GEM: 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.
GEM
Largest movements
- Cash +€126,401
up €126,401 (+56.6%), from €223,238 to €349,639
mainly Net result for the year (+€148,967) and Trade debts (+€67,374)
- Tangible fixed assets +€36,493
up €36,493 (+31.8%), from €114,839 to €151,332
of which Furniture and vehicles: +€36,468
- Stocks and contracts +€35,211
up €35,211 (+9.7%), from €362,840 to €398,051
- Current investments -€25,685
down €25,685 (-4.7%), from €545,812 to €520,126
- Trade debts +€67,374
up €67,374 (+39.1%), from €172,234 to €239,609
- Debts after one year +€47,992
new in 2025: €47,992
- Other debts +€30,814
up €30,814 (+20.3%), from €151,607 to €182,422
- Tax, wage and social debts +€30,559
up €30,559 (+12.0%), from €253,679 to €284,238
of which Remuneration and social security: +€28,945
- Staff costs +€73,913
up €73,913 (+8.8%), from €837,184 to €911,097
- Taxes -€16,168
down €16,168 (-18.9%), from €85,637 to €69,470
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 | €1,426,456 | €1,617,186 | +€190,730 | +13.4% |
| Fixed assets | 21/28 | €115,649 | €152,142 | +€36,493 | +31.6% |
| Tangible fixed assets | 22/27 | €114,839 | €151,332 | +€36,493 | +31.8% |
| Plant, machinery and equipment | 23 | €8,641 | €8,666 | +€25 | +0.3% |
| Furniture and vehicles | 24 | €106,197 | €142,665 | +€36,468 | +34.3% |
| Financial fixed assets | 28 | €811 | €811 | = | 0.0% |
| Current assets | 29/58 | €1,310,807 | €1,465,044 | +€154,237 | +11.8% |
| Stocks and contracts in progress | 3 | €362,840 | €398,051 | +€35,211 | +9.7% |
| Stocks | 30/36 | €362,840 | €398,051 | +€35,211 | +9.7% |
| Amounts receivable within one year | 40/41 | €159,580 | €172,855 | +€13,275 | +8.3% |
| Trade receivables | 40 | €148,080 | €164,555 | +€16,475 | +11.1% |
| Other amounts receivable | 41 | €11,500 | €8,300 | -€3,200 | -27.8% |
| Current investments | 50/53 | €545,812 | €520,126 | -€25,685 | -4.7% |
| Cash at bank and in hand | 54/58 | €223,238 | €349,639 | +€126,401 | +56.6% |
| Deferred charges and accrued income | 490/1 | €19,338 | €24,372 | +€5,035 | +26.0% |
| Total equity and liabilities | 10/49 | €1,426,456 | €1,617,186 | +€190,730 | +13.4% |
| Equity | 10/15 | €828,422 | €839,968 | +€11,546 | +1.4% |
| Contributions | 10/11 | €42,621 | €42,621 | = | 0.0% |
| Reserves | 13 | €785,801 | €797,347 | +€11,546 | +1.5% |
| Non-distributable reserves | 130/1 | €10,250 | €10,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,250 | €10,250 | = | 0.0% |
| Distributable reserves | 133 | €775,551 | €787,097 | +€11,546 | +1.5% |
| Amounts payable | 17/49 | €598,034 | €777,218 | +€179,184 | +30.0% |
| Amounts payable after more than one year | 17 | - | €47,992 | +€47,992 | |
| Financial debts | 170/4 | - | €47,992 | +€47,992 | |
| Amounts payable within one year | 42/48 | €596,298 | €727,914 | +€131,616 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €8,548 | €11,415 | +€2,867 | +33.5% |
| Financial debts | 43 | €10,229 | €10,231 | +€2 | 0.0% |
| Credit institutions | 430/8 | €10,229 | €10,231 | +€2 | 0.0% |
| Trade debts | 44 | €172,234 | €239,609 | +€67,374 | +39.1% |
| Suppliers | 440/4 | €172,234 | €239,609 | +€67,374 | +39.1% |
| Taxes, remuneration and social security | 45 | €253,679 | €284,238 | +€30,559 | +12.0% |
| Taxes | 450/3 | €109,505 | €111,119 | +€1,614 | +1.5% |
| Remuneration and social security | 454/9 | €144,174 | €173,119 | +€28,945 | +20.1% |
| Other amounts payable | 47/48 | €151,607 | €182,422 | +€30,814 | +20.3% |
| Accrued charges and deferred income | 492/3 | €1,736 | €1,312 | -€425 | -24.5% |
| Non-recurring operating income | 76A | - | €4,545 | +€4,545 | |
| Remuneration, social security and pensions | 62 | €837,184 | €911,097 | +€73,913 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,319 | €64,460 | -€5,859 | -8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,488 | €5,691 | -€796 | -12.3% |
| Other operating charges | 640/8 | €32,375 | €31,690 | -€685 | -2.1% |
| Gross operating margin | 9900 | €1,228,235 | €1,231,448 | +€3,214 | +0.3% |
| Operating profit (loss) | 9901 | €281,869 | €218,510 | -€63,359 | -22.5% |
| Financial income | 75/76B | €16,195 | €19,116 | +€2,922 | +18.0% |
| Recurring financial income | 75 | €16,195 | €19,116 | +€2,922 | +18.0% |
| Financial charges | 65/66B | €13,988 | €19,189 | +€5,201 | +37.2% |
| Recurring financial charges | 65 | €13,988 | €19,189 | +€5,201 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €284,076 | €218,437 | -€65,639 | -23.1% |
| Income taxes | 67/77 | €85,637 | €69,470 | -€16,168 | -18.9% |
| Profit (loss) for the period | 9904 | €198,439 | €148,967 | -€49,471 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €198,439 | €148,967 | -€49,471 | -24.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.