GEGO: 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.
What changed
GEGO
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€12,126
2024 · €78,628-€90,754
Equity
€661,029
2024 · €673,155-€12,126
Cash
€7,395
2024 · €66,391-€58,996
Balance sheet total
€2.2m
2024 · €2.2m-€39,516
Largest movements
Assets
- Stocks and contracts +€128,547
up €128,547 (+16.0%), from €802,936 to €931,483
- Tangible fixed assets -€125,717
down €125,717 (-11.3%), from €1.1m to €983,216
of which Plant, machinery and equipment: -€106,000
- Cash -€58,996
down €58,996 (-88.9%), from €66,391 to €7,395
mainly Debts after one year (-€136,179) and Stocks and contracts (-€128,547)
Equity and liabilities
- Debts after one year -€136,179
down €136,179 (-15.1%), from €902,987 to €766,809
of which Financial debts: -€136,179
- Other debts +€119,640
up €119,640 (+29.8%), from €401,220 to €520,860
Income statement
- Gross operating margin -€80,731
down €80,731 (-35.8%), from €225,236 to €144,504
- Depreciation +€40,388
up €40,388 (+45.1%), from €89,495 to €129,883
- Taxes +€4,468
up €4,468 (+56.1%), from €7,959 to €12,427
- Other operating charges -€3,105
down €3,105 (-21.1%), from €14,741 to €11,636
- Financial charges +€2,728
up €2,728 (+10.7%), from €25,396 to €28,125
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.
Result 2024
€78,628
Gross operating margin
-€80,731
Staff costs
+€552
Depreciation
-€40,388
Other operating charges
+€3,105
Financial income
+€625
Financial charges
-€2,728
Taxes
-€4,468
Deferred taxes and other
+€33,279
Result 2025
-€12,126
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€74,755
Investment
-€4,155
Financing
-€129,597
Cash 2024
€66,391
From operations (derived)
+€74,755
Net result for the year
-€12,126
Depreciation
+€129,883
Receivables after one year
-€7,129
Stocks and contracts
-€128,547
Receivables within one year
-€10,592
Deferred charges and accrued income
+€1,059
Provisions
-€14,964
Trade debts
-€10,113
Tax, wage and social debts
+€7,644
Other debts
+€119,640
Investment (derived)
-€4,155
Investment in fixed assets (net)
-€4,166
Current investments
+€11
Financing
-€129,597
Debts after one year
-€136,179
Current portion of long-term debt
-€3,622
Short-term financial debts
+€10,204
Cash 2025
€7,395
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,202,460 | €2,162,944 | -€39,516 | -1.8% |
| Fixed assets | 21/28 | €1,110,598 | €984,881 | -€125,717 | -11.3% |
| Tangible fixed assets | 22/27 | €1,108,933 | €983,216 | -€125,717 | -11.3% |
| Land and buildings | 22 | €643,404 | €623,687 | -€19,717 | -3.1% |
| Plant, machinery and equipment | 23 | €465,529 | €359,529 | -€106,000 | -22.8% |
| Financial fixed assets | 28 | €1,665 | €1,665 | = | 0.0% |
| Current assets | 29/58 | €1,091,862 | €1,178,064 | +€86,201 | +7.9% |
| Amounts receivable after more than one year | 29 | €149,138 | €156,267 | +€7,129 | +4.8% |
| Other amounts receivable | 291 | €149,138 | €156,267 | +€7,129 | +4.8% |
| Stocks and contracts in progress | 3 | €802,936 | €931,483 | +€128,547 | +16.0% |
| Stocks | 30/36 | €802,936 | €931,483 | +€128,547 | +16.0% |
| Amounts receivable within one year | 40/41 | €71,757 | €82,349 | +€10,592 | +14.8% |
| Other amounts receivable | 41 | €71,757 | €82,349 | +€10,592 | +14.8% |
| Current investments | 50/53 | €126 | €114 | -€11 | -8.9% |
| Cash at bank and in hand | 54/58 | €66,391 | €7,395 | -€58,996 | -88.9% |
| Deferred charges and accrued income | 490/1 | €1,514 | €455 | -€1,059 | -70.0% |
| Total equity and liabilities | 10/49 | €2,202,460 | €2,162,944 | -€39,516 | -1.8% |
| Equity | 10/15 | €673,155 | €661,029 | -€12,126 | -1.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €660,755 | €648,629 | -€12,126 | -1.8% |
| Tax-exempt reserves | 132 | €262,994 | €217,908 | -€45,086 | -17.1% |
| Distributable reserves | 133 | €397,761 | €430,721 | +€32,960 | +8.3% |
| Provisions and deferred taxes | 16 | €68,979 | €54,015 | -€14,964 | -21.7% |
| Deferred taxes | 168 | €68,979 | €54,015 | -€14,964 | -21.7% |
| Amounts payable | 17/49 | €1,460,326 | €1,447,900 | -€12,426 | -0.9% |
| Amounts payable after more than one year | 17 | €902,987 | €766,809 | -€136,179 | -15.1% |
| Financial debts | 170/4 | €897,327 | €761,149 | -€136,179 | -15.2% |
| Other amounts payable | 178/9 | €5,660 | €5,660 | = | 0.0% |
| Amounts payable within one year | 42/48 | €557,339 | €681,092 | +€123,753 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €139,906 | €136,284 | -€3,622 | -2.6% |
| Financial debts | 43 | - | €10,204 | +€10,204 | |
| Credit institutions | 430/8 | - | €10,204 | +€10,204 | |
| Trade debts | 44 | €10,624 | €511 | -€10,113 | -95.2% |
| Suppliers | 440/4 | €10,624 | €511 | -€10,113 | -95.2% |
| Taxes, remuneration and social security | 45 | €5,589 | €13,233 | +€7,644 | +137% |
| Taxes | 450/3 | €5,589 | €13,233 | +€7,644 | +137% |
| Other amounts payable | 47/48 | €401,220 | €520,860 | +€119,640 | +29.8% |
| Non-recurring operating income | 76A | €110,000 | €0 | -€110,000 | -100% |
| Remuneration, social security and pensions | 62 | €1,053 | €501 | -€552 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,495 | €129,883 | +€40,388 | +45.1% |
| Other operating charges | 640/8 | €14,741 | €11,636 | -€3,105 | -21.1% |
| Gross operating margin | 9900 | €225,236 | €144,504 | -€80,731 | -35.8% |
| Operating profit (loss) | 9901 | €119,947 | €2,485 | -€117,462 | -97.9% |
| Financial income | 75/76B | €10,352 | €10,977 | +€625 | +6.0% |
| Recurring financial income | 75 | €10,352 | €10,977 | +€625 | +6.0% |
| Financial charges | 65/66B | €25,396 | €28,125 | +€2,728 | +10.7% |
| Recurring financial charges | 65 | €25,396 | €28,125 | +€2,728 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €104,902 | -€14,663 | -€119,566 | |
| Transfer from deferred taxes | 780 | €9,185 | €14,964 | +€5,779 | +62.9% |
| Transfer to deferred taxes | 680 | €27,500 | €0 | -€27,500 | -100% |
| Income taxes | 67/77 | €7,959 | €12,427 | +€4,468 | +56.1% |
| Profit (loss) for the period | 9904 | €78,628 | -€12,126 | -€90,754 | |
| Transfer from tax-exempt reserves | 789 | €27,750 | €45,086 | +€17,336 | +62.5% |
| Transfer to tax-exempt reserves | 689 | €82,500 | €0 | -€82,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €23,878 | €32,960 | +€9,082 | +38.0% |
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 20 October 2026 via checked.be.