GEDELACO: 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.
GEDELACO
Largest movements
- Cash +€112,496
up €112,496 (+19662.9%), from €572 to €113,068
mainly Investment in fixed assets (net) (+€48,535) and Trade debts (+€28,427)
- Tangible fixed assets -€63,537
down €63,537 (-62.1%), from €102,394 to €38,857
of which Furniture and vehicles: -€51,043
- Receivables within one year -€13,926
down €13,926 (-98.5%), from €14,138 to €213
of which Trade receivables: -€12,977
- Trade debts +€28,427
up €28,427 (+5234.0%), from €543 to €28,970
- Current portion of long-term debt +€23,000
new in 2025: €23,000
- Tax, wage and social debts -€14,307
down €14,307 (-80.1%), from €17,856 to €3,549
of which Remuneration and social security: -€12,020
- Reserves -€4,264
down €4,264 (-5.7%), from €74,731 to €70,468
of which Distributable reserves: -€2,504
- Gross operating margin -€43,787
down €43,787 (-42.0%), from €104,275 to €60,488
- Depreciation -€33,354
down €33,354 (-69.0%), from €48,356 to €15,002
- Taxes +€5,609
up €5,609 (+111.1%), from €5,051 to €10,661
- Financial charges +€1,345
up €1,345 (+1356.7%), from €99 to €1,444
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 | €118,313 | €152,138 | +€33,824 | +28.6% |
| Fixed assets | 21/28 | €102,394 | €38,857 | -€63,537 | -62.1% |
| Tangible fixed assets | 22/27 | €102,394 | €38,857 | -€63,537 | -62.1% |
| Plant, machinery and equipment | 23 | €33,404 | €22,464 | -€10,941 | -32.8% |
| Furniture and vehicles | 24 | €62,602 | €11,559 | -€51,043 | -81.5% |
| Other tangible fixed assets | 26 | €6,388 | €4,835 | -€1,553 | -24.3% |
| Current assets | 29/58 | €15,919 | €113,280 | +€97,361 | +611.6% |
| Amounts receivable within one year | 40/41 | €14,138 | €213 | -€13,926 | -98.5% |
| Trade receivables | 40 | €13,189 | €213 | -€12,977 | -98.4% |
| Other amounts receivable | 41 | €949 | - | -€949 | |
| Cash at bank and in hand | 54/58 | €572 | €113,068 | +€112,496 | +19662.9% |
| Deferred charges and accrued income | 490/1 | €1,209 | - | -€1,209 | |
| Total equity and liabilities | 10/49 | €118,313 | €152,138 | +€33,824 | +28.6% |
| Equity | 10/15 | €93,331 | €89,068 | -€4,264 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €74,731 | €70,468 | -€4,264 | -5.7% |
| Tax-exempt reserves | 132 | €24,815 | €23,055 | -€1,760 | -7.1% |
| Distributable reserves | 133 | €49,917 | €47,413 | -€2,504 | -5.0% |
| Provisions and deferred taxes | 16 | €6,199 | €5,759 | -€440 | -7.1% |
| Deferred taxes | 168 | €6,199 | €5,759 | -€440 | -7.1% |
| Amounts payable | 17/49 | €18,783 | €57,311 | +€38,528 | +205.1% |
| Amounts payable within one year | 42/48 | €18,399 | €55,519 | +€37,120 | +201.8% |
| Current portion of amounts payable after more than one year | 42 | - | €23,000 | +€23,000 | |
| Trade debts | 44 | €543 | €28,970 | +€28,427 | +5234.0% |
| Suppliers | 440/4 | €543 | €28,970 | +€28,427 | +5234.0% |
| Taxes, remuneration and social security | 45 | €17,856 | €3,549 | -€14,307 | -80.1% |
| Taxes | 450/3 | €5,217 | €2,930 | -€2,287 | -43.8% |
| Remuneration and social security | 454/9 | €12,639 | €619 | -€12,020 | -95.1% |
| Accrued charges and deferred income | 492/3 | €384 | €1,793 | +€1,408 | +366.3% |
| Non-recurring operating income | 76A | €60,715 | - | -€60,715 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,356 | €15,002 | -€33,354 | -69.0% |
| Other operating charges | 640/8 | €948 | €642 | -€306 | -32.3% |
| Non-recurring operating charges | 66A | €462 | €6,113 | +€5,650 | +1222.4% |
| Gross operating margin | 9900 | €104,275 | €60,488 | -€43,787 | -42.0% |
| Operating profit (loss) | 9901 | €54,509 | €38,731 | -€15,778 | -28.9% |
| Financial income | 75/76B | €242 | - | -€242 | |
| Recurring financial income | 75 | €242 | - | -€242 | |
| Financial charges | 65/66B | €99 | €1,444 | +€1,345 | +1356.7% |
| Recurring financial charges | 65 | €99 | €1,444 | +€1,345 | +1356.7% |
| Profit (loss) for the period before taxes | 9903 | €54,651 | €37,287 | -€17,364 | -31.8% |
| Transfer from deferred taxes | 780 | €268 | €440 | +€172 | +64.5% |
| Transfer to deferred taxes | 680 | €6,466 | - | -€6,466 | |
| Income taxes | 67/77 | €5,051 | €10,661 | +€5,609 | +111.1% |
| Profit (loss) for the period | 9904 | €43,401 | €27,066 | -€16,335 | -37.6% |
| Transfer from tax-exempt reserves | 789 | €1,070 | €1,760 | +€690 | +64.5% |
| Transfer to tax-exempt reserves | 689 | €25,885 | - | -€25,885 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,586 | €28,827 | +€10,240 | +55.1% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.