GEDAN: 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.
GEDAN
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+31.9%), from €5.4m to €7.1m
- Receivables within one year +€828,979
up €828,979 (+30.4%), from €2.7m to €3.6m
of which Other amounts receivable: +€980,981
- Tangible fixed assets +€686,186
up €686,186 (+67.0%), from €1.0m to €1.7m
of which Land and buildings: +€819,882
- Deferred charges and accrued income +€403,180
up €403,180 (+569.7%), from €70,769 to €473,949
- Receivables after one year -€375,925
down €375,925 (-49.1%), from €765,660 to €389,735
- Short-term financial debts +€1.3m
up €1.3m (+24.2%), from €5.3m to €6.6m
- Trade debts +€915,494
up €915,494 (+120.8%), from €757,988 to €1.7m
- Other debts +€914,132
up €914,132 (+134.2%), from €681,356 to €1.6m
- Accrued charges and deferred income +€155,115
up €155,115 (+91.5%), from €169,480 to €324,595
- Reserves +€150,215
up €150,215 (+5.7%), from €2.7m to €2.8m
of which Distributable reserves: +€150,215
- Gross operating margin +€231,513
up €231,513 (+8.1%), from €2.9m to €3.1m
- Staff costs +€60,656
up €60,656 (+3.0%), from €2.0m to €2.1m
- Depreciation +€34,258
up €34,258 (+19.2%), from €178,718 to €212,976
- Taxes +€33,710
up €33,710 (+144.8%), from €23,283 to €56,993
- Other operating charges -€31,630
down €31,630 (-14.9%), from €212,756 to €181,126
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 | €10,398,153 | €13,745,075 | +€3.3m | +32.2% |
| Fixed assets | 21/28 | €1,136,638 | €1,913,273 | +€776,635 | +68.3% |
| Intangible fixed assets | 21 | €2,142 | €24,270 | +€22,128 | +1033.1% |
| Tangible fixed assets | 22/27 | €1,024,245 | €1,710,431 | +€686,186 | +67.0% |
| Land and buildings | 22 | €383,733 | €1,203,615 | +€819,882 | +213.7% |
| Plant, machinery and equipment | 23 | €308,246 | €232,855 | -€75,391 | -24.5% |
| Furniture and vehicles | 24 | €185,226 | €178,201 | -€7,024 | -3.8% |
| Leasing and similar rights | 25 | €147,041 | €95,760 | -€51,280 | -34.9% |
| Financial fixed assets | 28 | €110,251 | €178,572 | +€68,321 | +62.0% |
| Current assets | 29/58 | €9,261,515 | €11,831,802 | +€2.6m | +27.8% |
| Amounts receivable after more than one year | 29 | €765,660 | €389,735 | -€375,925 | -49.1% |
| Other amounts receivable | 291 | €765,660 | €389,735 | -€375,925 | -49.1% |
| Stocks and contracts in progress | 3 | €5,353,984 | €7,063,465 | +€1.7m | +31.9% |
| Stocks | 30/36 | €5,353,984 | €7,063,465 | +€1.7m | +31.9% |
| Amounts receivable within one year | 40/41 | €2,728,918 | €3,557,896 | +€828,979 | +30.4% |
| Trade receivables | 40 | €1,040,268 | €888,266 | -€152,002 | -14.6% |
| Other amounts receivable | 41 | €1,688,649 | €2,669,630 | +€980,981 | +58.1% |
| Cash at bank and in hand | 54/58 | €342,184 | €346,757 | +€4,572 | +1.3% |
| Deferred charges and accrued income | 490/1 | €70,769 | €473,949 | +€403,180 | +569.7% |
| Total equity and liabilities | 10/49 | €10,398,153 | €13,745,075 | +€3.3m | +32.2% |
| Equity | 10/15 | €2,658,301 | €2,808,516 | +€150,215 | +5.7% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €2,652,104 | €2,802,319 | +€150,215 | +5.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,250 | €36,250 | = | 0.0% |
| Distributable reserves | 133 | €2,613,995 | €2,764,209 | +€150,215 | +5.7% |
| Amounts payable | 17/49 | €7,739,852 | €10,936,559 | +€3.2m | +41.3% |
| Amounts payable after more than one year | 17 | €505,010 | €380,629 | -€124,381 | -24.6% |
| Financial debts | 170/4 | €505,010 | €380,629 | -€124,381 | -24.6% |
| Amounts payable within one year | 42/48 | €7,065,362 | €10,231,335 | +€3.2m | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €162,926 | €190,086 | +€27,159 | +16.7% |
| Financial debts | 43 | €5,300,743 | €6,584,388 | +€1.3m | +24.2% |
| Credit institutions | 430/8 | €5,300,743 | €6,584,388 | +€1.3m | +24.2% |
| Trade debts | 44 | €757,988 | €1,673,482 | +€915,494 | +120.8% |
| Suppliers | 440/4 | €757,988 | €1,673,482 | +€915,494 | +120.8% |
| Advances received on contracts in progress | 46 | €15,525 | €81,950 | +€66,425 | +427.9% |
| Taxes, remuneration and social security | 45 | €146,824 | €105,942 | -€40,882 | -27.8% |
| Taxes | 450/3 | €47,939 | €27,472 | -€20,467 | -42.7% |
| Remuneration and social security | 454/9 | €98,885 | €78,470 | -€20,415 | -20.6% |
| Other amounts payable | 47/48 | €681,356 | €1,595,488 | +€914,132 | +134.2% |
| Accrued charges and deferred income | 492/3 | €169,480 | €324,595 | +€155,115 | +91.5% |
| Non-recurring operating income | 76A | €915 | €20,529 | +€19,614 | +2143.6% |
| Remuneration, social security and pensions | 62 | €2,045,610 | €2,106,266 | +€60,656 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,718 | €212,976 | +€34,258 | +19.2% |
| Other operating charges | 640/8 | €212,756 | €181,126 | -€31,630 | -14.9% |
| Gross operating margin | 9900 | €2,873,392 | €3,104,905 | +€231,513 | +8.1% |
| Operating profit (loss) | 9901 | €436,309 | €604,538 | +€168,229 | +38.6% |
| Financial income | 75/76B | €11,181 | €696 | -€10,485 | -93.8% |
| Recurring financial income | 75 | €11,181 | €696 | -€10,485 | -93.8% |
| Financial charges | 65/66B | €399,592 | €398,026 | -€1,565 | -0.4% |
| Recurring financial charges | 65 | €399,592 | €398,026 | -€1,565 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €47,898 | €207,208 | +€159,310 | +332.6% |
| Income taxes | 67/77 | €23,283 | €56,993 | +€33,710 | +144.8% |
| Profit (loss) for the period | 9904 | €24,615 | €150,215 | +€125,600 | +510.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,615 | €150,215 | +€125,600 | +510.3% |
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 11 October 2026 via checked.be.