GEMADI: 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.
What changed
GEMADI
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€656,776
2024 · €6.4m-€5.7m
Equity
€257.6m
2024 · €257.3m+€383,173
Cash
€32,539
2024 · €5.3m-€5.3m
Balance sheet total
€272.7m
2024 · €262.9m+€9.9m
Largest movements
Assets
- Financial fixed assets +€13.7m
up €13.7m (+5.5%), from €248.5m to €262.3m
- Cash -€5.3m
down €5.3m (-99.4%), from €5.3m to €32,539
mainly Investment in fixed assets (net) (-€13.7m) and Receivables within one year (-€1.6m)
Equity and liabilities
- Current portion of long-term debt +€8.7m
up €8.7m (+183%), from €4.8m to €13.4m
Income statement
- Financial income -€5.9m
down €5.9m (-90.2%), from €6.6m to €644,748
- Taxes -€509,755
down €509,755 (-58.1%), from €877,728 to €367,972
- Financial charges +€388,408
up €388,408 (+1,021%), from €38,034 to €426,442
- Gross operating margin +€74,043
up €74,043 (+9.8%), from €757,296 to €831,339
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.
Result 2024
€6.4m
Gross operating margin
+€74,043
Staff costs
-€2,260
Depreciation
-€10
Other operating charges
-€2,642
Financial income
-€5.9m
Financial charges
-€388,408
Taxes
+€509,755
Result 2025
€656,776
raises the resultlowers the result
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.
From operations
-€66,723
Investment
-€13.6m
Financing
+€8.4m
Cash 2024
€5.3m
From operations (derived)
-€66,723
Net result for the year
+€656,776
Depreciation
+€11,534
Receivables after one year
+€84,698
Receivables within one year
-€1.6m
Smaller working-capital items
-€2,361
Tax, wage and social debts
-€600,312
Other debts
+€1.4m
Investment (derived)
-€13.6m
Investment in fixed assets (net)
-€13.7m
Current investments
+€142,948
Financing
+€8.4m
Current portion of long-term debt
+€8.7m
Contributions, distributions and other
-€273,603
Cash 2025
€32,539
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €262,880,919 | €272,748,064 | +€9.9m | +3.8% |
| Fixed assets | 21/28 | €248,759,772 | €262,477,212 | +€13.7m | +5.5% |
| Tangible fixed assets | 22/27 | €229,694 | €221,208 | -€8,485 | -3.7% |
| Furniture and vehicles | 24 | €9,830 | €11,700 | +€1,871 | +19.0% |
| Other tangible fixed assets | 26 | €219,864 | €209,508 | -€10,356 | -4.7% |
| Financial fixed assets | 28 | €248,530,078 | €262,256,004 | +€13.7m | +5.5% |
| Current assets | 29/58 | €14,121,147 | €10,270,852 | -€3.9m | -27.3% |
| Amounts receivable after more than one year | 29 | €1,983,952 | €1,899,254 | -€84,698 | -4.3% |
| Other amounts receivable | 291 | €1,983,952 | €1,899,254 | -€84,698 | -4.3% |
| Amounts receivable within one year | 40/41 | €5,777,494 | €7,394,552 | +€1.6m | +28.0% |
| Trade receivables | 40 | - | €128,858 | +€128,858 | |
| Other amounts receivable | 41 | €5,777,494 | €7,265,694 | +€1.5m | +25.8% |
| Current investments | 50/53 | €953,639 | €810,692 | -€142,948 | -15.0% |
| Cash at bank and in hand | 54/58 | €5,283,893 | €32,539 | -€5.3m | -99.4% |
| Deferred charges and accrued income | 490/1 | €122,169 | €133,815 | +€11,646 | +9.5% |
| Total equity and liabilities | 10/49 | €262,880,919 | €272,748,064 | +€9.9m | +3.8% |
| Equity | 10/15 | €257,260,144 | €257,643,316 | +€383,173 | +0.1% |
| Contributions | 10/11 | €242,614,852 | €242,614,852 | = | 0.0% |
| Reserves | 13 | €14,645,292 | €15,028,464 | +€383,173 | +2.6% |
| Tax-exempt reserves | 132 | €3,426,791 | €3,426,791 | = | 0.0% |
| Distributable reserves | 133 | €11,218,501 | €11,601,674 | +€383,173 | +3.4% |
| Amounts payable | 17/49 | €5,620,775 | €15,104,748 | +€9.5m | +169% |
| Amounts payable within one year | 42/48 | €5,594,923 | €15,052,112 | +€9.5m | +169% |
| Current portion of amounts payable after more than one year | 42 | €4,750,000 | €13,425,000 | +€8.7m | +183% |
| Trade debts | 44 | €25,753 | €8,253 | -€17,500 | -68.0% |
| Suppliers | 440/4 | €25,753 | €8,253 | -€17,500 | -68.0% |
| Taxes, remuneration and social security | 45 | €819,171 | €218,859 | -€600,312 | -73.3% |
| Taxes | 450/3 | €818,610 | €218,040 | -€600,570 | -73.4% |
| Remuneration and social security | 454/9 | €560 | €819 | +€258 | +46.1% |
| Other amounts payable | 47/48 | - | €1,400,000 | +€1.4m | |
| Accrued charges and deferred income | 492/3 | €25,852 | €52,636 | +€26,785 | +104% |
| Remuneration, social security and pensions | 62 | €7,492 | €9,752 | +€2,260 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,524 | €11,534 | +€10 | +0.1% |
| Other operating charges | 640/8 | €968 | €3,610 | +€2,642 | +273% |
| Gross operating margin | 9900 | €757,296 | €831,339 | +€74,043 | +9.8% |
| Operating profit (loss) | 9901 | €737,313 | €806,443 | +€69,130 | +9.4% |
| Financial income | 75/76B | €6,554,196 | €644,748 | -€5.9m | -90.2% |
| Recurring financial income | 75 | €6,554,196 | €644,748 | -€5.9m | -90.2% |
| Financial charges | 65/66B | €38,034 | €426,442 | +€388,408 | +1,021% |
| Recurring financial charges | 65 | €38,034 | €426,442 | +€388,408 | +1,021% |
| Profit (loss) for the period before taxes | 9903 | €7,253,475 | €1,024,749 | -€6.2m | -85.9% |
| Income taxes | 67/77 | €877,728 | €367,972 | -€509,755 | -58.1% |
| Profit (loss) for the period | 9904 | €6,375,747 | €656,776 | -€5.7m | -89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,375,747 | €656,776 | -€5.7m | -89.7% |
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 24 October 2026 via checked.be.