GEDA: 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.
GEDA
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Stocks and contracts -€391,513
down €391,513 (-26.8%), from €1.5m to €1.1m
- Cash -€146,887
down €146,887 (-93.6%), from €156,978 to €10,091
mainly Current investments (-€500,000) and Short-term financial debts (-€500,000)
- Receivables within one year -€88,375
down €88,375 (-6.0%), from €1.5m to €1.4m
of which Trade receivables: -€382,613
- Other debts +€759,235
up €759,235 (+185.5%), from €409,384 to €1.2m
- Short-term financial debts -€500,000
no longer reported in 2025 (was €500,000)
- Trade debts -€380,913
down €380,913 (-86.3%), from €441,511 to €60,598
- Tax, wage and social debts -€37,709
down €37,709 (-57.8%), from €65,212 to €27,503
- Gross operating margin +€468,458
up €468,458 (+380.5%), from €123,128 to €591,586
- Provisions +€38,836
no longer reported in 2025 (was -€38,836)
- Financial charges +€22,294
up €22,294 (+28.0%), from €79,762 to €102,055
- Financial income +€15,296
up €15,296 (+126.8%), from €12,063 to €27,360
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,413,353 | €3,283,721 | -€129,633 | -3.8% |
| Fixed assets | 21/28 | €313,142 | €310,227 | -€2,915 | -0.9% |
| Tangible fixed assets | 22/27 | €80,234 | €77,319 | -€2,915 | -3.6% |
| Land and buildings | 22 | €80,234 | €77,319 | -€2,915 | -3.6% |
| Financial fixed assets | 28 | €232,907 | €232,907 | = | 0.0% |
| Current assets | 29/58 | €3,100,211 | €2,973,494 | -€126,718 | -4.1% |
| Stocks and contracts in progress | 3 | €1,460,139 | €1,068,626 | -€391,513 | -26.8% |
| Stocks | 30/36 | €1,460,139 | €1,068,626 | -€391,513 | -26.8% |
| Amounts receivable within one year | 40/41 | €1,483,095 | €1,394,720 | -€88,375 | -6.0% |
| Trade receivables | 40 | €449,374 | €66,761 | -€382,613 | -85.1% |
| Other amounts receivable | 41 | €1,033,722 | €1,327,959 | +€294,238 | +28.5% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €156,978 | €10,091 | -€146,887 | -93.6% |
| Deferred charges and accrued income | 490/1 | - | €58 | +€58 | |
| Total equity and liabilities | 10/49 | €3,413,353 | €3,283,721 | -€129,633 | -3.8% |
| Equity | 10/15 | €1,131,316 | €1,139,631 | +€8,315 | +0.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,060,500 | €1,060,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €53,540 | €53,540 | = | 0.0% |
| Legal reserve | 130 | €53,540 | €53,540 | = | 0.0% |
| Distributable reserves | 133 | €1,006,960 | €1,006,960 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,816 | €17,131 | +€8,315 | +94.3% |
| Amounts payable | 17/49 | €2,282,037 | €2,144,090 | -€137,948 | -6.0% |
| Amounts payable after more than one year | 17 | €860,232 | €882,370 | +€22,139 | +2.6% |
| Financial debts | 170/4 | €860,232 | €882,370 | +€22,139 | +2.6% |
| Amounts payable within one year | 42/48 | €1,416,106 | €1,256,719 | -€159,387 | -11.3% |
| Financial debts | 43 | €500,000 | - | -€500,000 | |
| Credit institutions | 430/8 | €500,000 | - | -€500,000 | |
| Trade debts | 44 | €441,511 | €60,598 | -€380,913 | -86.3% |
| Suppliers | 440/4 | €441,511 | €60,598 | -€380,913 | -86.3% |
| Taxes, remuneration and social security | 45 | €65,212 | €27,503 | -€37,709 | -57.8% |
| Taxes | 450/3 | €65,212 | €27,503 | -€37,709 | -57.8% |
| Other amounts payable | 47/48 | €409,384 | €1,168,619 | +€759,235 | +185.5% |
| Accrued charges and deferred income | 492/3 | €5,699 | €5,000 | -€699 | -12.3% |
| Non-recurring operating income | 76A | - | €38,836 | +€38,836 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,075 | €2,915 | -€1,160 | -28.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€38,836 | - | +€38,836 | |
| Other operating charges | 640/8 | €2,515 | €2,666 | +€150 | +6.0% |
| Non-recurring operating charges | 66A | €38,836 | - | -€38,836 | |
| Gross operating margin | 9900 | €123,128 | €591,586 | +€468,458 | +380.5% |
| Operating profit (loss) | 9901 | €116,537 | €586,005 | +€469,468 | +402.8% |
| Financial income | 75/76B | €12,063 | €27,360 | +€15,296 | +126.8% |
| Recurring financial income | 75 | €12,063 | €27,360 | +€15,296 | +126.8% |
| Financial charges | 65/66B | €79,762 | €102,055 | +€22,294 | +28.0% |
| Recurring financial charges | 65 | €79,762 | €102,055 | +€22,294 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €48,839 | €511,309 | +€462,470 | +946.9% |
| Income taxes | 67/77 | €263 | €2,994 | +€2,731 | +1037.1% |
| Profit (loss) for the period | 9904 | €48,576 | €508,315 | +€459,740 | +946.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,576 | €508,315 | +€459,740 | +946.4% |
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 3 October 2026 via checked.be.