GEN2: 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.
GEN2
Largest movements
- Financial fixed assets -€66,324
down €66,324 (-8.7%), from €760,376 to €694,052
- Cash -€57,222
down €57,222 (-27.3%), from €209,232 to €152,010
mainly Contributions, distributions and other (-€84,641) and Debts after one year (-€83,053)
- Receivables within one year +€41,167
new in 2025: €41,167
- Debts after one year -€83,053
down €83,053 (-13.5%), from €616,367 to €533,314
- Reserves -€17,914
down €17,914 (-10.5%), from €171,000 to €153,086
- Current portion of long-term debt +€11,337
up €11,337 (+17.3%), from €65,476 to €76,813
- Gross operating margin -€97,991
down €97,991 (-72.6%), from €134,886 to €36,895
- Financial income +€78,165
up €78,165 (+229896.5%), from €34 to €78,199
- Taxes -€17,280
down €17,280 (-66.0%), from €26,195 to €8,915
- Financial charges +€6,216
up €6,216 (+25.8%), from €24,074 to €30,290
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 | €973,464 | €889,506 | -€83,958 | -8.6% |
| Fixed assets | 21/28 | €763,286 | €695,638 | -€67,648 | -8.9% |
| Tangible fixed assets | 22/27 | €2,910 | €1,586 | -€1,324 | -45.5% |
| Furniture and vehicles | 24 | €2,777 | €1,586 | -€1,191 | -42.9% |
| Other tangible fixed assets | 26 | €133 | - | -€133 | |
| Financial fixed assets | 28 | €760,376 | €694,052 | -€66,324 | -8.7% |
| Current assets | 29/58 | €210,178 | €193,869 | -€16,309 | -7.8% |
| Amounts receivable within one year | 40/41 | - | €41,167 | +€41,167 | |
| Other amounts receivable | 41 | - | €41,167 | +€41,167 | |
| Cash at bank and in hand | 54/58 | €209,232 | €152,010 | -€57,222 | -27.3% |
| Deferred charges and accrued income | 490/1 | €946 | €691 | -€254 | -26.9% |
| Total equity and liabilities | 10/49 | €973,464 | €889,506 | -€83,958 | -8.6% |
| Equity | 10/15 | €165,322 | €153,086 | -€12,236 | -7.4% |
| Reserves | 13 | €171,000 | €153,086 | -€17,914 | -10.5% |
| Distributable reserves | 133 | €171,000 | €153,086 | -€17,914 | -10.5% |
| Profit (loss) carried forward | 14 | -€5,678 | - | +€5,678 | |
| Amounts payable | 17/49 | €808,142 | €736,420 | -€71,722 | -8.9% |
| Amounts payable after more than one year | 17 | €616,367 | €533,314 | -€83,053 | -13.5% |
| Financial debts | 170/4 | €616,367 | €533,314 | -€83,053 | -13.5% |
| Amounts payable within one year | 42/48 | €191,374 | €203,106 | +€11,732 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €65,476 | €76,813 | +€11,337 | +17.3% |
| Trade debts | 44 | €3,702 | €78 | -€3,624 | -97.9% |
| Suppliers | 440/4 | €3,702 | €78 | -€3,624 | -97.9% |
| Taxes, remuneration and social security | 45 | €33,579 | €41,574 | +€7,995 | +23.8% |
| Taxes | 450/3 | €33,579 | €41,574 | +€7,995 | +23.8% |
| Other amounts payable | 47/48 | €88,617 | €84,641 | -€3,976 | -4.5% |
| Accrued charges and deferred income | 492/3 | €400 | - | -€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,185 | €2,719 | -€465 | -14.6% |
| Other operating charges | 640/8 | €824 | €764 | -€60 | -7.3% |
| Gross operating margin | 9900 | €134,886 | €36,895 | -€97,991 | -72.6% |
| Operating profit (loss) | 9901 | €130,877 | €33,412 | -€97,465 | -74.5% |
| Financial income | 75/76B | €34 | €78,199 | +€78,165 | +229896.5% |
| Recurring financial income | 75 | €34 | €78,199 | +€78,165 | +229896.5% |
| Financial charges | 65/66B | €24,074 | €30,290 | +€6,216 | +25.8% |
| Recurring financial charges | 65 | €24,074 | €30,290 | +€6,216 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | €106,837 | €81,321 | -€25,517 | -23.9% |
| Income taxes | 67/77 | €26,195 | €8,915 | -€17,280 | -66.0% |
| Profit (loss) for the period | 9904 | €80,642 | €72,405 | -€8,237 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €80,642 | €72,405 | -€8,237 | -10.2% |
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 10 October 2026 via checked.be.