GEDAR: 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.
GEDAR
Largest movements
- Tangible fixed assets -€38,076
down €38,076 (-2.6%), from €1.4m to €1.4m
of which Land and buildings: -€31,535
- Debts after one year -€145,085
down €145,085 (-18.9%), from €769,294 to €624,209
- Profit (loss) carried forward +€87,373
up €87,373 (+608.5%), from €14,358 to €101,731
- Write-downs -€24,000
no longer reported in 2025 (was €24,000)
- Other operating charges -€23,213
down €23,213 (-46.4%), from €50,014 to €26,800
- Taxes +€20,929
up €20,929 (+247.0%), from €8,473 to €29,402
- Gross operating margin -€5,004
down €5,004 (-2.3%), from €219,133 to €214,128
- Financial charges -€3,556
down €3,556 (-10.4%), from €34,112 to €30,556
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 | €1,680,566 | €1,627,457 | -€53,109 | -3.2% |
| Fixed assets | 21/28 | €1,443,919 | €1,405,843 | -€38,076 | -2.6% |
| Tangible fixed assets | 22/27 | €1,443,919 | €1,405,843 | -€38,076 | -2.6% |
| Land and buildings | 22 | €1,431,272 | €1,399,737 | -€31,535 | -2.2% |
| Plant, machinery and equipment | 23 | €12,647 | €6,106 | -€6,541 | -51.7% |
| Current assets | 29/58 | €236,647 | €221,614 | -€15,033 | -6.4% |
| Amounts receivable within one year | 40/41 | €217,334 | €218,009 | +€674 | +0.3% |
| Trade receivables | 40 | €217,334 | €218,009 | +€674 | +0.3% |
| Cash at bank and in hand | 54/58 | €19,313 | €3,606 | -€15,707 | -81.3% |
| Total equity and liabilities | 10/49 | €1,680,566 | €1,627,457 | -€53,109 | -3.2% |
| Equity | 10/15 | €465,343 | €552,717 | +€87,373 | +18.8% |
| Contributions | 10/11 | €447,887 | €447,887 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,358 | €101,731 | +€87,373 | +608.5% |
| Amounts payable | 17/49 | €1,215,223 | €1,074,740 | -€140,482 | -11.6% |
| Amounts payable after more than one year | 17 | €769,294 | €624,209 | -€145,085 | -18.9% |
| Financial debts | 170/4 | €769,294 | €624,209 | -€145,085 | -18.9% |
| Amounts payable within one year | 42/48 | €445,928 | €450,531 | +€4,603 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €141,534 | €145,085 | +€3,551 | +2.5% |
| Trade debts | 44 | - | €5,339 | +€5,339 | |
| Suppliers | 440/4 | - | €5,339 | +€5,339 | |
| Taxes, remuneration and social security | 45 | €9,536 | €6,756 | -€2,780 | -29.1% |
| Taxes | 450/3 | €9,536 | €6,756 | -€2,780 | -29.1% |
| Other amounts payable | 47/48 | €294,858 | €293,351 | -€1,507 | -0.5% |
| Remuneration, social security and pensions | 62 | €1,920 | €1,920 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,076 | €38,076 | +€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,000 | - | -€24,000 | |
| Other operating charges | 640/8 | €50,014 | €26,800 | -€23,213 | -46.4% |
| Gross operating margin | 9900 | €219,133 | €214,128 | -€5,004 | -2.3% |
| Operating profit (loss) | 9901 | €105,123 | €147,332 | +€42,209 | +40.2% |
| Financial charges | 65/66B | €34,112 | €30,556 | -€3,556 | -10.4% |
| Recurring financial charges | 65 | €34,112 | €30,556 | -€3,556 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €71,011 | €116,775 | +€45,764 | +64.4% |
| Income taxes | 67/77 | €8,473 | €29,402 | +€20,929 | +247.0% |
| Profit (loss) for the period | 9904 | €62,538 | €87,373 | +€24,835 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €62,538 | €87,373 | +€24,835 | +39.7% |
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 29 September 2026 via checked.be.