GENCO: 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.
GENCO
Largest movements
- Financial fixed assets +€520,000
new in 2025: €520,000
- Receivables within one year +€84,692
up €84,692 (+1,445%), from €5,861 to €90,553
of which Trade receivables: +€90,318
- Cash +€24,780
up €24,780 (+2,668%), from €929 to €25,709
mainly Debts after one year (+€505,756) and Net result for the year (+€54,365)
- Debts after one year +€505,756
new in 2025: €505,756
- Profit (loss) carried forward +€45,965
up €45,965, from -€45,933 to €32
- Current portion of long-term debt +€44,244
new in 2025: €44,244
- Tax, wage and social debts +€20,388
up €20,388, from €0 to €20,388
- Trade debts +€15,523
up €15,523, from €0 to €15,523
- Gross operating margin +€73,442
up €73,442, from -€9,802 to €63,640
- Financial charges +€2,305
up €2,305 (+1,520%), from €152 to €2,457
- Other operating charges +€2,002
up €2,002 (+88.2%), from €2,270 to €4,272
- Taxes +€1,495
up €1,495 (+253%), from €591 to €2,086
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 | €7,250 | €636,585 | +€629,336 | +8,681% |
| Fixed assets | 21/28 | €460 | €520,000 | +€519,540 | +112,912% |
| Tangible fixed assets | 22/27 | €460 | €0 | -€460 | -100% |
| Furniture and vehicles | 24 | €460 | €0 | -€460 | -100% |
| Financial fixed assets | 28 | - | €520,000 | +€520,000 | |
| Current assets | 29/58 | €6,790 | €116,585 | +€109,796 | +1,617% |
| Amounts receivable within one year | 40/41 | €5,861 | €90,553 | +€84,692 | +1,445% |
| Trade receivables | 40 | €0 | €90,318 | +€90,318 | |
| Other amounts receivable | 41 | €5,861 | €234 | -€5,626 | -96.0% |
| Cash at bank and in hand | 54/58 | €929 | €25,709 | +€24,780 | +2,668% |
| Deferred charges and accrued income | 490/1 | - | €324 | +€324 | |
| Total equity and liabilities | 10/49 | €7,250 | €636,585 | +€629,336 | +8,681% |
| Equity | 10/15 | -€35,933 | €18,432 | +€54,365 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €8,400 | +€8,400 | |
| Distributable reserves | 133 | - | €8,400 | +€8,400 | |
| Profit (loss) carried forward | 14 | -€45,933 | €32 | +€45,965 | |
| Amounts payable | 17/49 | €43,183 | €618,153 | +€574,971 | +1,331% |
| Amounts payable after more than one year | 17 | - | €505,756 | +€505,756 | |
| Financial debts | 170/4 | - | €505,756 | +€505,756 | |
| Amounts payable within one year | 42/48 | €43,183 | €112,397 | +€69,214 | +160% |
| Current portion of amounts payable after more than one year | 42 | - | €44,244 | +€44,244 | |
| Trade debts | 44 | €0 | €15,523 | +€15,523 | |
| Suppliers | 440/4 | €0 | €15,523 | +€15,523 | |
| Taxes, remuneration and social security | 45 | €0 | €20,388 | +€20,388 | |
| Taxes | 450/3 | €0 | €20,388 | +€20,388 | |
| Other amounts payable | 47/48 | €43,183 | €32,242 | -€10,941 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €551 | €460 | -€90 | -16.4% |
| Other operating charges | 640/8 | €2,270 | €4,272 | +€2,002 | +88.2% |
| Gross operating margin | 9900 | -€9,802 | €63,640 | +€73,442 | |
| Operating profit (loss) | 9901 | -€12,623 | €58,908 | +€71,530 | |
| Financial charges | 65/66B | €152 | €2,457 | +€2,305 | +1,520% |
| Recurring financial charges | 65 | €152 | €2,457 | +€2,305 | +1,520% |
| Profit (loss) for the period before taxes | 9903 | -€12,774 | €56,451 | +€69,225 | |
| Income taxes | 67/77 | €591 | €2,086 | +€1,495 | +253% |
| Profit (loss) for the period | 9904 | -€13,366 | €54,365 | +€67,731 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,366 | €54,365 | +€67,731 |
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 19 October 2026 via checked.be.