GEPEX: 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.
GEPEX
Largest movements
- Cash +€20,855
up €20,855 (+95.0%), from €21,959 to €42,815
mainly Trade debts (+€17,098) and Short-term financial debts (+€10,000)
- Receivables within one year +€8,917
up €8,917 (+12.1%), from €73,541 to €82,458
of which Trade receivables: +€9,917
- Tangible fixed assets -€1,932
down €1,932 (-40.5%), from €4,775 to €2,843
- Trade debts +€17,098
up €17,098 (+124%), from €13,803 to €30,901
- Short-term financial debts +€10,000
up €10,000 (+20.0%), from €50,000 to €60,000
- Gross operating margin -€2,545
down €2,545 (-14.6%), from €17,472 to €14,927
- Financial charges -€1,591
down €1,591 (-22.3%), from €7,120 to €5,529
- Taxes -€858
down €858 (-17.2%), from €5,000 to €4,142
- Depreciation -€706
down €706 (-18.3%), from €3,865 to €3,159
- Financial income -€225
no longer reported in 2025 (was €225)
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 | €100,276 | €128,116 | +€27,840 | +27.8% |
| Fixed assets | 21/28 | €4,775 | €2,843 | -€1,932 | -40.5% |
| Tangible fixed assets | 22/27 | €4,775 | €2,843 | -€1,932 | -40.5% |
| Plant, machinery and equipment | 23 | €4,775 | €2,843 | -€1,932 | -40.5% |
| Current assets | 29/58 | €95,500 | €125,272 | +€29,772 | +31.2% |
| Amounts receivable within one year | 40/41 | €73,541 | €82,458 | +€8,917 | +12.1% |
| Trade receivables | 40 | €68,541 | €78,458 | +€9,917 | +14.5% |
| Other amounts receivable | 41 | €5,000 | €4,000 | -€1,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €21,959 | €42,815 | +€20,855 | +95.0% |
| Total equity and liabilities | 10/49 | €100,276 | €128,116 | +€27,840 | +27.8% |
| Equity | 10/15 | €33,866 | €34,612 | +€746 | +2.2% |
| Contributions | 10/11 | €45,416 | €45,416 | = | 0.0% |
| Reserves | 13 | €264 | €264 | = | 0.0% |
| Non-distributable reserves | 130/1 | €264 | €264 | = | 0.0% |
| Reserves not available under the articles | 1311 | €264 | €264 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,814 | -€11,067 | +€746 | +6.3% |
| Amounts payable | 17/49 | €66,410 | €93,504 | +€27,094 | +40.8% |
| Amounts payable within one year | 42/48 | €66,410 | €93,504 | +€27,094 | +40.8% |
| Financial debts | 43 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Credit institutions | 430/8 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Trade debts | 44 | €13,803 | €30,901 | +€17,098 | +124% |
| Suppliers | 440/4 | €13,803 | €30,901 | +€17,098 | +124% |
| Taxes, remuneration and social security | 45 | €2,606 | €2,602 | -€4 | -0.2% |
| Taxes | 450/3 | €2,606 | €2,602 | -€4 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,865 | €3,159 | -€706 | -18.3% |
| Other operating charges | 640/8 | €1,501 | €1,351 | -€150 | -10.0% |
| Gross operating margin | 9900 | €17,472 | €14,927 | -€2,545 | -14.6% |
| Operating profit (loss) | 9901 | €12,106 | €10,417 | -€1,688 | -13.9% |
| Financial income | 75/76B | €225 | - | -€225 | |
| Recurring financial income | 75 | €225 | - | -€225 | |
| Financial charges | 65/66B | €7,120 | €5,529 | -€1,591 | -22.3% |
| Recurring financial charges | 65 | €7,120 | €5,529 | -€1,591 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €5,211 | €4,888 | -€322 | -6.2% |
| Income taxes | 67/77 | €5,000 | €4,142 | -€858 | -17.2% |
| Profit (loss) for the period | 9904 | €211 | €746 | +€536 | +254% |
| Profit (loss) for the period to be appropriated | 9905 | €211 | €746 | +€536 | +254% |
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 27 October 2026 via checked.be.