GAERTNER: 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.
GAERTNER
Largest movements
- Current investments +€460,077
up €460,077 (+89.5%), from €514,287 to €974,364
- Cash -€182,891
down €182,891 (-42.9%), from €426,422 to €243,530
mainly Current investments (-€460,077) and Tax, wage and social debts (-€16,708)
- Tangible fixed assets -€21,021
down €21,021 (-8.2%), from €254,998 to €233,977
of which Land and buildings: -€10,750
- Receivables within one year +€16,059
up €16,059 (+29.9%), from €53,775 to €69,834
of which Other amounts receivable: +€50,048
- Reserves +€319,248
up €319,248 (+27.4%), from €1.2m to €1.5m
- Tax, wage and social debts -€16,708
down €16,708 (-63.4%), from €26,346 to €9,638
of which Remuneration and social security: -€13,645
- Gross operating margin +€225,255
up €225,255 (+36.4%), from €619,544 to €844,799
- Financial charges +€161,331
up €161,331 (+1102.0%), from €14,640 to €175,972
- Financial income -€55,235
down €55,235 (-96.7%), from €57,130 to €1,895
- Staff costs -€54,961
down €54,961 (-23.8%), from €231,086 to €176,125
- Taxes +€42,140
up €42,140 (+38.9%), from €108,251 to €150,391
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 | €1,255,475 | €1,528,376 | +€272,902 | +21.7% |
| Fixed assets | 21/28 | €257,323 | €236,302 | -€21,021 | -8.2% |
| Tangible fixed assets | 22/27 | €254,998 | €233,977 | -€21,021 | -8.2% |
| Land and buildings | 22 | €226,962 | €216,212 | -€10,750 | -4.7% |
| Plant, machinery and equipment | 23 | €17,950 | €11,740 | -€6,210 | -34.6% |
| Furniture and vehicles | 24 | €10,086 | €6,025 | -€4,061 | -40.3% |
| Financial fixed assets | 28 | €2,325 | €2,325 | = | 0.0% |
| Current assets | 29/58 | €998,152 | €1,292,074 | +€293,923 | +29.4% |
| Amounts receivable within one year | 40/41 | €53,775 | €69,834 | +€16,059 | +29.9% |
| Trade receivables | 40 | €42,962 | €8,973 | -€33,989 | -79.1% |
| Other amounts receivable | 41 | €10,813 | €60,861 | +€50,048 | +462.9% |
| Current investments | 50/53 | €514,287 | €974,364 | +€460,077 | +89.5% |
| Cash at bank and in hand | 54/58 | €426,422 | €243,530 | -€182,891 | -42.9% |
| Deferred charges and accrued income | 490/1 | €3,668 | €4,346 | +€677 | +18.5% |
| Total equity and liabilities | 10/49 | €1,255,475 | €1,528,376 | +€272,902 | +21.7% |
| Equity | 10/15 | €1,169,429 | €1,488,677 | +€319,248 | +27.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,163,232 | €1,482,480 | +€319,248 | +27.4% |
| Distributable reserves | 133 | €1,163,232 | €1,482,480 | +€319,248 | +27.4% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €86,045 | €39,699 | -€46,346 | -53.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €86,045 | €39,699 | -€46,346 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €12,727 | €8,327 | -€4,400 | -34.6% |
| Financial debts | 43 | €9,931 | €0 | -€9,931 | -100.0% |
| Credit institutions | 430/8 | €9,931 | €0 | -€9,931 | -100.0% |
| Trade debts | 44 | €22,472 | €21,734 | -€737 | -3.3% |
| Suppliers | 440/4 | €22,472 | €21,734 | -€737 | -3.3% |
| Taxes, remuneration and social security | 45 | €26,346 | €9,638 | -€16,708 | -63.4% |
| Taxes | 450/3 | €3,536 | €473 | -€3,064 | -86.6% |
| Remuneration and social security | 454/9 | €22,810 | €9,165 | -€13,645 | -59.8% |
| Other amounts payable | 47/48 | €14,569 | €0 | -€14,569 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €231,086 | €176,125 | -€54,961 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,359 | €21,021 | -€1,339 | -6.0% |
| Other operating charges | 640/8 | €6,311 | €3,938 | -€2,373 | -37.6% |
| Gross operating margin | 9900 | €619,544 | €844,799 | +€225,255 | +36.4% |
| Operating profit (loss) | 9901 | €359,788 | €643,716 | +€283,928 | +78.9% |
| Financial income | 75/76B | €57,130 | €1,895 | -€55,235 | -96.7% |
| Recurring financial income | 75 | €57,130 | €1,895 | -€55,235 | -96.7% |
| Financial charges | 65/66B | €14,640 | €175,972 | +€161,331 | +1102.0% |
| Recurring financial charges | 65 | €14,640 | €175,972 | +€161,331 | +1102.0% |
| Profit (loss) for the period before taxes | 9903 | €402,278 | €469,639 | +€67,361 | +16.7% |
| Income taxes | 67/77 | €108,251 | €150,391 | +€42,140 | +38.9% |
| Profit (loss) for the period | 9904 | €294,026 | €319,248 | +€25,222 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €294,026 | €319,248 | +€25,222 | +8.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.