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
- Tangible fixed assets -€102,755
down €102,755 (-7.0%), from €1.5m to €1.4m
of which Land and buildings: -€102,755
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€25,117
up €25,117 (+88.6%), from €28,338 to €53,454
mainly Net result for the year (+€143,493) and Other debts (+€108,608)
- Debts after one year -€225,785
down €225,785 (-57.4%), from €393,247 to €167,462
- Reserves +€143,493
up €143,493 (+32.4%), from €442,501 to €585,993
- Short-term financial debts -€134,888
down €134,888 (-80.2%), from €168,094 to €33,206
- Other debts +€108,608
up €108,608 (+30.3%), from €357,881 to €466,489
- Advances received -€100,000
down €100,000 (-80.0%), from €125,000 to €25,000
- Gross operating margin +€33,145
up €33,145 (+9.7%), from €340,964 to €374,108
- Financial charges +€20,208
up €20,208 (+57.9%), from €34,914 to €55,122
- Taxes +€5,513
up €5,513 (+9.0%), from €61,509 to €67,022
- Depreciation -€4,569
down €4,569 (-4.3%), from €107,324 to €102,755
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 | €1,599,650 | €1,422,518 | -€177,132 | -11.1% |
| Fixed assets | 21/28 | €1,471,312 | €1,368,773 | -€102,539 | -7.0% |
| Tangible fixed assets | 22/27 | €1,469,456 | €1,366,701 | -€102,755 | -7.0% |
| Land and buildings | 22 | €1,444,081 | €1,341,326 | -€102,755 | -7.1% |
| Other tangible fixed assets | 26 | €25,375 | €25,375 | = | 0.0% |
| Financial fixed assets | 28 | €1,856 | €2,072 | +€216 | +11.6% |
| Current assets | 29/58 | €128,338 | €53,745 | -€74,593 | -58.1% |
| Amounts receivable within one year | 40/41 | - | €291 | +€291 | |
| Trade receivables | 40 | - | €274 | +€274 | |
| Other amounts receivable | 41 | - | €17 | +€17 | |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €28,338 | €53,454 | +€25,117 | +88.6% |
| Total equity and liabilities | 10/49 | €1,599,650 | €1,422,518 | -€177,132 | -11.1% |
| Equity | 10/15 | €462,501 | €605,993 | +€143,493 | +31.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Share premium | 1100/10 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €442,501 | €585,993 | +€143,493 | +32.4% |
| Distributable reserves | 133 | €442,501 | €585,993 | +€143,493 | +32.4% |
| Amounts payable | 17/49 | €1,137,149 | €816,524 | -€320,625 | -28.2% |
| Amounts payable after more than one year | 17 | €393,247 | €167,462 | -€225,785 | -57.4% |
| Financial debts | 170/4 | €393,247 | €167,462 | -€225,785 | -57.4% |
| Amounts payable within one year | 42/48 | €683,756 | €556,229 | -€127,527 | -18.7% |
| Financial debts | 43 | €168,094 | €33,206 | -€134,888 | -80.2% |
| Credit institutions | 430/8 | €168,094 | €33,206 | -€134,888 | -80.2% |
| Trade debts | 44 | €6,947 | €2,212 | -€4,735 | -68.2% |
| Suppliers | 440/4 | €6,947 | €2,212 | -€4,735 | -68.2% |
| Advances received on contracts in progress | 46 | €125,000 | €25,000 | -€100,000 | -80.0% |
| Taxes, remuneration and social security | 45 | €25,835 | €29,322 | +€3,487 | +13.5% |
| Taxes | 450/3 | €25,835 | €29,322 | +€3,487 | +13.5% |
| Other amounts payable | 47/48 | €357,881 | €466,489 | +€108,608 | +30.3% |
| Accrued charges and deferred income | 492/3 | €60,146 | €92,833 | +€32,687 | +54.3% |
| Remuneration, social security and pensions | 62 | €452 | €551 | +€98 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,324 | €102,755 | -€4,569 | -4.3% |
| Other operating charges | 640/8 | €7,069 | €9,305 | +€2,237 | +31.6% |
| Gross operating margin | 9900 | €340,964 | €374,108 | +€33,145 | +9.7% |
| Operating profit (loss) | 9901 | €226,119 | €261,497 | +€35,378 | +15.6% |
| Financial income | 75/76B | €1,390 | €4,140 | +€2,750 | +197.7% |
| Recurring financial income | 75 | €1,390 | €4,140 | +€2,750 | +197.7% |
| Financial charges | 65/66B | €34,914 | €55,122 | +€20,208 | +57.9% |
| Recurring financial charges | 65 | €34,914 | €55,122 | +€20,208 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | €192,595 | €210,515 | +€17,919 | +9.3% |
| Income taxes | 67/77 | €61,509 | €67,022 | +€5,513 | +9.0% |
| Profit (loss) for the period | 9904 | €131,086 | €143,493 | +€12,406 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €131,086 | €143,493 | +€12,406 | +9.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.