AG GÉRARD: 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.
AG GÉRARD
Largest movements
- Tangible fixed assets +€250,801
up €250,801 (+210%), from €119,269 to €370,070
of which Plant, machinery and equipment: +€177,137
- Receivables within one year -€77,546
down €77,546 (-57.7%), from €134,450 to €56,904
of which Trade receivables: -€120,259
- Cash -€7,845
down €7,845 (-45.0%), from €17,427 to €9,582
mainly Investment in fixed assets (net) (-€316,243) and Advances received (-€41,916)
- Debts after one year +€169,952
up €169,952 (+321%), from €52,971 to €222,923
- Reserves +€47,213
up €47,213 (+106%), from €44,523 to €91,735
- Advances received -€41,916
no longer reported in 2025 (was €41,916)
- Trade debts -€22,990
down €22,990 (-40.8%), from €56,414 to €33,423
- Current portion of long-term debt +€22,515
up €22,515 (+48.1%), from €46,806 to €69,321
- Gross operating margin +€78,185
up €78,185 (+86.5%), from €90,421 to €168,606
- Depreciation +€45,257
up €45,257 (+224%), from €20,184 to €65,442
- Staff costs +€36,556
up €36,556 (+855%), from €4,278 to €40,834
- Taxes -€6,990
down €6,990 (-56.2%), from €12,446 to €5,456
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 | €277,814 | €443,160 | +€165,346 | +59.5% |
| Fixed assets | 21/28 | €119,269 | €370,070 | +€250,801 | +210% |
| Tangible fixed assets | 22/27 | €119,269 | €370,070 | +€250,801 | +210% |
| Plant, machinery and equipment | 23 | €10,681 | €187,818 | +€177,137 | +1,658% |
| Furniture and vehicles | 24 | €2,000 | €1,630 | -€370 | -18.5% |
| Leasing and similar rights | 25 | €84,811 | €162,285 | +€77,475 | +91.4% |
| Other tangible fixed assets | 26 | €21,778 | €18,336 | -€3,441 | -15.8% |
| Current assets | 29/58 | €158,545 | €73,090 | -€85,455 | -53.9% |
| Amounts receivable within one year | 40/41 | €134,450 | €56,904 | -€77,546 | -57.7% |
| Trade receivables | 40 | €129,521 | €9,262 | -€120,259 | -92.8% |
| Other amounts receivable | 41 | €4,929 | €47,642 | +€42,713 | +867% |
| Cash at bank and in hand | 54/58 | €17,427 | €9,582 | -€7,845 | -45.0% |
| Deferred charges and accrued income | 490/1 | €6,668 | €6,604 | -€64 | -1.0% |
| Total equity and liabilities | 10/49 | €277,814 | €443,160 | +€165,346 | +59.5% |
| Equity | 10/15 | €46,523 | €93,735 | +€47,213 | +101% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €44,523 | €91,735 | +€47,213 | +106% |
| Distributable reserves | 133 | €44,523 | €91,735 | +€47,213 | +106% |
| Amounts payable | 17/49 | €231,291 | €349,424 | +€118,133 | +51.1% |
| Amounts payable after more than one year | 17 | €52,971 | €222,923 | +€169,952 | +321% |
| Financial debts | 170/4 | €52,971 | €222,923 | +€169,952 | +321% |
| Amounts payable within one year | 42/48 | €174,692 | €126,501 | -€48,191 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | €46,806 | €69,321 | +€22,515 | +48.1% |
| Trade debts | 44 | €56,414 | €33,423 | -€22,990 | -40.8% |
| Suppliers | 440/4 | €56,414 | €33,423 | -€22,990 | -40.8% |
| Advances received on contracts in progress | 46 | €41,916 | - | -€41,916 | |
| Taxes, remuneration and social security | 45 | €14,925 | €22,820 | +€7,895 | +52.9% |
| Taxes | 450/3 | €12,446 | €17,920 | +€5,474 | +44.0% |
| Remuneration and social security | 454/9 | €2,479 | €4,900 | +€2,421 | +97.7% |
| Other amounts payable | 47/48 | €14,631 | €937 | -€13,694 | -93.6% |
| Accrued charges and deferred income | 492/3 | €3,628 | - | -€3,628 | |
| Remuneration, social security and pensions | 62 | €4,278 | €40,834 | +€36,556 | +855% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,184 | €65,442 | +€45,257 | +224% |
| Other operating charges | 640/8 | €876 | €506 | -€370 | -42.2% |
| Gross operating margin | 9900 | €90,421 | €168,606 | +€78,185 | +86.5% |
| Operating profit (loss) | 9901 | €65,083 | €61,824 | -€3,259 | -5.0% |
| Financial income | 75/76B | - | €34 | +€34 | |
| Recurring financial income | 75 | - | €34 | +€34 | |
| Financial charges | 65/66B | €8,115 | €9,190 | +€1,075 | +13.3% |
| Recurring financial charges | 65 | €8,115 | €9,190 | +€1,075 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €56,969 | €52,668 | -€4,300 | -7.5% |
| Income taxes | 67/77 | €12,446 | €5,456 | -€6,990 | -56.2% |
| Profit (loss) for the period | 9904 | €44,523 | €47,213 | +€2,690 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,523 | €47,213 | +€2,690 | +6.0% |
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 19 October 2026 via checked.be.