GEMAD: 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.
GEMAD
Largest movements
- Receivables within one year +€70,847
up €70,847 (+13.8%), from €514,985 to €585,832
of which Trade receivables: +€63,498
- Tangible fixed assets -€14,084
down €14,084 (-2.8%), from €505,017 to €490,933
of which Land and buildings: -€19,453
- Other debts +€61,153
up €61,153 (+17.6%), from €347,103 to €408,256
- Trade debts -€22,939
down €22,939 (-69.8%), from €32,885 to €9,946
- Other operating charges -€15,030
down €15,030 (-77.9%), from €19,289 to €4,259
- Write-downs +€4,453
new in 2025: €4,453
- Financial charges +€4,140
up €4,140 (+18.1%), from €22,893 to €27,033
- Gross operating margin -€1,551
down €1,551 (-2.3%), from €66,457 to €64,906
- Taxes +€1,243
up €1,243 (+37.0%), from €3,356 to €4,599
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 | €1,038,950 | €1,093,236 | +€54,286 | +5.2% |
| Fixed assets | 21/28 | €518,006 | €503,922 | -€14,084 | -2.7% |
| Tangible fixed assets | 22/27 | €505,017 | €490,933 | -€14,084 | -2.8% |
| Land and buildings | 22 | €505,017 | €485,564 | -€19,453 | -3.9% |
| Furniture and vehicles | 24 | - | €5,368 | +€5,368 | |
| Financial fixed assets | 28 | €12,989 | €12,989 | = | 0.0% |
| Current assets | 29/58 | €520,944 | €589,314 | +€68,370 | +13.1% |
| Amounts receivable within one year | 40/41 | €514,985 | €585,832 | +€70,847 | +13.8% |
| Trade receivables | 40 | €118,305 | €181,803 | +€63,498 | +53.7% |
| Other amounts receivable | 41 | €396,680 | €404,028 | +€7,349 | +1.9% |
| Cash at bank and in hand | 54/58 | €949 | €2,031 | +€1,083 | +114.1% |
| Deferred charges and accrued income | 490/1 | €5,009 | €1,451 | -€3,559 | -71.0% |
| Total equity and liabilities | 10/49 | €1,038,950 | €1,093,236 | +€54,286 | +5.2% |
| Equity | 10/15 | €644,399 | €651,136 | +€6,737 | +1.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €624,399 | €631,136 | +€6,737 | +1.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €624,399 | €631,136 | +€6,737 | +1.1% |
| Amounts payable | 17/49 | €394,551 | €442,099 | +€47,548 | +12.1% |
| Amounts payable within one year | 42/48 | €391,667 | €434,007 | +€42,340 | +10.8% |
| Trade debts | 44 | €32,885 | €9,946 | -€22,939 | -69.8% |
| Suppliers | 440/4 | €32,885 | €9,946 | -€22,939 | -69.8% |
| Taxes, remuneration and social security | 45 | €11,679 | €15,805 | +€4,126 | +35.3% |
| Taxes | 450/3 | €11,679 | €15,805 | +€4,126 | +35.3% |
| Other amounts payable | 47/48 | €347,103 | €408,256 | +€61,153 | +17.6% |
| Accrued charges and deferred income | 492/3 | €2,884 | €8,093 | +€5,209 | +180.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,809 | €19,819 | +€1,010 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,453 | +€4,453 | |
| Other operating charges | 640/8 | €19,289 | €4,259 | -€15,030 | -77.9% |
| Gross operating margin | 9900 | €66,457 | €64,906 | -€1,551 | -2.3% |
| Operating profit (loss) | 9901 | €28,359 | €36,376 | +€8,017 | +28.3% |
| Financial income | 75/76B | €1,965 | €1,993 | +€28 | +1.4% |
| Recurring financial income | 75 | €1,965 | €1,993 | +€28 | +1.4% |
| Financial charges | 65/66B | €22,893 | €27,033 | +€4,140 | +18.1% |
| Recurring financial charges | 65 | €22,893 | €27,033 | +€4,140 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €7,431 | €11,336 | +€3,905 | +52.5% |
| Income taxes | 67/77 | €3,356 | €4,599 | +€1,243 | +37.0% |
| Profit (loss) for the period | 9904 | €4,075 | €6,737 | +€2,662 | +65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,075 | €6,737 | +€2,662 | +65.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.