GECOK: 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.
GECOK
Largest movements
- Financial fixed assets +€3.1m
up €3.1m (+70.8%), from €4.4m to €7.6m
- Receivables within one year +€555,878
up €555,878 (+30.1%), from €1.8m to €2.4m
of which Other amounts receivable: +€531,914
- Cash -€459,020
down €459,020 (-50.1%), from €916,866 to €457,846
mainly Investment in fixed assets (net) (-€3.2m) and Debts after one year (-€2.5m)
- Contributions +€3.1m
up €3.1m (+3,120%), from €100,000 to €3.2m
- Other debts +€2.6m
up €2.6m (+249%), from €1.1m to €3.7m
- Debts after one year -€2.5m
down €2.5m (-51.8%), from €4.8m to €2.3m
of which Other amounts payable: -€2.3m
- Short-term financial debts -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Reserves +€513,602
up €513,602 (+123%), from €417,723 to €931,325
of which Distributable reserves: +€487,920
- Gross operating margin +€398,593
up €398,593, from -€39,911 to €358,683
- Financial income -€196,451
down €196,451 (-38.9%), from €504,572 to €308,121
- Financial charges -€62,099
down €62,099 (-39.6%), from €156,624 to €94,525
- Taxes +€51,323
up €51,323 (+25,736%), from €199 to €51,522
- Other operating charges -€9,307
down €9,307 (-75.7%), from €12,300 to €2,993
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 | €9,052,922 | €12,235,650 | +€3.2m | +35.2% |
| Fixed assets | 21/28 | €4,434,795 | €7,604,479 | +€3.2m | +71.5% |
| Tangible fixed assets | 22/27 | - | €29,044 | +€29,044 | |
| Plant, machinery and equipment | 23 | - | €1,416 | +€1,416 | |
| Furniture and vehicles | 24 | - | €27,627 | +€27,627 | |
| Financial fixed assets | 28 | €4,434,795 | €7,575,436 | +€3.1m | +70.8% |
| Current assets | 29/58 | €4,618,126 | €4,631,171 | +€13,045 | +0.3% |
| Stocks and contracts in progress | 3 | €1,855,798 | €1,770,434 | -€85,364 | -4.6% |
| Stocks | 30/36 | €1,855,798 | €1,770,434 | -€85,364 | -4.6% |
| Amounts receivable within one year | 40/41 | €1,844,808 | €2,400,685 | +€555,878 | +30.1% |
| Trade receivables | 40 | €710,653 | €734,617 | +€23,963 | +3.4% |
| Other amounts receivable | 41 | €1,134,154 | €1,666,069 | +€531,914 | +46.9% |
| Cash at bank and in hand | 54/58 | €916,866 | €457,846 | -€459,020 | -50.1% |
| Deferred charges and accrued income | 490/1 | €655 | €2,206 | +€1,551 | +237% |
| Total equity and liabilities | 10/49 | €9,052,922 | €12,235,650 | +€3.2m | +35.2% |
| Equity | 10/15 | €517,723 | €4,151,743 | +€3.6m | +702% |
| Contributions | 10/11 | €100,000 | €3,220,418 | +€3.1m | +3,120% |
| Capital | 10 | €100,000 | €3,220,418 | +€3.1m | +3,120% |
| Issued capital | 100 | €100,000 | €3,220,418 | +€3.1m | +3,120% |
| Reserves | 13 | €417,723 | €931,325 | +€513,602 | +123% |
| Non-distributable reserves | 130/1 | €10,000 | €35,682 | +€25,682 | +257% |
| Legal reserve | 130 | €10,000 | €35,682 | +€25,682 | +257% |
| Distributable reserves | 133 | €407,723 | €895,643 | +€487,920 | +120% |
| Amounts payable | 17/49 | €8,535,199 | €8,083,908 | -€451,291 | -5.3% |
| Amounts payable after more than one year | 17 | €4,792,152 | €2,307,662 | -€2.5m | -51.8% |
| Financial debts | 170/4 | €1,874,065 | €1,657,662 | -€216,403 | -11.5% |
| Other amounts payable | 178/9 | €2,918,087 | €650,000 | -€2.3m | -77.7% |
| Amounts payable within one year | 42/48 | €3,725,658 | €5,775,360 | +€2.0m | +55.0% |
| Current portion of amounts payable after more than one year | 42 | €208,827 | €216,403 | +€7,576 | +3.6% |
| Financial debts | 43 | €1,120,000 | €0 | -€1.1m | -100% |
| Credit institutions | 430/8 | €1,120,000 | €0 | -€1.1m | -100% |
| Trade debts | 44 | €29,386 | €127,709 | +€98,323 | +335% |
| Suppliers | 440/4 | €29,386 | €127,709 | +€98,323 | +335% |
| Advances received on contracts in progress | 46 | €1,306,457 | €1,683,730 | +€377,273 | +28.9% |
| Taxes, remuneration and social security | 45 | €1,872 | €56,425 | +€54,553 | +2,915% |
| Taxes | 450/3 | €1,872 | €56,425 | +€54,553 | +2,915% |
| Other amounts payable | 47/48 | €1,059,117 | €3,691,093 | +€2.6m | +249% |
| Accrued charges and deferred income | 492/3 | €17,389 | €886 | -€16,503 | -94.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,162 | +€4,162 | |
| Other operating charges | 640/8 | €12,300 | €2,993 | -€9,307 | -75.7% |
| Gross operating margin | 9900 | -€39,911 | €358,683 | +€398,593 | |
| Operating profit (loss) | 9901 | -€52,211 | €351,528 | +€403,738 | |
| Financial income | 75/76B | €504,572 | €308,121 | -€196,451 | -38.9% |
| Recurring financial income | 75 | €504,572 | €308,121 | -€196,451 | -38.9% |
| Financial charges | 65/66B | €156,624 | €94,525 | -€62,099 | -39.6% |
| Recurring financial charges | 65 | €156,624 | €94,525 | -€62,099 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €295,738 | €565,124 | +€269,386 | +91.1% |
| Income taxes | 67/77 | €199 | €51,522 | +€51,323 | +25,736% |
| Profit (loss) for the period | 9904 | €295,538 | €513,602 | +€218,063 | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €295,538 | €513,602 | +€218,063 | +73.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.