GEHACO: 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.
GEHACO
Largest movements
- Tangible fixed assets -€61,800
down €61,800 (-9.9%), from €624,027 to €562,228
of which Furniture and vehicles: -€45,192
- Cash +€36,649
up €36,649 (+183%), from €20,027 to €56,676
mainly Depreciation (+€76,579) and Net result for the year (+€43,843)
- Receivables within one year -€32,483
down €32,483 (-46.9%), from €69,240 to €36,757
of which Trade receivables: -€33,866
- Debts after one year -€66,248
down €66,248 (-12.8%), from €515,625 to €449,376
- Profit (loss) carried forward +€43,843
up €43,843 (+113%), from €38,897 to €82,740
- Trade debts -€21,015
down €21,015 (-46.4%), from €45,325 to €24,310
- Current portion of long-term debt -€8,576
down €8,576 (-11.5%), from €74,825 to €66,248
- Gross operating margin +€78,534
up €78,534 (+122%), from €64,134 to €142,668
- Depreciation +€9,063
up €9,063 (+13.4%), from €67,516 to €76,579
- Other operating charges -€1,669
down €1,669 (-25.3%), from €6,587 to €4,917
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 | €714,618 | €660,068 | -€54,551 | -7.6% |
| Fixed assets | 21/28 | €624,027 | €562,228 | -€61,800 | -9.9% |
| Tangible fixed assets | 22/27 | €624,027 | €562,228 | -€61,800 | -9.9% |
| Land and buildings | 22 | €380,687 | €365,908 | -€14,780 | -3.9% |
| Plant, machinery and equipment | 23 | €15,200 | €13,372 | -€1,828 | -12.0% |
| Furniture and vehicles | 24 | €228,140 | €182,948 | -€45,192 | -19.8% |
| Current assets | 29/58 | €90,591 | €97,840 | +€7,249 | +8.0% |
| Amounts receivable within one year | 40/41 | €69,240 | €36,757 | -€32,483 | -46.9% |
| Trade receivables | 40 | €66,626 | €32,759 | -€33,866 | -50.8% |
| Other amounts receivable | 41 | €2,615 | €3,998 | +€1,383 | +52.9% |
| Cash at bank and in hand | 54/58 | €20,027 | €56,676 | +€36,649 | +183% |
| Deferred charges and accrued income | 490/1 | €1,324 | €4,407 | +€3,083 | +233% |
| Total equity and liabilities | 10/49 | €714,618 | €660,068 | -€54,551 | -7.6% |
| Equity | 10/15 | €59,357 | €103,200 | +€43,843 | +73.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €38,897 | €82,740 | +€43,843 | +113% |
| Amounts payable | 17/49 | €655,261 | €556,868 | -€98,393 | -15.0% |
| Amounts payable after more than one year | 17 | €515,625 | €449,376 | -€66,248 | -12.8% |
| Financial debts | 170/4 | €515,625 | €449,376 | -€66,248 | -12.8% |
| Amounts payable within one year | 42/48 | €139,637 | €107,492 | -€32,145 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €74,825 | €66,248 | -€8,576 | -11.5% |
| Trade debts | 44 | €45,325 | €24,310 | -€21,015 | -46.4% |
| Suppliers | 440/4 | €45,325 | €24,310 | -€21,015 | -46.4% |
| Taxes, remuneration and social security | 45 | €12,524 | €16,933 | +€4,409 | +35.2% |
| Taxes | 450/3 | €12,524 | €16,933 | +€4,409 | +35.2% |
| Other amounts payable | 47/48 | €6,963 | €0 | -€6,963 | -100% |
| Non-recurring operating income | 76A | €11,348 | €3,685 | -€7,663 | -67.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,516 | €76,579 | +€9,063 | +13.4% |
| Other operating charges | 640/8 | €6,587 | €4,917 | -€1,669 | -25.3% |
| Gross operating margin | 9900 | €64,134 | €142,668 | +€78,534 | +122% |
| Operating profit (loss) | 9901 | -€9,969 | €61,172 | +€71,140 | |
| Financial income | 75/76B | €138 | €199 | +€62 | +44.6% |
| Recurring financial income | 75 | €138 | €199 | +€62 | +44.6% |
| Financial charges | 65/66B | €16,671 | €17,109 | +€438 | +2.6% |
| Recurring financial charges | 65 | €16,671 | €17,109 | +€438 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€26,502 | €44,262 | +€70,764 | |
| Income taxes | 67/77 | - | €419 | +€419 | |
| Profit (loss) for the period | 9904 | -€26,502 | €43,843 | +€70,345 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,502 | €43,843 | +€70,345 |
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 13 October 2026 via checked.be.