GENER: 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.
GENER
Largest movements
- Stocks and contracts -€62,000
down €62,000 (-50.0%), from €124,000 to €62,000
- Receivables within one year -€18,898
down €18,898 (-44.6%), from €42,398 to €23,500
of which Other amounts receivable: -€14,119
- Tangible fixed assets -€9,209
down €9,209 (-23.5%), from €39,238 to €30,028
of which Other tangible fixed assets: -€12,270
- Deferred charges and accrued income -€4,165
down €4,165 (-28.2%), from €14,780 to €10,616
- Trade debts -€44,228
down €44,228 (-70.0%), from €63,224 to €18,996
- Profit (loss) carried forward -€34,552
down €34,552 (-16.4%), from €211,188 to €176,636
- Short-term financial debts -€13,000
no longer reported in 2025 (was €13,000)
of which Credit institutions: -€12,000
- Other debts -€3,745
no longer reported in 2025 (was €3,745)
- Gross operating margin -€57,756
down €57,756, from €38,628 to -€19,127
- Taxes -€5,997
down €5,997 (-97.1%), from €6,178 to €181
- Staff costs -€3,639
no longer reported in 2025 (was €3,639)
- Other operating charges -€3,589
down €3,589 (-81.8%), from €4,388 to €799
- Depreciation -€1,737
down €1,737 (-10.5%), from €16,565 to €14,827
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 | €368,671 | €278,403 | -€90,268 | -24.5% |
| Fixed assets | 21/28 | €42,299 | €33,090 | -€9,209 | -21.8% |
| Tangible fixed assets | 22/27 | €39,238 | €30,028 | -€9,209 | -23.5% |
| Furniture and vehicles | 24 | €2,280 | €5,341 | +€3,061 | +134.2% |
| Other tangible fixed assets | 26 | €36,957 | €24,687 | -€12,270 | -33.2% |
| Financial fixed assets | 28 | €3,061 | €3,061 | = | 0.0% |
| Current assets | 29/58 | €326,372 | €245,313 | -€81,058 | -24.8% |
| Stocks and contracts in progress | 3 | €124,000 | €62,000 | -€62,000 | -50.0% |
| Stocks | 30/36 | €124,000 | €62,000 | -€62,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €42,398 | €23,500 | -€18,898 | -44.6% |
| Trade receivables | 40 | €22,346 | €17,566 | -€4,780 | -21.4% |
| Other amounts receivable | 41 | €20,052 | €5,933 | -€14,119 | -70.4% |
| Current investments | 50/53 | €5,044 | €7,016 | +€1,972 | +39.1% |
| Cash at bank and in hand | 54/58 | €140,149 | €142,182 | +€2,033 | +1.5% |
| Deferred charges and accrued income | 490/1 | €14,780 | €10,616 | -€4,165 | -28.2% |
| Total equity and liabilities | 10/49 | €368,671 | €278,403 | -€90,268 | -24.5% |
| Equity | 10/15 | €288,701 | €254,149 | -€34,552 | -12.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €57,513 | €57,513 | = | 0.0% |
| Distributable reserves | 133 | €57,513 | €57,513 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,188 | €176,636 | -€34,552 | -16.4% |
| Amounts payable | 17/49 | €79,969 | €24,254 | -€55,715 | -69.7% |
| Amounts payable after more than one year | 17 | - | €2,149 | +€2,149 | |
| Financial debts | 170/4 | - | €2,149 | +€2,149 | |
| Amounts payable within one year | 42/48 | €79,969 | €22,105 | -€57,864 | -72.4% |
| Current portion of amounts payable after more than one year | 42 | - | €3,015 | +€3,015 | |
| Financial debts | 43 | €13,000 | - | -€13,000 | |
| Credit institutions | 430/8 | €12,000 | - | -€12,000 | |
| Other loans | 439 | €1,000 | - | -€1,000 | |
| Trade debts | 44 | €63,224 | €18,996 | -€44,228 | -70.0% |
| Suppliers | 440/4 | €63,224 | €18,996 | -€44,228 | -70.0% |
| Taxes, remuneration and social security | 45 | - | €94 | +€94 | |
| Taxes | 450/3 | - | €94 | +€94 | |
| Other amounts payable | 47/48 | €3,745 | - | -€3,745 | |
| Remuneration, social security and pensions | 62 | €3,639 | - | -€3,639 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,565 | €14,827 | -€1,737 | -10.5% |
| Other operating charges | 640/8 | €4,388 | €799 | -€3,589 | -81.8% |
| Gross operating margin | 9900 | €38,628 | -€19,127 | -€57,756 | |
| Operating profit (loss) | 9901 | €14,037 | -€34,754 | -€48,791 | |
| Financial income | 75/76B | €2,377 | €898 | -€1,480 | -62.2% |
| Recurring financial income | 75 | €2,377 | €898 | -€1,480 | -62.2% |
| Financial charges | 65/66B | €632 | €515 | -€117 | -18.5% |
| Recurring financial charges | 65 | €632 | €515 | -€117 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €15,782 | -€34,371 | -€50,153 | |
| Income taxes | 67/77 | €6,178 | €181 | -€5,997 | -97.1% |
| Profit (loss) for the period | 9904 | €9,604 | -€34,552 | -€44,156 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,604 | -€34,552 | -€44,156 |
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 6 October 2026 via checked.be.