Dr. Filip Gemmel: what changed
What changed
Dr. Filip Gemmel
filed annual accounts (NBB)
Net result for the year
€193,424
2024 · €244,169-€50,745
Equity
€1.2m
2024 · €1.2m-€12,105
Cash
€444,533
2024 · €455,451-€10,918
Balance sheet total
€1.2m
2024 · €1.2m-€10,734
Largest movements
Assets
- Current investments +€21,812
up €21,812 (+3.8%), from €579,152 to €600,964
- Receivables within one year -€12,737
down €12,737 (-16.4%), from €77,863 to €65,126
of which Other amounts receivable: -€13,024
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€71,674
down €71,674 (-18.6%), from €384,348 to €312,674
- Taxes -€21,874
down €21,874 (-19.8%), from €110,500 to €88,626
- Depreciation -€6,329
down €6,329 (-18.2%), from €34,807 to €28,478
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€244,169
Gross operating margin
-€71,674
Depreciation
+€6,329
Other operating charges
+€279
Other operating items
-€6,322
Financial income
-€1,130
Financial charges
-€100
Taxes
+€21,874
Result 2025
€193,424
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€238,858
Investment
-€44,247
Financing
-€205,529
Cash 2024
€455,451
From operations (derived)
+€238,858
Net result for the year
+€193,424
Depreciation
+€28,478
Receivables after one year
+€3,024
Receivables within one year
+€12,737
Smaller working-capital items
-€175
Trade debts
+€849
Tax, wage and social debts
+€2,858
Other debts
-€2,337
Investment (derived)
-€44,247
Investment in fixed assets (net)
-€22,435
Current investments
-€21,812
Financing
-€205,529
Contributions, distributions and other
-€205,529
Cash 2025
€444,533
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,248,040 | €1,237,306 | -€10,734 | -0.9% |
| Fixed assets | 21/28 | €117,702 | €111,659 | -€6,043 | -5.1% |
| Tangible fixed assets | 22/27 | €117,702 | €111,659 | -€6,043 | -5.1% |
| Land and buildings | 22 | €52,230 | €43,680 | -€8,551 | -16.4% |
| Plant, machinery and equipment | 23 | €478 | - | -€478 | |
| Furniture and vehicles | 24 | €64,994 | €67,980 | +€2,986 | +4.6% |
| Current assets | 29/58 | €1,130,338 | €1,125,647 | -€4,691 | -0.4% |
| Amounts receivable after more than one year | 29 | €16,184 | €13,161 | -€3,024 | -18.7% |
| Other amounts receivable | 291 | €16,184 | €13,161 | -€3,024 | -18.7% |
| Amounts receivable within one year | 40/41 | €77,863 | €65,126 | -€12,737 | -16.4% |
| Trade receivables | 40 | - | €287 | +€287 | |
| Other amounts receivable | 41 | €77,863 | €64,839 | -€13,024 | -16.7% |
| Current investments | 50/53 | €579,152 | €600,964 | +€21,812 | +3.8% |
| Cash at bank and in hand | 54/58 | €455,451 | €444,533 | -€10,918 | -2.4% |
| Deferred charges and accrued income | 490/1 | €1,687 | €1,863 | +€176 | +10.4% |
| Total equity and liabilities | 10/49 | €1,248,040 | €1,237,306 | -€10,734 | -0.9% |
| Equity | 10/15 | €1,225,223 | €1,213,118 | -€12,105 | -1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,212,823 | €1,200,718 | -€12,105 | -1.0% |
| Distributable reserves | 133 | €1,212,823 | €1,200,718 | -€12,105 | -1.0% |
| Amounts payable | 17/49 | €22,817 | €24,188 | +€1,372 | +6.0% |
| Amounts payable within one year | 42/48 | €22,751 | €24,121 | +€1,370 | +6.0% |
| Trade debts | 44 | €1,398 | €2,247 | +€849 | +60.7% |
| Suppliers | 440/4 | €1,398 | €2,247 | +€849 | +60.7% |
| Taxes, remuneration and social security | 45 | €19,017 | €21,875 | +€2,858 | +15.0% |
| Taxes | 450/3 | €19,017 | €21,875 | +€2,858 | +15.0% |
| Other amounts payable | 47/48 | €2,337 | - | -€2,337 | |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €1,931 | €63,553 | +€61,622 | +3,191% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,807 | €28,478 | -€6,329 | -18.2% |
| Other operating charges | 640/8 | €1,924 | €1,646 | -€279 | -14.5% |
| Non-recurring operating charges | 66A | - | €6,322 | +€6,322 | |
| Gross operating margin | 9900 | €384,348 | €312,674 | -€71,674 | -18.6% |
| Operating profit (loss) | 9901 | €347,617 | €276,228 | -€71,389 | -20.5% |
| Financial income | 75/76B | €7,595 | €6,465 | -€1,130 | -14.9% |
| Recurring financial income | 75 | €7,595 | €6,465 | -€1,130 | -14.9% |
| Financial charges | 65/66B | €543 | €643 | +€100 | +18.4% |
| Recurring financial charges | 65 | €543 | €643 | +€100 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €354,669 | €282,050 | -€72,619 | -20.5% |
| Income taxes | 67/77 | €110,500 | €88,626 | -€21,874 | -19.8% |
| Profit (loss) for the period | 9904 | €244,169 | €193,424 | -€50,745 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €244,169 | €193,424 | -€50,745 | -20.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.