GEM5: 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.
GEM5
Largest movements
- Cash +€36,782
up €36,782 (+3.0%), from €1.2m to €1.3m
mainly Net result for the year (+€44,592) and Receivables within one year (+€14,964)
- Receivables within one year -€14,964
down €14,964 (-58.0%), from €25,816 to €10,852
of which Trade receivables: -€15,125
- Reserves +€44,592
up €44,592 (+3.5%), from €1.3m to €1.3m
- Tax, wage and social debts -€26,620
down €26,620 (-93.2%), from €28,573 to €1,953
- Gross operating margin -€204,763
down €204,763 (-75.4%), from €271,672 to €66,909
- Taxes -€70,813
down €70,813 (-78.1%), from €90,680 to €19,866
- Financial income -€12,933
down €12,933 (-96.0%), from €13,472 to €538
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 | €1,295,948 | €1,315,056 | +€19,108 | +1.5% |
| Fixed assets | 21/28 | €34,564 | €33,210 | -€1,354 | -3.9% |
| Tangible fixed assets | 22/27 | €4,564 | €3,210 | -€1,354 | -29.7% |
| Furniture and vehicles | 24 | €2,815 | €1,727 | -€1,088 | -38.6% |
| Other tangible fixed assets | 26 | €1,749 | €1,483 | -€266 | -15.2% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €1,261,384 | €1,281,846 | +€20,462 | +1.6% |
| Amounts receivable within one year | 40/41 | €25,816 | €10,852 | -€14,964 | -58.0% |
| Trade receivables | 40 | €15,125 | - | -€15,125 | |
| Other amounts receivable | 41 | €10,691 | €10,852 | +€161 | +1.5% |
| Cash at bank and in hand | 54/58 | €1,234,211 | €1,270,993 | +€36,782 | +3.0% |
| Deferred charges and accrued income | 490/1 | €1,356 | - | -€1,356 | |
| Total equity and liabilities | 10/49 | €1,295,948 | €1,315,056 | +€19,108 | +1.5% |
| Equity | 10/15 | €1,266,568 | €1,311,161 | +€44,592 | +3.5% |
| Contributions | 10/11 | €1,100 | €1,100 | = | 0.0% |
| Reserves | 13 | €1,265,468 | €1,310,061 | +€44,592 | +3.5% |
| Distributable reserves | 133 | €1,265,468 | €1,310,061 | +€44,592 | +3.5% |
| Amounts payable | 17/49 | €29,379 | €3,895 | -€25,484 | -86.7% |
| Amounts payable within one year | 42/48 | €29,379 | €3,895 | -€25,484 | -86.7% |
| Trade debts | 44 | €807 | €1,942 | +€1,136 | +141% |
| Suppliers | 440/4 | €807 | €1,942 | +€1,136 | +141% |
| Taxes, remuneration and social security | 45 | €28,573 | €1,953 | -€26,620 | -93.2% |
| Taxes | 450/3 | €28,573 | €1,953 | -€26,620 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,209 | €1,798 | -€1,411 | -44.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €271,672 | €66,909 | -€204,763 | -75.4% |
| Operating profit (loss) | 9901 | €267,495 | €64,113 | -€203,382 | -76.0% |
| Financial income | 75/76B | €13,472 | €538 | -€12,933 | -96.0% |
| Recurring financial income | 75 | €13,472 | €538 | -€12,933 | -96.0% |
| Financial charges | 65/66B | €117 | €193 | +€76 | +64.5% |
| Recurring financial charges | 65 | €117 | €193 | +€76 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | €280,850 | €64,458 | -€216,391 | -77.0% |
| Income taxes | 67/77 | €90,680 | €19,866 | -€70,813 | -78.1% |
| Profit (loss) for the period | 9904 | €190,170 | €44,592 | -€145,578 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €190,170 | €44,592 | -€145,578 | -76.6% |
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 15 October 2026 via checked.be.