GEHCO FIXING: 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.
GEHCO FIXING
Largest movements
- Cash -€671,728
down €671,728 (-93.6%), from €717,983 to €46,254
mainly Current investments (-€343,003) and Other debts (-€192,124)
- Current investments +€343,003
new in 2025: €343,003
- Stocks and contracts +€44,646
up €44,646 (+17.5%), from €255,094 to €299,741
- Deferred charges and accrued income -€21,223
down €21,223 (-61.6%), from €34,469 to €13,246
- Intangible fixed assets -€18,446
down €18,446 (-33.6%), from €54,834 to €36,388
- Reserves -€204,426
down €204,426 (-55.0%), from €371,943 to €167,517
- Other debts -€192,124
down €192,124 (-71.5%), from €268,595 to €76,471
- Short-term financial debts +€54,801
up €54,801 (+40.1%), from €136,570 to €191,371
- Trade debts +€36,112
up €36,112 (+32.0%), from €112,894 to €149,005
- Gross operating margin -€1.3m
down €1.3m (-73.4%), from €1.8m to €465,670
- Taxes -€155,755
down €155,755 (-99.1%), from €157,215 to €1,460
- Financial income +€43,135
up €43,135 (+437%), from €9,865 to €53,000
- Financial charges -€21,534
down €21,534 (-21.5%), from €99,981 to €78,447
- Depreciation -€19,407
down €19,407 (-33.8%), from €57,365 to €37,959
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 | €1,332,779 | €1,003,651 | -€329,128 | -24.7% |
| Fixed assets | 21/28 | €117,226 | €102,963 | -€14,264 | -12.2% |
| Intangible fixed assets | 21 | €54,834 | €36,388 | -€18,446 | -33.6% |
| Tangible fixed assets | 22/27 | €23,092 | €27,275 | +€4,182 | +18.1% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €11,538 | €3,614 | -€7,924 | -68.7% |
| Furniture and vehicles | 24 | €11,555 | €23,661 | +€12,107 | +105% |
| Financial fixed assets | 28 | €39,300 | €39,300 | = | 0.0% |
| Current assets | 29/58 | €1,215,553 | €900,688 | -€314,865 | -25.9% |
| Stocks and contracts in progress | 3 | €255,094 | €299,741 | +€44,646 | +17.5% |
| Stocks | 30/36 | €255,094 | €299,741 | +€44,646 | +17.5% |
| Amounts receivable within one year | 40/41 | €208,007 | €198,445 | -€9,562 | -4.6% |
| Trade receivables | 40 | €140,118 | €115,761 | -€24,357 | -17.4% |
| Other amounts receivable | 41 | €67,889 | €82,684 | +€14,795 | +21.8% |
| Current investments | 50/53 | - | €343,003 | +€343,003 | |
| Cash at bank and in hand | 54/58 | €717,983 | €46,254 | -€671,728 | -93.6% |
| Deferred charges and accrued income | 490/1 | €34,469 | €13,246 | -€21,223 | -61.6% |
| Total equity and liabilities | 10/49 | €1,332,779 | €1,003,651 | -€329,128 | -24.7% |
| Equity | 10/15 | €671,943 | €467,517 | -€204,426 | -30.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €371,943 | €167,517 | -€204,426 | -55.0% |
| Distributable reserves | 133 | €371,943 | €167,517 | -€204,426 | -55.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €660,837 | €536,134 | -€124,703 | -18.9% |
| Amounts payable after more than one year | 17 | €37,297 | €26,519 | -€10,778 | -28.9% |
| Financial debts | 170/4 | €37,297 | €26,519 | -€10,778 | -28.9% |
| Amounts payable within one year | 42/48 | €618,468 | €505,574 | -€112,894 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €10,665 | €10,778 | +€113 | +1.1% |
| Financial debts | 43 | €136,570 | €191,371 | +€54,801 | +40.1% |
| Credit institutions | 430/8 | €136,570 | €191,371 | +€54,801 | +40.1% |
| Trade debts | 44 | €112,894 | €149,005 | +€36,112 | +32.0% |
| Suppliers | 440/4 | €112,894 | €149,005 | +€36,112 | +32.0% |
| Taxes, remuneration and social security | 45 | €89,744 | €77,950 | -€11,795 | -13.1% |
| Taxes | 450/3 | €47,066 | €28,345 | -€18,721 | -39.8% |
| Remuneration and social security | 454/9 | €42,678 | €49,605 | +€6,927 | +16.2% |
| Other amounts payable | 47/48 | €268,595 | €76,471 | -€192,124 | -71.5% |
| Accrued charges and deferred income | 492/3 | €5,072 | €4,040 | -€1,031 | -20.3% |
| Non-recurring operating income | 76A | €1,314,019 | €11,000 | -€1.3m | -99.2% |
| Remuneration, social security and pensions | 62 | €516,642 | €519,405 | +€2,763 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,365 | €37,959 | -€19,407 | -33.8% |
| Other operating charges | 640/8 | €14,775 | €9,355 | -€5,421 | -36.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,752,269 | €465,670 | -€1.3m | -73.4% |
| Operating profit (loss) | 9901 | €1,163,487 | -€101,048 | -€1.3m | |
| Financial income | 75/76B | €9,865 | €53,000 | +€43,135 | +437% |
| Recurring financial income | 75 | €9,865 | €53,000 | +€43,135 | +437% |
| Financial charges | 65/66B | €99,981 | €78,447 | -€21,534 | -21.5% |
| Recurring financial charges | 65 | €99,981 | €78,447 | -€21,534 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €1,073,371 | -€126,495 | -€1.2m | |
| Income taxes | 67/77 | €157,215 | €1,460 | -€155,755 | -99.1% |
| Profit (loss) for the period | 9904 | €916,156 | -€127,955 | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €916,156 | -€127,955 | -€1.0m |
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.