GEM 2be: what changed
GEM 2be
Largest movements
- Receivables within one year +€60,223
up €60,223 (+125%), from €48,330 to €108,553
of which Other amounts receivable: +€82,860
- Tangible fixed assets +€47,256
up €47,256 (+20.8%), from €227,243 to €274,500
of which Assets under construction and advance payments: +€36,416
- Cash +€18,096
up €18,096 (+18,821%), from €96 to €18,192
mainly Debts after one year (+€236,747) and Tax, wage and social debts (+€50,048)
- Debts after one year +€236,747
up €236,747 (+3,672%), from €6,448 to €243,195
of which Financial debts: +€236,747
- Reserves -€120,362
down €120,362 (-36.3%), from €331,706 to €211,344
of which Tax-exempt reserves: -€312,797
- Profit (loss) carried forward +€119,344
up €119,344, from -€119,344 to €0
- Provisions -€104,266
down €104,266 (-100%), from €104,266 to €0
- Tax, wage and social debts +€50,048
up €50,048, from €0 to €50,048
- Taxes +€49,725
up €49,725 (+262,126%), from €19 to €49,744
- Gross operating margin +€5,203
up €5,203 (+16.8%), from -€30,917 to -€25,714
- Depreciation +€2,765
up €2,765 (+39.5%), from €7,005 to €9,770
- Other operating charges +€969
up €969 (+43.0%), from €2,253 to €3,222
- Financial charges +€393
up €393 (+27.2%), from €1,442 to €1,835
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €469,445 | €594,377 | +€124,932 | +26.6% |
| Fixed assets | 21/28 | €417,693 | €464,950 | +€47,256 | +11.3% |
| Tangible fixed assets | 22/27 | €227,243 | €274,500 | +€47,256 | +20.8% |
| Plant, machinery and equipment | 23 | €6,679 | €6,571 | -€108 | -1.6% |
| Furniture and vehicles | 24 | €204 | €16,024 | +€15,820 | +7,738% |
| Leasing and similar rights | 25 | €20,378 | €15,506 | -€4,871 | -23.9% |
| Assets under construction and advance payments | 27 | €199,982 | €236,398 | +€36,416 | +18.2% |
| Financial fixed assets | 28 | €190,450 | €190,450 | = | 0.0% |
| Current assets | 29/58 | €51,751 | €129,427 | +€77,676 | +150% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,330 | €108,553 | +€60,223 | +125% |
| Trade receivables | 40 | €38,854 | €16,218 | -€22,636 | -58.3% |
| Other amounts receivable | 41 | €9,476 | €92,335 | +€82,860 | +874% |
| Cash at bank and in hand | 54/58 | €96 | €18,192 | +€18,096 | +18,821% |
| Deferred charges and accrued income | 490/1 | €825 | €182 | -€644 | -78.0% |
| Total equity and liabilities | 10/49 | €469,445 | €594,377 | +€124,932 | +26.6% |
| Equity | 10/15 | €231,361 | €230,344 | -€1,017 | -0.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €331,706 | €211,344 | -€120,362 | -36.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €314,878 | €2,081 | -€312,797 | -99.3% |
| Distributable reserves | 133 | €16,828 | €209,263 | +€192,436 | +1,144% |
| Profit (loss) carried forward | 14 | -€119,344 | €0 | +€119,344 | |
| Provisions and deferred taxes | 16 | €104,266 | €0 | -€104,266 | -100% |
| Deferred taxes | 168 | €104,266 | €0 | -€104,266 | -100% |
| Amounts payable | 17/49 | €133,817 | €364,033 | +€230,215 | +172% |
| Amounts payable after more than one year | 17 | €6,448 | €243,195 | +€236,747 | +3,672% |
| Financial debts | 170/4 | €6,448 | €243,195 | +€236,747 | +3,672% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €127,370 | €120,838 | -€6,532 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €30,840 | €13,964 | -€16,876 | -54.7% |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100% |
| Trade debts | 44 | €12,091 | €3,850 | -€8,241 | -68.2% |
| Suppliers | 440/4 | €12,091 | €3,850 | -€8,241 | -68.2% |
| Taxes, remuneration and social security | 45 | €0 | €50,048 | +€50,048 | |
| Taxes | 450/3 | €0 | €50,048 | +€50,048 | |
| Other amounts payable | 47/48 | €59,439 | €52,976 | -€6,463 | -10.9% |
| Non-recurring operating income | 76A | - | €7,231 | +€7,231 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,005 | €9,770 | +€2,765 | +39.5% |
| Other operating charges | 640/8 | €2,253 | €3,222 | +€969 | +43.0% |
| Gross operating margin | 9900 | -€30,917 | -€25,714 | +€5,203 | +16.8% |
| Operating profit (loss) | 9901 | -€40,175 | -€38,705 | +€1,469 | +3.7% |
| Financial income | 75/76B | €0 | €2 | +€2 | |
| Recurring financial income | 75 | €0 | €2 | +€2 | |
| Financial charges | 65/66B | €1,442 | €1,835 | +€393 | +27.2% |
| Recurring financial charges | 65 | €1,442 | €1,835 | +€393 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | -€41,617 | -€40,539 | +€1,078 | +2.6% |
| Transfer from deferred taxes | 780 | €1,068 | €104,266 | +€103,198 | +9,664% |
| Income taxes | 67/77 | €19 | €49,744 | +€49,725 | +262,126% |
| Profit (loss) for the period | 9904 | -€40,568 | €13,983 | +€54,551 | |
| Transfer from tax-exempt reserves | 789 | €3,203 | €312,797 | +€309,594 | +9,664% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,365 | €326,780 | +€364,144 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.