GEDIRCO: 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.
GEDIRCO
Largest movements
- Stocks and contracts -€2.5m
no longer reported in 2025 (was €2.5m)
- Tangible fixed assets +€2.3m
up €2.3m (+98.8%), from €2.3m to €4.6m
of which Land and buildings: +€2.3m
- Other debts -€482,670
down €482,670 (-51.8%), from €930,971 to €448,301
- Tax, wage and social debts +€231,454
up €231,454 (+232%), from €99,932 to €331,387
- Short-term financial debts +€215,000
up €215,000 (+215%), from €100,000 to €315,000
- Reserves -€101,596
down €101,596 (-4.5%), from €2.2m to €2.1m
of which Distributable reserves: -€90,600
- Trade debts -€88,225
down €88,225 (-70.7%), from €124,801 to €36,576
- Depreciation +€232,277
up €232,277 (+255%), from €91,174 to €323,451
- Financial income -€83,070
down €83,070 (-79.2%), from €104,827 to €21,756
- Taxes -€47,349
down €47,349 (-33.5%), from €141,392 to €94,044
- Gross operating margin +€41,207
up €41,207 (+6.5%), from €637,874 to €679,082
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 | €5,430,841 | €5,210,658 | -€220,183 | -4.1% |
| Fixed assets | 21/28 | €2,326,757 | €4,625,389 | +€2.3m | +98.8% |
| Tangible fixed assets | 22/27 | €2,326,632 | €4,625,264 | +€2.3m | +98.8% |
| Land and buildings | 22 | €2,287,186 | €4,596,668 | +€2.3m | +101% |
| Furniture and vehicles | 24 | €39,447 | €28,596 | -€10,851 | -27.5% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €3,104,083 | €585,269 | -€2.5m | -81.1% |
| Stocks and contracts in progress | 3 | €2,518,763 | - | -€2.5m | |
| Stocks | 30/36 | €2,518,763 | - | -€2.5m | |
| Amounts receivable within one year | 40/41 | €67,613 | €62,000 | -€5,613 | -8.3% |
| Trade receivables | 40 | €67,070 | €60,500 | -€6,570 | -9.8% |
| Other amounts receivable | 41 | €543 | €1,500 | +€957 | +176% |
| Current investments | 50/53 | €198,965 | €210,472 | +€11,507 | +5.8% |
| Cash at bank and in hand | 54/58 | €317,623 | €311,681 | -€5,943 | -1.9% |
| Deferred charges and accrued income | 490/1 | €1,119 | €1,116 | -€3 | -0.3% |
| Total equity and liabilities | 10/49 | €5,430,841 | €5,210,658 | -€220,183 | -4.1% |
| Equity | 10/15 | €3,974,325 | €3,872,744 | -€101,581 | -2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,241,376 | €2,139,781 | -€101,596 | -4.5% |
| Tax-exempt reserves | 132 | €596,438 | €585,442 | -€10,996 | -1.8% |
| Distributable reserves | 133 | €1,644,938 | €1,554,338 | -€90,600 | -5.5% |
| Profit (loss) carried forward | 14 | €1,714,349 | €1,714,364 | +€15 | 0.0% |
| Provisions and deferred taxes | 16 | €120,549 | €116,440 | -€4,109 | -3.4% |
| Deferred taxes | 168 | €120,549 | €116,440 | -€4,109 | -3.4% |
| Amounts payable | 17/49 | €1,335,967 | €1,221,474 | -€114,493 | -8.6% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,255,705 | €1,131,264 | -€124,441 | -9.9% |
| Financial debts | 43 | €100,000 | €315,000 | +€215,000 | +215% |
| Credit institutions | 430/8 | €100,000 | €315,000 | +€215,000 | +215% |
| Trade debts | 44 | €124,801 | €36,576 | -€88,225 | -70.7% |
| Suppliers | 440/4 | €124,801 | €36,576 | -€88,225 | -70.7% |
| Taxes, remuneration and social security | 45 | €99,932 | €331,387 | +€231,454 | +232% |
| Taxes | 450/3 | €99,932 | €331,387 | +€231,454 | +232% |
| Other amounts payable | 47/48 | €930,971 | €448,301 | -€482,670 | -51.8% |
| Accrued charges and deferred income | 492/3 | €5,262 | €15,210 | +€9,948 | +189% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,174 | €323,451 | +€232,277 | +255% |
| Other operating charges | 640/8 | €25,028 | €26,605 | +€1,577 | +6.3% |
| Gross operating margin | 9900 | €637,874 | €679,082 | +€41,207 | +6.5% |
| Operating profit (loss) | 9901 | €521,672 | €329,026 | -€192,646 | -36.9% |
| Financial income | 75/76B | €104,827 | €21,756 | -€83,070 | -79.2% |
| Recurring financial income | 75 | €104,827 | €21,756 | -€83,070 | -79.2% |
| Financial charges | 65/66B | €68,149 | €62,428 | -€5,721 | -8.4% |
| Recurring financial charges | 65 | €68,149 | €62,428 | -€5,721 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €558,350 | €288,354 | -€269,996 | -48.4% |
| Transfer from deferred taxes | 780 | €2,152 | €4,109 | +€1,958 | +91.0% |
| Income taxes | 67/77 | €141,392 | €94,044 | -€47,349 | -33.5% |
| Profit (loss) for the period | 9904 | €419,109 | €198,419 | -€220,690 | -52.7% |
| Transfer from tax-exempt reserves | 789 | €5,123 | €10,996 | +€5,873 | +115% |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €318,982 | €209,415 | -€109,567 | -34.3% |
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.