PROXY GEDINNE: 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.
PROXY GEDINNE
Largest movements
- Cash -€69,501
down €69,501 (-41.1%), from €169,032 to €99,531
mainly Debts after one year (-€85,727) and Trade debts (-€37,460)
- Tangible fixed assets -€36,158
down €36,158 (-14.8%), from €244,587 to €208,429
of which Plant, machinery and equipment: -€47,019
- Receivables within one year +€20,763
up €20,763 (+64.2%), from €32,348 to €53,111
of which Trade receivables: +€26,969
- Debts after one year -€85,727
down €85,727 (-81.1%), from €105,656 to €19,929
- Trade debts -€37,460
down €37,460 (-14.1%), from €266,152 to €228,692
- Reserves +€26,865
up €26,865 (+63.1%), from €42,592 to €69,457
- Current portion of long-term debt +€15,917
up €15,917 (+26.4%), from €60,208 to €76,125
- Gross operating margin -€29,166
down €29,166 (-11.1%), from €262,446 to €233,280
- Staff costs +€21,582
up €21,582 (+18.5%), from €116,754 to €138,335
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 | €610,996 | €530,026 | -€80,970 | -13.3% |
| Formation expenses | 20 | €533 | - | -€533 | |
| Fixed assets | 21/28 | €245,038 | €208,879 | -€36,158 | -14.8% |
| Tangible fixed assets | 22/27 | €244,587 | €208,429 | -€36,158 | -14.8% |
| Plant, machinery and equipment | 23 | €228,378 | €181,358 | -€47,019 | -20.6% |
| Furniture and vehicles | 24 | €2,558 | €15,942 | +€13,384 | +523% |
| Other tangible fixed assets | 26 | €13,652 | €11,129 | -€2,523 | -18.5% |
| Financial fixed assets | 28 | €451 | €451 | = | 0.0% |
| Current assets | 29/58 | €365,426 | €321,147 | -€44,279 | -12.1% |
| Stocks and contracts in progress | 3 | €159,610 | €163,761 | +€4,151 | +2.6% |
| Stocks | 30/36 | €159,610 | €163,761 | +€4,151 | +2.6% |
| Amounts receivable within one year | 40/41 | €32,348 | €53,111 | +€20,763 | +64.2% |
| Trade receivables | 40 | €12,852 | €39,821 | +€26,969 | +210% |
| Other amounts receivable | 41 | €19,496 | €13,290 | -€6,206 | -31.8% |
| Cash at bank and in hand | 54/58 | €169,032 | €99,531 | -€69,501 | -41.1% |
| Deferred charges and accrued income | 490/1 | €4,437 | €4,744 | +€308 | +6.9% |
| Total equity and liabilities | 10/49 | €610,996 | €530,026 | -€80,970 | -13.3% |
| Equity | 10/15 | €142,592 | €169,457 | +€26,865 | +18.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €42,592 | €69,457 | +€26,865 | +63.1% |
| Distributable reserves | 133 | €42,592 | €69,457 | +€26,865 | +63.1% |
| Amounts payable | 17/49 | €468,404 | €360,569 | -€107,835 | -23.0% |
| Amounts payable after more than one year | 17 | €105,656 | €19,929 | -€85,727 | -81.1% |
| Financial debts | 170/4 | €105,656 | €19,929 | -€85,727 | -81.1% |
| Amounts payable within one year | 42/48 | €357,999 | €335,690 | -€22,308 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €60,208 | €76,125 | +€15,917 | +26.4% |
| Financial debts | 43 | €1,135 | €740 | -€395 | -34.8% |
| Credit institutions | 430/8 | €1,135 | €740 | -€395 | -34.8% |
| Trade debts | 44 | €266,152 | €228,692 | -€37,460 | -14.1% |
| Suppliers | 440/4 | €266,152 | €228,692 | -€37,460 | -14.1% |
| Taxes, remuneration and social security | 45 | €30,503 | €30,133 | -€370 | -1.2% |
| Taxes | 450/3 | €9,216 | €9,703 | +€487 | +5.3% |
| Remuneration and social security | 454/9 | €21,287 | €20,430 | -€857 | -4.0% |
| Accrued charges and deferred income | 492/3 | €4,750 | €4,950 | +€200 | +4.2% |
| Remuneration, social security and pensions | 62 | €116,754 | €138,335 | +€21,582 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,195 | €51,431 | -€1,765 | -3.3% |
| Other operating charges | 640/8 | €1,944 | €1,477 | -€467 | -24.0% |
| Gross operating margin | 9900 | €262,446 | €233,280 | -€29,166 | -11.1% |
| Operating profit (loss) | 9901 | €90,553 | €42,037 | -€48,516 | -53.6% |
| Financial charges | 65/66B | €11,371 | €9,539 | -€1,832 | -16.1% |
| Recurring financial charges | 65 | €11,371 | €9,539 | -€1,832 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €79,182 | €32,498 | -€46,684 | -59.0% |
| Income taxes | 67/77 | €6,173 | €5,633 | -€540 | -8.7% |
| Profit (loss) for the period | 9904 | €73,010 | €26,865 | -€46,144 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €73,010 | €26,865 | -€46,144 | -63.2% |
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 14 October 2026 via checked.be.