GEHOCO: what changed
Two fiscal 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
GEHOCO
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€261,717
2024 · €216,242+€45,475
Equity
€3.9m
2024 · €3.9m-€38,283
Cash
€696,852
2024 · €617,203+€79,649
Balance sheet total
€7.0m
2024 · €6.7m+€288,302
Largest movements
Assets
- Tangible fixed assets +€267,582
up €267,582 (+4.5%), from €5.9m to €6.2m
of which Land and buildings: +€1.2m
- Deferred charges and accrued income -€82,338
down €82,338 (-86.3%), from €95,362 to €13,024
- Cash +€79,649
up €79,649 (+12.9%), from €617,203 to €696,852
mainly Other debts (+€298,150) and Net result for the year (+€261,717)
Equity and liabilities
- Other debts +€298,150
up €298,150 (+10461.4%), from €2,850 to €301,000
- Trade debts +€160,418
up €160,418 (+314.4%), from €51,022 to €211,440
Income statement
- Depreciation -€87,184
down €87,184 (-37.2%), from €234,089 to €146,905
- Financial charges +€76,156
up €76,156 (+164.7%), from €46,238 to €122,394
- Gross operating margin +€66,905
up €66,905 (+10.1%), from €663,904 to €730,809
- Taxes +€25,016
up €25,016 (+29.9%), from €83,590 to €108,606
- Other operating charges +€17,086
up €17,086 (+17.9%), from €95,469 to €112,554
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
€216,242
Gross operating margin
+€66,905
Depreciation
+€87,184
Other operating charges
-€17,086
Financial income
-€264
Financial charges
-€76,156
Taxes
-€25,016
Deferred taxes and other
+€9,907
Result 2025
€261,717
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.
From operations
+€860,803
Investment
-€414,487
Financing
-€366,667
Cash 2024
€617,203
From operations (derived)
+€860,803
Net result for the year
+€261,717
Depreciation
+€146,905
Receivables within one year
-€23,409
Deferred charges and accrued income
+€82,338
Provisions
-€36,622
Trade debts
+€160,418
Tax, wage and social debts
-€23,047
Other debts
+€298,150
Accrued charges and deferred income
-€5,647
Investment (derived)
-€414,487
Investment in fixed assets (net)
-€414,487
Financing
-€366,667
Debts after one year
-€33,334
Current portion of long-term debt
-€33,332
Contributions, distributions and other
-€300,000
Cash 2025
€696,852
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,670,157 | €6,958,459 | +€288,302 | +4.3% |
| Fixed assets | 21/28 | €5,939,496 | €6,207,078 | +€267,582 | +4.5% |
| Tangible fixed assets | 22/27 | €5,939,496 | €6,207,078 | +€267,582 | +4.5% |
| Land and buildings | 22 | €4,758,985 | €5,918,017 | +€1.2m | +24.4% |
| Plant, machinery and equipment | 23 | - | €289,061 | +€289,061 | |
| Assets under construction and advance payments | 27 | €1,180,511 | €0 | -€1.2m | -100.0% |
| Current assets | 29/58 | €730,661 | €751,381 | +€20,719 | +2.8% |
| Amounts receivable within one year | 40/41 | €18,096 | €41,505 | +€23,409 | +129.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €18,096 | €41,505 | +€23,409 | +129.4% |
| Cash at bank and in hand | 54/58 | €617,203 | €696,852 | +€79,649 | +12.9% |
| Deferred charges and accrued income | 490/1 | €95,362 | €13,024 | -€82,338 | -86.3% |
| Total equity and liabilities | 10/49 | €6,670,157 | €6,958,459 | +€288,302 | +4.3% |
| Equity | 10/15 | €3,913,017 | €3,874,734 | -€38,283 | -1.0% |
| Contributions | 10/11 | €751,488 | €751,488 | = | 0.0% |
| Capital | 10 | €751,488 | €751,488 | = | 0.0% |
| Issued capital | 100 | €751,488 | €751,488 | = | 0.0% |
| Reserves | 13 | €3,161,529 | €3,123,246 | -€38,283 | -1.2% |
| Non-distributable reserves | 130/1 | €170,860 | €170,860 | = | 0.0% |
| Legal reserve | 130 | €170,860 | €170,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,601,225 | €1,537,124 | -€64,101 | -4.0% |
| Distributable reserves | 133 | €1,389,444 | €1,415,261 | +€25,817 | +1.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €2,533,742 | €2,497,120 | -€36,622 | -1.4% |
| Provisions for liabilities and charges | 160/5 | €2,000,000 | €1,984,745 | -€15,255 | -0.8% |
| Other liabilities and charges | 164/5 | €2,000,000 | €1,984,745 | -€15,255 | -0.8% |
| Deferred taxes | 168 | €533,742 | €512,375 | -€21,367 | -4.0% |
| Amounts payable | 17/49 | €223,398 | €586,605 | +€363,207 | +162.6% |
| Amounts payable after more than one year | 17 | €34,534 | €1,200 | -€33,334 | -96.5% |
| Financial debts | 170/4 | €33,334 | €0 | -€33,334 | -100.0% |
| Other amounts payable | 178/9 | €1,200 | €1,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €143,586 | €545,774 | +€402,188 | +280.1% |
| Current portion of amounts payable after more than one year | 42 | €66,667 | €33,334 | -€33,332 | -50.0% |
| Trade debts | 44 | €51,022 | €211,440 | +€160,418 | +314.4% |
| Suppliers | 440/4 | €51,022 | €211,440 | +€160,418 | +314.4% |
| Taxes, remuneration and social security | 45 | €23,047 | €0 | -€23,047 | -100.0% |
| Taxes | 450/3 | €23,047 | €0 | -€23,047 | -100.0% |
| Other amounts payable | 47/48 | €2,850 | €301,000 | +€298,150 | +10461.4% |
| Accrued charges and deferred income | 492/3 | €45,278 | €39,631 | -€5,647 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,089 | €146,905 | -€87,184 | -37.2% |
| Other operating charges | 640/8 | €95,469 | €112,554 | +€17,086 | +17.9% |
| Gross operating margin | 9900 | €663,904 | €730,809 | +€66,905 | +10.1% |
| Operating profit (loss) | 9901 | €334,346 | €471,349 | +€137,004 | +41.0% |
| Financial income | 75/76B | €264 | €0 | -€264 | -99.9% |
| Recurring financial income | 75 | €264 | €0 | -€264 | -99.9% |
| Financial charges | 65/66B | €46,238 | €122,394 | +€76,156 | +164.7% |
| Recurring financial charges | 65 | €46,238 | €122,394 | +€76,156 | +164.7% |
| Profit (loss) for the period before taxes | 9903 | €288,372 | €348,956 | +€60,584 | +21.0% |
| Transfer from deferred taxes | 780 | €11,460 | €21,367 | +€9,907 | +86.5% |
| Income taxes | 67/77 | €83,590 | €108,606 | +€25,016 | +29.9% |
| Profit (loss) for the period | 9904 | €216,242 | €261,717 | +€45,475 | +21.0% |
| Transfer from tax-exempt reserves | 789 | €34,379 | €64,101 | +€29,722 | +86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €250,621 | €325,817 | +€75,197 | +30.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.