GEMACON: 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.
GEMACON
Largest movements
- Receivables within one year -€96,081
down €96,081 (-75.8%), from €126,837 to €30,756
of which Other amounts receivable: -€91,060
- Cash +€14,423
up €14,423 (+25.3%), from €56,987 to €71,410
mainly Receivables within one year (+€96,081) and Net result for the year (+€21,293)
- Tangible fixed assets +€9,388
up €9,388 (+17.8%), from €52,846 to €62,234
of which Furniture and vehicles: +€11,796
- Other debts -€92,077
down €92,077 (-83.3%), from €110,565 to €18,488
- Reserves +€21,293
up €21,293 (+25.5%), from €83,453 to €104,746
of which Distributable reserves: +€21,293
- Tax, wage and social debts -€4,342
down €4,342 (-15.6%), from €27,830 to €23,488
- Trade debts +€2,688
up €2,688, from €0 to €2,688
- Gross operating margin -€38,978
down €38,978 (-46.3%), from €84,260 to €45,282
- Taxes -€6,910
down €6,910 (-43.4%), from €15,938 to €9,027
- Depreciation +€1,072
up €1,072 (+9.4%), from €11,341 to €12,412
- Financial charges -€920
down €920 (-38.2%), from €2,407 to €1,487
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 | €240,448 | €168,010 | -€72,439 | -30.1% |
| Fixed assets | 21/28 | €52,846 | €62,234 | +€9,388 | +17.8% |
| Tangible fixed assets | 22/27 | €52,846 | €62,234 | +€9,388 | +17.8% |
| Land and buildings | 22 | €22,582 | €19,096 | -€3,486 | -15.4% |
| Plant, machinery and equipment | 23 | €2,998 | €4,076 | +€1,078 | +36.0% |
| Furniture and vehicles | 24 | €27,267 | €39,063 | +€11,796 | +43.3% |
| Current assets | 29/58 | €187,602 | €105,776 | -€81,827 | -43.6% |
| Amounts receivable within one year | 40/41 | €126,837 | €30,756 | -€96,081 | -75.8% |
| Trade receivables | 40 | €35,777 | €30,756 | -€5,021 | -14.0% |
| Other amounts receivable | 41 | €91,060 | €0 | -€91,060 | -100.0% |
| Cash at bank and in hand | 54/58 | €56,987 | €71,410 | +€14,423 | +25.3% |
| Deferred charges and accrued income | 490/1 | €3,778 | €3,610 | -€168 | -4.5% |
| Total equity and liabilities | 10/49 | €240,448 | €168,010 | -€72,439 | -30.1% |
| Equity | 10/15 | €102,053 | €123,346 | +€21,293 | +20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,453 | €104,746 | +€21,293 | +25.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €81,593 | €102,886 | +€21,293 | +26.1% |
| Amounts payable | 17/49 | €138,396 | €44,664 | -€93,732 | -67.7% |
| Amounts payable within one year | 42/48 | €138,396 | €44,664 | -€93,732 | -67.7% |
| Trade debts | 44 | €0 | €2,688 | +€2,688 | |
| Suppliers | 440/4 | €0 | €2,688 | +€2,688 | |
| Taxes, remuneration and social security | 45 | €27,830 | €23,488 | -€4,342 | -15.6% |
| Taxes | 450/3 | €27,830 | €23,488 | -€4,342 | -15.6% |
| Other amounts payable | 47/48 | €110,565 | €18,488 | -€92,077 | -83.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,341 | €12,412 | +€1,072 | +9.4% |
| Other operating charges | 640/8 | €700 | €1,062 | +€362 | +51.7% |
| Gross operating margin | 9900 | €84,260 | €45,282 | -€38,978 | -46.3% |
| Operating profit (loss) | 9901 | €72,219 | €31,808 | -€40,411 | -56.0% |
| Financial charges | 65/66B | €2,407 | €1,487 | -€920 | -38.2% |
| Recurring financial charges | 65 | €2,407 | €1,487 | -€920 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | €69,812 | €30,321 | -€39,492 | -56.6% |
| Income taxes | 67/77 | €15,938 | €9,027 | -€6,910 | -43.4% |
| Profit (loss) for the period | 9904 | €53,875 | €21,293 | -€32,581 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,875 | €21,293 | -€32,581 | -60.5% |
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 10 October 2026 via checked.be.