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
- Cash -€68,371
down €68,371 (-89.8%), from €76,137 to €7,766
mainly Trade debts (-€29,314) and Debts after one year (-€20,407)
- Tangible fixed assets -€26,050
down €26,050 (-35.2%), from €73,940 to €47,890
of which Land and buildings: -€30,862
- Stocks and contracts +€12,910
up €12,910 (+31.4%), from €41,051 to €53,960
- Receivables within one year +€2,608
up €2,608 (+22.0%), from €11,872 to €14,480
of which Other amounts receivable: +€2,500
- Trade debts -€29,314
down €29,314 (-56.3%), from €52,066 to €22,752
- Debts after one year -€20,407
down €20,407 (-18.9%), from €107,687 to €87,281
of which Financial debts: -€11,000
- Profit (loss) carried forward -€18,906
down €18,906 (-752.8%), from -€2,511 to -€21,418
- Current portion of long-term debt -€11,000
down €11,000 (-50.0%), from €22,000 to €11,000
- Gross operating margin -€58,961
down €58,961 (-70.1%), from €84,076 to €25,116
- Other operating charges +€1,403
up €1,403 (+33.7%), from €4,160 to €5,563
- Financial charges -€1,355
down €1,355 (-60.4%), from €2,244 to €889
- Taxes -€1,134
no longer reported in 2025 (was €1,134)
- Depreciation +€901
up €901 (+2.4%), from €36,789 to €37,690
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 | €203,000 | €124,097 | -€78,903 | -38.9% |
| Fixed assets | 21/28 | €73,940 | €47,890 | -€26,050 | -35.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €73,940 | €47,890 | -€26,050 | -35.2% |
| Land and buildings | 22 | €65,583 | €34,721 | -€30,862 | -47.1% |
| Plant, machinery and equipment | 23 | €2,657 | €3,159 | +€502 | +18.9% |
| Furniture and vehicles | 24 | €5,700 | €10,010 | +€4,310 | +75.6% |
| Current assets | 29/58 | €129,060 | €76,207 | -€52,853 | -41.0% |
| Stocks and contracts in progress | 3 | €41,051 | €53,960 | +€12,910 | +31.4% |
| Stocks | 30/36 | €41,051 | €53,960 | +€12,910 | +31.4% |
| Amounts receivable within one year | 40/41 | €11,872 | €14,480 | +€2,608 | +22.0% |
| Trade receivables | 40 | €1,820 | €1,928 | +€108 | +5.9% |
| Other amounts receivable | 41 | €10,052 | €12,552 | +€2,500 | +24.9% |
| Cash at bank and in hand | 54/58 | €76,137 | €7,766 | -€68,371 | -89.8% |
| Total equity and liabilities | 10/49 | €203,000 | €124,097 | -€78,903 | -38.9% |
| Equity | 10/15 | €16,089 | -€2,818 | -€18,906 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,511 | -€21,418 | -€18,906 | -752.8% |
| Amounts payable | 17/49 | €186,911 | €126,915 | -€59,997 | -32.1% |
| Amounts payable after more than one year | 17 | €107,687 | €87,281 | -€20,407 | -18.9% |
| Financial debts | 170/4 | €11,000 | - | -€11,000 | |
| Other amounts payable | 178/9 | €96,687 | €87,281 | -€9,407 | -9.7% |
| Amounts payable within one year | 42/48 | €77,885 | €36,688 | -€41,197 | -52.9% |
| Current portion of amounts payable after more than one year | 42 | €22,000 | €11,000 | -€11,000 | -50.0% |
| Trade debts | 44 | €52,066 | €22,752 | -€29,314 | -56.3% |
| Suppliers | 440/4 | €52,066 | €22,752 | -€29,314 | -56.3% |
| Advances received on contracts in progress | 46 | €500 | €1,458 | +€958 | +191.6% |
| Taxes, remuneration and social security | 45 | €3,319 | €1,478 | -€1,841 | -55.5% |
| Taxes | 450/3 | €3,319 | €1,478 | -€1,841 | -55.5% |
| Accrued charges and deferred income | 492/3 | €1,339 | €2,946 | +€1,607 | +120.0% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,789 | €37,690 | +€901 | +2.4% |
| Other operating charges | 640/8 | €4,160 | €5,563 | +€1,403 | +33.7% |
| Gross operating margin | 9900 | €84,076 | €25,116 | -€58,961 | -70.1% |
| Operating profit (loss) | 9901 | €43,128 | -€18,137 | -€61,265 | |
| Financial income | 75/76B | €51 | €120 | +€69 | +136.6% |
| Recurring financial income | 75 | €51 | €120 | +€69 | +136.6% |
| Financial charges | 65/66B | €2,244 | €889 | -€1,355 | -60.4% |
| Recurring financial charges | 65 | €2,244 | €889 | -€1,355 | -60.4% |
| Profit (loss) for the period before taxes | 9903 | €40,935 | -€18,906 | -€59,841 | |
| Income taxes | 67/77 | €1,134 | - | -€1,134 | |
| Profit (loss) for the period | 9904 | €39,801 | -€18,906 | -€58,707 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,801 | -€18,906 | -€58,707 |
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.