GEM ONE: 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 ONE
Largest movements
- Receivables within one year -€1.0m
down €1.0m (-42.2%), from €2.4m to €1.4m
of which Other amounts receivable: -€576,923
- Intangible fixed assets +€796,163
up €796,163 (+100.3%), from €794,059 to €1.6m
- Stocks and contracts -€243,519
down €243,519 (-26.5%), from €919,298 to €675,780
- Profit (loss) carried forward -€1.7m
down €1.7m (-107.1%), from -€1.6m to -€3.2m
- Other debts +€648,599
up €648,599 (+3242994.7%), from €20 to €648,619
- Trade debts +€369,059
up €369,059 (+53.9%), from €684,923 to €1.1m
- Accrued charges and deferred income +€112,304
up €112,304 (+15.3%), from €733,664 to €845,968
- Tax, wage and social debts +€78,561
up €78,561 (+16.0%), from €489,688 to €568,249
of which Taxes: +€55,515
- Goods and materials +€1.4m
up €1.4m (+162.3%), from €835,196 to €2.2m
of which Purchases: +€1.5m
- Turnover +€1.2m
up €1.2m (+19.8%), from €5.9m to €7.1m
- Staff costs +€744,765
up €744,765 (+33.4%), from €2.2m to €3.0m
- Services and other goods +€726,556
up €726,556 (+30.0%), from €2.4m to €3.1m
- Depreciation +€179,227
up €179,227 (+233.1%), from €76,881 to €256,107
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,341,772 | €3,874,440 | -€467,332 | -10.8% |
| Fixed assets | 21/28 | €903,077 | €1,679,594 | +€776,517 | +86.0% |
| Intangible fixed assets | 21 | €794,059 | €1,590,222 | +€796,163 | +100.3% |
| Tangible fixed assets | 22/27 | €108,607 | €88,960 | -€19,646 | -18.1% |
| Plant, machinery and equipment | 23 | €11,133 | €23,941 | +€12,808 | +115.0% |
| Furniture and vehicles | 24 | €97,474 | €65,020 | -€32,454 | -33.3% |
| Financial fixed assets | 28 | €412 | €412 | = | 0.0% |
| Other financial fixed assets | 284/8 | €412 | €412 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €412 | €412 | = | 0.0% |
| Current assets | 29/58 | €3,438,694 | €2,194,846 | -€1.2m | -36.2% |
| Stocks and contracts in progress | 3 | €919,298 | €675,780 | -€243,519 | -26.5% |
| Stocks | 30/36 | €919,298 | €675,780 | -€243,519 | -26.5% |
| Goods purchased for resale | 34 | €919,298 | €675,780 | -€243,519 | -26.5% |
| Amounts receivable within one year | 40/41 | €2,413,283 | €1,394,892 | -€1.0m | -42.2% |
| Trade receivables | 40 | €1,781,453 | €1,339,986 | -€441,468 | -24.8% |
| Other amounts receivable | 41 | €631,830 | €54,907 | -€576,923 | -91.3% |
| Cash at bank and in hand | 54/58 | - | €0 | = | |
| Deferred charges and accrued income | 490/1 | €106,113 | €124,174 | +€18,061 | +17.0% |
| Total equity and liabilities | 10/49 | €4,341,772 | €3,874,440 | -€467,332 | -10.8% |
| Equity | 10/15 | €2,433,477 | €757,622 | -€1.7m | -68.9% |
| Contributions | 10/11 | €3,998,500 | €3,998,500 | = | 0.0% |
| Capital | 10 | €3,998,500 | €3,998,500 | = | 0.0% |
| Issued capital | 100 | €3,998,500 | €3,998,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,565,023 | -€3,240,878 | -€1.7m | -107.1% |
| Amounts payable | 17/49 | €1,908,294 | €3,116,818 | +€1.2m | +63.3% |
| Amounts payable within one year | 42/48 | €1,174,631 | €2,270,850 | +€1.1m | +93.3% |
| Trade debts | 44 | €684,923 | €1,053,982 | +€369,059 | +53.9% |
| Suppliers | 440/4 | €684,923 | €1,053,982 | +€369,059 | +53.9% |
| Taxes, remuneration and social security | 45 | €489,688 | €568,249 | +€78,561 | +16.0% |
| Taxes | 450/3 | €25,359 | €80,874 | +€55,515 | +218.9% |
| Remuneration and social security | 454/9 | €464,329 | €487,375 | +€23,046 | +5.0% |
| Other amounts payable | 47/48 | €20 | €648,619 | +€648,599 | +3242994.7% |
| Accrued charges and deferred income | 492/3 | €733,664 | €845,968 | +€112,304 | +15.3% |
| Operating income | 70/76A | €6,207,160 | €7,526,276 | +€1.3m | +21.3% |
| Turnover | 70 | €5,939,862 | €7,116,599 | +€1.2m | +19.8% |
| Other operating income | 74 | €267,298 | €409,677 | +€142,379 | +53.3% |
| Operating charges | 60/66A | €6,103,854 | €9,160,149 | +€3.1m | +50.1% |
| Goods for resale, raw materials and consumables | 60 | €835,196 | €2,190,727 | +€1.4m | +162.3% |
| Purchases | 600/8 | €773,498 | €2,316,809 | +€1.5m | +199.5% |
| Change in stocks: decrease (increase) | 609 | €61,698 | -€126,082 | -€187,779 | |
| Services and other goods | 61 | €2,418,427 | €3,144,983 | +€726,556 | +30.0% |
| Remuneration, social security and pensions | 62 | €2,229,294 | €2,974,059 | +€744,765 | +33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,881 | €256,107 | +€179,227 | +233.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €247,120 | €403,503 | +€156,383 | +63.3% |
| Other operating charges | 640/8 | €133,411 | €27,206 | -€106,205 | -79.6% |
| Non-recurring operating charges | 66A | €163,525 | €163,564 | +€39 | 0.0% |
| Operating profit (loss) | 9901 | €103,306 | -€1,633,873 | -€1.7m | |
| Financial income | 75/76B | €90,795 | €133,064 | +€42,269 | +46.6% |
| Recurring financial income | 75 | €90,795 | €133,064 | +€42,269 | +46.6% |
| Income from current assets | 751 | €22,049 | €9,713 | -€12,336 | -55.9% |
| Other financial income | 752/9 | €68,746 | €123,351 | +€54,606 | +79.4% |
| Financial charges | 65/66B | €119,664 | €170,138 | +€50,474 | +42.2% |
| Recurring financial charges | 65 | €119,664 | €170,138 | +€50,474 | +42.2% |
| Debt charges | 650 | €32,871 | €62,509 | +€29,638 | +90.2% |
| Other financial charges | 652/9 | €86,793 | €107,629 | +€20,836 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €74,437 | -€1,670,948 | -€1.7m | |
| Income taxes | 67/77 | -€2,891 | €4,908 | +€7,799 | |
| Taxes | 670/3 | €4,224 | €4,908 | +€683 | +16.2% |
| Tax adjustments and reversals of tax provisions | 77 | €7,116 | - | -€7,116 | |
| Profit (loss) for the period | 9904 | €77,328 | -€1,675,855 | -€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €77,328 | -€1,675,855 | -€1.8m |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.