GEDELIN: 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.
GEDELIN
Largest movements
- Receivables within one year +€77,328
up €77,328 (+45.3%), from €170,838 to €248,166
of which Other amounts receivable: +€60,037
- Reserves +€78,359
up €78,359 (+17.5%), from €447,068 to €525,427
- Tax, wage and social debts -€10,236
down €10,236 (-48.5%), from €21,126 to €10,890
of which Taxes: -€10,236
- Gross operating margin -€9,478
down €9,478 (-8.1%), from €116,409 to €106,931
- Depreciation -€5,488
down €5,488 (-47.4%), from €11,585 to €6,097
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 | €861,695 | €929,337 | +€67,642 | +7.8% |
| Fixed assets | 21/28 | €658,162 | €655,215 | -€2,947 | -0.4% |
| Tangible fixed assets | 22/27 | €17,162 | €14,215 | -€2,947 | -17.2% |
| Furniture and vehicles | 24 | €8,872 | €7,417 | -€1,455 | -16.4% |
| Other tangible fixed assets | 26 | €8,290 | €6,798 | -€1,492 | -18.0% |
| Financial fixed assets | 28 | €641,000 | €641,000 | = | 0.0% |
| Current assets | 29/58 | €203,533 | €274,122 | +€70,590 | +34.7% |
| Amounts receivable within one year | 40/41 | €170,838 | €248,166 | +€77,328 | +45.3% |
| Trade receivables | 40 | €10,819 | €28,110 | +€17,291 | +160% |
| Other amounts receivable | 41 | €160,020 | €220,056 | +€60,037 | +37.5% |
| Cash at bank and in hand | 54/58 | €32,522 | €25,420 | -€7,102 | -21.8% |
| Deferred charges and accrued income | 490/1 | €172 | €536 | +€363 | +211% |
| Total equity and liabilities | 10/49 | €861,695 | €929,337 | +€67,642 | +7.8% |
| Equity | 10/15 | €467,068 | €545,427 | +€78,359 | +16.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €447,068 | €525,427 | +€78,359 | +17.5% |
| Distributable reserves | 133 | €447,068 | €525,427 | +€78,359 | +17.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €394,627 | €383,910 | -€10,716 | -2.7% |
| Amounts payable within one year | 42/48 | €394,627 | €383,910 | -€10,716 | -2.7% |
| Trade debts | 44 | €1,096 | €152 | -€943 | -86.1% |
| Suppliers | 440/4 | €1,096 | €152 | -€943 | -86.1% |
| Taxes, remuneration and social security | 45 | €21,126 | €10,890 | -€10,236 | -48.5% |
| Taxes | 450/3 | €19,051 | €8,815 | -€10,236 | -53.7% |
| Remuneration and social security | 454/9 | €2,075 | €2,075 | = | 0.0% |
| Other amounts payable | 47/48 | €372,405 | €372,868 | +€463 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,585 | €6,097 | -€5,488 | -47.4% |
| Other operating charges | 640/8 | €788 | €807 | +€19 | +2.4% |
| Gross operating margin | 9900 | €116,409 | €106,931 | -€9,478 | -8.1% |
| Operating profit (loss) | 9901 | €104,036 | €100,027 | -€4,009 | -3.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €118 | €40 | -€77 | -65.6% |
| Recurring financial charges | 65 | €118 | €40 | -€77 | -65.6% |
| Profit (loss) for the period before taxes | 9903 | €103,918 | €99,987 | -€3,932 | -3.8% |
| Income taxes | 67/77 | €21,046 | €19,962 | -€1,084 | -5.1% |
| Profit (loss) for the period | 9904 | €82,873 | €80,025 | -€2,848 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,873 | €80,025 | -€2,848 | -3.4% |
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 24 October 2026 via checked.be.