GEM CORPORATION: 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.
GEM CORPORATION
Largest movements
- Tangible fixed assets +€289,558
up €289,558 (+14.7%), from €2.0m to €2.3m
of which Plant, machinery and equipment: +€321,299
- Receivables within one year -€254,524
down €254,524 (-31.9%), from €798,966 to €544,442
of which Other amounts receivable: -€388,653
- Cash -€113,598
down €113,598 (-76.6%), from €148,377 to €34,779
mainly Net result for the year (-€797,598) and Investment in fixed assets (net) (-€442,130)
- Reserves -€797,598
down €797,598 (-41.3%), from €1.9m to €1.1m
- Other debts +€683,524
up €683,524 (+434%), from €157,430 to €840,955
- Short-term financial debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Trade debts +€91,808
up €91,808 (+121%), from €75,913 to €167,720
- Gross operating margin -€416,645
down €416,645 (-199%), from -€209,493 to -€626,139
- Financial income -€116,382
down €116,382 (-80.7%), from €144,303 to €27,921
- Depreciation +€43,430
up €43,430 (+52.4%), from €82,880 to €126,310
- Financial charges +€20,849
up €20,849 (+76.0%), from €27,421 to €48,269
- Other operating charges +€8,022
up €8,022 (+120%), from €6,704 to €14,726
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 | €3,661,604 | €3,575,016 | -€86,588 | -2.4% |
| Fixed assets | 21/28 | €2,622,569 | €2,938,390 | +€315,821 | +12.0% |
| Tangible fixed assets | 22/27 | €1,970,532 | €2,260,090 | +€289,558 | +14.7% |
| Land and buildings | 22 | €1,118,985 | €1,074,105 | -€44,880 | -4.0% |
| Plant, machinery and equipment | 23 | €679,020 | €1,000,319 | +€321,299 | +47.3% |
| Furniture and vehicles | 24 | €63,652 | €63,866 | +€214 | +0.3% |
| Other tangible fixed assets | 26 | €108,875 | €121,800 | +€12,925 | +11.9% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €652,037 | €678,300 | +€26,263 | +4.0% |
| Current assets | 29/58 | €1,039,036 | €636,627 | -€402,409 | -38.7% |
| Amounts receivable within one year | 40/41 | €798,966 | €544,442 | -€254,524 | -31.9% |
| Trade receivables | 40 | €224,761 | €358,890 | +€134,129 | +59.7% |
| Other amounts receivable | 41 | €574,205 | €185,552 | -€388,653 | -67.7% |
| Cash at bank and in hand | 54/58 | €148,377 | €34,779 | -€113,598 | -76.6% |
| Deferred charges and accrued income | 490/1 | €91,693 | €57,406 | -€34,287 | -37.4% |
| Total equity and liabilities | 10/49 | €3,661,604 | €3,575,016 | -€86,588 | -2.4% |
| Equity | 10/15 | €2,257,230 | €1,459,632 | -€797,598 | -35.3% |
| Contributions | 10/11 | €326,316 | €326,316 | = | 0.0% |
| Reserves | 13 | €1,930,914 | €1,133,316 | -€797,598 | -41.3% |
| Distributable reserves | 133 | €1,930,914 | €1,133,316 | -€797,598 | -41.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,404,374 | €2,115,384 | +€711,010 | +50.6% |
| Amounts payable after more than one year | 17 | €1,006,946 | €1,015,252 | +€8,306 | +0.8% |
| Financial debts | 170/4 | €1,006,946 | €1,015,252 | +€8,306 | +0.8% |
| Amounts payable within one year | 42/48 | €388,238 | €1,100,132 | +€711,895 | +183% |
| Current portion of amounts payable after more than one year | 42 | €54,895 | €91,458 | +€36,563 | +66.6% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €75,913 | €167,720 | +€91,808 | +121% |
| Suppliers | 440/4 | €75,913 | €167,720 | +€91,808 | +121% |
| Other amounts payable | 47/48 | €157,430 | €840,955 | +€683,524 | +434% |
| Accrued charges and deferred income | 492/3 | €9,191 | €0 | -€9,191 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,880 | €126,310 | +€43,430 | +52.4% |
| Other operating charges | 640/8 | €6,704 | €14,726 | +€8,022 | +120% |
| Non-recurring operating charges | 66A | - | €10,075 | +€10,075 | |
| Gross operating margin | 9900 | -€209,493 | -€626,139 | -€416,645 | -199% |
| Operating profit (loss) | 9901 | -€299,077 | -€777,250 | -€478,172 | -160% |
| Financial income | 75/76B | €144,303 | €27,921 | -€116,382 | -80.7% |
| Recurring financial income | 75 | €144,303 | €27,921 | -€116,382 | -80.7% |
| Financial charges | 65/66B | €27,421 | €48,269 | +€20,849 | +76.0% |
| Recurring financial charges | 65 | €27,421 | €48,269 | +€20,849 | +76.0% |
| Profit (loss) for the period before taxes | 9903 | -€182,195 | -€797,598 | -€615,403 | -338% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€182,195 | -€797,598 | -€615,403 | -338% |
| Profit (loss) for the period to be appropriated | 9905 | -€182,195 | -€797,598 | -€615,403 | -338% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.