GEKU: 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.
GEKU
Largest movements
- Stocks and contracts +€65,000
up €65,000 (+34.2%), from €190,000 to €255,000
- Tangible fixed assets -€38,611
down €38,611 (-39.3%), from €98,361 to €59,750
of which Plant, machinery and equipment: -€34,684
- Cash -€25,438
down €25,438 (-45.9%), from €55,433 to €29,995
mainly Stocks and contracts (-€65,000) and Other debts (-€22,612)
- Deferred charges and accrued income -€17,939
down €17,939 (-96.2%), from €18,655 to €716
- Other debts -€22,612
down €22,612 (-18.1%), from €125,199 to €102,587
- Advances received -€20,000
down €20,000 (-24.2%), from €82,500 to €62,500
- Reserves +€16,858
up €16,858 (+10.3%), from €164,165 to €181,023
- Profit (loss) carried forward +€14,174
no longer reported in 2025 (was -€14,174)
- Debts after one year -€6,224
no longer reported in 2025 (was €6,224)
- Gross operating margin +€69,045
up €69,045 (+91.5%), from €75,426 to €144,471
- Staff costs +€7,512
up €7,512 (+12.7%), from €59,324 to €66,836
- Taxes +€3,921
up €3,921, from -€0 to €3,921
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €400,797 | €382,005 | -€18,792 | -4.7% |
| Fixed assets | 21/28 | €103,761 | €65,150 | -€38,611 | -37.2% |
| Tangible fixed assets | 22/27 | €98,361 | €59,750 | -€38,611 | -39.3% |
| Plant, machinery and equipment | 23 | €86,672 | €51,987 | -€34,684 | -40.0% |
| Furniture and vehicles | 24 | €1,435 | - | -€1,435 | |
| Other tangible fixed assets | 26 | €10,254 | €7,763 | -€2,492 | -24.3% |
| Financial fixed assets | 28 | €5,400 | €5,400 | = | 0.0% |
| Current assets | 29/58 | €297,036 | €316,855 | +€19,819 | +6.7% |
| Stocks and contracts in progress | 3 | €190,000 | €255,000 | +€65,000 | +34.2% |
| Contracts in progress | 37 | €190,000 | €255,000 | +€65,000 | +34.2% |
| Amounts receivable within one year | 40/41 | €32,948 | €31,144 | -€1,804 | -5.5% |
| Trade receivables | 40 | €15,119 | €24,165 | +€9,046 | +59.8% |
| Other amounts receivable | 41 | €17,829 | €6,979 | -€10,850 | -60.9% |
| Cash at bank and in hand | 54/58 | €55,433 | €29,995 | -€25,438 | -45.9% |
| Deferred charges and accrued income | 490/1 | €18,655 | €716 | -€17,939 | -96.2% |
| Total equity and liabilities | 10/49 | €400,797 | €382,005 | -€18,792 | -4.7% |
| Equity | 10/15 | €162,391 | €193,423 | +€31,032 | +19.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €164,165 | €181,023 | +€16,858 | +10.3% |
| Distributable reserves | 133 | €164,165 | €181,023 | +€16,858 | +10.3% |
| Profit (loss) carried forward | 14 | -€14,174 | - | +€14,174 | |
| Amounts payable | 17/49 | €238,406 | €188,582 | -€49,824 | -20.9% |
| Amounts payable after more than one year | 17 | €6,224 | - | -€6,224 | |
| Financial debts | 170/4 | €6,224 | - | -€6,224 | |
| Amounts payable within one year | 42/48 | €232,182 | €188,582 | -€43,601 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €12,757 | €9,382 | -€3,375 | -26.5% |
| Trade debts | 44 | €1,189 | €2,659 | +€1,470 | +123.7% |
| Suppliers | 440/4 | €1,189 | €2,659 | +€1,470 | +123.7% |
| Advances received on contracts in progress | 46 | €82,500 | €62,500 | -€20,000 | -24.2% |
| Taxes, remuneration and social security | 45 | €10,538 | €11,454 | +€916 | +8.7% |
| Taxes | 450/3 | €2,625 | €1,368 | -€1,257 | -47.9% |
| Remuneration and social security | 454/9 | €7,913 | €10,086 | +€2,174 | +27.5% |
| Other amounts payable | 47/48 | €125,199 | €102,587 | -€22,612 | -18.1% |
| Remuneration, social security and pensions | 62 | €59,324 | €66,836 | +€7,512 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,473 | €38,611 | -€861 | -2.2% |
| Other operating charges | 640/8 | €2,411 | €1,527 | -€884 | -36.7% |
| Gross operating margin | 9900 | €75,426 | €144,471 | +€69,045 | +91.5% |
| Operating profit (loss) | 9901 | -€25,782 | €37,496 | +€63,279 | |
| Financial income | 75/76B | €196 | €880 | +€683 | +347.9% |
| Recurring financial income | 75 | €196 | €880 | +€683 | +347.9% |
| Financial charges | 65/66B | €3,241 | €3,423 | +€182 | +5.6% |
| Recurring financial charges | 65 | €3,241 | €3,423 | +€182 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | -€28,827 | €34,953 | +€63,780 | |
| Income taxes | 67/77 | -€0 | €3,921 | +€3,921 | |
| Profit (loss) for the period | 9904 | -€28,827 | €31,032 | +€59,859 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,827 | €31,032 | +€59,859 |
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 12 October 2026 via checked.be.