GEDI: 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.
GEDI
Largest movements
- Cash +€272,005
up €272,005 (+147.1%), from €184,885 to €456,890
mainly Net result for the year (+€164,362) and Investment in fixed assets (net) (+€79,030)
- Tangible fixed assets -€79,605
down €79,605 (-91.4%), from €87,088 to €7,482
of which Land and buildings: -€69,480
- Reserves +€164,300
up €164,300 (+103.7%), from €158,430 to €322,730
of which Distributable reserves: +€164,300
- Tax, wage and social debts +€76,278
new in 2025: €76,278
- Other debts -€50,000
down €50,000 (-92.2%), from €54,205 to €4,205
- Trade debts +€10,094
up €10,094 (+15338.3%), from €66 to €10,160
- Current portion of long-term debt -€8,333
no longer reported in 2025 (was €8,333)
- Gross operating margin +€245,572
up €245,572, from -€2,822 to €242,750
- Taxes +€76,278
new in 2025: €76,278
- Depreciation -€11,258
down €11,258 (-95.1%), from €11,834 to €576
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 | €272,675 | €465,075 | +€192,400 | +70.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €87,088 | €7,482 | -€79,605 | -91.4% |
| Tangible fixed assets | 22/27 | €87,088 | €7,482 | -€79,605 | -91.4% |
| Land and buildings | 22 | €76,963 | €7,482 | -€69,480 | -90.3% |
| Other tangible fixed assets | 26 | €10,125 | - | -€10,125 | |
| Current assets | 29/58 | €185,587 | €457,593 | +€272,005 | +146.6% |
| Cash at bank and in hand | 54/58 | €184,885 | €456,890 | +€272,005 | +147.1% |
| Deferred charges and accrued income | 490/1 | €703 | €703 | = | 0.0% |
| Total equity and liabilities | 10/49 | €272,675 | €465,075 | +€192,400 | +70.6% |
| Equity | 10/15 | €210,071 | €374,432 | +€164,362 | +78.2% |
| Contributions | 10/11 | €84,284 | €84,284 | = | 0.0% |
| Capital | 10 | €84,284 | €84,284 | = | 0.0% |
| Issued capital | 100 | €84,284 | €84,284 | = | 0.0% |
| Reserves | 13 | €158,430 | €322,730 | +€164,300 | +103.7% |
| Non-distributable reserves | 130/1 | €8,430 | €8,430 | = | 0.0% |
| Legal reserve | 130 | €8,430 | €8,430 | = | 0.0% |
| Distributable reserves | 133 | €150,000 | €314,300 | +€164,300 | +109.5% |
| Profit (loss) carried forward | 14 | -€32,643 | -€32,581 | +€62 | +0.2% |
| Amounts payable | 17/49 | €62,604 | €90,642 | +€28,038 | +44.8% |
| Amounts payable within one year | 42/48 | €62,604 | €90,642 | +€28,038 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €8,333 | - | -€8,333 | |
| Trade debts | 44 | €66 | €10,160 | +€10,094 | +15338.3% |
| Suppliers | 440/4 | €66 | €10,160 | +€10,094 | +15338.3% |
| Taxes, remuneration and social security | 45 | - | €76,278 | +€76,278 | |
| Taxes | 450/3 | - | €76,278 | +€76,278 | |
| Other amounts payable | 47/48 | €54,205 | €4,205 | -€50,000 | -92.2% |
| Non-recurring operating income | 76A | - | €265,147 | +€265,147 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,834 | €576 | -€11,258 | -95.1% |
| Other operating charges | 640/8 | €1,222 | €1,362 | +€139 | +11.4% |
| Gross operating margin | 9900 | -€2,822 | €242,750 | +€245,572 | |
| Operating profit (loss) | 9901 | -€15,878 | €240,813 | +€256,691 | |
| Financial charges | 65/66B | €508 | €174 | -€335 | -65.8% |
| Recurring financial charges | 65 | €508 | €174 | -€335 | -65.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,386 | €240,639 | +€257,025 | |
| Income taxes | 67/77 | - | €76,278 | +€76,278 | |
| Profit (loss) for the period | 9904 | -€16,386 | €164,362 | +€180,747 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,386 | €164,362 | +€180,747 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.