GEDEVCO: 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.
GEDEVCO
Largest movements
- Tangible fixed assets -€8.6m
down €8.6m (-100%), from €8.6m to €0
- Receivables within one year +€4.2m
up €4.2m (+107%), from €4.0m to €8.2m
of which Trade receivables: +€7.9m
- Stocks and contracts -€2.5m
down €2.5m (-100%), from €2.5m to €0
- Cash +€1.9m
up €1.9m (+1,408%), from €137,800 to €2.1m
mainly Net result for the year (+€18.4m) and Investment in fixed assets (net) (+€8.6m)
- Deferred charges and accrued income -€235,808
down €235,808 (-100%), from €235,808 to €0
- Short-term financial debts -€10.0m
down €10.0m (-100%), from €10.0m to €0
- Profit (loss) carried forward +€6.4m
up €6.4m (+2,205%), from €288,644 to €6.7m
- Other debts -€1.9m
down €1.9m (-46.5%), from €4.1m to €2.2m
- Trade debts +€382,729
up €382,729 (+79.6%), from €480,537 to €863,266
- Gross operating margin +€25.8m
up €25.8m, from -€52,621 to €25.8m
- Taxes +€5.9m
new in 2025: €5.9m
- Other operating charges +€806,298
up €806,298 (+478,203%), from €169 to €806,467
- Financial charges +€350,716
up €350,716 (+79.5%), from €441,319 to €792,035
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 | €15,368,668 | €10,271,680 | -€5.1m | -33.2% |
| Fixed assets | 21/28 | €8,551,609 | €0 | -€8.6m | -100% |
| Tangible fixed assets | 22/27 | €8,551,609 | €0 | -€8.6m | -100% |
| Land and buildings | 22 | €8,551,609 | €0 | -€8.6m | -100% |
| Current assets | 29/58 | €6,817,060 | €10,271,680 | +€3.5m | +50.7% |
| Stocks and contracts in progress | 3 | €2,476,118 | €0 | -€2.5m | -100% |
| Stocks | 30/36 | €2,476,118 | €0 | -€2.5m | -100% |
| Amounts receivable within one year | 40/41 | €3,967,333 | €8,193,647 | +€4.2m | +107% |
| Trade receivables | 40 | €145,403 | €8,020,000 | +€7.9m | +5,416% |
| Other amounts receivable | 41 | €3,821,931 | €173,647 | -€3.6m | -95.5% |
| Cash at bank and in hand | 54/58 | €137,800 | €2,078,032 | +€1.9m | +1,408% |
| Deferred charges and accrued income | 490/1 | €235,808 | €0 | -€235,808 | -100% |
| Total equity and liabilities | 10/49 | €15,368,668 | €10,271,680 | -€5.1m | -33.2% |
| Equity | 10/15 | €821,666 | €7,202,997 | +€6.4m | +777% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €33,022 | €50,000 | +€16,978 | +51.4% |
| Non-distributable reserves | 130/1 | €33,022 | €50,000 | +€16,978 | +51.4% |
| Legal reserve | 130 | €33,022 | €50,000 | +€16,978 | +51.4% |
| Profit (loss) carried forward | 14 | €288,644 | €6,652,997 | +€6.4m | +2,205% |
| Amounts payable | 17/49 | €14,547,003 | €3,068,682 | -€11.5m | -78.9% |
| Amounts payable within one year | 42/48 | €14,545,829 | €3,068,682 | -€11.5m | -78.9% |
| Financial debts | 43 | €10,000,000 | €0 | -€10.0m | -100% |
| Credit institutions | 430/8 | €10,000,000 | €0 | -€10.0m | -100% |
| Trade debts | 44 | €480,537 | €863,266 | +€382,729 | +79.6% |
| Suppliers | 440/4 | €480,537 | €863,266 | +€382,729 | +79.6% |
| Taxes, remuneration and social security | 45 | - | €30,535 | +€30,535 | |
| Taxes | 450/3 | - | €30,535 | +€30,535 | |
| Other amounts payable | 47/48 | €4,065,292 | €2,174,882 | -€1.9m | -46.5% |
| Accrued charges and deferred income | 492/3 | €1,174 | €0 | -€1,174 | -100% |
| Non-recurring operating income | 76A | €0 | €26,400,990 | +€26.4m | |
| Other operating charges | 640/8 | €169 | €806,467 | +€806,298 | +478,203% |
| Gross operating margin | 9900 | -€52,621 | €25,772,045 | +€25.8m | |
| Operating profit (loss) | 9901 | -€52,790 | €24,965,578 | +€25.0m | |
| Financial income | 75/76B | €155,342 | €135,297 | -€20,045 | -12.9% |
| Recurring financial income | 75 | €155,342 | €135,297 | -€20,045 | -12.9% |
| Financial charges | 65/66B | €441,319 | €792,035 | +€350,716 | +79.5% |
| Recurring financial charges | 65 | €441,319 | €792,035 | +€350,716 | +79.5% |
| Profit (loss) for the period before taxes | 9903 | -€338,767 | €24,308,841 | +€24.6m | |
| Income taxes | 67/77 | - | €5,927,509 | +€5.9m | |
| Profit (loss) for the period | 9904 | -€338,767 | €18,381,332 | +€18.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€338,767 | €18,381,332 | +€18.7m |
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 16 October 2026 via checked.be.