GEDAK: 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.
GEDAK
Largest movements
- Cash +€160,654
up €160,654 (+382%), from €42,008 to €202,662
mainly Depreciation (+€113,538) and Receivables within one year (+€87,636)
- Receivables within one year -€87,636
down €87,636 (-42.8%), from €204,724 to €117,089
of which Other amounts receivable: -€105,629
- Tangible fixed assets -€71,333
down €71,333 (-12.3%), from €577,699 to €506,365
of which Leasing and similar rights: -€76,640
- Stocks and contracts -€56,766
down €56,766 (-69.3%), from €81,873 to €25,107
of which Contracts in progress: -€31,570
- Reserves -€96,499
down €96,499 (-34.2%), from €281,910 to €185,412
of which Distributable reserves: -€96,499
- Debts after one year -€63,699
down €63,699 (-14.0%), from €453,521 to €389,822
- Trade debts +€62,493
up €62,493 (+67.7%), from €92,373 to €154,866
- Other debts +€61,693
new in 2025: €61,693
- Gross operating margin +€136,990
up €136,990 (+27.4%), from €500,739 to €637,730
- Staff costs +€32,238
up €32,238 (+8.1%), from €397,333 to €429,571
- Depreciation +€30,337
up €30,337 (+36.5%), from €83,201 to €113,538
- Taxes +€17,874
up €17,874 (+365%), from €4,892 to €22,766
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 | €924,042 | €873,912 | -€50,130 | -5.4% |
| Fixed assets | 21/28 | €577,699 | €506,365 | -€71,333 | -12.3% |
| Tangible fixed assets | 22/27 | €577,699 | €506,365 | -€71,333 | -12.3% |
| Land and buildings | 22 | €277,282 | €284,866 | +€7,584 | +2.7% |
| Plant, machinery and equipment | 23 | €11,715 | €14,673 | +€2,958 | +25.3% |
| Furniture and vehicles | 24 | €33,757 | €28,522 | -€5,235 | -15.5% |
| Leasing and similar rights | 25 | €254,944 | €178,304 | -€76,640 | -30.1% |
| Current assets | 29/58 | €346,343 | €367,547 | +€21,204 | +6.1% |
| Stocks and contracts in progress | 3 | €81,873 | €25,107 | -€56,766 | -69.3% |
| Stocks | 30/36 | €40,303 | €15,107 | -€25,196 | -62.5% |
| Contracts in progress | 37 | €41,570 | €10,000 | -€31,570 | -75.9% |
| Amounts receivable within one year | 40/41 | €204,724 | €117,089 | -€87,636 | -42.8% |
| Trade receivables | 40 | €65,285 | €83,278 | +€17,993 | +27.6% |
| Other amounts receivable | 41 | €139,440 | €33,811 | -€105,629 | -75.8% |
| Cash at bank and in hand | 54/58 | €42,008 | €202,662 | +€160,654 | +382% |
| Deferred charges and accrued income | 490/1 | €17,738 | €22,689 | +€4,951 | +27.9% |
| Total equity and liabilities | 10/49 | €924,042 | €873,912 | -€50,130 | -5.4% |
| Equity | 10/15 | €281,910 | €185,412 | -€96,499 | -34.2% |
| Reserves | 13 | €281,910 | €185,412 | -€96,499 | -34.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €280,051 | €183,553 | -€96,499 | -34.5% |
| Amounts payable | 17/49 | €642,132 | €688,501 | +€46,369 | +7.2% |
| Amounts payable after more than one year | 17 | €453,521 | €389,822 | -€63,699 | -14.0% |
| Financial debts | 170/4 | €453,521 | €389,822 | -€63,699 | -14.0% |
| Amounts payable within one year | 42/48 | €188,611 | €298,679 | +€110,068 | +58.4% |
| Current portion of amounts payable after more than one year | 42 | €70,289 | €63,699 | -€6,591 | -9.4% |
| Trade debts | 44 | €92,373 | €154,866 | +€62,493 | +67.7% |
| Suppliers | 440/4 | €92,373 | €154,866 | +€62,493 | +67.7% |
| Taxes, remuneration and social security | 45 | €25,949 | €18,421 | -€7,528 | -29.0% |
| Taxes | 450/3 | €5,275 | €18,421 | +€13,146 | +249% |
| Remuneration and social security | 454/9 | €20,673 | - | -€20,673 | |
| Other amounts payable | 47/48 | - | €61,693 | +€61,693 | |
| Remuneration, social security and pensions | 62 | €397,333 | €429,571 | +€32,238 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,201 | €113,538 | +€30,337 | +36.5% |
| Other operating charges | 640/8 | €5,063 | €5,891 | +€827 | +16.3% |
| Non-recurring operating charges | 66A | €547 | - | -€547 | |
| Gross operating margin | 9900 | €500,739 | €637,730 | +€136,990 | +27.4% |
| Operating profit (loss) | 9901 | €14,595 | €88,730 | +€74,135 | +508% |
| Financial income | 75/76B | - | €4,359 | +€4,359 | |
| Recurring financial income | 75 | - | €4,359 | +€4,359 | |
| Financial charges | 65/66B | €7,927 | €8,969 | +€1,041 | +13.1% |
| Recurring financial charges | 65 | €7,552 | €8,969 | +€1,416 | +18.8% |
| Non-recurring financial charges | 66B | €375 | - | -€375 | |
| Profit (loss) for the period before taxes | 9903 | €6,667 | €84,121 | +€77,453 | +1,162% |
| Income taxes | 67/77 | €4,892 | €22,766 | +€17,874 | +365% |
| Profit (loss) for the period | 9904 | €1,775 | €61,355 | +€59,580 | +3,356% |
| Profit (loss) for the period to be appropriated | 9905 | €1,775 | €61,355 | +€59,580 | +3,356% |
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.