GECUMAN: 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.
GECUMAN
Largest movements
- Receivables within one year -€32,855
down €32,855 (-67.4%), from €48,712 to €15,857
of which Trade receivables: -€32,078
- Cash +€19,018
up €19,018 (+11.2%), from €169,462 to €188,479
mainly Other debts (+€146,058) and Net result for the year (+€33,697)
- Deferred charges and accrued income -€13,291
down €13,291 (-28.4%), from €46,779 to €33,488
- Reserves -€169,814
down €169,814 (-100%), from €169,814 to €0
- Other debts +€146,058
up €146,058 (+199%), from €73,283 to €219,342
- Tax, wage and social debts -€2,731
down €2,731 (-57.5%), from €4,751 to €2,020
- Gross operating margin -€4,048
down €4,048 (-7.6%), from €52,990 to €48,941
- Financial charges +€2,088
up €2,088 (+71.8%), from €2,907 to €4,995
- Taxes -€1,141
down €1,141 (-10.6%), from €10,750 to €9,609
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 | €269,866 | €243,444 | -€26,421 | -9.8% |
| Fixed assets | 21/28 | €4,913 | €5,620 | +€707 | +14.4% |
| Tangible fixed assets | 22/27 | €4,913 | €5,620 | +€707 | +14.4% |
| Furniture and vehicles | 24 | €4,913 | €5,620 | +€707 | +14.4% |
| Current assets | 29/58 | €264,953 | €237,825 | -€27,128 | -10.2% |
| Amounts receivable within one year | 40/41 | €48,712 | €15,857 | -€32,855 | -67.4% |
| Trade receivables | 40 | €47,118 | €15,040 | -€32,078 | -68.1% |
| Other amounts receivable | 41 | €1,594 | €817 | -€777 | -48.8% |
| Cash at bank and in hand | 54/58 | €169,462 | €188,479 | +€19,018 | +11.2% |
| Deferred charges and accrued income | 490/1 | €46,779 | €33,488 | -€13,291 | -28.4% |
| Total equity and liabilities | 10/49 | €269,866 | €243,444 | -€26,421 | -9.8% |
| Equity | 10/15 | €188,414 | €18,600 | -€169,814 | -90.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €169,814 | €0 | -€169,814 | -100% |
| Distributable reserves | 133 | €169,814 | €0 | -€169,814 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €81,452 | €224,844 | +€143,392 | +176% |
| Amounts payable within one year | 42/48 | €81,452 | €223,827 | +€142,375 | +175% |
| Financial debts | 43 | €300 | €1,031 | +€731 | +244% |
| Credit institutions | 430/8 | €300 | €1,031 | +€731 | +244% |
| Trade debts | 44 | €3,118 | €1,435 | -€1,683 | -54.0% |
| Suppliers | 440/4 | €3,118 | €1,435 | -€1,683 | -54.0% |
| Taxes, remuneration and social security | 45 | €4,751 | €2,020 | -€2,731 | -57.5% |
| Taxes | 450/3 | €4,751 | €2,020 | -€2,731 | -57.5% |
| Other amounts payable | 47/48 | €73,283 | €219,342 | +€146,058 | +199% |
| Accrued charges and deferred income | 492/3 | - | €1,017 | +€1,017 | |
| Non-recurring operating income | 76A | €15,297 | €0 | -€15,297 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,254 | €2,613 | +€359 | +15.9% |
| Other operating charges | 640/8 | €657 | €1,026 | +€369 | +56.1% |
| Gross operating margin | 9900 | €52,990 | €48,941 | -€4,048 | -7.6% |
| Operating profit (loss) | 9901 | €50,078 | €45,303 | -€4,776 | -9.5% |
| Financial income | 75/76B | €3,238 | €2,999 | -€239 | -7.4% |
| Recurring financial income | 75 | €3,238 | €2,999 | -€239 | -7.4% |
| Financial charges | 65/66B | €2,907 | €4,995 | +€2,088 | +71.8% |
| Recurring financial charges | 65 | €2,907 | €4,995 | +€2,088 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €50,409 | €43,307 | -€7,102 | -14.1% |
| Income taxes | 67/77 | €10,750 | €9,609 | -€1,141 | -10.6% |
| Profit (loss) for the period | 9904 | €39,659 | €33,697 | -€5,961 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,659 | €33,697 | -€5,961 | -15.0% |
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.