GEM INVESTMENT: what changed
What changed
GEM INVESTMENT
filed annual accounts (NBB)
Net result for the year
-€13,719
2024 · €2,229-€15,948
Equity
€76,818
2024 · €90,538-€13,719
Cash
€1,710
2024 · €1,059+€651
Balance sheet total
€152,113
2024 · €155,376-€3,263
Largest movements
Assets
- Tangible fixed assets -€3,636
down €3,636 (-2.4%), from €153,964 to €150,327
Equity and liabilities
- Other debts +€27,206
up €27,206 (+1,044%), from €2,605 to €29,811
- Profit (loss) carried forward -€12,108
down €12,108 (-31.8%), from €38,081 to €25,973
- Debts after one year -€11,260
down €11,260 (-35.8%), from €31,417 to €20,158
- Current portion of long-term debt -€3,384
down €3,384 (-37.2%), from €9,090 to €5,706
- Tax, wage and social debts -€2,320
down €2,320 (-61.7%), from €3,759 to €1,438
Income statement
- Gross operating margin -€17,690
down €17,690, from €12,079 to -€5,611
- Financial charges -€1,289
down €1,289 (-34.0%), from €3,786 to €2,498
- Depreciation -€397
down €397 (-9.9%), from €4,034 to €3,636
- Other operating charges -€185
down €185 (-13.0%), from €1,422 to €1,237
- Taxes +€129
up €129 (+9.0%), from €1,438 to €1,568
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.
Result 2024
€2,229
Gross operating margin
-€17,690
Depreciation
+€397
Other operating charges
+€185
Financial charges
+€1,289
Taxes
-€129
Result 2025
-€13,719
raises the resultlowers the result
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.
From operations
+€15,294
Investment
€0
Financing
-€14,644
Cash 2024
€1,059
From operations (derived)
+€15,294
Net result for the year
-€13,719
Depreciation
+€3,636
Receivables within one year
+€277
Provisions
-€830
Trade debts
+€1,044
Tax, wage and social debts
-€2,320
Other debts
+€27,206
Financing
-€14,644
Debts after one year
-€11,260
Current portion of long-term debt
-€3,384
Cash 2025
€1,710
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €155,376 | €152,113 | -€3,263 | -2.1% |
| Fixed assets | 21/28 | €153,964 | €150,327 | -€3,636 | -2.4% |
| Tangible fixed assets | 22/27 | €153,964 | €150,327 | -€3,636 | -2.4% |
| Land and buildings | 22 | €153,964 | €150,327 | -€3,636 | -2.4% |
| Current assets | 29/58 | €1,412 | €1,786 | +€374 | +26.5% |
| Amounts receivable within one year | 40/41 | €353 | €76 | -€277 | -78.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €353 | €76 | -€277 | -78.4% |
| Cash at bank and in hand | 54/58 | €1,059 | €1,710 | +€651 | +61.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €155,376 | €152,113 | -€3,263 | -2.1% |
| Equity | 10/15 | €90,538 | €76,818 | -€13,719 | -15.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €33,865 | €32,253 | -€1,612 | -4.8% |
| Tax-exempt reserves | 132 | €33,865 | €32,253 | -€1,612 | -4.8% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €38,081 | €25,973 | -€12,108 | -31.8% |
| Provisions and deferred taxes | 16 | €17,438 | €16,608 | -€830 | -4.8% |
| Deferred taxes | 168 | €17,438 | €16,608 | -€830 | -4.8% |
| Amounts payable | 17/49 | €47,400 | €58,687 | +€11,287 | +23.8% |
| Amounts payable after more than one year | 17 | €31,417 | €20,158 | -€11,260 | -35.8% |
| Financial debts | 170/4 | €31,417 | €20,158 | -€11,260 | -35.8% |
| Amounts payable within one year | 42/48 | €15,983 | €38,529 | +€22,547 | +141% |
| Current portion of amounts payable after more than one year | 42 | €9,090 | €5,706 | -€3,384 | -37.2% |
| Trade debts | 44 | €529 | €1,573 | +€1,044 | +197% |
| Suppliers | 440/4 | €529 | €1,573 | +€1,044 | +197% |
| Taxes, remuneration and social security | 45 | €3,759 | €1,438 | -€2,320 | -61.7% |
| Taxes | 450/3 | €3,759 | €1,438 | -€2,320 | -61.7% |
| Other amounts payable | 47/48 | €2,605 | €29,811 | +€27,206 | +1,044% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,034 | €3,636 | -€397 | -9.9% |
| Other operating charges | 640/8 | €1,422 | €1,237 | -€185 | -13.0% |
| Gross operating margin | 9900 | €12,079 | -€5,611 | -€17,690 | |
| Operating profit (loss) | 9901 | €6,623 | -€10,484 | -€17,107 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,786 | €2,498 | -€1,289 | -34.0% |
| Recurring financial charges | 65 | €3,786 | €2,498 | -€1,289 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €2,837 | -€12,982 | -€15,819 | |
| Transfer from deferred taxes | 780 | €830 | €830 | = | 0.0% |
| Income taxes | 67/77 | €1,438 | €1,568 | +€129 | +9.0% |
| Profit (loss) for the period | 9904 | €2,229 | -€13,719 | -€15,948 | |
| Transfer from tax-exempt reserves | 789 | €1,612 | €1,612 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,840 | -€12,108 | -€15,948 |
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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.