GEDUP: 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.
GEDUP
Largest movements
- Receivables within one year +€882,625
up €882,625 (+377%), from €233,979 to €1.1m
of which Other amounts receivable: +€978,178
- Cash -€81,109
down €81,109 (-34.1%), from €237,877 to €156,768
mainly Receivables within one year (-€882,625) and Contributions, distributions and other (-€118,951)
- Reserves +€812,721
up €812,721 (+52.2%), from €1.6m to €2.4m
- Other debts -€73,931
down €73,931 (-36.7%), from €201,578 to €127,647
- Tax, wage and social debts +€65,018
up €65,018 (+123%), from €52,720 to €117,737
- Financial income +€977,196
up €977,196 (+5,302%), from €18,429 to €995,625
of which Non-recurring financial income: +€977,037
- Gross operating margin -€104,564
down €104,564 (-62.9%), from €166,283 to €61,719
- Taxes +€65,709
up €65,709 (+128%), from €51,144 to €116,853
- Financial charges -€26,191
down €26,191 (-94.6%), from €27,690 to €1,498
of which Non-recurring financial charges: -€25,000
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 | €1,841,904 | €2,661,290 | +€819,386 | +44.5% |
| Fixed assets | 21/28 | €65,027 | €86,321 | +€21,294 | +32.7% |
| Intangible fixed assets | 21 | €2,545 | €1,345 | -€1,200 | -47.2% |
| Tangible fixed assets | 22/27 | €11,982 | €9,477 | -€2,506 | -20.9% |
| Furniture and vehicles | 24 | €11,982 | €9,477 | -€2,506 | -20.9% |
| Financial fixed assets | 28 | €50,500 | €75,500 | +€25,000 | +49.5% |
| Current assets | 29/58 | €1,776,877 | €2,574,969 | +€798,092 | +44.9% |
| Amounts receivable after more than one year | 29 | €1,265,000 | €1,265,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,265,000 | €1,265,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €233,979 | €1,116,604 | +€882,625 | +377% |
| Trade receivables | 40 | €97,843 | €2,290 | -€95,553 | -97.7% |
| Other amounts receivable | 41 | €136,136 | €1,114,314 | +€978,178 | +719% |
| Current investments | 50/53 | €35,711 | €35,971 | +€260 | +0.7% |
| Cash at bank and in hand | 54/58 | €237,877 | €156,768 | -€81,109 | -34.1% |
| Deferred charges and accrued income | 490/1 | €4,311 | €626 | -€3,685 | -85.5% |
| Total equity and liabilities | 10/49 | €1,841,904 | €2,661,290 | +€819,386 | +44.5% |
| Equity | 10/15 | €1,557,817 | €2,370,538 | +€812,721 | +52.2% |
| Reserves | 13 | €1,557,817 | €2,370,538 | +€812,721 | +52.2% |
| Distributable reserves | 133 | €1,557,817 | €2,370,538 | +€812,721 | +52.2% |
| Amounts payable | 17/49 | €284,086 | €290,752 | +€6,665 | +2.3% |
| Amounts payable after more than one year | 17 | €1,755 | - | -€1,755 | |
| Financial debts | 170/4 | €1,755 | - | -€1,755 | |
| Amounts payable within one year | 42/48 | €282,331 | €288,953 | +€6,622 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €13,359 | €11,511 | -€1,848 | -13.8% |
| Trade debts | 44 | €14,674 | €32,058 | +€17,383 | +118% |
| Suppliers | 440/4 | €14,674 | €32,058 | +€17,383 | +118% |
| Taxes, remuneration and social security | 45 | €52,720 | €117,737 | +€65,018 | +123% |
| Taxes | 450/3 | €52,720 | €117,737 | +€65,018 | +123% |
| Other amounts payable | 47/48 | €201,578 | €127,647 | -€73,931 | -36.7% |
| Accrued charges and deferred income | 492/3 | - | €1,798 | +€1,798 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,969 | €6,205 | +€236 | +4.0% |
| Other operating charges | 640/8 | €1,338 | €1,116 | -€222 | -16.6% |
| Gross operating margin | 9900 | €166,283 | €61,719 | -€104,564 | -62.9% |
| Operating profit (loss) | 9901 | €158,976 | €54,398 | -€104,578 | -65.8% |
| Financial income | 75/76B | €18,429 | €995,625 | +€977,196 | +5,302% |
| Recurring financial income | 75 | €18,429 | €18,588 | +€159 | +0.9% |
| Non-recurring financial income | 76B | - | €977,037 | +€977,037 | |
| Financial charges | 65/66B | €27,690 | €1,498 | -€26,191 | -94.6% |
| Recurring financial charges | 65 | €2,690 | €1,498 | -€1,191 | -44.3% |
| Non-recurring financial charges | 66B | €25,000 | - | -€25,000 | |
| Profit (loss) for the period before taxes | 9903 | €149,716 | €1,048,525 | +€898,809 | +600% |
| Income taxes | 67/77 | €51,144 | €116,853 | +€65,709 | +128% |
| Profit (loss) for the period | 9904 | €98,571 | €931,672 | +€833,100 | +845% |
| Profit (loss) for the period to be appropriated | 9905 | €98,571 | €931,672 | +€833,100 | +845% |
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 15 October 2026 via checked.be.