De Gennaker: 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.
De Gennaker
Largest movements
- Cash +€87,524
up €87,524 (+964%), from €9,076 to €96,601
mainly Net result for the year (+€127,539) and Tax, wage and social debts (+€38,109)
- Receivables within one year +€56,172
up €56,172 (+141%), from €39,923 to €96,095
of which Trade receivables: +€60,520
- Tangible fixed assets -€6,699
down €6,699 (-15.8%), from €42,515 to €35,816
- Reserves +€127,500
up €127,500 (+290%), from €43,900 to €171,400
- Tax, wage and social debts +€38,109
up €38,109 (+337%), from €11,300 to €49,409
of which Taxes: +€36,609
- Other debts -€30,240
down €30,240 (-97.8%), from €30,924 to €684
- Gross operating margin +€117,735
up €117,735 (+208%), from €56,621 to €174,355
- Taxes +€25,309
up €25,309 (+224%), from €11,300 to €36,609
- Depreciation +€8,587
up €8,587 (+661%), from €1,300 to €9,887
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 | €94,263 | €230,782 | +€136,518 | +145% |
| Formation expenses | 20 | €1,084 | €0 | -€1,084 | -100% |
| Fixed assets | 21/28 | €42,515 | €36,280 | -€6,235 | -14.7% |
| Tangible fixed assets | 22/27 | €42,515 | €35,816 | -€6,699 | -15.8% |
| Furniture and vehicles | 24 | €42,515 | €35,816 | -€6,699 | -15.8% |
| Financial fixed assets | 28 | - | €464 | +€464 | |
| Current assets | 29/58 | €50,664 | €194,501 | +€143,837 | +284% |
| Amounts receivable within one year | 40/41 | €39,923 | €96,095 | +€56,172 | +141% |
| Trade receivables | 40 | €35,131 | €95,651 | +€60,520 | +172% |
| Other amounts receivable | 41 | €4,792 | €443 | -€4,348 | -90.7% |
| Cash at bank and in hand | 54/58 | €9,076 | €96,601 | +€87,524 | +964% |
| Deferred charges and accrued income | 490/1 | €1,665 | €1,806 | +€141 | +8.5% |
| Total equity and liabilities | 10/49 | €94,263 | €230,782 | +€136,518 | +145% |
| Equity | 10/15 | €46,932 | €174,471 | +€127,539 | +272% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €43,900 | €171,400 | +€127,500 | +290% |
| Distributable reserves | 133 | €43,900 | €171,400 | +€127,500 | +290% |
| Profit (loss) carried forward | 14 | €32 | €71 | +€39 | +120% |
| Amounts payable | 17/49 | €47,331 | €56,311 | +€8,980 | +19.0% |
| Amounts payable within one year | 42/48 | €42,864 | €52,226 | +€9,362 | +21.8% |
| Trade debts | 44 | €640 | €2,134 | +€1,494 | +234% |
| Suppliers | 440/4 | €640 | €2,134 | +€1,494 | +234% |
| Taxes, remuneration and social security | 45 | €11,300 | €49,409 | +€38,109 | +337% |
| Taxes | 450/3 | €11,300 | €47,909 | +€36,609 | +324% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €30,924 | €684 | -€30,240 | -97.8% |
| Accrued charges and deferred income | 492/3 | €4,468 | €4,085 | -€383 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,300 | €9,887 | +€8,587 | +661% |
| Other operating charges | 640/8 | €58 | €162 | +€104 | +179% |
| Gross operating margin | 9900 | €56,621 | €174,355 | +€117,735 | +208% |
| Operating profit (loss) | 9901 | €55,263 | €164,307 | +€109,044 | +197% |
| Financial income | 75/76B | €6 | €0 | -€6 | -100% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100% |
| Financial charges | 65/66B | €36 | €160 | +€123 | +339% |
| Recurring financial charges | 65 | €36 | €160 | +€123 | +339% |
| Profit (loss) for the period before taxes | 9903 | €55,232 | €164,147 | +€108,915 | +197% |
| Income taxes | 67/77 | €11,300 | €36,609 | +€25,309 | +224% |
| Profit (loss) for the period | 9904 | €43,932 | €127,539 | +€83,606 | +190% |
| Profit (loss) for the period to be appropriated | 9905 | €43,932 | €127,539 | +€83,606 | +190% |
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 17 October 2026 via checked.be.