GEM - EXCEL: 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.
What changed
GEM - EXCEL
NACE 46.861, Wholesale of diamonds and other precious stones
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€140,367
2024 · -€148,593+€8,226
Equity
€256,379
2024 · €396,747-€140,367
Cash
€129,421
2024 · €163,059-€33,638
Balance sheet total
€4.0m
2024 · €4.6m-€553,824
Largest movements
Assets
- Receivables within one year -€440,509
down €440,509 (-11.8%), from €3.7m to €3.3m
of which Trade receivables: -€443,922
- Stocks and contracts -€96,939
down €96,939 (-16.1%), from €600,932 to €503,993
Equity and liabilities
- Other debts -€451,405
down €451,405 (-11.0%), from €4.1m to €3.7m
- Profit (loss) carried forward -€140,367
down €140,367 (-19.4%), from -€723,632 to -€864,000
Income statement
- Financial charges +€566,598
up €566,598 (+34,178%), from €1,658 to €568,256
- Financial income +€413,865
up €413,865 (+2,326%), from €17,795 to €431,660
- Gross operating margin +€180,292
up €180,292, from -€119,818 to €60,474
- Taxes +€10,489
up €10,489 (+385%), from €2,728 to €13,217
- Depreciation +€4,027
up €4,027 (+66.9%), from €6,022 to €10,049
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.
Result 2024
-€148,593
Gross operating margin
+€180,292
Staff costs
-€2,635
Depreciation
-€4,027
Other operating charges
-€2,182
Financial income
+€413,865
Financial charges
-€566,598
Taxes
-€10,489
Result 2025
-€140,367
raises the resultlowers the result
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.
From operations
-€33,638
Investment
€0
Financing
€0
Cash 2024
€163,059
From operations (derived)
-€33,638
Net result for the year
-€140,367
Depreciation
+€10,049
Stocks and contracts
+€96,939
Receivables within one year
+€440,509
Deferred charges and accrued income
-€27,312
Trade debts
+€26,412
Tax, wage and social debts
+€11,690
Other debts
-€451,405
Accrued charges and deferred income
-€154
Cash 2025
€129,421
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,587,382 | €4,033,558 | -€553,824 | -12.1% |
| Fixed assets | 21/28 | €44,445 | €34,397 | -€10,049 | -22.6% |
| Tangible fixed assets | 22/27 | €44,445 | €34,397 | -€10,049 | -22.6% |
| Furniture and vehicles | 24 | €42,309 | €32,739 | -€9,571 | -22.6% |
| Other tangible fixed assets | 26 | €2,136 | €1,658 | -€478 | -22.4% |
| Current assets | 29/58 | €4,542,937 | €3,999,162 | -€543,775 | -12.0% |
| Amounts receivable after more than one year | 29 | €47,000 | €47,000 | = | 0.0% |
| Other amounts receivable | 291 | €47,000 | €47,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €600,932 | €503,993 | -€96,939 | -16.1% |
| Stocks | 30/36 | €600,932 | €503,993 | -€96,939 | -16.1% |
| Amounts receivable within one year | 40/41 | €3,728,245 | €3,287,735 | -€440,509 | -11.8% |
| Trade receivables | 40 | €3,613,318 | €3,169,396 | -€443,922 | -12.3% |
| Other amounts receivable | 41 | €114,926 | €118,339 | +€3,412 | +3.0% |
| Cash at bank and in hand | 54/58 | €163,059 | €129,421 | -€33,638 | -20.6% |
| Deferred charges and accrued income | 490/1 | €3,701 | €31,013 | +€27,312 | +738% |
| Total equity and liabilities | 10/49 | €4,587,382 | €4,033,558 | -€553,824 | -12.1% |
| Equity | 10/15 | €396,747 | €256,379 | -€140,367 | -35.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,057,879 | €1,057,879 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €1,051,629 | €1,051,629 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€723,632 | -€864,000 | -€140,367 | -19.4% |
| Amounts payable | 17/49 | €4,190,635 | €3,777,179 | -€413,456 | -9.9% |
| Amounts payable within one year | 42/48 | €4,190,482 | €3,777,179 | -€413,303 | -9.9% |
| Trade debts | 44 | €75,971 | €102,383 | +€26,412 | +34.8% |
| Suppliers | 440/4 | €75,971 | €102,383 | +€26,412 | +34.8% |
| Taxes, remuneration and social security | 45 | €11,219 | €22,909 | +€11,690 | +104% |
| Taxes | 450/3 | €3,992 | €15,278 | +€11,286 | +283% |
| Remuneration and social security | 454/9 | €7,227 | €7,631 | +€404 | +5.6% |
| Other amounts payable | 47/48 | €4,103,292 | €3,651,887 | -€451,405 | -11.0% |
| Accrued charges and deferred income | 492/3 | €154 | - | -€154 | |
| Non-recurring operating income | 76A | €1,357 | - | -€1,357 | |
| Remuneration, social security and pensions | 62 | €33,639 | €36,274 | +€2,635 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,022 | €10,049 | +€4,027 | +66.9% |
| Other operating charges | 640/8 | €2,525 | €4,707 | +€2,182 | +86.4% |
| Gross operating margin | 9900 | -€119,818 | €60,474 | +€180,292 | |
| Operating profit (loss) | 9901 | -€162,003 | €9,445 | +€171,448 | |
| Financial income | 75/76B | €17,795 | €431,660 | +€413,865 | +2,326% |
| Recurring financial income | 75 | €17,795 | €431,660 | +€413,865 | +2,326% |
| Financial charges | 65/66B | €1,658 | €568,256 | +€566,598 | +34,178% |
| Recurring financial charges | 65 | €1,658 | €568,256 | +€566,598 | +34,178% |
| Profit (loss) for the period before taxes | 9903 | -€145,866 | -€127,151 | +€18,715 | +12.8% |
| Income taxes | 67/77 | €2,728 | €13,217 | +€10,489 | +385% |
| Profit (loss) for the period | 9904 | -€148,593 | -€140,367 | +€8,226 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,593 | -€140,367 | +€8,226 | +5.5% |
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 22 October 2026 via checked.be.