GEMACO: 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.
GEMACO
Largest movements
- Cash +€27,991
up €27,991 (+46.1%), from €60,664 to €88,655
mainly Depreciation (+€23,664) and Net result for the year (+€15,248)
- Tangible fixed assets -€22,664
down €22,664 (-34.2%), from €66,354 to €43,690
of which Furniture and vehicles: -€14,307
- Receivables within one year -€11,797
down €11,797 (-40.4%), from €29,172 to €17,374
of which Other amounts receivable: -€11,773
- Stocks and contracts +€5,545
up €5,545 (+10.1%), from €54,679 to €60,224
- Reserves +€15,248
up €15,248 (+154.3%), from €9,883 to €25,131
- Trade debts -€11,246
down €11,246 (-32.4%), from €34,749 to €23,503
- Other debts -€7,920
down €7,920 (-10.1%), from €78,352 to €70,431
- Tax, wage and social debts +€3,131
up €3,131 (+21.5%), from €14,587 to €17,718
of which Remuneration and social security: +€2,555
- Gross operating margin +€30,026
up €30,026 (+22.1%), from €135,806 to €165,832
- Staff costs +€11,388
up €11,388 (+11.3%), from €100,716 to €112,104
- Depreciation +€6,883
up €6,883 (+41.0%), from €16,781 to €23,664
- Taxes +€4,911
up €4,911 (+4530.7%), from €108 to €5,020
- Financial income +€3,676
up €3,676 (+183.6%), from €2,003 to €5,679
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 | €215,140 | €214,373 | -€767 | -0.4% |
| Fixed assets | 21/28 | €66,444 | €45,279 | -€21,164 | -31.9% |
| Tangible fixed assets | 22/27 | €66,354 | €43,690 | -€22,664 | -34.2% |
| Land and buildings | 22 | €15,874 | €12,921 | -€2,953 | -18.6% |
| Plant, machinery and equipment | 23 | €15,242 | €9,838 | -€5,404 | -35.5% |
| Furniture and vehicles | 24 | €35,239 | €20,932 | -€14,307 | -40.6% |
| Financial fixed assets | 28 | €89 | €1,589 | +€1,500 | +1680.9% |
| Current assets | 29/58 | €148,696 | €169,093 | +€20,397 | +13.7% |
| Stocks and contracts in progress | 3 | €54,679 | €60,224 | +€5,545 | +10.1% |
| Stocks | 30/36 | €54,679 | €60,224 | +€5,545 | +10.1% |
| Amounts receivable within one year | 40/41 | €29,172 | €17,374 | -€11,797 | -40.4% |
| Trade receivables | 40 | €53 | €29 | -€25 | -46.2% |
| Other amounts receivable | 41 | €29,119 | €17,346 | -€11,773 | -40.4% |
| Cash at bank and in hand | 54/58 | €60,664 | €88,655 | +€27,991 | +46.1% |
| Deferred charges and accrued income | 490/1 | €4,182 | €2,841 | -€1,342 | -32.1% |
| Total equity and liabilities | 10/49 | €215,140 | €214,373 | -€767 | -0.4% |
| Equity | 10/15 | €87,452 | €102,700 | +€15,248 | +17.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €9,883 | €25,131 | +€15,248 | +154.3% |
| Distributable reserves | 133 | €9,883 | €25,131 | +€15,248 | +154.3% |
| Profit (loss) carried forward | 14 | €15,596 | €15,596 | = | 0.0% |
| Amounts payable | 17/49 | €127,688 | €111,673 | -€16,015 | -12.5% |
| Amounts payable within one year | 42/48 | €127,688 | €111,655 | -€16,033 | -12.6% |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €34,749 | €23,503 | -€11,246 | -32.4% |
| Suppliers | 440/4 | €34,749 | €23,503 | -€11,246 | -32.4% |
| Taxes, remuneration and social security | 45 | €14,587 | €17,718 | +€3,131 | +21.5% |
| Taxes | 450/3 | €3,337 | €3,912 | +€575 | +17.2% |
| Remuneration and social security | 454/9 | €11,251 | €13,806 | +€2,555 | +22.7% |
| Other amounts payable | 47/48 | €78,352 | €70,431 | -€7,920 | -10.1% |
| Accrued charges and deferred income | 492/3 | - | €18 | +€18 | |
| Remuneration, social security and pensions | 62 | €100,716 | €112,104 | +€11,388 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,781 | €23,664 | +€6,883 | +41.0% |
| Other operating charges | 640/8 | €6,466 | €6,029 | -€437 | -6.8% |
| Gross operating margin | 9900 | €135,806 | €165,832 | +€30,026 | +22.1% |
| Operating profit (loss) | 9901 | €11,844 | €24,036 | +€12,192 | +102.9% |
| Financial income | 75/76B | €2,003 | €5,679 | +€3,676 | +183.6% |
| Recurring financial income | 75 | €2,003 | €5,679 | +€3,676 | +183.6% |
| Financial charges | 65/66B | €11,514 | €9,447 | -€2,067 | -18.0% |
| Recurring financial charges | 65 | €11,514 | €9,447 | -€2,067 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €2,333 | €20,268 | +€17,935 | +768.9% |
| Income taxes | 67/77 | €108 | €5,020 | +€4,911 | +4530.7% |
| Profit (loss) for the period | 9904 | €2,224 | €15,248 | +€13,024 | +585.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,224 | €15,248 | +€13,024 | +585.5% |
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.