GEERT GEMIS: 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.
GEERT GEMIS
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+298%), from €434,988 to €1.7m
- Current investments -€650,000
down €650,000 (-86.7%), from €750,000 to €100,000
- Cash -€166,180
down €166,180 (-90.0%), from €184,668 to €18,488
mainly Investment in fixed assets (net) (-€1.4m) and Net result for the year (-€89,419)
- Short-term financial debts +€420,000
new in 2025: €420,000
- Trade debts +€114,067
up €114,067 (+59.1%), from €192,977 to €307,044
- Profit (loss) carried forward -€89,419
down €89,419 (-35.1%), from -€254,705 to -€344,124
- Accrued charges and deferred income +€20,042
new in 2025: €20,042
- Gross operating margin +€85,419
up €85,419, from -€53,049 to €32,370
- Depreciation +€49,411
up €49,411 (+71.0%), from €69,633 to €119,044
- Financial charges +€14,982
up €14,982 (+280%), from €5,343 to €20,326
- Write-downs +€10,354
no longer reported in 2025 (was -€10,354)
- Other operating charges -€10,323
down €10,323 (-90.9%), from €11,353 to €1,030
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 | €1,399,265 | €1,873,725 | +€474,460 | +33.9% |
| Fixed assets | 21/28 | €434,988 | €1,732,371 | +€1.3m | +298% |
| Tangible fixed assets | 22/27 | €434,988 | €1,732,371 | +€1.3m | +298% |
| Assets under construction and advance payments | 27 | €434,988 | €1,732,371 | +€1.3m | +298% |
| Current assets | 29/58 | €964,277 | €141,355 | -€822,922 | -85.3% |
| Amounts receivable within one year | 40/41 | €28,654 | €22,867 | -€5,787 | -20.2% |
| Trade receivables | 40 | €21,181 | €16,998 | -€4,184 | -19.8% |
| Other amounts receivable | 41 | €7,472 | €5,869 | -€1,603 | -21.5% |
| Current investments | 50/53 | €750,000 | €100,000 | -€650,000 | -86.7% |
| Cash at bank and in hand | 54/58 | €184,668 | €18,488 | -€166,180 | -90.0% |
| Deferred charges and accrued income | 490/1 | €955 | - | -€955 | |
| Total equity and liabilities | 10/49 | €1,399,265 | €1,873,725 | +€474,460 | +33.9% |
| Equity | 10/15 | €1,130,578 | €1,041,159 | -€89,419 | -7.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,372,884 | €1,372,884 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,354,134 | €1,354,134 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€254,705 | -€344,124 | -€89,419 | -35.1% |
| Amounts payable | 17/49 | €268,687 | €832,566 | +€563,879 | +210% |
| Amounts payable within one year | 42/48 | €268,687 | €812,524 | +€543,837 | +202% |
| Financial debts | 43 | - | €420,000 | +€420,000 | |
| Other loans | 439 | - | €420,000 | +€420,000 | |
| Trade debts | 44 | €192,977 | €307,044 | +€114,067 | +59.1% |
| Suppliers | 440/4 | €192,977 | €307,044 | +€114,067 | +59.1% |
| Taxes, remuneration and social security | 45 | - | €520 | +€520 | |
| Taxes | 450/3 | - | €520 | +€520 | |
| Other amounts payable | 47/48 | €75,710 | €84,960 | +€9,250 | +12.2% |
| Accrued charges and deferred income | 492/3 | - | €20,042 | +€20,042 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,633 | €119,044 | +€49,411 | +71.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,354 | - | +€10,354 | |
| Other operating charges | 640/8 | €11,353 | €1,030 | -€10,323 | -90.9% |
| Non-recurring operating charges | 66A | €106,567 | - | -€106,567 | |
| Gross operating margin | 9900 | -€53,049 | €32,370 | +€85,419 | |
| Operating profit (loss) | 9901 | -€230,247 | -€87,703 | +€142,544 | +61.9% |
| Financial income | 75/76B | €18,925 | €18,610 | -€315 | -1.7% |
| Recurring financial income | 75 | €18,925 | €18,610 | -€315 | -1.7% |
| Financial charges | 65/66B | €5,343 | €20,326 | +€14,982 | +280% |
| Recurring financial charges | 65 | €5,343 | €20,326 | +€14,982 | +280% |
| Profit (loss) for the period before taxes | 9903 | -€216,666 | -€89,419 | +€127,247 | +58.7% |
| Profit (loss) for the period | 9904 | -€216,666 | -€89,419 | +€127,247 | +58.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€216,666 | -€89,419 | +€127,247 | +58.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.