GEMA: 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.
GEMA
Largest movements
- Receivables within one year +€4,268
up €4,268 (+2.8%), from €152,696 to €156,965
of which Trade receivables: +€16,367
- Tangible fixed assets -€3,083
down €3,083 (-34.5%), from €8,935 to €5,851
of which Plant, machinery and equipment: -€2,381
- Deferred charges and accrued income +€2,774
up €2,774 (+10.6%), from €26,049 to €28,822
- Other debts -€31,033
down €31,033 (-43.4%), from €71,555 to €40,522
- Short-term financial debts +€16,780
up €16,780 (+55.7%), from €30,140 to €46,920
- Trade debts +€13,139
up €13,139 (+34.5%), from €38,039 to €51,177
- Tax, wage and social debts +€2,609
up €2,609 (+10.2%), from €25,466 to €28,076
of which Remuneration and social security: +€1,467
- Reserves +€2,384
up €2,384 (+33.1%), from €7,196 to €9,580
of which Distributable reserves: +€2,384
- Staff costs +€16,376
up €16,376 (+16.2%), from €101,358 to €117,734
- Gross operating margin -€15,662
down €15,662 (-8.2%), from €191,682 to €176,021
- Write-downs -€4,161
down €4,161 (-75.6%), from €5,502 to €1,341
- Taxes +€3,112
up €3,112 (+146%), from €2,133 to €5,245
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 | €191,259 | €195,243 | +€3,984 | +2.1% |
| Fixed assets | 21/28 | €12,511 | €8,851 | -€3,659 | -29.2% |
| Intangible fixed assets | 21 | €576 | €0 | -€576 | -100% |
| Tangible fixed assets | 22/27 | €8,935 | €5,851 | -€3,083 | -34.5% |
| Plant, machinery and equipment | 23 | €7,586 | €5,205 | -€2,381 | -31.4% |
| Furniture and vehicles | 24 | €1,349 | €646 | -€702 | -52.1% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €178,748 | €186,392 | +€7,643 | +4.3% |
| Amounts receivable within one year | 40/41 | €152,696 | €156,965 | +€4,268 | +2.8% |
| Trade receivables | 40 | €113,348 | €129,715 | +€16,367 | +14.4% |
| Other amounts receivable | 41 | €39,349 | €27,250 | -€12,099 | -30.7% |
| Cash at bank and in hand | 54/58 | €4 | €605 | +€601 | +16,753% |
| Deferred charges and accrued income | 490/1 | €26,049 | €28,822 | +€2,774 | +10.6% |
| Total equity and liabilities | 10/49 | €191,259 | €195,243 | +€3,984 | +2.1% |
| Equity | 10/15 | €25,796 | €28,180 | +€2,384 | +9.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,196 | €9,580 | +€2,384 | +33.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €5,336 | €7,720 | +€2,384 | +44.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €165,463 | €167,063 | +€1,600 | +1.0% |
| Amounts payable within one year | 42/48 | €165,463 | €167,063 | +€1,600 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €30,140 | €46,920 | +€16,780 | +55.7% |
| Credit institutions | 430/8 | €30,140 | €46,920 | +€16,780 | +55.7% |
| Trade debts | 44 | €38,039 | €51,177 | +€13,139 | +34.5% |
| Suppliers | 440/4 | €38,039 | €51,177 | +€13,139 | +34.5% |
| Advances received on contracts in progress | 46 | €263 | €368 | +€105 | +40.0% |
| Taxes, remuneration and social security | 45 | €25,466 | €28,076 | +€2,609 | +10.2% |
| Taxes | 450/3 | €13,440 | €14,582 | +€1,142 | +8.5% |
| Remuneration and social security | 454/9 | €12,027 | €13,494 | +€1,467 | +12.2% |
| Other amounts payable | 47/48 | €71,555 | €40,522 | -€31,033 | -43.4% |
| Remuneration, social security and pensions | 62 | €101,358 | €117,734 | +€16,376 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,519 | €3,659 | -€859 | -19.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,502 | €1,341 | -€4,161 | -75.6% |
| Other operating charges | 640/8 | €2,595 | €3,119 | +€524 | +20.2% |
| Gross operating margin | 9900 | €191,682 | €176,021 | -€15,662 | -8.2% |
| Operating profit (loss) | 9901 | €77,709 | €50,167 | -€27,541 | -35.4% |
| Financial income | 75/76B | €10 | €62 | +€52 | +525% |
| Recurring financial income | 75 | €10 | €62 | +€52 | +525% |
| Financial charges | 65/66B | €3,206 | €2,600 | -€606 | -18.9% |
| Recurring financial charges | 65 | €3,206 | €2,600 | -€606 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €74,512 | €47,629 | -€26,883 | -36.1% |
| Income taxes | 67/77 | €2,133 | €5,245 | +€3,112 | +146% |
| Profit (loss) for the period | 9904 | €72,379 | €42,384 | -€29,995 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €72,379 | €42,384 | -€29,995 | -41.4% |
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 19 October 2026 via checked.be.