GEDA: 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.
GEDA
Largest movements
- Cash -€54,006
down €54,006 (-14.8%), from €365,069 to €311,063
mainly Contributions, distributions and other (-€71,200) and Current investments (-€43,197)
- Current investments +€43,197
up €43,197 (+6.9%), from €622,225 to €665,422
- Tax, wage and social debts -€33,545
down €33,545 (-33.5%), from €100,015 to €66,470
of which Taxes: -€42,646
- Reserves +€25,050
up €25,050 (+3.4%), from €735,960 to €761,010
of which Distributable reserves: +€25,050
- Financial income -€139,486
down €139,486 (-86.7%), from €160,893 to €21,407
of which Non-recurring financial income: -€135,814
- Taxes -€58,989
down €58,989 (-58.3%), from €101,266 to €42,277
- Gross operating margin -€29,859
down €29,859 (-6.4%), from €468,294 to €438,435
- Staff costs +€8,026
up €8,026 (+2.7%), from €293,813 to €301,840
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 | €2,163,890 | €2,145,457 | -€18,433 | -0.9% |
| Fixed assets | 21/28 | €1,169,734 | €1,160,217 | -€9,517 | -0.8% |
| Tangible fixed assets | 22/27 | €47,734 | €38,217 | -€9,517 | -19.9% |
| Land and buildings | 22 | €40,244 | €32,195 | -€8,049 | -20.0% |
| Plant, machinery and equipment | 23 | €7,490 | €6,022 | -€1,469 | -19.6% |
| Financial fixed assets | 28 | €1,122,000 | €1,122,000 | = | 0.0% |
| Current assets | 29/58 | €994,156 | €985,240 | -€8,915 | -0.9% |
| Amounts receivable within one year | 40/41 | €6,862 | €8,755 | +€1,893 | +27.6% |
| Trade receivables | 40 | €6,862 | €8,305 | +€1,443 | +21.0% |
| Other amounts receivable | 41 | - | €450 | +€450 | |
| Current investments | 50/53 | €622,225 | €665,422 | +€43,197 | +6.9% |
| Cash at bank and in hand | 54/58 | €365,069 | €311,063 | -€54,006 | -14.8% |
| Total equity and liabilities | 10/49 | €2,163,890 | €2,145,457 | -€18,433 | -0.9% |
| Equity | 10/15 | €1,978,535 | €2,003,588 | +€25,053 | +1.3% |
| Contributions | 10/11 | €1,125,000 | €1,125,000 | = | 0.0% |
| Capital | 10 | €1,125,000 | €1,125,000 | = | 0.0% |
| Issued capital | 100 | €1,125,000 | €1,125,000 | = | 0.0% |
| Reserves | 13 | €735,960 | €761,010 | +€25,050 | +3.4% |
| Non-distributable reserves | 130/1 | €112,500 | €112,500 | = | 0.0% |
| Legal reserve | 130 | €112,500 | €112,500 | = | 0.0% |
| Distributable reserves | 133 | €623,460 | €648,510 | +€25,050 | +4.0% |
| Profit (loss) carried forward | 14 | €117,575 | €117,578 | +€3 | 0.0% |
| Amounts payable | 17/49 | €185,355 | €141,870 | -€43,486 | -23.5% |
| Amounts payable within one year | 42/48 | €185,355 | €141,057 | -€44,298 | -23.9% |
| Trade debts | 44 | €2,840 | €3,387 | +€546 | +19.2% |
| Suppliers | 440/4 | €2,840 | €3,387 | +€546 | +19.2% |
| Taxes, remuneration and social security | 45 | €100,015 | €66,470 | -€33,545 | -33.5% |
| Taxes | 450/3 | €66,247 | €23,601 | -€42,646 | -64.4% |
| Remuneration and social security | 454/9 | €33,768 | €42,869 | +€9,102 | +27.0% |
| Other amounts payable | 47/48 | €82,500 | €71,200 | -€11,300 | -13.7% |
| Accrued charges and deferred income | 492/3 | - | €813 | +€813 | |
| Non-recurring operating income | 76A | €6,500 | - | -€6,500 | |
| Remuneration, social security and pensions | 62 | €293,813 | €301,840 | +€8,026 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,517 | €9,517 | = | 0.0% |
| Other operating charges | 640/8 | €2,689 | €2,947 | +€258 | +9.6% |
| Gross operating margin | 9900 | €468,294 | €438,435 | -€29,859 | -6.4% |
| Operating profit (loss) | 9901 | €162,275 | €124,131 | -€38,143 | -23.5% |
| Financial income | 75/76B | €160,893 | €21,407 | -€139,486 | -86.7% |
| Recurring financial income | 75 | €22,629 | €18,957 | -€3,672 | -16.2% |
| Non-recurring financial income | 76B | €138,264 | €2,450 | -€135,814 | -98.2% |
| Financial charges | 65/66B | €2,939 | €7,009 | +€4,071 | +139% |
| Recurring financial charges | 65 | €2,939 | €7,009 | +€4,071 | +139% |
| Profit (loss) for the period before taxes | 9903 | €320,229 | €138,529 | -€181,700 | -56.7% |
| Income taxes | 67/77 | €101,266 | €42,277 | -€58,989 | -58.3% |
| Profit (loss) for the period | 9904 | €218,963 | €96,253 | -€122,710 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €218,963 | €96,253 | -€122,710 | -56.0% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.