GECODIS: what changed
Two financial 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.
GECODIS
Largest movements
- Tangible fixed assets +€173,358
up €173,358 (+9.5%), from €1.8m to €2.0m
of which Land and buildings: +€275,541
- Cash +€132,191
up €132,191 (+48.4%), from €272,944 to €405,134
mainly Net result for the year (+€287,065) and Depreciation (+€195,102)
- Receivables within one year +€32,132
up €32,132 (+71.2%), from €45,101 to €77,233
of which Other amounts receivable: +€25,225
- Accrued charges and deferred income +€157,857
new in 2025: €157,857
- Reserves +€84,200
up €84,200 (+16.3%), from €516,183 to €600,383
of which Tax-exempt reserves: +€84,200
- Debts after one year +€51,251
up €51,251 (+7.4%), from €689,529 to €740,780
- Other debts +€39,321
up €39,321 (+18.7%), from €210,615 to €249,936
- Gross operating margin +€186,033
up €186,033 (+16.7%), from €1.1m to €1.3m
- Depreciation +€40,730
up €40,730 (+26.4%), from €154,372 to €195,102
- Taxes +€27,813
up €27,813 (+45.9%), from €60,554 to €88,367
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.
Derived cash bridge
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 | €2,539,980 | €2,894,320 | +€354,340 | +14.0% |
| Fixed assets | 21/28 | €1,831,327 | €2,005,005 | +€173,678 | +9.5% |
| Tangible fixed assets | 22/27 | €1,823,527 | €1,996,885 | +€173,358 | +9.5% |
| Land and buildings | 22 | €301,053 | €576,595 | +€275,541 | +91.5% |
| Plant, machinery and equipment | 23 | €1,520,755 | €1,413,796 | -€106,959 | -7.0% |
| Furniture and vehicles | 24 | €1,719 | €6,494 | +€4,776 | +278% |
| Financial fixed assets | 28 | €7,800 | €8,120 | +€320 | +4.1% |
| Current assets | 29/58 | €708,653 | €889,315 | +€180,662 | +25.5% |
| Stocks and contracts in progress | 3 | €390,608 | €406,948 | +€16,340 | +4.2% |
| Stocks | 30/36 | €390,608 | €406,948 | +€16,340 | +4.2% |
| Amounts receivable within one year | 40/41 | €45,101 | €77,233 | +€32,132 | +71.2% |
| Trade receivables | 40 | €6,456 | €13,362 | +€6,906 | +107% |
| Other amounts receivable | 41 | €38,646 | €63,871 | +€25,225 | +65.3% |
| Cash at bank and in hand | 54/58 | €272,944 | €405,134 | +€132,191 | +48.4% |
| Total equity and liabilities | 10/49 | €2,539,980 | €2,894,320 | +€354,340 | +14.0% |
| Equity | 10/15 | €786,728 | €881,793 | +€95,065 | +12.1% |
| Contributions | 10/11 | €161,833 | €161,833 | = | 0.0% |
| Capital | 10 | €161,833 | €161,833 | = | 0.0% |
| Issued capital | 100 | €161,833 | €161,833 | = | 0.0% |
| Reserves | 13 | €516,183 | €600,383 | +€84,200 | +16.3% |
| Non-distributable reserves | 130/1 | €516,183 | €516,183 | = | 0.0% |
| Legal reserve | 130 | €16,183 | €16,183 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €350,207 | +€350,207 | |
| Financial assistance | 1313 | €500,000 | €149,793 | -€350,207 | -70.0% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Profit (loss) carried forward | 14 | €108,711 | €119,577 | +€10,865 | +10.0% |
| Amounts payable | 17/49 | €1,753,252 | €2,012,527 | +€259,275 | +14.8% |
| Amounts payable after more than one year | 17 | €689,529 | €740,780 | +€51,251 | +7.4% |
| Financial debts | 170/4 | €689,529 | €740,780 | +€51,251 | +7.4% |
| Amounts payable within one year | 42/48 | €1,063,723 | €1,113,890 | +€50,167 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €195,008 | €197,749 | +€2,741 | +1.4% |
| Trade debts | 44 | €576,673 | €582,356 | +€5,684 | +1.0% |
| Suppliers | 440/4 | €576,673 | €582,356 | +€5,684 | +1.0% |
| Taxes, remuneration and social security | 45 | €81,427 | €83,848 | +€2,420 | +3.0% |
| Taxes | 450/3 | €3,876 | €8,570 | +€4,694 | +121% |
| Remuneration and social security | 454/9 | €77,551 | €75,278 | -€2,273 | -2.9% |
| Other amounts payable | 47/48 | €210,615 | €249,936 | +€39,321 | +18.7% |
| Accrued charges and deferred income | 492/3 | - | €157,857 | +€157,857 | |
| Remuneration, social security and pensions | 62 | €671,051 | €680,409 | +€9,358 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,372 | €195,102 | +€40,730 | +26.4% |
| Other operating charges | 640/8 | €28,234 | €28,503 | +€269 | +1.0% |
| Gross operating margin | 9900 | €1,114,349 | €1,300,382 | +€186,033 | +16.7% |
| Operating profit (loss) | 9901 | €260,692 | €396,368 | +€135,676 | +52.0% |
| Financial income | 75/76B | €446 | €305 | -€141 | -31.6% |
| Recurring financial income | 75 | €446 | €305 | -€141 | -31.6% |
| Financial charges | 65/66B | €28,072 | €21,241 | -€6,831 | -24.3% |
| Recurring financial charges | 65 | €28,072 | €21,241 | -€6,831 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €233,066 | €375,432 | +€142,366 | +61.1% |
| Income taxes | 67/77 | €60,554 | €88,367 | +€27,813 | +45.9% |
| Profit (loss) for the period | 9904 | €172,513 | €287,065 | +€114,553 | +66.4% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €172,513 | €202,865 | +€30,353 | +17.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.