GEXCO: 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.
GEXCO
Largest movements
- Cash +€25,839
up €25,839 (+451.8%), from €5,719 to €31,557
mainly Net result for the year (+€25,414) and Other debts (+€10,483)
- Tangible fixed assets +€2,118
up €2,118 (+25.4%), from €8,328 to €10,446
of which Furniture and vehicles: +€1,214
- Receivables within one year -€1,595
down €1,595 (-12.5%), from €12,715 to €11,120
- Deferred charges and accrued income +€1,324
new in 2025: €1,324
- Reserves +€15,653
up €15,653 (+167.5%), from €9,347 to €25,000
- Other debts +€10,483
up €10,483 (+192.0%), from €5,459 to €15,942
- Tax, wage and social debts +€2,889
up €2,889 (+34.6%), from €8,353 to €11,242
- Profit (loss) carried forward -€2,102
no longer reported in 2025 (was €2,102)
- Accrued charges and deferred income +€669
new in 2025: €669
- Gross operating margin +€5,854
up €5,854 (+17.3%), from €33,801 to €39,655
- Taxes +€3,363
up €3,363 (+45.9%), from €7,328 to €10,691
- Financial charges +€553
up €553 (+35.5%), from €1,558 to €2,111
- Depreciation +€451
up €451 (+45.6%), from €988 to €1,439
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 | €26,761 | €54,447 | +€27,685 | +103.5% |
| Fixed assets | 21/28 | €8,328 | €10,446 | +€2,118 | +25.4% |
| Tangible fixed assets | 22/27 | €8,328 | €10,446 | +€2,118 | +25.4% |
| Furniture and vehicles | 24 | - | €1,214 | +€1,214 | |
| Other tangible fixed assets | 26 | €8,328 | €9,231 | +€904 | +10.9% |
| Current assets | 29/58 | €18,434 | €44,001 | +€25,567 | +138.7% |
| Amounts receivable within one year | 40/41 | €12,715 | €11,120 | -€1,595 | -12.5% |
| Trade receivables | 40 | €12,715 | €11,120 | -€1,595 | -12.5% |
| Cash at bank and in hand | 54/58 | €5,719 | €31,557 | +€25,839 | +451.8% |
| Deferred charges and accrued income | 490/1 | - | €1,324 | +€1,324 | |
| Total equity and liabilities | 10/49 | €26,761 | €54,447 | +€27,685 | +103.5% |
| Equity | 10/15 | €12,949 | €26,500 | +€13,551 | +104.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €9,347 | €25,000 | +€15,653 | +167.5% |
| Distributable reserves | 133 | €9,347 | €25,000 | +€15,653 | +167.5% |
| Profit (loss) carried forward | 14 | €2,102 | - | -€2,102 | |
| Amounts payable | 17/49 | €13,812 | €27,947 | +€14,135 | +102.3% |
| Amounts payable within one year | 42/48 | €13,812 | €27,278 | +€13,466 | +97.5% |
| Trade debts | 44 | - | €94 | +€94 | |
| Suppliers | 440/4 | - | €94 | +€94 | |
| Taxes, remuneration and social security | 45 | €8,353 | €11,242 | +€2,889 | +34.6% |
| Taxes | 450/3 | €8,353 | €11,242 | +€2,889 | +34.6% |
| Other amounts payable | 47/48 | €5,459 | €15,942 | +€10,483 | +192.0% |
| Accrued charges and deferred income | 492/3 | - | €669 | +€669 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €988 | €1,439 | +€451 | +45.6% |
| Other operating charges | 640/8 | €100 | - | -€100 | |
| Gross operating margin | 9900 | €33,801 | €39,655 | +€5,854 | +17.3% |
| Operating profit (loss) | 9901 | €32,713 | €38,216 | +€5,504 | +16.8% |
| Financial income | 75/76B | €10 | €0 | -€10 | -99.9% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -99.9% |
| Financial charges | 65/66B | €1,558 | €2,111 | +€553 | +35.5% |
| Recurring financial charges | 65 | €1,558 | €2,111 | +€553 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €31,165 | €36,106 | +€4,941 | +15.9% |
| Income taxes | 67/77 | €7,328 | €10,691 | +€3,363 | +45.9% |
| Profit (loss) for the period | 9904 | €23,837 | €25,414 | +€1,578 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,837 | €25,414 | +€1,578 | +6.6% |
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 29 September 2026 via checked.be.