GECOVER: 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.
What changed
GECOVER
NACE 52.220, Warehousing and support activities for transportation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€17,300
2024 · €44,236-€26,936
Equity
€782,235
2024 · €764,935+€17,300
Cash
€5,874
2024 · €9,348-€3,474
Balance sheet total
€1.1m
2024 · €1.0m+€63,664
Largest movements
Assets
- Tangible fixed assets +€91,904
up €91,904 (+10.6%), from €868,541 to €960,445
- Receivables within one year -€28,771
down €28,771 (-32.0%), from €89,872 to €61,101
of which Trade receivables: -€25,459
Equity and liabilities
- Tax, wage and social debts +€96,217
new in 2025: €96,217
- Trade debts -€26,406
down €26,406 (-87.8%), from €30,080 to €3,674
- Profit (loss) carried forward +€19,431
up €19,431 (+6.0%), from €323,640 to €343,071
- Debts after one year -€17,149
down €17,149 (-9.5%), from €180,924 to €163,775
Income statement
- Depreciation +€30,322
up €30,322 (+106.1%), from €28,577 to €58,899
- Gross operating margin +€9,164
up €9,164 (+11.1%), from €82,466 to €91,630
- Financial charges +€6,378
up €6,378 (+287.1%), from €2,222 to €8,600
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.
Result 2024
€44,236
Gross operating margin
+€9,164
Depreciation
-€30,322
Other operating charges
-€119
Other operating items
+€720
Financial charges
-€6,378
Result 2025
€17,300
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.
From operations
+€163,743
Investment
-€150,803
Financing
-€16,414
Cash 2024
€9,348
From operations (derived)
+€163,743
Net result for the year
+€17,300
Depreciation
+€58,899
Receivables within one year
+€28,771
Deferred charges and accrued income
-€4,004
Provisions
-€709
Trade debts
-€26,406
Tax, wage and social debts
+€96,217
Other debts
-€1,300
Accrued charges and deferred income
-€5,024
Investment (derived)
-€150,803
Investment in fixed assets (net)
-€150,803
Financing
-€16,414
Debts after one year
-€17,149
Current portion of long-term debt
+€735
Cash 2025
€5,874
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,001,514 | €1,065,177 | +€63,664 | +6.4% |
| Fixed assets | 21/28 | €868,541 | €960,445 | +€91,904 | +10.6% |
| Tangible fixed assets | 22/27 | €868,541 | €960,445 | +€91,904 | +10.6% |
| Land and buildings | 22 | €868,541 | €960,445 | +€91,904 | +10.6% |
| Current assets | 29/58 | €132,973 | €104,732 | -€28,241 | -21.2% |
| Amounts receivable within one year | 40/41 | €89,872 | €61,101 | -€28,771 | -32.0% |
| Trade receivables | 40 | €86,309 | €60,849 | -€25,459 | -29.5% |
| Other amounts receivable | 41 | €3,564 | €252 | -€3,312 | -92.9% |
| Cash at bank and in hand | 54/58 | €9,348 | €5,874 | -€3,474 | -37.2% |
| Deferred charges and accrued income | 490/1 | €33,753 | €37,757 | +€4,004 | +11.9% |
| Total equity and liabilities | 10/49 | €1,001,514 | €1,065,177 | +€63,664 | +6.4% |
| Equity | 10/15 | €764,935 | €782,235 | +€17,300 | +2.3% |
| Contributions | 10/11 | €393,394 | €393,394 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €331,394 | €331,394 | = | 0.0% |
| Share premium | 1100/10 | €331,394 | €331,394 | = | 0.0% |
| Reserves | 13 | €47,901 | €45,770 | -€2,131 | -4.4% |
| Non-distributable reserves | 130/1 | €39,378 | €39,378 | = | 0.0% |
| Legal reserve | 130 | €39,378 | €39,378 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,523 | €6,393 | -€2,131 | -25.0% |
| Profit (loss) carried forward | 14 | €323,640 | €343,071 | +€19,431 | +6.0% |
| Provisions and deferred taxes | 16 | €2,837 | €2,127 | -€709 | -25.0% |
| Deferred taxes | 168 | €2,837 | €2,127 | -€709 | -25.0% |
| Amounts payable | 17/49 | €233,743 | €280,815 | +€47,073 | +20.1% |
| Amounts payable after more than one year | 17 | €180,924 | €163,775 | -€17,149 | -9.5% |
| Financial debts | 170/4 | €180,924 | €163,775 | -€17,149 | -9.5% |
| Amounts payable within one year | 42/48 | €47,794 | €117,040 | +€69,246 | +144.9% |
| Current portion of amounts payable after more than one year | 42 | €16,414 | €17,149 | +€735 | +4.5% |
| Trade debts | 44 | €30,080 | €3,674 | -€26,406 | -87.8% |
| Suppliers | 440/4 | €30,080 | €3,674 | -€26,406 | -87.8% |
| Taxes, remuneration and social security | 45 | - | €96,217 | +€96,217 | |
| Taxes | 450/3 | - | €96,217 | +€96,217 | |
| Other amounts payable | 47/48 | €1,300 | €0 | -€1,300 | -100.0% |
| Accrued charges and deferred income | 492/3 | €5,024 | €0 | -€5,024 | -100.0% |
| Non-recurring operating income | 76A | €29 | €0 | -€29 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,577 | €58,899 | +€30,322 | +106.1% |
| Other operating charges | 640/8 | €7,422 | €7,541 | +€119 | +1.6% |
| Non-recurring operating charges | 66A | €720 | €0 | -€720 | -100.0% |
| Gross operating margin | 9900 | €82,466 | €91,630 | +€9,164 | +11.1% |
| Operating profit (loss) | 9901 | €45,748 | €25,191 | -€20,558 | -44.9% |
| Financial charges | 65/66B | €2,222 | €8,600 | +€6,378 | +287.1% |
| Recurring financial charges | 65 | €2,222 | €8,600 | +€6,378 | +287.1% |
| Profit (loss) for the period before taxes | 9903 | €43,527 | €16,591 | -€26,936 | -61.9% |
| Transfer from deferred taxes | 780 | €709 | €709 | = | 0.0% |
| Profit (loss) for the period | 9904 | €44,236 | €17,300 | -€26,936 | -60.9% |
| Transfer from tax-exempt reserves | 789 | €2,131 | €2,131 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,367 | €19,431 | -€26,936 | -58.1% |
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 9 October 2026 via checked.be.