GEPACON: 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.
GEPACON
Largest movements
- Current investments +€125,000
new in 2025: €125,000
- Cash -€81,953
down €81,953 (-22.0%), from €373,254 to €291,301
mainly Current investments (-€125,000) and Contributions, distributions and other (-€51,666)
- Reserves +€29,185
up €29,185 (+7.8%), from €375,379 to €404,564
- Tax, wage and social debts +€8,110
up €8,110 (+49.8%), from €16,299 to €24,410
of which Taxes: +€8,110
- Gross operating margin +€23,991
up €23,991 (+25.6%), from €93,641 to €117,632
- Taxes +€7,902
up €7,902 (+31.4%), from €25,174 to €33,076
- Other operating charges -€2,047
down €2,047 (-61.6%), from €3,326 to €1,279
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 | €405,917 | €444,166 | +€38,250 | +9.4% |
| Fixed assets | 21/28 | €3,938 | €2,030 | -€1,908 | -48.5% |
| Tangible fixed assets | 22/27 | €3,938 | €2,030 | -€1,908 | -48.5% |
| Plant, machinery and equipment | 23 | €3,181 | €1,904 | -€1,277 | -40.1% |
| Furniture and vehicles | 24 | €757 | €125 | -€631 | -83.4% |
| Current assets | 29/58 | €401,979 | €442,137 | +€40,158 | +10.0% |
| Amounts receivable within one year | 40/41 | €24,585 | €22,203 | -€2,382 | -9.7% |
| Trade receivables | 40 | €22,185 | €22,185 | = | 0.0% |
| Other amounts receivable | 41 | €2,399 | €18 | -€2,382 | -99.3% |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €373,254 | €291,301 | -€81,953 | -22.0% |
| Deferred charges and accrued income | 490/1 | €4,140 | €3,632 | -€508 | -12.3% |
| Total equity and liabilities | 10/49 | €405,917 | €444,166 | +€38,250 | +9.4% |
| Equity | 10/15 | €381,579 | €410,764 | +€29,185 | +7.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €375,379 | €404,564 | +€29,185 | +7.8% |
| Distributable reserves | 133 | €375,379 | €404,564 | +€29,185 | +7.8% |
| Amounts payable | 17/49 | €24,338 | €33,402 | +€9,064 | +37.2% |
| Amounts payable within one year | 42/48 | €24,010 | €31,462 | +€7,452 | +31.0% |
| Trade debts | 44 | €1,615 | €1,396 | -€219 | -13.6% |
| Suppliers | 440/4 | €1,615 | €1,396 | -€219 | -13.6% |
| Taxes, remuneration and social security | 45 | €16,299 | €24,410 | +€8,110 | +49.8% |
| Taxes | 450/3 | €13,224 | €21,335 | +€8,110 | +61.3% |
| Remuneration and social security | 454/9 | €3,075 | €3,075 | = | 0.0% |
| Other amounts payable | 47/48 | €6,096 | €5,657 | -€439 | -7.2% |
| Accrued charges and deferred income | 492/3 | €328 | €1,940 | +€1,612 | +492% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,502 | €1,908 | +€407 | +27.1% |
| Other operating charges | 640/8 | €3,326 | €1,279 | -€2,047 | -61.6% |
| Non-recurring operating charges | 66A | €205 | - | -€205 | |
| Gross operating margin | 9900 | €93,641 | €117,632 | +€23,991 | +25.6% |
| Operating profit (loss) | 9901 | €88,609 | €114,445 | +€25,836 | +29.2% |
| Financial income | 75/76B | €225 | €718 | +€493 | +219% |
| Recurring financial income | 75 | €225 | €718 | +€493 | +219% |
| Financial charges | 65/66B | €1,378 | €1,236 | -€143 | -10.3% |
| Recurring financial charges | 65 | €1,378 | €1,236 | -€143 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €87,456 | €113,927 | +€26,471 | +30.3% |
| Income taxes | 67/77 | €25,174 | €33,076 | +€7,902 | +31.4% |
| Profit (loss) for the period | 9904 | €62,282 | €80,851 | +€18,569 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,282 | €80,851 | +€18,569 | +29.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.