GEHA: 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.
GEHA
Largest movements
- Tangible fixed assets -€418,182
down €418,182 (-28.0%), from €1.5m to €1.1m
of which Land and buildings: -€413,776
- Receivables within one year -€15,810
down €15,810 (-72.3%), from €21,860 to €6,050
of which Trade receivables: -€15,800
- Other debts -€1.2m
down €1.2m (-98.7%), from €1.2m to €15,648
- Debts after one year +€508,982
up €508,982 (+118.3%), from €430,378 to €939,359
of which Other amounts payable: +€540,000
- Profit (loss) carried forward +€246,159
up €246,159 (+97.4%), from -€252,750 to -€6,591
- Gross operating margin +€286,624
up €286,624 (+378.8%), from €75,668 to €362,291
- Financial charges -€83,825
down €83,825 (-85.9%), from €97,616 to €13,791
- Taxes +€32,892
new in 2025: €32,892
- Depreciation -€19,477
down €19,477 (-25.2%), from €77,280 to €57,803
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 | €1,530,991 | €1,104,253 | -€426,738 | -27.9% |
| Fixed assets | 21/28 | €1,495,859 | €1,077,677 | -€418,182 | -28.0% |
| Tangible fixed assets | 22/27 | €1,495,859 | €1,077,677 | -€418,182 | -28.0% |
| Land and buildings | 22 | €1,485,134 | €1,071,358 | -€413,776 | -27.9% |
| Plant, machinery and equipment | 23 | €6,446 | €5,106 | -€1,340 | -20.8% |
| Furniture and vehicles | 24 | €4,280 | €1,214 | -€3,066 | -71.6% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €35,132 | €26,576 | -€8,556 | -24.4% |
| Amounts receivable within one year | 40/41 | €21,860 | €6,050 | -€15,810 | -72.3% |
| Trade receivables | 40 | €21,850 | €6,050 | -€15,800 | -72.3% |
| Other amounts receivable | 41 | €10 | €0 | -€10 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,804 | €17,697 | +€7,893 | +80.5% |
| Deferred charges and accrued income | 490/1 | €3,468 | €2,829 | -€639 | -18.4% |
| Total equity and liabilities | 10/49 | €1,530,991 | €1,104,253 | -€426,738 | -27.9% |
| Equity | 10/15 | -€149,030 | €97,129 | +€246,159 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,119 | €85,119 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €83,259 | €83,259 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€252,750 | -€6,591 | +€246,159 | +97.4% |
| Amounts payable | 17/49 | €1,680,021 | €1,007,124 | -€672,897 | -40.1% |
| Amounts payable after more than one year | 17 | €430,378 | €939,359 | +€508,982 | +118.3% |
| Financial debts | 170/4 | €430,378 | €399,359 | -€31,018 | -7.2% |
| Other amounts payable | 178/9 | - | €540,000 | +€540,000 | |
| Amounts payable within one year | 42/48 | €1,249,644 | €67,765 | -€1.2m | -94.6% |
| Current portion of amounts payable after more than one year | 42 | €30,102 | €31,018 | +€916 | +3.0% |
| Financial debts | 43 | - | €858 | +€858 | |
| Credit institutions | 430/8 | - | €858 | +€858 | |
| Trade debts | 44 | €4,275 | €3,276 | -€999 | -23.4% |
| Suppliers | 440/4 | €4,275 | €3,276 | -€999 | -23.4% |
| Taxes, remuneration and social security | 45 | €11,733 | €16,965 | +€5,232 | +44.6% |
| Taxes | 450/3 | €7,797 | €12,994 | +€5,197 | +66.6% |
| Remuneration and social security | 454/9 | €3,936 | €3,971 | +€35 | +0.9% |
| Other amounts payable | 47/48 | €1,203,533 | €15,648 | -€1.2m | -98.7% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Non-recurring operating income | 76A | - | €351,594 | +€351,594 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,280 | €57,803 | -€19,477 | -25.2% |
| Other operating charges | 640/8 | €11,349 | €11,647 | +€298 | +2.6% |
| Gross operating margin | 9900 | €75,668 | €362,291 | +€286,624 | +378.8% |
| Operating profit (loss) | 9901 | -€12,961 | €292,841 | +€305,803 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €97,616 | €13,791 | -€83,825 | -85.9% |
| Recurring financial charges | 65 | €97,616 | €13,791 | -€83,825 | -85.9% |
| Profit (loss) for the period before taxes | 9903 | -€110,578 | €279,051 | +€389,628 | |
| Income taxes | 67/77 | - | €32,892 | +€32,892 | |
| Profit (loss) for the period | 9904 | -€110,578 | €246,159 | +€356,736 | |
| Profit (loss) for the period to be appropriated | 9905 | -€110,578 | €246,159 | +€356,736 |
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 11 October 2026 via checked.be.