GEDE: 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.
GEDE
Largest movements
- Tangible fixed assets -€602,325
down €602,325 (-29.2%), from €2.1m to €1.5m
of which Plant, machinery and equipment: -€585,482
- Receivables within one year +€338,476
up €338,476 (+39.7%), from €853,603 to €1.2m
of which Trade receivables: +€363,658
- Cash +€90,888
up €90,888 (+883.9%), from €10,282 to €101,170
mainly Investment in fixed assets (net) (+€396,805) and Depreciation (+€205,520)
- Stocks and contracts -€63,500
down €63,500 (-72.6%), from €87,500 to €24,000
- Trade debts -€215,878
down €215,878 (-69.4%), from €311,279 to €95,401
- Debts after one year -€196,225
down €196,225 (-21.0%), from €935,051 to €738,826
- Other debts +€174,270
up €174,270 (+11.9%), from €1.5m to €1.6m
- Reserves +€31,744
up €31,744 (+5120.1%), from €620 to €32,364
- Turnover -€878,334
no longer reported in 2025 (was €878,334)
- Purchases and services -€513,847
no longer reported in 2025 (was €513,847)
- Depreciation -€69,535
down €69,535 (-25.3%), from €275,055 to €205,520
- Other operating charges +€41,095
new in 2025: €41,095
- Gross operating margin -€21,839
down €21,839 (-5.6%), from €387,122 to €365,283
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 | €3,021,347 | €2,784,973 | -€236,374 | -7.8% |
| Fixed assets | 21/28 | €2,063,659 | €1,461,335 | -€602,325 | -29.2% |
| Tangible fixed assets | 22/27 | €2,063,474 | €1,461,150 | -€602,325 | -29.2% |
| Land and buildings | 22 | €698,869 | €662,414 | -€36,455 | -5.2% |
| Plant, machinery and equipment | 23 | €1,343,269 | €757,787 | -€585,482 | -43.6% |
| Furniture and vehicles | 24 | €6,685 | €24,003 | +€17,318 | +259.0% |
| Leasing and similar rights | 25 | €14,651 | €8,146 | -€6,506 | -44.4% |
| Assets under construction and advance payments | 27 | - | €8,800 | +€8,800 | |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €957,688 | €1,323,639 | +€365,951 | +38.2% |
| Stocks and contracts in progress | 3 | €87,500 | €24,000 | -€63,500 | -72.6% |
| Stocks | 30/36 | €87,500 | €24,000 | -€63,500 | -72.6% |
| Amounts receivable within one year | 40/41 | €853,603 | €1,192,080 | +€338,476 | +39.7% |
| Trade receivables | 40 | €794,959 | €1,158,617 | +€363,658 | +45.7% |
| Other amounts receivable | 41 | €58,644 | €33,463 | -€25,181 | -42.9% |
| Cash at bank and in hand | 54/58 | €10,282 | €101,170 | +€90,888 | +883.9% |
| Deferred charges and accrued income | 490/1 | €6,302 | €6,389 | +€87 | +1.4% |
| Total equity and liabilities | 10/49 | €3,021,347 | €2,784,973 | -€236,374 | -7.8% |
| Equity | 10/15 | €98,095 | €107,257 | +€9,162 | +9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €620 | €32,364 | +€31,744 | +5120.1% |
| Distributable reserves | 133 | €620 | €32,364 | +€31,744 | +5120.1% |
| Profit (loss) carried forward | 14 | €16,842 | - | -€16,842 | |
| Investment grants | 15 | €62,032 | €56,293 | -€5,740 | -9.3% |
| Amounts payable | 17/49 | €2,923,252 | €2,677,716 | -€245,536 | -8.4% |
| Amounts payable after more than one year | 17 | €935,051 | €738,826 | -€196,225 | -21.0% |
| Financial debts | 170/4 | €935,051 | €738,826 | -€196,225 | -21.0% |
| Amounts payable within one year | 42/48 | €1,988,201 | €1,938,891 | -€49,311 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €202,392 | €196,225 | -€6,166 | -3.0% |
| Trade debts | 44 | €311,279 | €95,401 | -€215,878 | -69.4% |
| Suppliers | 440/4 | €311,279 | €95,401 | -€215,878 | -69.4% |
| Taxes, remuneration and social security | 45 | €11,746 | €10,210 | -€1,537 | -13.1% |
| Taxes | 450/3 | €233 | €127 | -€106 | -45.5% |
| Remuneration and social security | 454/9 | €11,514 | €10,083 | -€1,431 | -12.4% |
| Other amounts payable | 47/48 | €1,462,785 | €1,637,055 | +€174,270 | +11.9% |
| Turnover | 70 | €878,334 | - | -€878,334 | |
| Goods, raw materials, services and sundry goods | 60/61 | €513,847 | - | -€513,847 | |
| Remuneration, social security and pensions | 62 | €100,943 | €85,555 | -€15,388 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275,055 | €205,520 | -€69,535 | -25.3% |
| Other operating charges | 640/8 | - | €41,095 | +€41,095 | |
| Gross operating margin | 9900 | €387,122 | €365,283 | -€21,839 | -5.6% |
| Operating profit (loss) | 9901 | €11,124 | €33,113 | +€21,989 | +197.7% |
| Financial income | 75/76B | €6,161 | €6,258 | +€97 | +1.6% |
| Recurring financial income | 75 | €6,161 | €5,782 | -€379 | -6.1% |
| Non-recurring financial income | 76B | - | €476 | +€476 | |
| Financial charges | 65/66B | €13,776 | €24,256 | +€10,480 | +76.1% |
| Recurring financial charges | 65 | €13,776 | €24,256 | +€10,480 | +76.1% |
| Profit (loss) for the period before taxes | 9903 | €3,509 | €15,115 | +€11,606 | +330.7% |
| Income taxes | 67/77 | €233 | €213 | -€20 | -8.4% |
| Profit (loss) for the period | 9904 | €3,277 | €14,902 | +€11,625 | +354.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,277 | €14,902 | +€11,625 | +354.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.