GECORBAT: 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.
GECORBAT
Largest movements
- Stocks and contracts -€51,227
down €51,227 (-7.3%), from €698,599 to €647,372
- Deferred charges and accrued income +€24,350
up €24,350 (+53.1%), from €45,841 to €70,191
- Short-term financial debts -€143,000
down €143,000 (-30.9%), from €462,167 to €319,167
- Other debts +€78,260
up €78,260 (+11.3%), from €695,483 to €773,743
- Accrued charges and deferred income +€34,774
up €34,774 (+62.2%), from €55,862 to €90,636
- Financial charges -€28,934
down €28,934 (-31.8%), from €91,000 to €62,066
- Gross operating margin -€26,734
down €26,734 (-41.3%), from €64,728 to €37,994
- Financial income -€5,272
down €5,272 (-17.8%), from €29,622 to €24,350
- Other operating charges -€2,885
down €2,885 (-97.2%), from €2,967 to €82
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,234,873 | €1,204,638 | -€30,234 | -2.4% |
| Formation expenses | 20 | €196 | - | -€196 | |
| Current assets | 29/58 | €1,234,677 | €1,204,638 | -€30,038 | -2.4% |
| Stocks and contracts in progress | 3 | €698,599 | €647,372 | -€51,227 | -7.3% |
| Stocks | 30/36 | €698,599 | €647,372 | -€51,227 | -7.3% |
| Amounts receivable within one year | 40/41 | €487,000 | €487,000 | = | 0.0% |
| Other amounts receivable | 41 | €487,000 | €487,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,237 | €75 | -€3,162 | -97.7% |
| Deferred charges and accrued income | 490/1 | €45,841 | €70,191 | +€24,350 | +53.1% |
| Total equity and liabilities | 10/49 | €1,234,873 | €1,204,638 | -€30,234 | -2.4% |
| Equity | 10/15 | €20,000 | €20,000 | = | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,214,873 | €1,184,638 | -€30,234 | -2.5% |
| Amounts payable within one year | 42/48 | €1,159,011 | €1,094,002 | -€65,008 | -5.6% |
| Financial debts | 43 | €462,167 | €319,167 | -€143,000 | -30.9% |
| Credit institutions | 430/8 | €462,167 | €319,167 | -€143,000 | -30.9% |
| Trade debts | 44 | €1,361 | €1,092 | -€269 | -19.8% |
| Suppliers | 440/4 | €1,361 | €1,092 | -€269 | -19.8% |
| Other amounts payable | 47/48 | €695,483 | €773,743 | +€78,260 | +11.3% |
| Accrued charges and deferred income | 492/3 | €55,862 | €90,636 | +€34,774 | +62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €384 | €196 | -€188 | -48.9% |
| Other operating charges | 640/8 | €2,967 | €82 | -€2,885 | -97.2% |
| Gross operating margin | 9900 | €64,728 | €37,994 | -€26,734 | -41.3% |
| Operating profit (loss) | 9901 | €61,377 | €37,716 | -€23,662 | -38.6% |
| Financial income | 75/76B | €29,622 | €24,350 | -€5,272 | -17.8% |
| Recurring financial income | 75 | €29,622 | €24,350 | -€5,272 | -17.8% |
| Financial charges | 65/66B | €91,000 | €62,066 | -€28,934 | -31.8% |
| Recurring financial charges | 65 | €91,000 | €62,066 | -€28,934 | -31.8% |
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 12 October 2026 via checked.be.