October 2026 via checked.be.