GEDA PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts +€92,099
up €92,099 (+33.7%), from €273,325 to €365,424
of which Stocks: +€270,424
- Tangible fixed assets -€55,965
down €55,965 (-14.7%), from €380,802 to €324,837
of which Land and buildings: -€53,750
- Receivables within one year +€49,339
up €49,339 (+10.2%), from €482,474 to €531,813
of which Other amounts receivable: +€33,653
- Short-term financial debts +€317,942
up €317,942 (+15,449%), from €2,058 to €320,000
of which Other loans: +€175,000
- Advances received -€291,635
down €291,635 (-100%), from €291,635 to €0
- Other debts +€119,941
up €119,941 (+41.4%), from €289,779 to €409,720
- Trade debts -€60,651
down €60,651 (-76.4%), from €79,363 to €18,712
- Debts after one year -€17,463
down €17,463 (-6.4%), from €271,855 to €254,391
- Financial charges -€6,467
down €6,467 (-29.5%), from €21,897 to €15,430
- Gross operating margin -€6,174
down €6,174 (-11.9%), from €52,076 to €45,902
- Financial income -€1,307
down €1,307 (-74.3%), from €1,759 to €452
- Other operating charges -€1,201
down €1,201 (-23.8%), from €5,039 to €3,838
- Depreciation -€925
down €925 (-5.5%), from €16,801 to €15,876
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 | €1,154,233 | €1,232,229 | +€77,996 | +6.8% |
| Fixed assets | 21/28 | €380,802 | €324,837 | -€55,965 | -14.7% |
| Tangible fixed assets | 22/27 | €380,802 | €324,837 | -€55,965 | -14.7% |
| Land and buildings | 22 | €372,908 | €319,158 | -€53,750 | -14.4% |
| Furniture and vehicles | 24 | €7,894 | €5,679 | -€2,215 | -28.1% |
| Current assets | 29/58 | €773,430 | €907,391 | +€133,961 | +17.3% |
| Stocks and contracts in progress | 3 | €273,325 | €365,424 | +€92,099 | +33.7% |
| Stocks | 30/36 | €0 | €270,424 | +€270,424 | |
| Contracts in progress | 37 | €273,325 | €95,000 | -€178,325 | -65.2% |
| Amounts receivable within one year | 40/41 | €482,474 | €531,813 | +€49,339 | +10.2% |
| Trade receivables | 40 | €250,073 | €265,759 | +€15,686 | +6.3% |
| Other amounts receivable | 41 | €232,401 | €266,054 | +€33,653 | +14.5% |
| Cash at bank and in hand | 54/58 | €15,622 | €8,984 | -€6,638 | -42.5% |
| Deferred charges and accrued income | 490/1 | €2,009 | €1,170 | -€839 | -41.8% |
| Total equity and liabilities | 10/49 | €1,154,233 | €1,232,229 | +€77,996 | +6.8% |
| Equity | 10/15 | €181,250 | €189,382 | +€8,132 | +4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €175,050 | €183,182 | +€8,132 | +4.6% |
| Distributable reserves | 133 | €175,050 | €183,182 | +€8,132 | +4.6% |
| Amounts payable | 17/49 | €972,983 | €1,042,847 | +€69,864 | +7.2% |
| Amounts payable after more than one year | 17 | €271,855 | €254,391 | -€17,463 | -6.4% |
| Financial debts | 170/4 | €271,855 | €254,391 | -€17,463 | -6.4% |
| Amounts payable within one year | 42/48 | €701,128 | €785,803 | +€84,675 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €17,128 | €17,463 | +€335 | +2.0% |
| Financial debts | 43 | €2,058 | €320,000 | +€317,942 | +15,449% |
| Credit institutions | 430/8 | €2,058 | €145,000 | +€142,942 | +6,946% |
| Other loans | 439 | - | €175,000 | +€175,000 | |
| Trade debts | 44 | €79,363 | €18,712 | -€60,651 | -76.4% |
| Suppliers | 440/4 | €79,363 | €18,712 | -€60,651 | -76.4% |
| Advances received on contracts in progress | 46 | €291,635 | €0 | -€291,635 | -100% |
| Taxes, remuneration and social security | 45 | €21,164 | €19,908 | -€1,256 | -5.9% |
| Taxes | 450/3 | €21,164 | €19,908 | -€1,256 | -5.9% |
| Other amounts payable | 47/48 | €289,779 | €409,720 | +€119,941 | +41.4% |
| Accrued charges and deferred income | 492/3 | - | €2,652 | +€2,652 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,801 | €15,876 | -€925 | -5.5% |
| Other operating charges | 640/8 | €5,039 | €3,838 | -€1,201 | -23.8% |
| Gross operating margin | 9900 | €52,076 | €45,902 | -€6,174 | -11.9% |
| Operating profit (loss) | 9901 | €30,236 | €26,188 | -€4,047 | -13.4% |
| Financial income | 75/76B | €1,759 | €452 | -€1,307 | -74.3% |
| Recurring financial income | 75 | €1,759 | €452 | -€1,307 | -74.3% |
| Financial charges | 65/66B | €21,897 | €15,430 | -€6,467 | -29.5% |
| Recurring financial charges | 65 | €21,897 | €15,430 | -€6,467 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €10,098 | €11,210 | +€1,113 | +11.0% |
| Income taxes | 67/77 | €3,436 | €3,078 | -€358 | -10.4% |
| Profit (loss) for the period | 9904 | €6,662 | €8,132 | +€1,470 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,662 | €8,132 | +€1,470 | +22.1% |
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 17 October 2026 via checked.be.