GEMA: 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.
GEMA
Largest movements
- Cash +€16,114
up €16,114 (+18.6%), from €86,847 to €102,961
mainly Receivables within one year (+€14,184) and Net result for the year (+€13,646)
- Receivables within one year -€14,184
down €14,184 (-11.0%), from €129,026 to €114,843
of which Trade receivables: -€14,184
- Reserves -€19,518
down €19,518 (-9.3%), from €210,749 to €191,231
- Other debts +€10,268
up €10,268 (+97.6%), from €10,525 to €20,793
- Trade debts +€7,575
up €7,575 (+459.8%), from €1,647 to €9,222
- Tax, wage and social debts +€3,567
up €3,567 (+25.0%), from €14,247 to €17,813
of which Taxes: +€5,104
- Gross operating margin -€9,127
down €9,127 (-25.4%), from €35,921 to €26,794
- Taxes -€1,731
down €1,731 (-15.9%), from €10,861 to €9,131
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
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 | €258,373 | €259,059 | +€687 | +0.3% |
| Fixed assets | 21/28 | €6,268 | €4,507 | -€1,761 | -28.1% |
| Tangible fixed assets | 22/27 | €6,243 | €4,482 | -€1,761 | -28.2% |
| Plant, machinery and equipment | 23 | €2,748 | €1,498 | -€1,250 | -45.5% |
| Furniture and vehicles | 24 | €1,055 | €794 | -€261 | -24.8% |
| Other tangible fixed assets | 26 | €2,440 | €2,190 | -€250 | -10.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €252,105 | €254,553 | +€2,448 | +1.0% |
| Stocks and contracts in progress | 3 | €36,010 | €36,010 | = | 0.0% |
| Stocks | 30/36 | €36,010 | €36,010 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €129,026 | €114,843 | -€14,184 | -11.0% |
| Trade receivables | 40 | €66,771 | €52,588 | -€14,184 | -21.2% |
| Other amounts receivable | 41 | €62,255 | €62,255 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €86,847 | €102,961 | +€16,114 | +18.6% |
| Deferred charges and accrued income | 490/1 | €221 | €739 | +€518 | +234.4% |
| Total equity and liabilities | 10/49 | €258,373 | €259,059 | +€687 | +0.3% |
| Equity | 10/15 | €230,749 | €211,231 | -€19,518 | -8.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €210,749 | €191,231 | -€19,518 | -9.3% |
| Distributable reserves | 133 | €210,749 | €191,231 | -€19,518 | -9.3% |
| Amounts payable | 17/49 | €27,624 | €47,829 | +€20,205 | +73.1% |
| Amounts payable within one year | 42/48 | €27,624 | €47,829 | +€20,205 | +73.1% |
| Trade debts | 44 | €1,647 | €9,222 | +€7,575 | +459.8% |
| Suppliers | 440/4 | €1,647 | €9,222 | +€7,575 | +459.8% |
| Advances received on contracts in progress | 46 | €1,205 | - | -€1,205 | |
| Taxes, remuneration and social security | 45 | €14,247 | €17,813 | +€3,567 | +25.0% |
| Taxes | 450/3 | €12,709 | €17,813 | +€5,104 | +40.2% |
| Remuneration and social security | 454/9 | €1,537 | - | -€1,537 | |
| Other amounts payable | 47/48 | €10,525 | €20,793 | +€10,268 | +97.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,789 | €1,761 | -€28 | -1.5% |
| Other operating charges | 640/8 | €1,689 | €1,870 | +€182 | +10.8% |
| Gross operating margin | 9900 | €35,921 | €26,794 | -€9,127 | -25.4% |
| Operating profit (loss) | 9901 | €32,444 | €23,163 | -€9,281 | -28.6% |
| Financial income | 75/76B | €2 | €1 | -€0 | -11.3% |
| Recurring financial income | 75 | €2 | €1 | -€0 | -11.3% |
| Financial charges | 65/66B | €289 | €387 | +€98 | +33.9% |
| Recurring financial charges | 65 | €289 | €387 | +€98 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €32,156 | €22,777 | -€9,379 | -29.2% |
| Income taxes | 67/77 | €10,861 | €9,131 | -€1,731 | -15.9% |
| Profit (loss) for the period | 9904 | €21,295 | €13,646 | -€7,649 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,295 | €13,646 | -€7,649 | -35.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 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.