GEDEX: what changed
Two fiscal 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.
GEDEX
Largest movements
- Stocks and contracts +€142,859
up €142,859 (+26.9%), from €530,630 to €673,489
- Other debts +€147,556
up €147,556 (+78.5%), from €188,042 to €335,597
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Trade debts +€98,727
up €98,727 (+7192.2%), from €1,373 to €100,099
- Debts after one year -€7,778
down €7,778 (-3.6%), from €219,020 to €211,242
of which Financial debts: -€7,778
- Turnover -€30,300
no longer reported in 2025 (was €30,300)
- Purchases and services -€24,695
no longer reported in 2025 (was €24,695)
- Gross operating margin +€11,431
up €11,431 (+178.8%), from €6,394 to €17,826
- Financial charges -€3,499
down €3,499 (-23.3%), from €15,001 to €11,502
- Other operating charges -€515
down €515 (-10.4%), from €4,961 to €4,447
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 | €586,677 | €719,834 | +€133,158 | +22.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €21,495 | €17,273 | -€4,222 | -19.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €20,495 | €16,273 | -€4,222 | -20.6% |
| Land and buildings | 22 | €20,495 | €16,273 | -€4,222 | -20.6% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €565,182 | €702,561 | +€137,380 | +24.3% |
| Stocks and contracts in progress | 3 | €530,630 | €673,489 | +€142,859 | +26.9% |
| Stocks | 30/36 | €530,630 | €673,489 | +€142,859 | +26.9% |
| Amounts receivable within one year | 40/41 | €27,742 | €25,729 | -€2,013 | -7.3% |
| Trade receivables | 40 | €24,223 | €24,433 | +€210 | +0.9% |
| Other amounts receivable | 41 | €3,519 | €1,296 | -€2,223 | -63.2% |
| Cash at bank and in hand | 54/58 | €5,497 | €2,247 | -€3,250 | -59.1% |
| Deferred charges and accrued income | 490/1 | €1,312 | €1,096 | -€216 | -16.5% |
| Total equity and liabilities | 10/49 | €586,677 | €719,834 | +€133,158 | +22.7% |
| Equity | 10/15 | €38,859 | €36,514 | -€2,345 | -6.0% |
| Contributions | 10/11 | €116,810 | €116,810 | = | 0.0% |
| Reserves | 13 | €5,325 | €5,325 | = | 0.0% |
| Distributable reserves | 133 | €5,325 | €5,325 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,276 | -€85,621 | -€2,345 | -2.8% |
| Amounts payable | 17/49 | €547,818 | €683,320 | +€135,503 | +24.7% |
| Amounts payable after more than one year | 17 | €219,020 | €211,242 | -€7,778 | -3.6% |
| Financial debts | 170/4 | €7,778 | €0 | -€7,778 | -100.0% |
| Other amounts payable | 178/9 | €211,242 | €211,242 | = | 0.0% |
| Amounts payable within one year | 42/48 | €303,146 | €444,063 | +€140,917 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €7,778 | -€5,555 | -41.7% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €1,373 | €100,099 | +€98,727 | +7192.2% |
| Suppliers | 440/4 | €1,373 | €100,099 | +€98,727 | +7192.2% |
| Taxes, remuneration and social security | 45 | €398 | €588 | +€190 | +47.9% |
| Taxes | 450/3 | €398 | €588 | +€190 | +47.9% |
| Other amounts payable | 47/48 | €188,042 | €335,597 | +€147,556 | +78.5% |
| Accrued charges and deferred income | 492/3 | €25,652 | €28,015 | +€2,363 | +9.2% |
| Turnover | 70 | €30,300 | - | -€30,300 | |
| Goods, raw materials, services and sundry goods | 60/61 | €24,695 | - | -€24,695 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,070 | €4,222 | +€153 | +3.7% |
| Other operating charges | 640/8 | €4,961 | €4,447 | -€515 | -10.4% |
| Gross operating margin | 9900 | €6,394 | €17,826 | +€11,431 | +178.8% |
| Operating profit (loss) | 9901 | -€2,636 | €9,157 | +€11,793 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €15,001 | €11,502 | -€3,499 | -23.3% |
| Recurring financial charges | 65 | €15,001 | €11,502 | -€3,499 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | -€17,638 | -€2,345 | +€15,293 | +86.7% |
| Profit (loss) for the period | 9904 | -€17,638 | -€2,345 | +€15,293 | +86.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,638 | -€2,345 | +€15,293 | +86.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.