GENCO: 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.
GENCO
Largest movements
- Receivables within one year +€18,404
up €18,404 (+11.1%), from €165,471 to €183,874
of which Trade receivables: +€21,850
- Stocks and contracts +€12,032
new in 2025: €12,032
- Tangible fixed assets -€11,834
down €11,834 (-16.8%), from €70,541 to €58,707
of which Land and buildings: -€9,856
- Cash +€4,369
new in 2025: €4,369
mainly Trade debts (+€14,692) and Depreciation (+€11,834)
- Trade debts +€14,692
up €14,692 (+68.1%), from €21,574 to €36,266
- Short-term financial debts +€11,630
up €11,630 (+41.5%), from €27,996 to €39,626
- Debts after one year -€10,343
down €10,343 (-77.3%), from €13,387 to €3,045
- Tax, wage and social debts +€6,673
up €6,673 (+15.0%), from €44,615 to €51,288
of which Taxes: +€13,647
- Current portion of long-term debt -€5,227
down €5,227 (-33.6%), from €15,569 to €10,343
- Staff costs -€26,202
down €26,202 (-53.1%), from €49,341 to €23,139
- Gross operating margin -€20,649
down €20,649 (-28.5%), from €72,565 to €51,916
- Financial charges +€4,104
up €4,104 (+140.5%), from €2,921 to €7,025
- Other operating charges +€3,781
up €3,781 (+75.9%), from €4,984 to €8,765
- Taxes -€742
down €742 (-64.3%), from €1,154 to €412
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 | €308,707 | €331,251 | +€22,544 | +7.3% |
| Fixed assets | 21/28 | €70,541 | €58,707 | -€11,834 | -16.8% |
| Tangible fixed assets | 22/27 | €70,541 | €58,707 | -€11,834 | -16.8% |
| Land and buildings | 22 | €64,285 | €54,429 | -€9,856 | -15.3% |
| Plant, machinery and equipment | 23 | €5,643 | €3,749 | -€1,893 | -33.6% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | €613 | €528 | -€85 | -13.9% |
| Current assets | 29/58 | €238,166 | €272,544 | +€34,378 | +14.4% |
| Stocks and contracts in progress | 3 | - | €12,032 | +€12,032 | |
| Stocks | 30/36 | - | €12,032 | +€12,032 | |
| Amounts receivable within one year | 40/41 | €165,471 | €183,874 | +€18,404 | +11.1% |
| Trade receivables | 40 | €51,168 | €73,018 | +€21,850 | +42.7% |
| Other amounts receivable | 41 | €114,302 | €110,856 | -€3,446 | -3.0% |
| Cash at bank and in hand | 54/58 | - | €4,369 | +€4,369 | |
| Deferred charges and accrued income | 490/1 | €72,695 | €72,269 | -€426 | -0.6% |
| Total equity and liabilities | 10/49 | €308,707 | €331,251 | +€22,544 | +7.3% |
| Equity | 10/15 | €168,137 | €168,887 | +€750 | +0.4% |
| 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 | €106,137 | €106,887 | +€750 | +0.7% |
| Non-distributable reserves | 130/1 | €22,400 | €22,400 | = | 0.0% |
| Legal reserve | 130 | €22,400 | €22,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €8 | €8 | = | 0.0% |
| Distributable reserves | 133 | €83,728 | €84,478 | +€750 | +0.9% |
| Amounts payable | 17/49 | €140,570 | €162,365 | +€21,794 | +15.5% |
| Amounts payable after more than one year | 17 | €13,387 | €3,045 | -€10,343 | -77.3% |
| Financial debts | 170/4 | €13,387 | €3,045 | -€10,343 | -77.3% |
| Amounts payable within one year | 42/48 | €127,183 | €154,320 | +€27,137 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €15,569 | €10,343 | -€5,227 | -33.6% |
| Financial debts | 43 | €27,996 | €39,626 | +€11,630 | +41.5% |
| Credit institutions | 430/8 | €27,996 | €39,626 | +€11,630 | +41.5% |
| Trade debts | 44 | €21,574 | €36,266 | +€14,692 | +68.1% |
| Suppliers | 440/4 | €21,574 | €36,266 | +€14,692 | +68.1% |
| Taxes, remuneration and social security | 45 | €44,615 | €51,288 | +€6,673 | +15.0% |
| Taxes | 450/3 | €36,420 | €50,066 | +€13,647 | +37.5% |
| Remuneration and social security | 454/9 | €8,195 | €1,222 | -€6,973 | -85.1% |
| Other amounts payable | 47/48 | €17,429 | €16,798 | -€632 | -3.6% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Non-recurring operating income | 76A | €10,046 | - | -€10,046 | |
| Remuneration, social security and pensions | 62 | €49,341 | €23,139 | -€26,202 | -53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,590 | €11,834 | +€244 | +2.1% |
| Other operating charges | 640/8 | €4,984 | €8,765 | +€3,781 | +75.9% |
| Gross operating margin | 9900 | €72,565 | €51,916 | -€20,649 | -28.5% |
| Operating profit (loss) | 9901 | €6,649 | €8,178 | +€1,529 | +23.0% |
| Financial income | 75/76B | €517 | €9 | -€508 | -98.3% |
| Recurring financial income | 75 | €517 | €9 | -€508 | -98.3% |
| Financial charges | 65/66B | €2,921 | €7,025 | +€4,104 | +140.5% |
| Recurring financial charges | 65 | €2,921 | €7,025 | +€4,104 | +140.5% |
| Profit (loss) for the period before taxes | 9903 | €4,245 | €1,162 | -€3,083 | -72.6% |
| Income taxes | 67/77 | €1,154 | €412 | -€742 | -64.3% |
| Profit (loss) for the period | 9904 | €3,091 | €750 | -€2,341 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,091 | €750 | -€2,341 | -75.7% |
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 3 October 2026 via checked.be.