GECON: 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.
GECON
Largest movements
- Receivables within one year +€17,772
up €17,772 (+11.6%), from €153,239 to €171,011
of which Trade receivables: +€11,483
- Tangible fixed assets +€10,234
up €10,234 (+2.4%), from €421,760 to €431,993
of which Furniture and vehicles: +€16,352
- Tax, wage and social debts -€63,517
down €63,517 (-60.9%), from €104,260 to €40,742
of which Taxes: -€45,006
- Trade debts +€43,062
up €43,062 (+165%), from €26,049 to €69,112
- Reserves +€40,627
up €40,627 (+92.8%), from €43,800 to €84,427
- Accrued charges and deferred income +€21,555
new in 2025: €21,555
- Short-term financial debts -€7,171
down €7,171 (-63.7%), from €11,254 to €4,083
- Staff costs +€53,545
up €53,545 (+17.2%), from €311,792 to €365,337
- Gross operating margin -€49,058
down €49,058 (-9.3%), from €525,959 to €476,901
- Taxes -€49,040
down €49,040 (-67.4%), from €72,789 to €23,748
- Financial income +€23,195
up €23,195 (+13,318%), from €174 to €23,369
- Other operating charges +€13,690
up €13,690 (+542%), from €2,526 to €16,216
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 | €647,252 | €673,118 | +€25,867 | +4.0% |
| Fixed assets | 21/28 | €425,159 | €435,393 | +€10,234 | +2.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €421,760 | €431,993 | +€10,234 | +2.4% |
| Land and buildings | 22 | €398,653 | €385,747 | -€12,906 | -3.2% |
| Plant, machinery and equipment | 23 | €744 | €2,180 | +€1,436 | +193% |
| Furniture and vehicles | 24 | €22,363 | €38,714 | +€16,352 | +73.1% |
| Assets under construction and advance payments | 27 | - | €5,352 | +€5,352 | |
| Financial fixed assets | 28 | €3,400 | €3,400 | = | 0.0% |
| Current assets | 29/58 | €222,092 | €237,725 | +€15,633 | +7.0% |
| Amounts receivable after more than one year | 29 | €65,000 | €65,000 | = | 0.0% |
| Trade receivables | 290 | €65,000 | €65,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,949 | €1,714 | -€1,235 | -41.9% |
| Stocks | 30/36 | €2,949 | €1,714 | -€1,235 | -41.9% |
| Amounts receivable within one year | 40/41 | €153,239 | €171,011 | +€17,772 | +11.6% |
| Trade receivables | 40 | €152,103 | €163,587 | +€11,483 | +7.5% |
| Other amounts receivable | 41 | €1,136 | €7,424 | +€6,289 | +554% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €904 | - | -€904 | |
| Total equity and liabilities | 10/49 | €647,252 | €673,118 | +€25,867 | +4.0% |
| Equity | 10/15 | €218,767 | €259,395 | +€40,627 | +18.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €156,367 | €156,367 | = | 0.0% |
| Reserves | 13 | €43,800 | €84,427 | +€40,627 | +92.8% |
| Distributable reserves | 133 | €43,800 | €84,427 | +€40,627 | +92.8% |
| Amounts payable | 17/49 | €428,484 | €413,724 | -€14,761 | -3.4% |
| Amounts payable after more than one year | 17 | €222,748 | €218,582 | -€4,166 | -1.9% |
| Financial debts | 170/4 | €222,748 | €218,582 | -€4,166 | -1.9% |
| Amounts payable within one year | 42/48 | €205,737 | €173,586 | -€32,151 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €61,238 | €59,649 | -€1,589 | -2.6% |
| Financial debts | 43 | €11,254 | €4,083 | -€7,171 | -63.7% |
| Credit institutions | 430/8 | €11,254 | €4,083 | -€7,171 | -63.7% |
| Trade debts | 44 | €26,049 | €69,112 | +€43,062 | +165% |
| Suppliers | 440/4 | €26,049 | €69,112 | +€43,062 | +165% |
| Taxes, remuneration and social security | 45 | €104,260 | €40,742 | -€63,517 | -60.9% |
| Taxes | 450/3 | €75,563 | €30,557 | -€45,006 | -59.6% |
| Remuneration and social security | 454/9 | €28,696 | €10,185 | -€18,511 | -64.5% |
| Other amounts payable | 47/48 | €2,936 | - | -€2,936 | |
| Accrued charges and deferred income | 492/3 | - | €21,555 | +€21,555 | |
| Remuneration, social security and pensions | 62 | €311,792 | €365,337 | +€53,545 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,242 | €24,191 | +€5,949 | +32.6% |
| Other operating charges | 640/8 | €2,526 | €16,216 | +€13,690 | +542% |
| Non-recurring operating charges | 66A | €3,821 | - | -€3,821 | |
| Gross operating margin | 9900 | €525,959 | €476,901 | -€49,058 | -9.3% |
| Operating profit (loss) | 9901 | €189,578 | €71,157 | -€118,421 | -62.5% |
| Financial income | 75/76B | €174 | €23,369 | +€23,195 | +13,318% |
| Recurring financial income | 75 | €174 | €23,369 | +€23,195 | +13,318% |
| Financial charges | 65/66B | €27,571 | €30,150 | +€2,580 | +9.4% |
| Recurring financial charges | 65 | €23,626 | €30,150 | +€6,524 | +27.6% |
| Non-recurring financial charges | 66B | €3,944 | - | -€3,944 | |
| Profit (loss) for the period before taxes | 9903 | €162,182 | €64,376 | -€97,806 | -60.3% |
| Income taxes | 67/77 | €72,789 | €23,748 | -€49,040 | -67.4% |
| Profit (loss) for the period | 9904 | €89,393 | €40,627 | -€48,766 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,393 | €40,627 | -€48,766 | -54.6% |
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 14 October 2026 via checked.be.