GEDELFIN: 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.
GEDELFIN
Largest movements
- Cash +€68,146
up €68,146 (+10,287%), from €662 to €68,808
mainly Depreciation (+€41,096) and Receivables within one year (+€39,739)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€17,243
up €17,243 (+33.8%), from €51,031 to €68,273
- Taxes +€4,958
up €4,958 (+66.4%), from €7,468 to €12,426
- Financial income -€2,917
down €2,917 (-9.6%), from €30,517 to €27,601
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 | €4,280,208 | €4,295,094 | +€14,886 | +0.3% |
| Fixed assets | 21/28 | €746,452 | €705,356 | -€41,096 | -5.5% |
| Tangible fixed assets | 22/27 | €715,858 | €674,762 | -€41,096 | -5.7% |
| Land and buildings | 22 | €715,858 | €674,762 | -€41,096 | -5.7% |
| Financial fixed assets | 28 | €30,594 | €30,594 | = | 0.0% |
| Current assets | 29/58 | €3,533,756 | €3,589,738 | +€55,981 | +1.6% |
| Amounts receivable after more than one year | 29 | €2,751,000 | €2,751,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,751,000 | €2,751,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €261,629 | €221,890 | -€39,739 | -15.2% |
| Trade receivables | 40 | €230,630 | €22,614 | -€208,016 | -90.2% |
| Other amounts receivable | 41 | €30,999 | €199,276 | +€168,277 | +543% |
| Cash at bank and in hand | 54/58 | €662 | €68,808 | +€68,146 | +10,287% |
| Deferred charges and accrued income | 490/1 | €520,465 | €548,039 | +€27,574 | +5.3% |
| Total equity and liabilities | 10/49 | €4,280,208 | €4,295,094 | +€14,886 | +0.3% |
| Equity | 10/15 | €4,147,921 | €4,183,855 | +€35,934 | +0.9% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,010,421 | €4,046,355 | +€35,934 | +0.9% |
| Amounts payable | 17/49 | €132,288 | €111,239 | -€21,049 | -15.9% |
| Amounts payable within one year | 42/48 | €132,288 | €110,879 | -€21,409 | -16.2% |
| Trade debts | 44 | €1,084 | €690 | -€394 | -36.3% |
| Suppliers | 440/4 | €1,084 | €690 | -€394 | -36.3% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €12,227 | €9,212 | -€3,015 | -24.7% |
| Taxes | 450/3 | €12,227 | €9,212 | -€3,015 | -24.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €118,977 | €95,977 | -€23,000 | -19.3% |
| Accrued charges and deferred income | 492/3 | - | €360 | +€360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,207 | €41,096 | -€111 | -0.3% |
| Other operating charges | 640/8 | €5,416 | €5,584 | +€168 | +3.1% |
| Gross operating margin | 9900 | €51,031 | €68,273 | +€17,243 | +33.8% |
| Operating profit (loss) | 9901 | €4,407 | €21,594 | +€17,186 | +390% |
| Financial income | 75/76B | €30,517 | €27,601 | -€2,917 | -9.6% |
| Recurring financial income | 75 | €30,517 | €27,601 | -€2,917 | -9.6% |
| Financial charges | 65/66B | €669 | €834 | +€165 | +24.7% |
| Recurring financial charges | 65 | €669 | €834 | +€165 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €34,256 | €48,360 | +€14,105 | +41.2% |
| Income taxes | 67/77 | €7,468 | €12,426 | +€4,958 | +66.4% |
| Profit (loss) for the period | 9904 | €26,788 | €35,934 | +€9,146 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,788 | €35,934 | +€9,146 | +34.1% |
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 22 October 2026 via checked.be.