GEHECO: 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.
GEHECO
Largest movements
- Stocks and contracts -€293,879
no longer reported in 2025 (was €293,879)
- Cash +€92,751
up €92,751 (+60.1%), from €154,392 to €247,142
mainly Stocks and contracts (+€293,879) and Investment in fixed assets (net) (+€19,196)
- Receivables within one year +€24,600
up €24,600 (+20.6%), from €119,386 to €143,986
of which Trade receivables: +€13,744
- Tangible fixed assets -€18,422
no longer reported in 2025 (was €18,422)
of which Plant, machinery and equipment: -€9,947
- Profit (loss) carried forward -€75,717
down €75,717 (-75.7%), from €99,964 to €24,248
- Other debts -€60,904
down €60,904 (-98.1%), from €62,080 to €1,176
- Reserves -€39,954
down €39,954 (-13.2%), from €302,413 to €262,459
of which Tax-exempt reserves: -€39,954
- Advances received -€13,265
no longer reported in 2025 (was €13,265)
- Trade debts -€11,381
down €11,381 (-25.6%), from €44,478 to €33,098
- Gross operating margin -€143,334
down €143,334, from €112,538 to -€30,796
- Financial income +€18,175
up €18,175 (+151%), from €12,028 to €30,202
of which Non-recurring financial income: +€15,794
- Depreciation -€12,154
no longer reported in 2025 (was €12,154)
- Write-downs +€4,555
new in 2025: €4,555
- Financial charges -€1,675
down €1,675 (-25.8%), from €6,478 to €4,804
of which Financial charges: -€1,574
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 | €588,562 | €392,527 | -€196,035 | -33.3% |
| Fixed assets | 21/28 | €19,196 | - | -€19,196 | |
| Tangible fixed assets | 22/27 | €18,422 | - | -€18,422 | |
| Plant, machinery and equipment | 23 | €9,947 | - | -€9,947 | |
| Furniture and vehicles | 24 | €3,044 | - | -€3,044 | |
| Other tangible fixed assets | 26 | €5,431 | - | -€5,431 | |
| Financial fixed assets | 28 | €774 | - | -€774 | |
| Current assets | 29/58 | €569,366 | €392,527 | -€176,839 | -31.1% |
| Stocks and contracts in progress | 3 | €293,879 | - | -€293,879 | |
| Stocks | 30/36 | €293,879 | - | -€293,879 | |
| Amounts receivable within one year | 40/41 | €119,386 | €143,986 | +€24,600 | +20.6% |
| Trade receivables | 40 | €36,349 | €50,093 | +€13,744 | +37.8% |
| Other amounts receivable | 41 | €83,038 | €93,893 | +€10,856 | +13.1% |
| Cash at bank and in hand | 54/58 | €154,392 | €247,142 | +€92,751 | +60.1% |
| Deferred charges and accrued income | 490/1 | €1,709 | €1,399 | -€311 | -18.2% |
| Total equity and liabilities | 10/49 | €588,562 | €392,527 | -€196,035 | -33.3% |
| Equity | 10/15 | €422,378 | €306,707 | -€115,670 | -27.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €302,413 | €262,459 | -€39,954 | -13.2% |
| Tax-exempt reserves | 132 | €39,954 | - | -€39,954 | |
| Distributable reserves | 133 | €262,459 | €262,459 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,964 | €24,248 | -€75,717 | -75.7% |
| Amounts payable | 17/49 | €166,185 | €85,820 | -€80,365 | -48.4% |
| Amounts payable within one year | 42/48 | €165,797 | €85,820 | -€79,978 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €6,018 | €6,045 | +€27 | +0.5% |
| Trade debts | 44 | €44,478 | €33,098 | -€11,381 | -25.6% |
| Suppliers | 440/4 | €44,478 | €33,098 | -€11,381 | -25.6% |
| Advances received on contracts in progress | 46 | €13,265 | - | -€13,265 | |
| Taxes, remuneration and social security | 45 | €39,956 | €45,501 | +€5,545 | +13.9% |
| Taxes | 450/3 | €26,470 | €31,318 | +€4,848 | +18.3% |
| Remuneration and social security | 454/9 | €13,487 | €14,183 | +€697 | +5.2% |
| Other amounts payable | 47/48 | €62,080 | €1,176 | -€60,904 | -98.1% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Non-recurring operating income | 76A | - | €6,156 | +€6,156 | |
| Remuneration, social security and pensions | 62 | €78,263 | €79,621 | +€1,358 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,154 | - | -€12,154 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,555 | +€4,555 | |
| Other operating charges | 640/8 | €1,246 | €1,098 | -€148 | -11.9% |
| Non-recurring operating charges | 66A | - | €15,378 | +€15,378 | |
| Gross operating margin | 9900 | €112,538 | -€30,796 | -€143,334 | |
| Operating profit (loss) | 9901 | €20,875 | -€131,448 | -€152,323 | |
| Financial income | 75/76B | €12,028 | €30,202 | +€18,175 | +151% |
| Recurring financial income | 75 | €11,294 | €13,675 | +€2,381 | +21.1% |
| Non-recurring financial income | 76B | €733 | €16,528 | +€15,794 | +2,154% |
| Financial charges | 65/66B | €6,478 | €4,804 | -€1,675 | -25.8% |
| Recurring financial charges | 65 | €3,618 | €2,043 | -€1,574 | -43.5% |
| Non-recurring financial charges | 66B | €2,861 | €2,761 | -€100 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €26,424 | -€106,050 | -€132,474 | |
| Income taxes | 67/77 | €8,145 | €9,621 | +€1,476 | +18.1% |
| Profit (loss) for the period | 9904 | €18,279 | -€115,670 | -€133,950 | |
| Transfer from tax-exempt reserves | 789 | - | €39,954 | +€39,954 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,279 | -€75,717 | -€93,996 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.