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
- Stocks and contracts +€306,285
new in 2025: €306,285
- Cash -€38,043
down €38,043 (-93.0%), from €40,923 to €2,880
mainly Stocks and contracts (-€306,285) and Receivables within one year (-€24,289)
- Receivables within one year +€24,289
up €24,289 (+939.3%), from €2,586 to €26,875
- Tangible fixed assets -€4,264
no longer reported in 2025 (was €4,264)
- Other debts +€195,269
up €195,269 (+1819.7%), from €10,731 to €206,000
- Short-term financial debts +€92,000
new in 2025: €92,000
- Profit (loss) carried forward -€7,562
down €7,562, from €90 to -€7,472
- Trade debts +€7,274
up €7,274 (+18552.1%), from €39 to €7,313
- Gross operating margin -€10,458
down €10,458, from €5,268 to -€5,190
- Depreciation -€1,991
no longer reported in 2025 (was €1,991)
- Financial charges +€1,929
up €1,929 (+1052.4%), from €183 to €2,112
- Taxes -€1,151
down €1,151, from €1,128 to -€23
- Staff costs +€533
up €533 (+58.6%), from €910 to €1,443
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 | €48,320 | €336,040 | +€287,719 | +595.4% |
| Fixed assets | 21/28 | €4,264 | - | -€4,264 | |
| Tangible fixed assets | 22/27 | €4,264 | - | -€4,264 | |
| Land and buildings | 22 | €324 | - | -€324 | |
| Plant, machinery and equipment | 23 | €885 | - | -€885 | |
| Furniture and vehicles | 24 | €1,186 | - | -€1,186 | |
| Other tangible fixed assets | 26 | €1,868 | - | -€1,868 | |
| Current assets | 29/58 | €44,057 | €336,040 | +€291,983 | +662.7% |
| Stocks and contracts in progress | 3 | - | €306,285 | +€306,285 | |
| Contracts in progress | 37 | - | €306,285 | +€306,285 | |
| Amounts receivable within one year | 40/41 | €2,586 | €26,875 | +€24,289 | +939.3% |
| Other amounts receivable | 41 | €2,586 | €26,875 | +€24,289 | +939.3% |
| Cash at bank and in hand | 54/58 | €40,923 | €2,880 | -€38,043 | -93.0% |
| Deferred charges and accrued income | 490/1 | €548 | - | -€548 | |
| Total equity and liabilities | 10/49 | €48,320 | €336,040 | +€287,719 | +595.4% |
| Equity | 10/15 | €37,450 | €29,888 | -€7,562 | -20.2% |
| Contributions | 10/11 | €13,260 | €13,260 | = | 0.0% |
| Reserves | 13 | €24,100 | €24,100 | = | 0.0% |
| Distributable reserves | 133 | €24,100 | €24,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90 | -€7,472 | -€7,562 | |
| Amounts payable | 17/49 | €10,870 | €306,151 | +€295,281 | +2716.4% |
| Amounts payable within one year | 42/48 | €10,870 | €305,313 | +€294,443 | +2708.7% |
| Financial debts | 43 | - | €92,000 | +€92,000 | |
| Credit institutions | 430/8 | - | €92,000 | +€92,000 | |
| Trade debts | 44 | €39 | €7,313 | +€7,274 | +18552.1% |
| Suppliers | 440/4 | €39 | €7,313 | +€7,274 | +18552.1% |
| Taxes, remuneration and social security | 45 | €100 | - | -€100 | |
| Remuneration and social security | 454/9 | €100 | - | -€100 | |
| Other amounts payable | 47/48 | €10,731 | €206,000 | +€195,269 | +1819.7% |
| Accrued charges and deferred income | 492/3 | - | €838 | +€838 | |
| Non-recurring operating income | 76A | - | €736 | +€736 | |
| Remuneration, social security and pensions | 62 | €910 | €1,443 | +€533 | +58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,991 | - | -€1,991 | |
| Other operating charges | 640/8 | €688 | €784 | +€97 | +14.0% |
| Gross operating margin | 9900 | €5,268 | -€5,190 | -€10,458 | |
| Operating profit (loss) | 9901 | €1,679 | -€7,418 | -€9,097 | |
| Financial income | 75/76B | €1,578 | €1,945 | +€367 | +23.3% |
| Recurring financial income | 75 | €1,578 | €1,945 | +€367 | +23.3% |
| Financial charges | 65/66B | €183 | €2,112 | +€1,929 | +1052.4% |
| Recurring financial charges | 65 | €183 | €2,112 | +€1,929 | +1052.4% |
| Profit (loss) for the period before taxes | 9903 | €3,074 | -€7,585 | -€10,658 | |
| Income taxes | 67/77 | €1,128 | -€23 | -€1,151 | |
| Profit (loss) for the period | 9904 | €1,946 | -€7,562 | -€9,507 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,946 | -€7,562 | -€9,507 |
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 9 October 2026 via checked.be.