GEMAPA: 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.
GEMAPA
Largest movements
- Tangible fixed assets +€983,553
up €983,553 (+14.1%), from €7.0m to €7.9m
of which Land and buildings: +€908,845
- Cash -€733,556
down €733,556 (-26.6%), from €2.8m to €2.0m
mainly Investment in fixed assets (net) (-€1.9m) and Trade debts (-€569,069)
- Receivables after one year +€196,931
new in 2025: €196,931
- Receivables within one year -€170,136
down €170,136 (-70.7%), from €240,676 to €70,540
of which Other amounts receivable: -€173,145
- Trade debts -€569,069
down €569,069 (-68.5%), from €830,817 to €261,748
- Profit (loss) carried forward +€536,938
up €536,938 (+53.8%), from €997,963 to €1.5m
- Debts after one year +€469,986
up €469,986 (+15.3%), from €3.1m to €3.5m
- Other debts -€124,275
down €124,275 (-18.1%), from €685,243 to €560,968
- Gross operating margin -€1.2m
down €1.2m (-33.0%), from €3.6m to €2.4m
- Taxes -€457,583
down €457,583 (-76.2%), from €600,380 to €142,797
- Depreciation +€173,684
up €173,684 (+22.6%), from €767,811 to €941,495
- Staff costs +€101,967
up €101,967 (+16.9%), from €602,718 to €704,685
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 | €10,141,193 | €10,352,025 | +€210,832 | +2.1% |
| Fixed assets | 21/28 | €6,957,889 | €7,941,442 | +€983,553 | +14.1% |
| Tangible fixed assets | 22/27 | €6,957,889 | €7,941,442 | +€983,553 | +14.1% |
| Land and buildings | 22 | €5,724,904 | €6,633,749 | +€908,845 | +15.9% |
| Plant, machinery and equipment | 23 | €1,198,135 | €1,270,908 | +€72,773 | +6.1% |
| Furniture and vehicles | 24 | €34,850 | €36,785 | +€1,935 | +5.6% |
| Current assets | 29/58 | €3,183,304 | €2,410,583 | -€772,721 | -24.3% |
| Amounts receivable after more than one year | 29 | - | €196,931 | +€196,931 | |
| Other amounts receivable | 291 | - | €196,931 | +€196,931 | |
| Stocks and contracts in progress | 3 | €186,800 | €120,840 | -€65,960 | -35.3% |
| Stocks | 30/36 | €186,800 | €120,840 | -€65,960 | -35.3% |
| Amounts receivable within one year | 40/41 | €240,676 | €70,540 | -€170,136 | -70.7% |
| Trade receivables | 40 | - | €3,009 | +€3,009 | |
| Other amounts receivable | 41 | €240,676 | €67,531 | -€173,145 | -71.9% |
| Cash at bank and in hand | 54/58 | €2,755,828 | €2,022,272 | -€733,556 | -26.6% |
| Total equity and liabilities | 10/49 | €10,141,193 | €10,352,025 | +€210,832 | +2.1% |
| Equity | 10/15 | €4,798,974 | €5,327,982 | +€529,008 | +11.0% |
| Contributions | 10/11 | €367,000 | €367,000 | = | 0.0% |
| Reserves | 13 | €3,354,722 | €3,354,722 | = | 0.0% |
| Non-distributable reserves | 130/1 | €38,000 | €38,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €38,000 | €38,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €543,731 | €543,731 | = | 0.0% |
| Distributable reserves | 133 | €2,772,991 | €2,772,991 | = | 0.0% |
| Profit (loss) carried forward | 14 | €997,963 | €1,534,901 | +€536,938 | +53.8% |
| Investment grants | 15 | €79,289 | €71,359 | -€7,930 | -10.0% |
| Provisions and deferred taxes | 16 | €26,430 | €23,787 | -€2,643 | -10.0% |
| Deferred taxes | 168 | €26,430 | €23,787 | -€2,643 | -10.0% |
| Amounts payable | 17/49 | €5,315,789 | €5,000,256 | -€315,533 | -5.9% |
| Amounts payable after more than one year | 17 | €3,075,036 | €3,545,022 | +€469,986 | +15.3% |
| Financial debts | 170/4 | €3,075,036 | €3,545,022 | +€469,986 | +15.3% |
| Amounts payable within one year | 42/48 | €2,240,753 | €1,455,234 | -€785,519 | -35.1% |
| Current portion of amounts payable after more than one year | 42 | €624,476 | €555,369 | -€69,107 | -11.1% |
| Trade debts | 44 | €830,817 | €261,748 | -€569,069 | -68.5% |
| Suppliers | 440/4 | €830,817 | €261,748 | -€569,069 | -68.5% |
| Taxes, remuneration and social security | 45 | €100,217 | €77,149 | -€23,068 | -23.0% |
| Taxes | 450/3 | €73,032 | €49,443 | -€23,589 | -32.3% |
| Remuneration and social security | 454/9 | €27,185 | €27,706 | +€521 | +1.9% |
| Other amounts payable | 47/48 | €685,243 | €560,968 | -€124,275 | -18.1% |
| Remuneration, social security and pensions | 62 | €602,718 | €704,685 | +€101,967 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €767,811 | €941,495 | +€173,684 | +22.6% |
| Other operating charges | 640/8 | €41,427 | €43,494 | +€2,067 | +5.0% |
| Gross operating margin | 9900 | €3,596,154 | €2,408,773 | -€1.2m | -33.0% |
| Operating profit (loss) | 9901 | €2,184,198 | €719,099 | -€1.5m | -67.1% |
| Financial income | 75/76B | €31,992 | €56,413 | +€24,421 | +76.3% |
| Recurring financial income | 75 | €31,992 | €56,413 | +€24,421 | +76.3% |
| Financial charges | 65/66B | €91,556 | €98,420 | +€6,864 | +7.5% |
| Recurring financial charges | 65 | €91,556 | €98,420 | +€6,864 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €2,124,634 | €677,092 | -€1.4m | -68.1% |
| Transfer from deferred taxes | 780 | €2,796 | €2,643 | -€153 | -5.5% |
| Income taxes | 67/77 | €600,380 | €142,797 | -€457,583 | -76.2% |
| Profit (loss) for the period | 9904 | €1,527,050 | €536,938 | -€990,112 | -64.8% |
| Transfer from tax-exempt reserves | 789 | €87,769 | - | -€87,769 | |
| Transfer to tax-exempt reserves | 689 | €315,750 | - | -€315,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,299,069 | €536,938 | -€762,131 | -58.7% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.