G.E.R.: what changed
Two fiscal 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.
G.E.R.
Largest movements
- Tangible fixed assets -€27,974
down €27,974 (-6.4%), from €439,923 to €411,949
of which Land and buildings: -€25,880
- Receivables within one year -€8,704
down €8,704 (-7.1%), from €123,153 to €114,449
of which Trade receivables: -€7,696
- Cash +€6,922
up €6,922 (+128.8%), from €5,374 to €12,295
mainly Depreciation (+€27,974) and Receivables within one year (+€8,704)
- Debts after one year -€20,026
down €20,026 (-8.7%), from €230,360 to €210,334
- Reserves -€7,036
down €7,036 (-3.5%), from €199,530 to €192,494
of which Tax-exempt reserves: -€7,036
- Depreciation +€901
up €901 (+3.3%), from €27,073 to €27,974
- Other operating charges -€474
down €474 (-10.3%), from €4,620 to €4,146
- Gross operating margin +€277
up €277 (+1.1%), from €24,643 to €24,920
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.
Cash bridge derived
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 | €570,287 | €540,539 | -€29,748 | -5.2% |
| Fixed assets | 21/28 | €439,923 | €411,949 | -€27,974 | -6.4% |
| Tangible fixed assets | 22/27 | €439,923 | €411,949 | -€27,974 | -6.4% |
| Land and buildings | 22 | €431,072 | €405,191 | -€25,880 | -6.0% |
| Furniture and vehicles | 24 | €8,852 | €6,758 | -€2,094 | -23.7% |
| Current assets | 29/58 | €130,364 | €128,590 | -€1,774 | -1.4% |
| Amounts receivable within one year | 40/41 | €123,153 | €114,449 | -€8,704 | -7.1% |
| Trade receivables | 40 | €10,043 | €2,348 | -€7,696 | -76.6% |
| Other amounts receivable | 41 | €113,109 | €112,101 | -€1,008 | -0.9% |
| Cash at bank and in hand | 54/58 | €5,374 | €12,295 | +€6,922 | +128.8% |
| Deferred charges and accrued income | 490/1 | €1,837 | €1,845 | +€8 | +0.4% |
| Total equity and liabilities | 10/49 | €570,287 | €540,539 | -€29,748 | -5.2% |
| Equity | 10/15 | €254,619 | €246,605 | -€8,015 | -3.1% |
| Contributions | 10/11 | €180,962 | €180,962 | = | 0.0% |
| Capital | 10 | €180,962 | €180,962 | = | 0.0% |
| Issued capital | 100 | €180,962 | €180,962 | = | 0.0% |
| Revaluation surpluses | 12 | €20,343 | €20,343 | = | 0.0% |
| Reserves | 13 | €199,530 | €192,494 | -€7,036 | -3.5% |
| Non-distributable reserves | 130/1 | €3,926 | €3,926 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Other | 1319 | €828 | €828 | = | 0.0% |
| Tax-exempt reserves | 132 | €195,604 | €188,568 | -€7,036 | -3.6% |
| Profit (loss) carried forward | 14 | -€146,217 | -€147,195 | -€979 | -0.7% |
| Provisions and deferred taxes | 16 | €59,496 | €57,115 | -€2,381 | -4.0% |
| Deferred taxes | 168 | €59,496 | €57,115 | -€2,381 | -4.0% |
| Amounts payable | 17/49 | €256,171 | €236,819 | -€19,352 | -7.6% |
| Amounts payable after more than one year | 17 | €230,360 | €210,334 | -€20,026 | -8.7% |
| Financial debts | 170/4 | €230,360 | €210,334 | -€20,026 | -8.7% |
| Amounts payable within one year | 42/48 | €23,949 | €24,624 | +€674 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €19,819 | €20,026 | +€208 | +1.0% |
| Trade debts | 44 | €1,694 | €2,829 | +€1,135 | +67.0% |
| Suppliers | 440/4 | €1,694 | €2,829 | +€1,135 | +67.0% |
| Taxes, remuneration and social security | 45 | €2,437 | €1,768 | -€669 | -27.4% |
| Taxes | 450/3 | €2,437 | €1,768 | -€669 | -27.4% |
| Accrued charges and deferred income | 492/3 | €1,861 | €1,861 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,073 | €27,974 | +€901 | +3.3% |
| Other operating charges | 640/8 | €4,620 | €4,146 | -€474 | -10.3% |
| Gross operating margin | 9900 | €24,643 | €24,920 | +€277 | +1.1% |
| Operating profit (loss) | 9901 | -€7,050 | -€7,200 | -€150 | -2.1% |
| Financial charges | 65/66B | €3,376 | €3,196 | -€181 | -5.4% |
| Recurring financial charges | 65 | €3,376 | €3,196 | -€181 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,426 | -€10,395 | +€31 | +0.3% |
| Transfer from deferred taxes | 780 | €2,381 | €2,381 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€8,046 | -€8,015 | +€31 | +0.4% |
| Transfer from tax-exempt reserves | 789 | €7,036 | €7,036 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,010 | -€979 | +€31 | +3.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.