GEMABEL: 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.
GEMABEL
Largest movements
- Cash +€2,441
up €2,441 (+65.2%), from €3,742 to €6,183
mainly Other debts (+€8,683) and Depreciation (+€2,838)
- Tangible fixed assets -€948
down €948 (-21.0%), from €4,515 to €3,567
- Receivables within one year +€828
up €828 (+19.4%), from €4,277 to €5,106
of which Trade receivables: +€828
- Current investments -€680
down €680 (-13.1%), from €5,182 to €4,503
- Deferred charges and accrued income +€564
up €564 (+46.5%), from €1,215 to €1,779
- Other debts +€8,683
up €8,683 (+42.7%), from €20,341 to €29,023
- Profit (loss) carried forward -€8,224
down €8,224 (-16.7%), from -€49,251 to -€57,475
- Trade debts +€1,200
up €1,200 (+65.7%), from €1,826 to €3,026
- Tax, wage and social debts +€547
up €547 (+5.1%), from €10,716 to €11,262
of which Taxes: +€650
- Staff costs +€961
up €961 (+3.0%), from €32,410 to €33,371
- Gross operating margin +€732
up €732 (+2.6%), from €27,753 to €28,486
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 | €19,082 | €21,287 | +€2,205 | +11.6% |
| Fixed assets | 21/28 | €4,665 | €3,717 | -€948 | -20.3% |
| Tangible fixed assets | 22/27 | €4,515 | €3,567 | -€948 | -21.0% |
| Furniture and vehicles | 24 | €4,515 | €3,567 | -€948 | -21.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €14,417 | €17,570 | +€3,153 | +21.9% |
| Amounts receivable within one year | 40/41 | €4,277 | €5,106 | +€828 | +19.4% |
| Trade receivables | 40 | €4,269 | €5,098 | +€828 | +19.4% |
| Other amounts receivable | 41 | €8 | €8 | = | 0.0% |
| Current investments | 50/53 | €5,182 | €4,503 | -€680 | -13.1% |
| Cash at bank and in hand | 54/58 | €3,742 | €6,183 | +€2,441 | +65.2% |
| Deferred charges and accrued income | 490/1 | €1,215 | €1,779 | +€564 | +46.5% |
| Total equity and liabilities | 10/49 | €19,082 | €21,287 | +€2,205 | +11.6% |
| Equity | 10/15 | -€13,800 | -€22,024 | -€8,224 | -59.6% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,251 | -€57,475 | -€8,224 | -16.7% |
| Amounts payable | 17/49 | €32,882 | €43,311 | +€10,429 | +31.7% |
| Amounts payable within one year | 42/48 | €32,882 | €43,311 | +€10,429 | +31.7% |
| Trade debts | 44 | €1,826 | €3,026 | +€1,200 | +65.7% |
| Suppliers | 440/4 | €1,826 | €3,026 | +€1,200 | +65.7% |
| Taxes, remuneration and social security | 45 | €10,716 | €11,262 | +€547 | +5.1% |
| Taxes | 450/3 | €2,502 | €3,152 | +€650 | +26.0% |
| Remuneration and social security | 454/9 | €8,214 | €8,110 | -€104 | -1.3% |
| Other amounts payable | 47/48 | €20,341 | €29,023 | +€8,683 | +42.7% |
| Remuneration, social security and pensions | 62 | €32,410 | €33,371 | +€961 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,586 | €2,838 | +€252 | +9.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €208 | - | -€208 | |
| Gross operating margin | 9900 | €27,753 | €28,486 | +€732 | +2.6% |
| Operating profit (loss) | 9901 | -€7,838 | -€8,123 | -€285 | -3.6% |
| Financial income | 75/76B | €46 | €25 | -€21 | -46.2% |
| Recurring financial income | 75 | €46 | €25 | -€21 | -46.2% |
| Financial charges | 65/66B | €65 | €125 | +€60 | +91.9% |
| Recurring financial charges | 65 | €65 | €125 | +€60 | +91.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,858 | -€8,224 | -€366 | -4.7% |
| Profit (loss) for the period | 9904 | -€7,858 | -€8,224 | -€366 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,858 | -€8,224 | -€366 | -4.7% |
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 13 October 2026 via checked.be.