GEMAR: 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.
GEMAR
Largest movements
- Receivables within one year -€190,941
down €190,941 (-77.4%), from €246,801 to €55,860
- Current investments -€45,489
down €45,489 (-54.4%), from €83,691 to €38,202
- Tangible fixed assets +€26,154
up €26,154 (+6.9%), from €379,931 to €406,085
of which Land and buildings: +€27,505
- Other debts -€181,587
down €181,587 (-100.0%), from €181,587 to €0
- Debts after one year -€15,584
down €15,584 (-40.8%), from €38,206 to €22,622
- Tax, wage and social debts -€10,671
down €10,671 (-67.9%), from €15,727 to €5,056
- Gross operating margin -€32,023
down €32,023 (-38.8%), from €82,583 to €50,560
- Staff costs -€14,256
down €14,256 (-73.0%), from €19,533 to €5,277
- Financial income +€6,541
up €6,541 (+141.6%), from €4,620 to €11,161
- Other operating charges +€6,427
up €6,427 (+98.3%), from €6,536 to €12,963
- Taxes -€5,923
down €5,923 (-41.5%), from €14,290 to €8,367
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 | €713,410 | €503,450 | -€209,960 | -29.4% |
| Fixed assets | 21/28 | €379,948 | €406,102 | +€26,154 | +6.9% |
| Tangible fixed assets | 22/27 | €379,931 | €406,085 | +€26,154 | +6.9% |
| Land and buildings | 22 | €352,033 | €379,538 | +€27,505 | +7.8% |
| Furniture and vehicles | 24 | €27,897 | €22,038 | -€5,859 | -21.0% |
| Leasing and similar rights | 25 | - | €4,508 | +€4,508 | |
| Financial fixed assets | 28 | €17 | €17 | = | 0.0% |
| Current assets | 29/58 | €333,462 | €97,348 | -€236,114 | -70.8% |
| Amounts receivable within one year | 40/41 | €246,801 | €55,860 | -€190,941 | -77.4% |
| Other amounts receivable | 41 | €246,801 | €55,860 | -€190,941 | -77.4% |
| Current investments | 50/53 | €83,691 | €38,202 | -€45,489 | -54.4% |
| Cash at bank and in hand | 54/58 | €2,970 | €3,287 | +€316 | +10.7% |
| Total equity and liabilities | 10/49 | €713,410 | €503,450 | -€209,960 | -29.4% |
| Equity | 10/15 | €406,741 | €412,610 | +€5,869 | +1.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €257,948 | €263,817 | +€5,869 | +2.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €135,378 | €124,096 | -€11,281 | -8.3% |
| Distributable reserves | 133 | €120,712 | €137,862 | +€17,150 | +14.2% |
| Profit (loss) carried forward | 14 | €130,201 | €130,201 | = | 0.0% |
| Provisions and deferred taxes | 16 | €45,126 | €41,365 | -€3,760 | -8.3% |
| Deferred taxes | 168 | €45,126 | €41,365 | -€3,760 | -8.3% |
| Amounts payable | 17/49 | €261,543 | €49,475 | -€212,068 | -81.1% |
| Amounts payable after more than one year | 17 | €38,206 | €22,622 | -€15,584 | -40.8% |
| Financial debts | 170/4 | €38,206 | €22,622 | -€15,584 | -40.8% |
| Amounts payable within one year | 42/48 | €222,537 | €26,053 | -€196,484 | -88.3% |
| Current portion of amounts payable after more than one year | 42 | €19,575 | €15,584 | -€3,991 | -20.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,647 | €5,413 | -€235 | -4.2% |
| Suppliers | 440/4 | €5,647 | €5,413 | -€235 | -4.2% |
| Taxes, remuneration and social security | 45 | €15,727 | €5,056 | -€10,671 | -67.9% |
| Taxes | 450/3 | €15,727 | €5,056 | -€10,671 | -67.9% |
| Other amounts payable | 47/48 | €181,587 | €0 | -€181,587 | -100.0% |
| Accrued charges and deferred income | 492/3 | €800 | €800 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €19,533 | €5,277 | -€14,256 | -73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,139 | €32,080 | +€1,942 | +6.4% |
| Other operating charges | 640/8 | €6,536 | €12,963 | +€6,427 | +98.3% |
| Gross operating margin | 9900 | €82,583 | €50,560 | -€32,023 | -38.8% |
| Operating profit (loss) | 9901 | €26,375 | €240 | -€26,135 | -99.1% |
| Financial income | 75/76B | €4,620 | €11,161 | +€6,541 | +141.6% |
| Recurring financial income | 75 | €4,620 | €11,161 | +€6,541 | +141.6% |
| Financial charges | 65/66B | €1,509 | €927 | -€582 | -38.6% |
| Recurring financial charges | 65 | €1,509 | €927 | -€582 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €29,487 | €10,475 | -€19,012 | -64.5% |
| Transfer from deferred taxes | 780 | €3,760 | €3,760 | = | 0.0% |
| Income taxes | 67/77 | €14,290 | €8,367 | -€5,923 | -41.5% |
| Profit (loss) for the period | 9904 | €18,958 | €5,869 | -€13,089 | -69.0% |
| Transfer from tax-exempt reserves | 789 | €11,281 | €11,281 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,239 | €17,150 | -€13,089 | -43.3% |
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.