GEPACO: 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.
GEPACO
Largest movements
- Receivables within one year -€5,079
down €5,079 (-23.2%), from €21,933 to €16,854
of which Other amounts receivable: -€5,255
- Tangible fixed assets -€3,892
down €3,892 (-10.6%), from €36,754 to €32,862
of which Land and buildings: -€3,344
- Cash -€3,205
down €3,205 (-64.7%), from €4,954 to €1,750
mainly Debts after one year (-€22,249) and Stocks and contracts (-€940)
- Stocks and contracts +€940
up €940 (+62.4%), from €1,507 to €2,447
- Deferred charges and accrued income -€861
down €861 (-29.0%), from €2,968 to €2,107
- Debts after one year -€22,249
down €22,249 (-79.9%), from €27,859 to €5,610
- Other debts +€7,100
up €7,100 (+546.2%), from €1,300 to €8,400
- Profit (loss) carried forward +€2,788
up €2,788 (+3.6%), from -€76,827 to -€74,039
- Gross operating margin -€6,716
down €6,716 (-32.5%), from €20,657 to €13,942
- Financial income -€627
down €627 (-99.2%), from €632 to €5
- Financial charges -€548
down €548 (-27.1%), from €2,021 to €1,473
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 | €68,239 | €56,142 | -€12,097 | -17.7% |
| Fixed assets | 21/28 | €36,876 | €32,984 | -€3,892 | -10.6% |
| Tangible fixed assets | 22/27 | €36,754 | €32,862 | -€3,892 | -10.6% |
| Land and buildings | 22 | €35,843 | €32,499 | -€3,344 | -9.3% |
| Plant, machinery and equipment | 23 | €911 | €363 | -€548 | -60.2% |
| Financial fixed assets | 28 | €122 | €122 | = | 0.0% |
| Current assets | 29/58 | €31,363 | €23,158 | -€8,205 | -26.2% |
| Stocks and contracts in progress | 3 | €1,507 | €2,447 | +€940 | +62.4% |
| Stocks | 30/36 | €1,507 | €2,447 | +€940 | +62.4% |
| Amounts receivable within one year | 40/41 | €21,933 | €16,854 | -€5,079 | -23.2% |
| Trade receivables | 40 | €720 | €895 | +€175 | +24.4% |
| Other amounts receivable | 41 | €21,213 | €15,959 | -€5,255 | -24.8% |
| Cash at bank and in hand | 54/58 | €4,954 | €1,750 | -€3,205 | -64.7% |
| Deferred charges and accrued income | 490/1 | €2,968 | €2,107 | -€861 | -29.0% |
| Total equity and liabilities | 10/49 | €68,239 | €56,142 | -€12,097 | -17.7% |
| Equity | 10/15 | €13,264 | €16,051 | +€2,788 | +21.0% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €52,906 | €52,906 | = | 0.0% |
| Distributable reserves | 133 | €52,906 | €52,906 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,827 | -€74,039 | +€2,788 | +3.6% |
| Amounts payable | 17/49 | €54,975 | €40,090 | -€14,884 | -27.1% |
| Amounts payable after more than one year | 17 | €27,859 | €5,610 | -€22,249 | -79.9% |
| Financial debts | 170/4 | €27,859 | €5,610 | -€22,249 | -79.9% |
| Amounts payable within one year | 42/48 | €27,115 | €34,480 | +€7,365 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €21,945 | €22,249 | +€305 | +1.4% |
| Trade debts | 44 | €2,311 | €2,227 | -€85 | -3.7% |
| Suppliers | 440/4 | €2,311 | €2,227 | -€85 | -3.7% |
| Taxes, remuneration and social security | 45 | €1,559 | €1,604 | +€45 | +2.9% |
| Taxes | 450/3 | €159 | €1,604 | +€1,445 | +907.6% |
| Remuneration and social security | 454/9 | €1,400 | €0 | -€1,400 | -100.0% |
| Other amounts payable | 47/48 | €1,300 | €8,400 | +€7,100 | +546.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,914 | €3,892 | -€22 | -0.6% |
| Other operating charges | 640/8 | €5,635 | €5,794 | +€159 | +2.8% |
| Gross operating margin | 9900 | €20,657 | €13,942 | -€6,716 | -32.5% |
| Operating profit (loss) | 9901 | €11,108 | €4,255 | -€6,853 | -61.7% |
| Financial income | 75/76B | €632 | €5 | -€627 | -99.2% |
| Recurring financial income | 75 | €632 | €5 | -€627 | -99.2% |
| Financial charges | 65/66B | €2,021 | €1,473 | -€548 | -27.1% |
| Recurring financial charges | 65 | €2,021 | €1,473 | -€548 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €9,719 | €2,788 | -€6,932 | -71.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €9,719 | €2,788 | -€6,932 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,719 | €2,788 | -€6,932 | -71.3% |
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 4 October 2026 via checked.be.