GEM Vista: 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 Vista
Largest movements
- Stocks and contracts -€2.5m
down €2.5m (-63.9%), from €3.8m to €1.4m
- Receivables within one year +€846,266
up €846,266 (+504%), from €168,028 to €1.0m
of which Other amounts receivable: +€847,427
- Cash -€159,709
down €159,709 (-41.8%), from €382,004 to €222,295
mainly Short-term financial debts (-€2.3m) and Receivables within one year (-€846,266)
- Short-term financial debts -€2.3m
down €2.3m (-100%), from €2.3m to €0
- Debts after one year +€250,000
new in 2025: €250,000
- Accrued charges and deferred income +€169,655
up €169,655 (+1,356%), from €12,511 to €182,166
- Other debts +€76,736
up €76,736 (+14.8%), from €519,948 to €596,684
- Reserves +€45,000
up €45,000 (+6.5%), from €691,600 to €736,600
- Gross operating margin +€486,101
up €486,101 (+313%), from €155,276 to €641,377
- Financial charges -€81,268
down €81,268 (-68.4%), from €118,837 to €37,569
- Other operating charges -€10,500
down €10,500 (-78.6%), from €13,351 to €2,851
- Taxes +€6,498
up €6,498 (+76.5%), from €8,495 to €14,993
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 | €4,427,505 | €2,651,991 | -€1.8m | -40.1% |
| Fixed assets | 21/28 | €32,750 | €31,764 | -€987 | -3.0% |
| Tangible fixed assets | 22/27 | €23,861 | €22,874 | -€987 | -4.1% |
| Land and buildings | 22 | €16,211 | €15,224 | -€987 | -6.1% |
| Furniture and vehicles | 24 | €7,650 | €7,650 | = | 0.0% |
| Financial fixed assets | 28 | €8,890 | €8,890 | = | 0.0% |
| Current assets | 29/58 | €4,394,755 | €2,620,228 | -€1.8m | -40.4% |
| Stocks and contracts in progress | 3 | €3,836,643 | €1,383,638 | -€2.5m | -63.9% |
| Stocks | 30/36 | €3,836,643 | €1,383,638 | -€2.5m | -63.9% |
| Amounts receivable within one year | 40/41 | €168,028 | €1,014,295 | +€846,266 | +504% |
| Trade receivables | 40 | €31,160 | €30,000 | -€1,160 | -3.7% |
| Other amounts receivable | 41 | €136,868 | €984,295 | +€847,427 | +619% |
| Cash at bank and in hand | 54/58 | €382,004 | €222,295 | -€159,709 | -41.8% |
| Deferred charges and accrued income | 490/1 | €8,080 | €0 | -€8,080 | -100% |
| Total equity and liabilities | 10/49 | €4,427,505 | €2,651,991 | -€1.8m | -40.1% |
| Equity | 10/15 | €712,878 | €757,858 | +€44,979 | +6.3% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €691,600 | €736,600 | +€45,000 | +6.5% |
| Distributable reserves | 133 | €691,600 | €736,600 | +€45,000 | +6.5% |
| Profit (loss) carried forward | 14 | €278 | €258 | -€21 | -7.4% |
| Amounts payable | 17/49 | €3,714,627 | €1,894,134 | -€1.8m | -49.0% |
| Amounts payable after more than one year | 17 | - | €250,000 | +€250,000 | |
| Financial debts | 170/4 | - | €250,000 | +€250,000 | |
| Amounts payable within one year | 42/48 | €3,702,116 | €1,461,968 | -€2.2m | -60.5% |
| Financial debts | 43 | €2,340,850 | €0 | -€2.3m | -100% |
| Credit institutions | 430/8 | €2,340,850 | €0 | -€2.3m | -100% |
| Trade debts | 44 | €821,999 | €850,284 | +€28,286 | +3.4% |
| Suppliers | 440/4 | €821,999 | €850,284 | +€28,286 | +3.4% |
| Advances received on contracts in progress | 46 | €0 | €15,000 | +€15,000 | |
| Taxes, remuneration and social security | 45 | €19,320 | €0 | -€19,320 | -100% |
| Taxes | 450/3 | €19,320 | €0 | -€19,320 | -100% |
| Other amounts payable | 47/48 | €519,948 | €596,684 | +€76,736 | +14.8% |
| Accrued charges and deferred income | 492/3 | €12,511 | €182,166 | +€169,655 | +1,356% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €987 | €987 | = | 0.0% |
| Other operating charges | 640/8 | €13,351 | €2,851 | -€10,500 | -78.6% |
| Gross operating margin | 9900 | €155,276 | €641,377 | +€486,101 | +313% |
| Operating profit (loss) | 9901 | €140,938 | €637,539 | +€496,601 | +352% |
| Financial income | 75/76B | €11,284 | €10,002 | -€1,281 | -11.4% |
| Recurring financial income | 75 | €11,284 | €10,002 | -€1,281 | -11.4% |
| Financial charges | 65/66B | €118,837 | €37,569 | -€81,268 | -68.4% |
| Recurring financial charges | 65 | €118,837 | €37,569 | -€81,268 | -68.4% |
| Profit (loss) for the period before taxes | 9903 | €33,385 | €609,973 | +€576,588 | +1,727% |
| Income taxes | 67/77 | €8,495 | €14,993 | +€6,498 | +76.5% |
| Profit (loss) for the period | 9904 | €24,890 | €594,979 | +€570,090 | +2,290% |
| Profit (loss) for the period to be appropriated | 9905 | €24,890 | €594,979 | +€570,090 | +2,290% |
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 18 October 2026 via checked.be.