Ets. GERARD: 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.
Ets. GERARD
Largest movements
- Receivables within one year -€18,850
down €18,850 (-36.2%), from €52,075 to €33,226
of which Trade receivables: -€15,989
- Tangible fixed assets -€3,858
down €3,858 (-28.3%), from €13,639 to €9,781
- Cash -€1,709
down €1,709 (-28.1%), from €6,084 to €4,375
mainly Trade debts (-€19,305) and Net result for the year (-€4,334)
- Trade debts -€19,305
down €19,305 (-91.0%), from €21,222 to €1,917
- Profit (loss) carried forward -€4,334
down €4,334 (-40.7%), from €10,659 to €6,325
- Tax, wage and social debts -€1,438
down €1,438 (-16.9%), from €8,484 to €7,046
- Gross operating margin -€10,176
down €10,176 (-54.2%), from €18,785 to €8,608
- Depreciation +€4,547
up €4,547 (+1,108%), from €411 to €4,958
- Taxes -€4,354
down €4,354 (-88.0%), from €4,950 to €596
- Staff costs -€3,044
no longer reported in 2025 (was €3,044)
- Other operating charges +€2,708
up €2,708 (+67.4%), from €4,016 to €6,724
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 | €72,646 | €47,561 | -€25,085 | -34.5% |
| Fixed assets | 21/28 | €13,819 | €9,961 | -€3,858 | -27.9% |
| Tangible fixed assets | 22/27 | €13,639 | €9,781 | -€3,858 | -28.3% |
| Furniture and vehicles | 24 | €13,639 | €9,781 | -€3,858 | -28.3% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €58,827 | €37,600 | -€21,227 | -36.1% |
| Amounts receivable within one year | 40/41 | €52,075 | €33,226 | -€18,850 | -36.2% |
| Trade receivables | 40 | €43,964 | €27,975 | -€15,989 | -36.4% |
| Other amounts receivable | 41 | €8,112 | €5,251 | -€2,861 | -35.3% |
| Cash at bank and in hand | 54/58 | €6,084 | €4,375 | -€1,709 | -28.1% |
| Deferred charges and accrued income | 490/1 | €668 | - | -€668 | |
| Total equity and liabilities | 10/49 | €72,646 | €47,561 | -€25,085 | -34.5% |
| Equity | 10/15 | €32,474 | €28,140 | -€4,334 | -13.3% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €1,983 | €1,983 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,983 | €1,983 | = | 0.0% |
| Other | 1319 | €1,983 | €1,983 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,659 | €6,325 | -€4,334 | -40.7% |
| Amounts payable | 17/49 | €40,172 | €19,422 | -€20,750 | -51.7% |
| Amounts payable within one year | 42/48 | €40,172 | €19,422 | -€20,750 | -51.7% |
| Financial debts | 43 | €22 | €15 | -€7 | -31.2% |
| Credit institutions | 430/8 | €22 | €15 | -€7 | -31.2% |
| Trade debts | 44 | €21,222 | €1,917 | -€19,305 | -91.0% |
| Suppliers | 440/4 | €21,222 | €1,917 | -€19,305 | -91.0% |
| Advances received on contracts in progress | 46 | €10,444 | €10,444 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,484 | €7,046 | -€1,438 | -16.9% |
| Taxes | 450/3 | €8,484 | €7,046 | -€1,438 | -16.9% |
| Non-recurring operating income | 76A | €182 | - | -€182 | |
| Remuneration, social security and pensions | 62 | €3,044 | - | -€3,044 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €411 | €4,958 | +€4,547 | +1,108% |
| Other operating charges | 640/8 | €4,016 | €6,724 | +€2,708 | +67.4% |
| Non-recurring operating charges | 66A | - | €412 | +€412 | |
| Gross operating margin | 9900 | €18,785 | €8,608 | -€10,176 | -54.2% |
| Operating profit (loss) | 9901 | €11,313 | -€3,486 | -€14,799 | |
| Financial income | 75/76B | €183 | €0 | -€183 | -99.9% |
| Recurring financial income | 75 | €183 | €0 | -€183 | -99.9% |
| Financial charges | 65/66B | €387 | €253 | -€134 | -34.6% |
| Recurring financial charges | 65 | €387 | €253 | -€134 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €11,109 | -€3,739 | -€14,848 | |
| Income taxes | 67/77 | €4,950 | €596 | -€4,354 | -88.0% |
| Profit (loss) for the period | 9904 | €6,159 | -€4,334 | -€10,493 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,159 | -€4,334 | -€10,493 |
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 13 October 2026 via checked.be.