GEMAFLEKS: 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.
GEMAFLEKS
Largest movements
- Receivables within one year +€110,164
up €110,164 (+95.8%), from €114,997 to €225,160
of which Trade receivables: +€109,182
- Tangible fixed assets -€39,468
down €39,468 (-10.9%), from €360,773 to €321,305
of which Leasing and similar rights: -€82,037
- Cash -€24,046
down €24,046 (-43.7%), from €55,002 to €30,956
mainly Receivables within one year (-€110,164) and Investment in fixed assets (net) (-€78,569)
- Reserves +€68,000
up €68,000 (+90.7%), from €75,000 to €143,000
- Short-term financial debts -€30,000
no longer reported in 2025 (was €30,000)
- Debts after one year -€16,777
down €16,777 (-6.7%), from €251,033 to €234,256
of which Financial debts: -€16,777
- Trade debts +€15,069
up €15,069 (+15.9%), from €94,789 to €109,858
- Current portion of long-term debt +€11,581
up €11,581 (+12.4%), from €93,300 to €104,881
- Turnover -€860,626
no longer reported in 2025 (was €860,626)
- Purchases and services -€508,908
no longer reported in 2025 (was €508,908)
- Gross operating margin +€36,205
up €36,205 (+10.1%), from €359,567 to €395,771
- Depreciation -€20,515
down €20,515 (-14.8%), from €138,552 to €118,037
- Taxes +€12,433
up €12,433 (+58.2%), from €21,359 to €33,792
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €920,064 | €971,949 | +€51,885 | +5.6% |
| Fixed assets | 21/28 | €370,523 | €331,055 | -€39,468 | -10.7% |
| Tangible fixed assets | 22/27 | €360,773 | €321,305 | -€39,468 | -10.9% |
| Plant, machinery and equipment | 23 | €78,660 | €124,583 | +€45,924 | +58.4% |
| Furniture and vehicles | 24 | €5,752 | €2,396 | -€3,355 | -58.3% |
| Leasing and similar rights | 25 | €276,362 | €194,325 | -€82,037 | -29.7% |
| Financial fixed assets | 28 | €9,750 | €9,750 | = | 0.0% |
| Current assets | 29/58 | €549,541 | €640,895 | +€91,354 | +16.6% |
| Stocks and contracts in progress | 3 | €376,300 | €381,545 | +€5,245 | +1.4% |
| Stocks | 30/36 | €376,300 | €381,545 | +€5,245 | +1.4% |
| Amounts receivable within one year | 40/41 | €114,997 | €225,160 | +€110,164 | +95.8% |
| Trade receivables | 40 | €114,997 | €224,179 | +€109,182 | +94.9% |
| Other amounts receivable | 41 | - | €982 | +€982 | |
| Cash at bank and in hand | 54/58 | €55,002 | €30,956 | -€24,046 | -43.7% |
| Deferred charges and accrued income | 490/1 | €3,242 | €3,233 | -€9 | -0.3% |
| Total equity and liabilities | 10/49 | €920,064 | €971,949 | +€51,885 | +5.6% |
| Equity | 10/15 | €407,641 | €475,857 | +€68,217 | +16.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,000 | €143,000 | +€68,000 | +90.7% |
| Distributable reserves | 133 | €75,000 | €143,000 | +€68,000 | +90.7% |
| Profit (loss) carried forward | 14 | €314,041 | €314,257 | +€217 | +0.1% |
| Amounts payable | 17/49 | €512,423 | €496,092 | -€16,331 | -3.2% |
| Amounts payable after more than one year | 17 | €251,033 | €234,256 | -€16,777 | -6.7% |
| Financial debts | 170/4 | €233,040 | €216,263 | -€16,777 | -7.2% |
| Other amounts payable | 178/9 | €17,993 | €17,993 | = | 0.0% |
| Amounts payable within one year | 42/48 | €261,390 | €261,441 | +€51 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €93,300 | €104,881 | +€11,581 | +12.4% |
| Financial debts | 43 | €30,000 | - | -€30,000 | |
| Credit institutions | 430/8 | €30,000 | - | -€30,000 | |
| Trade debts | 44 | €94,789 | €109,858 | +€15,069 | +15.9% |
| Suppliers | 440/4 | €94,789 | €109,858 | +€15,069 | +15.9% |
| Taxes, remuneration and social security | 45 | €36,103 | €44,007 | +€7,904 | +21.9% |
| Taxes | 450/3 | €16,218 | €29,240 | +€13,021 | +80.3% |
| Remuneration and social security | 454/9 | €19,885 | €14,767 | -€5,118 | -25.7% |
| Other amounts payable | 47/48 | €7,198 | €2,696 | -€4,502 | -62.5% |
| Accrued charges and deferred income | 492/3 | - | €395 | +€395 | |
| Turnover | 70 | €860,626 | - | -€860,626 | |
| Goods, raw materials, services and sundry goods | 60/61 | €508,908 | - | -€508,908 | |
| Remuneration, social security and pensions | 62 | €130,066 | €134,098 | +€4,032 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,552 | €118,037 | -€20,515 | -14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,588 | -€3,499 | -€7,088 | |
| Other operating charges | 640/8 | €6,347 | €7,867 | +€1,520 | +24.0% |
| Non-recurring operating charges | 66A | - | €19,681 | +€19,681 | |
| Gross operating margin | 9900 | €359,567 | €395,771 | +€36,205 | +10.1% |
| Operating profit (loss) | 9901 | €81,013 | €119,587 | +€38,574 | +47.6% |
| Financial income | 75/76B | €1,006 | €1,397 | +€392 | +38.9% |
| Recurring financial income | 75 | €1,006 | €1,397 | +€392 | +38.9% |
| Financial charges | 65/66B | €15,770 | €18,976 | +€3,205 | +20.3% |
| Recurring financial charges | 65 | €15,770 | €18,976 | +€3,205 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €66,249 | €102,009 | +€35,760 | +54.0% |
| Income taxes | 67/77 | €21,359 | €33,792 | +€12,433 | +58.2% |
| Profit (loss) for the period | 9904 | €44,890 | €68,217 | +€23,327 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,890 | €68,217 | +€23,327 | +52.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.