GEKIERE: 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.
GEKIERE
Largest movements
- Receivables within one year +€445,755
up €445,755 (+184%), from €241,876 to €687,631
of which Trade receivables: +€395,108
- Stocks and contracts -€198,508
down €198,508 (-15.9%), from €1.2m to €1.1m
- Cash -€152,586
down €152,586 (-24.6%), from €619,980 to €467,394
mainly Receivables within one year (-€445,755) and Investment in fixed assets (net) (-€221,001)
- Tangible fixed assets +€142,479
up €142,479 (+38.9%), from €366,735 to €509,214
of which Plant, machinery and equipment: +€154,211
- Reserves +€219,199
up €219,199 (+22.5%), from €974,901 to €1.2m
of which Distributable reserves: +€219,199
- Trade debts +€43,664
up €43,664 (+3.1%), from €1.4m to €1.5m
- Depreciation +€29,102
up €29,102 (+58.9%), from €49,445 to €78,547
- Write-downs +€26,574
no longer reported in 2025 (was -€26,574)
- Taxes -€26,042
down €26,042 (-28.4%), from €91,605 to €65,563
- Gross operating margin -€25,841
down €25,841 (-5.5%), from €472,898 to €447,057
- Staff costs -€17,054
down €17,054 (-21.6%), from €78,790 to €61,736
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 | €2,485,879 | €2,720,310 | +€234,431 | +9.4% |
| Fixed assets | 21/28 | €366,760 | €509,214 | +€142,454 | +38.8% |
| Tangible fixed assets | 22/27 | €366,735 | €509,214 | +€142,479 | +38.9% |
| Plant, machinery and equipment | 23 | €328,468 | €482,679 | +€154,211 | +46.9% |
| Furniture and vehicles | 24 | €38,267 | €26,535 | -€11,732 | -30.7% |
| Financial fixed assets | 28 | €25 | - | -€25 | |
| Current assets | 29/58 | €2,119,119 | €2,211,096 | +€91,977 | +4.3% |
| Stocks and contracts in progress | 3 | €1,249,016 | €1,050,508 | -€198,508 | -15.9% |
| Stocks | 30/36 | €1,249,016 | €1,050,508 | -€198,508 | -15.9% |
| Amounts receivable within one year | 40/41 | €241,876 | €687,631 | +€445,755 | +184% |
| Trade receivables | 40 | €131,366 | €526,474 | +€395,108 | +301% |
| Other amounts receivable | 41 | €110,510 | €161,157 | +€50,647 | +45.8% |
| Cash at bank and in hand | 54/58 | €619,980 | €467,394 | -€152,586 | -24.6% |
| Deferred charges and accrued income | 490/1 | €8,248 | €5,564 | -€2,684 | -32.5% |
| Total equity and liabilities | 10/49 | €2,485,879 | €2,720,310 | +€234,431 | +9.4% |
| Equity | 10/15 | €1,036,901 | €1,256,100 | +€219,199 | +21.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €974,901 | €1,194,100 | +€219,199 | +22.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €968,701 | €1,187,900 | +€219,199 | +22.6% |
| Amounts payable | 17/49 | €1,448,978 | €1,464,211 | +€15,232 | +1.1% |
| Amounts payable within one year | 42/48 | €1,447,668 | €1,464,211 | +€16,542 | +1.1% |
| Trade debts | 44 | €1,415,611 | €1,459,275 | +€43,664 | +3.1% |
| Suppliers | 440/4 | €1,415,611 | €1,459,275 | +€43,664 | +3.1% |
| Taxes, remuneration and social security | 45 | €31,526 | €4,935 | -€26,591 | -84.3% |
| Taxes | 450/3 | €17,473 | - | -€17,473 | |
| Remuneration and social security | 454/9 | €14,054 | €4,935 | -€9,118 | -64.9% |
| Other amounts payable | 47/48 | €531 | - | -€531 | |
| Accrued charges and deferred income | 492/3 | €1,310 | - | -€1,310 | |
| Non-recurring operating income | 76A | €159,126 | €68,841 | -€90,285 | -56.7% |
| Remuneration, social security and pensions | 62 | €78,790 | €61,736 | -€17,054 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,445 | €78,547 | +€29,102 | +58.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€26,574 | - | +€26,574 | |
| Other operating charges | 640/8 | €6,400 | €1,586 | -€4,814 | -75.2% |
| Non-recurring operating charges | 66A | - | €19,750 | +€19,750 | |
| Gross operating margin | 9900 | €472,898 | €447,057 | -€25,841 | -5.5% |
| Operating profit (loss) | 9901 | €364,836 | €285,439 | -€79,398 | -21.8% |
| Financial income | 75/76B | €13 | - | -€13 | |
| Recurring financial income | 75 | €13 | - | -€13 | |
| Financial charges | 65/66B | €1,017 | €677 | -€340 | -33.4% |
| Recurring financial charges | 65 | €1,017 | €677 | -€340 | -33.4% |
| Profit (loss) for the period before taxes | 9903 | €363,833 | €284,762 | -€79,071 | -21.7% |
| Income taxes | 67/77 | €91,605 | €65,563 | -€26,042 | -28.4% |
| Profit (loss) for the period | 9904 | €272,228 | €219,199 | -€53,029 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €272,228 | €219,199 | -€53,029 | -19.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.