GEMACO: 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.
GEMACO
Largest movements
- Tangible fixed assets +€319,268
up €319,268 (+345.5%), from €92,415 to €411,684
of which Land and buildings: +€317,765
- Cash -€10,480
down €10,480 (-8.5%), from €123,712 to €113,232
mainly Investment in fixed assets (net) (-€377,874) and Contributions, distributions and other (-€36,000)
- Other debts +€350,624
up €350,624 (+22532.5%), from €1,556 to €352,180
- Reserves -€36,000
down €36,000 (-14.2%), from €253,444 to €217,444
of which Distributable reserves: -€36,000
- Profit (loss) carried forward -€24,668
new in 2025: -€24,668
- Tax, wage and social debts +€9,256
up €9,256 (+16.1%), from €57,340 to €66,596
of which Remuneration and social security: +€9,611
- Depreciation +€51,497
up €51,497 (+724.4%), from €7,109 to €58,606
- Gross operating margin -€31,909
down €31,909 (-21.7%), from €147,129 to €115,220
- Staff costs +€24,501
up €24,501 (+46.8%), from €52,336 to €76,837
- Taxes -€23,231
no longer reported in 2025 (was €23,231)
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 | €331,763 | €636,990 | +€305,228 | +92.0% |
| Fixed assets | 21/28 | €93,015 | €412,284 | +€319,268 | +343.2% |
| Tangible fixed assets | 22/27 | €92,415 | €411,684 | +€319,268 | +345.5% |
| Land and buildings | 22 | €92,415 | €410,180 | +€317,765 | +343.8% |
| Plant, machinery and equipment | 23 | - | €1,503 | +€1,503 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €238,748 | €224,707 | -€14,041 | -5.9% |
| Stocks and contracts in progress | 3 | €92,070 | €90,903 | -€1,167 | -1.3% |
| Stocks | 30/36 | €92,070 | €90,903 | -€1,167 | -1.3% |
| Amounts receivable within one year | 40/41 | €22,965 | €20,572 | -€2,393 | -10.4% |
| Trade receivables | 40 | €17,739 | €16,335 | -€1,404 | -7.9% |
| Other amounts receivable | 41 | €5,226 | €4,237 | -€989 | -18.9% |
| Cash at bank and in hand | 54/58 | €123,712 | €113,232 | -€10,480 | -8.5% |
| Total equity and liabilities | 10/49 | €331,763 | €636,990 | +€305,228 | +92.0% |
| Equity | 10/15 | €272,444 | €211,776 | -€60,668 | -22.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €253,444 | €217,444 | -€36,000 | -14.2% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €251,544 | €215,544 | -€36,000 | -14.3% |
| Profit (loss) carried forward | 14 | - | -€24,668 | -€24,668 | |
| Amounts payable | 17/49 | €59,319 | €425,214 | +€365,895 | +616.8% |
| Amounts payable within one year | 42/48 | €59,319 | €425,214 | +€365,895 | +616.8% |
| Trade debts | 44 | €422 | €6,438 | +€6,016 | +1424.7% |
| Suppliers | 440/4 | €422 | €6,438 | +€6,016 | +1424.7% |
| Taxes, remuneration and social security | 45 | €57,340 | €66,596 | +€9,256 | +16.1% |
| Taxes | 450/3 | €46,902 | €46,547 | -€355 | -0.8% |
| Remuneration and social security | 454/9 | €10,438 | €20,049 | +€9,611 | +92.1% |
| Other amounts payable | 47/48 | €1,556 | €352,180 | +€350,624 | +22532.5% |
| Remuneration, social security and pensions | 62 | €52,336 | €76,837 | +€24,501 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,109 | €58,606 | +€51,497 | +724.4% |
| Other operating charges | 640/8 | €2,926 | €1,542 | -€1,384 | -47.3% |
| Gross operating margin | 9900 | €147,129 | €115,220 | -€31,909 | -21.7% |
| Operating profit (loss) | 9901 | €84,759 | -€21,764 | -€106,523 | |
| Financial charges | 65/66B | €3,496 | €2,904 | -€592 | -16.9% |
| Recurring financial charges | 65 | €3,496 | €2,904 | -€592 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €81,263 | -€24,668 | -€105,931 | |
| Income taxes | 67/77 | €23,231 | - | -€23,231 | |
| Profit (loss) for the period | 9904 | €58,032 | -€24,668 | -€82,700 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,032 | -€24,668 | -€82,700 |
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 12 October 2026 via checked.be.