GEKCO: 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.
GEKCO
Largest movements
- Cash +€39,571
up €39,571 (+83.2%), from €47,565 to €87,136
mainly Depreciation (+€24,026) and Net result for the year (+€22,956)
- Receivables within one year -€4,476
down €4,476 (-18.3%), from €24,470 to €19,995
of which Other amounts receivable: -€3,109
- Reserves +€22,956
up €22,956 (+39.4%), from €58,221 to €81,177
- Other debts +€12,698
up €12,698 (+54.8%), from €23,192 to €35,889
- Debts after one year -€11,709
down €11,709 (-15.2%), from €77,189 to €65,480
- Tax, wage and social debts +€7,304
up €7,304 (+111%), from €6,580 to €13,884
- Gross operating margin +€39,049
up €39,049 (+104%), from €37,413 to €76,461
- Taxes +€12,095
up €12,095 (+3,333%), from €363 to €12,458
- Depreciation +€1,256
up €1,256 (+5.5%), from €22,770 to €24,026
- Staff costs -€852
down €852 (-96.6%), from €882 to €30
- Other operating charges +€814
up €814 (+6.9%), from €11,816 to €12,629
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 | €182,698 | €215,294 | +€32,596 | +17.8% |
| Fixed assets | 21/28 | €105,082 | €103,388 | -€1,694 | -1.6% |
| Tangible fixed assets | 22/27 | €102,698 | €101,004 | -€1,694 | -1.6% |
| Land and buildings | 22 | €77,345 | €64,075 | -€13,269 | -17.2% |
| Plant, machinery and equipment | 23 | €14,208 | €29,902 | +€15,695 | +110% |
| Furniture and vehicles | 24 | €11,145 | €7,026 | -€4,119 | -37.0% |
| Financial fixed assets | 28 | €2,384 | €2,384 | = | 0.0% |
| Current assets | 29/58 | €77,616 | €111,906 | +€34,290 | +44.2% |
| Stocks and contracts in progress | 3 | €4,134 | €2,845 | -€1,289 | -31.2% |
| Stocks | 30/36 | €4,134 | €2,845 | -€1,289 | -31.2% |
| Amounts receivable within one year | 40/41 | €24,470 | €19,995 | -€4,476 | -18.3% |
| Trade receivables | 40 | €21,299 | €19,932 | -€1,367 | -6.4% |
| Other amounts receivable | 41 | €3,171 | €62 | -€3,109 | -98.0% |
| Cash at bank and in hand | 54/58 | €47,565 | €87,136 | +€39,571 | +83.2% |
| Deferred charges and accrued income | 490/1 | €1,445 | €1,930 | +€485 | +33.5% |
| Total equity and liabilities | 10/49 | €182,698 | €215,294 | +€32,596 | +17.8% |
| Equity | 10/15 | €64,421 | €87,377 | +€22,956 | +35.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,221 | €81,177 | +€22,956 | +39.4% |
| Distributable reserves | 133 | €58,221 | €81,177 | +€22,956 | +39.4% |
| Amounts payable | 17/49 | €118,276 | €127,917 | +€9,640 | +8.2% |
| Amounts payable after more than one year | 17 | €77,189 | €65,480 | -€11,709 | -15.2% |
| Financial debts | 170/4 | €77,189 | €65,480 | -€11,709 | -15.2% |
| Amounts payable within one year | 42/48 | €40,982 | €62,246 | +€21,264 | +51.9% |
| Current portion of amounts payable after more than one year | 42 | €11,146 | €11,709 | +€563 | +5.1% |
| Trade debts | 44 | €64 | €764 | +€700 | +1,092% |
| Suppliers | 440/4 | €64 | €764 | +€700 | +1,092% |
| Taxes, remuneration and social security | 45 | €6,580 | €13,884 | +€7,304 | +111% |
| Taxes | 450/3 | €6,580 | €13,884 | +€7,304 | +111% |
| Other amounts payable | 47/48 | €23,192 | €35,889 | +€12,698 | +54.8% |
| Accrued charges and deferred income | 492/3 | €106 | €191 | +€85 | +80.2% |
| Non-recurring operating income | 76A | €2,727 | €246 | -€2,482 | -91.0% |
| Remuneration, social security and pensions | 62 | €882 | €30 | -€852 | -96.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,770 | €24,026 | +€1,256 | +5.5% |
| Other operating charges | 640/8 | €11,816 | €12,629 | +€814 | +6.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €37,413 | €76,461 | +€39,049 | +104% |
| Operating profit (loss) | 9901 | €1,944 | €39,776 | +€37,832 | +1,946% |
| Financial income | 75/76B | €251 | €45 | -€206 | -82.1% |
| Recurring financial income | 75 | €251 | €45 | -€206 | -82.1% |
| Financial charges | 65/66B | €4,987 | €4,407 | -€580 | -11.6% |
| Recurring financial charges | 65 | €4,987 | €4,407 | -€580 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,792 | €35,414 | +€38,206 | |
| Income taxes | 67/77 | €363 | €12,458 | +€12,095 | +3,333% |
| Profit (loss) for the period | 9904 | -€3,155 | €22,956 | +€26,110 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,155 | €22,956 | +€26,110 |
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 16 October 2026 via checked.be.