GEDECOR: 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.
GEDECOR
Largest movements
- Current investments +€1.8m
new in 2025: €1.8m
- Financial fixed assets +€1.8m
up €1.8m (+29.2%), from €6.1m to €7.9m
- Receivables within one year -€1.3m
down €1.3m (-93.8%), from €1.4m to €86,840
of which Other amounts receivable: -€1.4m
- Reserves +€8.2m
up €8.2m (+1,873%), from €436,197 to €8.6m
of which Distributable reserves: +€8.2m
- Profit (loss) carried forward -€6.4m
down €6.4m (-99.3%), from €6.5m to €45,025
- Other debts +€718,149
up €718,149 (+239%), from €300,522 to €1.0m
- Debts after one year -€101,556
no longer reported in 2025 (was €101,556)
- Financial income +€1.5m
up €1.5m (+395%), from €382,409 to €1.9m
- Gross operating margin -€123,615
down €123,615, from €74,709 to -€48,905
- Taxes +€33,997
up €33,997 (+72.8%), from €46,723 to €80,720
- Financial charges +€19,269
up €19,269 (+165%), from €11,651 to €30,920
of which Non-recurring financial charges: +€24,200
- Depreciation -€10,770
no longer reported in 2025 (was €10,770)
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 | €7,596,355 | €9,888,518 | +€2.3m | +30.2% |
| Fixed assets | 21/28 | €6,124,028 | €7,908,537 | +€1.8m | +29.1% |
| Tangible fixed assets | 22/27 | €1,525 | - | -€1,525 | |
| Plant, machinery and equipment | 23 | €313 | - | -€313 | |
| Furniture and vehicles | 24 | €1,212 | - | -€1,212 | |
| Financial fixed assets | 28 | €6,122,502 | €7,908,537 | +€1.8m | +29.2% |
| Current assets | 29/58 | €1,472,327 | €1,979,982 | +€507,654 | +34.5% |
| Amounts receivable within one year | 40/41 | €1,407,319 | €86,840 | -€1.3m | -93.8% |
| Trade receivables | 40 | - | €38,224 | +€38,224 | |
| Other amounts receivable | 41 | €1,407,319 | €48,615 | -€1.4m | -96.5% |
| Current investments | 50/53 | - | €1,820,557 | +€1.8m | |
| Cash at bank and in hand | 54/58 | €64,259 | €72,586 | +€8,327 | +13.0% |
| Deferred charges and accrued income | 490/1 | €749 | - | -€749 | |
| Total equity and liabilities | 10/49 | €7,596,355 | €9,888,518 | +€2.3m | +30.2% |
| Equity | 10/15 | €6,986,086 | €8,713,196 | +€1.7m | +24.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €436,197 | €8,606,197 | +€8.2m | +1,873% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €430,000 | €8,600,000 | +€8.2m | +1,900% |
| Profit (loss) carried forward | 14 | €6,487,915 | €45,025 | -€6.4m | -99.3% |
| Amounts payable | 17/49 | €610,269 | €1,175,322 | +€565,053 | +92.6% |
| Amounts payable after more than one year | 17 | €101,556 | - | -€101,556 | |
| Financial debts | 170/4 | €101,556 | - | -€101,556 | |
| Amounts payable within one year | 42/48 | €508,714 | €1,175,322 | +€666,609 | +131% |
| Current portion of amounts payable after more than one year | 42 | €184,278 | €101,556 | -€82,722 | -44.9% |
| Trade debts | 44 | €454 | €33,372 | +€32,919 | +7,255% |
| Suppliers | 440/4 | €454 | €33,372 | +€32,919 | +7,255% |
| Taxes, remuneration and social security | 45 | €23,460 | €21,723 | -€1,737 | -7.4% |
| Taxes | 450/3 | €23,460 | €21,723 | -€1,737 | -7.4% |
| Other amounts payable | 47/48 | €300,522 | €1,018,671 | +€718,149 | +239% |
| Non-recurring operating income | 76A | - | €9,113 | +€9,113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,770 | - | -€10,770 | |
| Other operating charges | 640/8 | €1,434 | €3,272 | +€1,838 | +128% |
| Non-recurring operating charges | 66A | - | €638 | +€638 | |
| Gross operating margin | 9900 | €74,709 | -€48,905 | -€123,615 | |
| Operating profit (loss) | 9901 | €62,506 | -€52,815 | -€115,321 | |
| Financial income | 75/76B | €382,409 | €1,891,565 | +€1.5m | +395% |
| Recurring financial income | 75 | €382,409 | €1,891,565 | +€1.5m | +395% |
| Financial charges | 65/66B | €11,651 | €30,920 | +€19,269 | +165% |
| Recurring financial charges | 65 | €11,651 | €6,720 | -€4,931 | -42.3% |
| Non-recurring financial charges | 66B | - | €24,200 | +€24,200 | |
| Profit (loss) for the period before taxes | 9903 | €433,265 | €1,807,830 | +€1.4m | +317% |
| Income taxes | 67/77 | €46,723 | €80,720 | +€33,997 | +72.8% |
| Profit (loss) for the period | 9904 | €386,542 | €1,727,110 | +€1.3m | +347% |
| Profit (loss) for the period to be appropriated | 9905 | €386,542 | €1,727,110 | +€1.3m | +347% |
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 13 October 2026 via checked.be.