GEFICO: 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.
GEFICO
Largest movements
- Tangible fixed assets -€26,700
down €26,700 (-13.2%), from €202,067 to €175,367
of which Land and buildings: -€23,625
- Cash -€10,441
down €10,441 (-69.6%), from €15,008 to €4,566
mainly Contributions, distributions and other (-€113,752) and Current portion of long-term debt (-€39,349)
- Deferred charges and accrued income +€3,047
new in 2025: €3,047
- Profit (loss) carried forward +€70,908
up €70,908, from -€56,584 to €14,324
- Other debts +€62,276
up €62,276 (+4,492%), from €1,387 to €63,662
- Contributions -€62,000
no longer reported in 2025 (was €62,000)
- Reserves -€51,752
down €51,752 (-42.1%), from €122,952 to €71,200
of which Tax-exempt reserves: -€51,752
- Current portion of long-term debt -€39,349
no longer reported in 2025 (was €39,349)
- Turnover +€66,069
new in 2025: €66,069
- Gross operating margin -€38,452
down €38,452 (-48.7%), from €78,932 to €40,480
- Purchases and services +€25,589
new in 2025: €25,589
- Taxes +€14,526
up €14,526 (+3,062%), from €474 to €15,000
- Depreciation -€6,244
down €6,244 (-19.0%), from €32,943 to €26,700
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 | €221,871 | €188,995 | -€32,876 | -14.8% |
| Fixed assets | 21/28 | €202,067 | €175,367 | -€26,700 | -13.2% |
| Tangible fixed assets | 22/27 | €202,067 | €175,367 | -€26,700 | -13.2% |
| Land and buildings | 22 | €194,250 | €170,625 | -€23,625 | -12.2% |
| Furniture and vehicles | 24 | €1,527 | €1,018 | -€509 | -33.3% |
| Other tangible fixed assets | 26 | €6,290 | €3,724 | -€2,566 | -40.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €19,804 | €13,628 | -€6,176 | -31.2% |
| Amounts receivable within one year | 40/41 | €4,796 | €6,014 | +€1,218 | +25.4% |
| Other amounts receivable | 41 | €4,796 | €6,014 | +€1,218 | +25.4% |
| Cash at bank and in hand | 54/58 | €15,008 | €4,566 | -€10,441 | -69.6% |
| Deferred charges and accrued income | 490/1 | - | €3,047 | +€3,047 | |
| Total equity and liabilities | 10/49 | €221,871 | €188,995 | -€32,876 | -14.8% |
| Equity | 10/15 | €128,368 | €85,524 | -€42,844 | -33.4% |
| Contributions | 10/11 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €122,952 | €71,200 | -€51,752 | -42.1% |
| Non-distributable reserves | 130/1 | €21,200 | €21,200 | = | 0.0% |
| Other | 1319 | €21,200 | €21,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,752 | - | -€51,752 | |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,584 | €14,324 | +€70,908 | |
| Provisions and deferred taxes | 16 | €26,648 | - | -€26,648 | |
| Deferred taxes | 168 | €26,648 | - | -€26,648 | |
| Amounts payable | 17/49 | €66,855 | €103,471 | +€36,616 | +54.8% |
| Amounts payable after more than one year | 17 | €23,425 | - | -€23,425 | |
| Financial debts | 170/4 | €23,425 | - | -€23,425 | |
| Amounts payable within one year | 42/48 | €43,430 | €103,471 | +€60,041 | +138% |
| Current portion of amounts payable after more than one year | 42 | €39,349 | - | -€39,349 | |
| Financial debts | 43 | - | €23,425 | +€23,425 | |
| Credit institutions | 430/8 | - | €23,425 | +€23,425 | |
| Trade debts | 44 | €2,694 | €1,384 | -€1,310 | -48.6% |
| Suppliers | 440/4 | €2,694 | €1,384 | -€1,310 | -48.6% |
| Taxes, remuneration and social security | 45 | - | €15,000 | +€15,000 | |
| Taxes | 450/3 | - | €15,000 | +€15,000 | |
| Other amounts payable | 47/48 | €1,387 | €63,662 | +€62,276 | +4,492% |
| Turnover | 70 | - | €66,069 | +€66,069 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €25,589 | +€25,589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,943 | €26,700 | -€6,244 | -19.0% |
| Other operating charges | 640/8 | €4,433 | €4,563 | +€130 | +2.9% |
| Gross operating margin | 9900 | €78,932 | €40,480 | -€38,452 | -48.7% |
| Operating profit (loss) | 9901 | €41,555 | €9,218 | -€32,337 | -77.8% |
| Financial charges | 65/66B | €2,452 | €1,710 | -€742 | -30.3% |
| Recurring financial charges | 65 | €2,452 | €1,710 | -€742 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €39,103 | €7,508 | -€31,595 | -80.8% |
| Transfer from deferred taxes | 780 | - | €78,400 | +€78,400 | |
| Income taxes | 67/77 | €474 | €15,000 | +€14,526 | +3,062% |
| Profit (loss) for the period | 9904 | €38,628 | €70,908 | +€32,279 | +83.6% |
| Transfer to tax-exempt reserves | 689 | €78,400 | - | -€78,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,772 | €70,908 | +€110,679 |
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 25 October 2026 via checked.be.