De Gersem Mathieu: 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 Gersem Mathieu
Largest movements
- Stocks and contracts +€45,000
new in 2025: €45,000
- Tangible fixed assets +€29,969
new in 2025: €29,969
- Receivables within one year -€22,197
down €22,197 (-35.1%), from €63,195 to €40,998
of which Trade receivables: -€32,225
- Cash +€1,958
up €1,958 (+94.3%), from €2,076 to €4,034
mainly Net result for the year (+€25,357) and Receivables within one year (+€22,197)
- Reserves +€22,500
up €22,500 (+99.8%), from €22,538 to €45,038
- Trade debts +€18,262
up €18,262 (+165%), from €11,091 to €29,353
- Debts after one year +€16,883
new in 2025: €16,883
- Tax, wage and social debts -€9,128
down €9,128 (-32.9%), from €27,760 to €18,632
- Current portion of long-term debt +€4,438
new in 2025: €4,438
- Gross operating margin +€12,588
up €12,588 (+43.6%), from €28,847 to €41,435
- Depreciation +€4,611
new in 2025: €4,611
- Financial charges +€2,861
up €2,861 (+2,977%), from €96 to €2,957
- Taxes -€2,051
down €2,051 (-24.6%), from €8,342 to €6,291
- Other operating charges +€1,775
up €1,775 (+331%), from €536 to €2,311
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 | €65,271 | €120,001 | +€54,730 | +83.9% |
| Fixed assets | 21/28 | - | €29,969 | +€29,969 | |
| Tangible fixed assets | 22/27 | - | €29,969 | +€29,969 | |
| Leasing and similar rights | 25 | - | €29,969 | +€29,969 | |
| Current assets | 29/58 | €65,271 | €90,032 | +€24,761 | +37.9% |
| Stocks and contracts in progress | 3 | - | €45,000 | +€45,000 | |
| Stocks | 30/36 | - | €45,000 | +€45,000 | |
| Amounts receivable within one year | 40/41 | €63,195 | €40,998 | -€22,197 | -35.1% |
| Trade receivables | 40 | €49,659 | €17,434 | -€32,225 | -64.9% |
| Other amounts receivable | 41 | €13,537 | €23,565 | +€10,028 | +74.1% |
| Cash at bank and in hand | 54/58 | €2,076 | €4,034 | +€1,958 | +94.3% |
| Total equity and liabilities | 10/49 | €65,271 | €120,001 | +€54,730 | +83.9% |
| Equity | 10/15 | €25,338 | €49,863 | +€24,524 | +96.8% |
| Contributions | 10/11 | €2,800 | €2,800 | = | 0.0% |
| Capital | 10 | €2,800 | €2,800 | = | 0.0% |
| Issued capital | 100 | €2,800 | €2,800 | = | 0.0% |
| Reserves | 13 | €22,538 | €45,038 | +€22,500 | +99.8% |
| Distributable reserves | 133 | €22,538 | €45,038 | +€22,500 | +99.8% |
| Profit (loss) carried forward | 14 | - | €2,024 | +€2,024 | |
| Amounts payable | 17/49 | €39,933 | €70,139 | +€30,206 | +75.6% |
| Amounts payable after more than one year | 17 | - | €16,883 | +€16,883 | |
| Financial debts | 170/4 | - | €16,883 | +€16,883 | |
| Amounts payable within one year | 42/48 | €39,933 | €53,256 | +€13,323 | +33.4% |
| Current portion of amounts payable after more than one year | 42 | - | €4,438 | +€4,438 | |
| Trade debts | 44 | €11,091 | €29,353 | +€18,262 | +165% |
| Suppliers | 440/4 | €11,091 | €29,353 | +€18,262 | +165% |
| Taxes, remuneration and social security | 45 | €27,760 | €18,632 | -€9,128 | -32.9% |
| Taxes | 450/3 | €27,760 | €18,632 | -€9,128 | -32.9% |
| Other amounts payable | 47/48 | €1,082 | €833 | -€249 | -23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,611 | +€4,611 | |
| Other operating charges | 640/8 | €536 | €2,311 | +€1,775 | +331% |
| Gross operating margin | 9900 | €28,847 | €41,435 | +€12,588 | +43.6% |
| Operating profit (loss) | 9901 | €28,310 | €34,513 | +€6,203 | +21.9% |
| Financial income | 75/76B | €857 | €92 | -€765 | -89.3% |
| Recurring financial income | 75 | €857 | €92 | -€765 | -89.3% |
| Financial charges | 65/66B | €96 | €2,957 | +€2,861 | +2,977% |
| Recurring financial charges | 65 | €96 | €2,957 | +€2,861 | +2,977% |
| Profit (loss) for the period before taxes | 9903 | €29,071 | €31,648 | +€2,577 | +8.9% |
| Income taxes | 67/77 | €8,342 | €6,291 | -€2,051 | -24.6% |
| Profit (loss) for the period | 9904 | €20,729 | €25,357 | +€4,628 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,729 | €25,357 | +€4,628 | +22.3% |
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.