GESCO: 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.
GESCO
Largest movements
- Cash -€261,206
down €261,206 (-49.6%), from €526,902 to €265,696
mainly Receivables within one year (-€241,059) and Contributions, distributions and other (-€150,000)
- Receivables within one year +€241,059
up €241,059 (+208%), from €115,707 to €356,766
of which Other amounts receivable: +€144,389
- Current investments -€143,134
down €143,134 (-70.1%), from €204,305 to €61,171
- Other debts -€95,492
down €95,492 (-37.8%), from €252,678 to €157,187
- Profit (loss) carried forward -€68,637
down €68,637 (-26.4%), from €260,186 to €191,548
- Accrued charges and deferred income +€19,942
new in 2025: €19,942
- Tax, wage and social debts -€10,415
down €10,415 (-10.0%), from €104,516 to €94,100
of which Remuneration and social security: -€6,977
- Financial income -€264,650
down €264,650 (-99.1%), from €266,994 to €2,343
of which Non-recurring financial income: -€263,159
- Taxes -€58,133
down €58,133 (-65.1%), from €89,338 to €31,205
- Turnover -€46,365
down €46,365 (-6.9%), from €667,287 to €620,922
- Purchases and services -€42,962
down €42,962 (-13.6%), from €317,010 to €274,048
- Staff costs -€23,873
down €23,873 (-9.0%), from €265,141 to €241,268
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 | €862,006 | €704,266 | -€157,740 | -18.3% |
| Fixed assets | 21/28 | €9,810 | €8,201 | -€1,609 | -16.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €9,760 | €7,838 | -€1,922 | -19.7% |
| Land and buildings | 22 | €6,755 | €5,367 | -€1,387 | -20.5% |
| Furniture and vehicles | 24 | €3,006 | €2,471 | -€535 | -17.8% |
| Financial fixed assets | 28 | €50 | €363 | +€313 | +632% |
| Current assets | 29/58 | €852,196 | €696,065 | -€156,131 | -18.3% |
| Amounts receivable within one year | 40/41 | €115,707 | €356,766 | +€241,059 | +208% |
| Trade receivables | 40 | €104,925 | €201,595 | +€96,670 | +92.1% |
| Other amounts receivable | 41 | €10,783 | €155,171 | +€144,389 | +1,339% |
| Current investments | 50/53 | €204,305 | €61,171 | -€143,134 | -70.1% |
| Cash at bank and in hand | 54/58 | €526,902 | €265,696 | -€261,206 | -49.6% |
| Deferred charges and accrued income | 490/1 | €5,282 | €12,431 | +€7,149 | +135% |
| Total equity and liabilities | 10/49 | €862,006 | €704,266 | -€157,740 | -18.3% |
| Equity | 10/15 | €464,296 | €395,659 | -€68,637 | -14.8% |
| Contributions | 10/11 | €69,183 | €69,183 | = | 0.0% |
| Reserves | 13 | €134,928 | €134,928 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,882 | €26,882 | = | 0.0% |
| Distributable reserves | 133 | €108,046 | €108,046 | = | 0.0% |
| Profit (loss) carried forward | 14 | €260,186 | €191,548 | -€68,637 | -26.4% |
| Amounts payable | 17/49 | €397,710 | €308,608 | -€89,103 | -22.4% |
| Amounts payable within one year | 42/48 | €397,710 | €288,666 | -€109,045 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €13,529 | €8,402 | -€5,127 | -37.9% |
| Trade debts | 44 | €26,987 | €28,976 | +€1,990 | +7.4% |
| Suppliers | 440/4 | €26,987 | €28,976 | +€1,990 | +7.4% |
| Taxes, remuneration and social security | 45 | €104,516 | €94,100 | -€10,415 | -10.0% |
| Taxes | 450/3 | €69,660 | €66,222 | -€3,438 | -4.9% |
| Remuneration and social security | 454/9 | €34,855 | €27,878 | -€6,977 | -20.0% |
| Other amounts payable | 47/48 | €252,678 | €157,187 | -€95,492 | -37.8% |
| Accrued charges and deferred income | 492/3 | - | €19,942 | +€19,942 | |
| Turnover | 70 | €667,287 | €620,922 | -€46,365 | -6.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €317,010 | €274,048 | -€42,962 | -13.6% |
| Remuneration, social security and pensions | 62 | €265,141 | €241,268 | -€23,873 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,275 | €2,677 | -€598 | -18.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,251 | -€7,961 | -€5,711 | -254% |
| Other operating charges | 640/8 | €13,402 | €448 | -€12,954 | -96.7% |
| Non-recurring operating charges | 66A | €485 | - | -€485 | |
| Gross operating margin | 9900 | €371,719 | €348,199 | -€23,520 | -6.3% |
| Operating profit (loss) | 9901 | €91,666 | €111,768 | +€20,102 | +21.9% |
| Financial income | 75/76B | €266,994 | €2,343 | -€264,650 | -99.1% |
| Recurring financial income | 75 | €3,835 | €2,343 | -€1,491 | -38.9% |
| Non-recurring financial income | 76B | €263,159 | - | -€263,159 | |
| Financial charges | 65/66B | €3,402 | €1,544 | -€1,859 | -54.6% |
| Recurring financial charges | 65 | €3,402 | €1,544 | -€1,859 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | €355,258 | €112,568 | -€242,690 | -68.3% |
| Income taxes | 67/77 | €89,338 | €31,205 | -€58,133 | -65.1% |
| Profit (loss) for the period | 9904 | €265,920 | €81,363 | -€184,557 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €265,920 | €81,363 | -€184,557 | -69.4% |
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 13 October 2026 via checked.be.