GEECA: 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.
GEECA
Largest movements
- Cash -€50,459
down €50,459 (-71.0%), from €71,064 to €20,606
mainly Net result for the year (-€51,209) and Current portion of long-term debt (-€51,108)
- Intangible fixed assets -€48,926
down €48,926 (-68.3%), from €71,596 to €22,669
- Receivables within one year -€43,754
down €43,754 (-79.7%), from €54,904 to €11,150
of which Trade receivables: -€40,489
- Receivables after one year -€25,000
no longer reported in 2025 (was €25,000)
- Tangible fixed assets -€12,532
down €12,532 (-13.4%), from €93,860 to €81,328
of which Furniture and vehicles: -€17,155
- Reserves -€51,209
down €51,209 (-57.5%), from €89,080 to €37,871
- Current portion of long-term debt -€51,108
down €51,108 (-49.2%), from €103,792 to €52,684
- Debts after one year -€38,823
down €38,823 (-51.4%), from €75,492 to €36,669
- Other debts -€29,533
no longer reported in 2025 (was €29,533)
- Trade debts -€7,930
down €7,930 (-22.7%), from €34,883 to €26,953
- Gross operating margin -€35,816
down €35,816 (-23.6%), from €152,069 to €116,253
- Staff costs +€10,890
up €10,890 (+19.6%), from €55,693 to €66,582
- Depreciation +€4,171
up €4,171 (+5.1%), from €82,389 to €86,560
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 | €387,579 | €206,874 | -€180,705 | -46.6% |
| Fixed assets | 21/28 | €165,456 | €103,998 | -€61,458 | -37.1% |
| Intangible fixed assets | 21 | €71,596 | €22,669 | -€48,926 | -68.3% |
| Tangible fixed assets | 22/27 | €93,860 | €81,328 | -€12,532 | -13.4% |
| Plant, machinery and equipment | 23 | €24,326 | €30,462 | +€6,136 | +25.2% |
| Furniture and vehicles | 24 | €46,911 | €29,756 | -€17,155 | -36.6% |
| Other tangible fixed assets | 26 | €22,624 | €21,110 | -€1,513 | -6.7% |
| Current assets | 29/58 | €222,124 | €102,877 | -€119,247 | -53.7% |
| Amounts receivable after more than one year | 29 | €25,000 | - | -€25,000 | |
| Other amounts receivable | 291 | €25,000 | - | -€25,000 | |
| Stocks and contracts in progress | 3 | €51,323 | €58,637 | +€7,314 | +14.3% |
| Stocks | 30/36 | €51,323 | €58,637 | +€7,314 | +14.3% |
| Amounts receivable within one year | 40/41 | €54,904 | €11,150 | -€43,754 | -79.7% |
| Trade receivables | 40 | €43,443 | €2,954 | -€40,489 | -93.2% |
| Other amounts receivable | 41 | €11,461 | €8,196 | -€3,265 | -28.5% |
| Cash at bank and in hand | 54/58 | €71,064 | €20,606 | -€50,459 | -71.0% |
| Deferred charges and accrued income | 490/1 | €19,832 | €12,484 | -€7,348 | -37.1% |
| Total equity and liabilities | 10/49 | €387,579 | €206,874 | -€180,705 | -46.6% |
| Equity | 10/15 | €114,080 | €62,871 | -€51,209 | -44.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €89,080 | €37,871 | -€51,209 | -57.5% |
| Distributable reserves | 133 | €89,080 | €37,871 | -€51,209 | -57.5% |
| Amounts payable | 17/49 | €273,499 | €144,003 | -€129,496 | -47.3% |
| Amounts payable after more than one year | 17 | €75,492 | €36,669 | -€38,823 | -51.4% |
| Financial debts | 170/4 | €75,492 | €36,669 | -€38,823 | -51.4% |
| Amounts payable within one year | 42/48 | €195,041 | €103,951 | -€91,090 | -46.7% |
| Current portion of amounts payable after more than one year | 42 | €103,792 | €52,684 | -€51,108 | -49.2% |
| Trade debts | 44 | €34,883 | €26,953 | -€7,930 | -22.7% |
| Suppliers | 440/4 | €34,883 | €26,953 | -€7,930 | -22.7% |
| Taxes, remuneration and social security | 45 | €26,831 | €24,314 | -€2,518 | -9.4% |
| Taxes | 450/3 | €18,218 | €14,341 | -€3,877 | -21.3% |
| Remuneration and social security | 454/9 | €8,614 | €9,972 | +€1,359 | +15.8% |
| Other amounts payable | 47/48 | €29,533 | - | -€29,533 | |
| Accrued charges and deferred income | 492/3 | €2,966 | €3,383 | +€417 | +14.1% |
| Remuneration, social security and pensions | 62 | €55,693 | €66,582 | +€10,890 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,389 | €86,560 | +€4,171 | +5.1% |
| Other operating charges | 640/8 | €4,240 | €5,649 | +€1,409 | +33.2% |
| Gross operating margin | 9900 | €152,069 | €116,253 | -€35,816 | -23.6% |
| Operating profit (loss) | 9901 | €9,748 | -€42,538 | -€52,285 | |
| Financial income | 75/76B | €823 | - | -€823 | |
| Recurring financial income | 75 | €823 | - | -€823 | |
| Financial charges | 65/66B | €8,954 | €8,672 | -€282 | -3.2% |
| Recurring financial charges | 65 | €8,954 | €8,672 | -€282 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €1,616 | -€51,209 | -€52,826 | |
| Income taxes | 67/77 | €603 | - | -€603 | |
| Profit (loss) for the period | 9904 | €1,014 | -€51,209 | -€52,223 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,014 | -€51,209 | -€52,223 |
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 7 October 2026 via checked.be.