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 +€1.2m
up €1.2m (+726.2%), from €159,241 to €1.3m
of which Other amounts receivable: +€606,411
- Tangible fixed assets +€455,581
up €455,581 (+22.1%), from €2.1m to €2.5m
of which Assets under construction and advance payments: +€550,000
- Cash +€234,006
up €234,006 (+2641.8%), from €8,858 to €242,863
mainly Net result for the year (+€616,931) and Other debts (+€560,906)
- Other debts +€560,906
up €560,906 (+1405.8%), from €39,900 to €600,806
- Trade debts +€547,589
up €547,589 (+9212.1%), from €5,944 to €553,534
- Reserves +€473,214
up €473,214 (+492.9%), from €96,001 to €569,215
of which Tax-exempt reserves: +€473,214
- Provisions +€157,738
new in 2025: €157,738
- Profit (loss) carried forward +€143,717
up €143,717 (+81.1%), from €177,106 to €320,823
- Gross operating margin +€817,716
up €817,716 (+483.6%), from €169,082 to €986,798
- Taxes +€46,474
up €46,474 (+793.2%), from €5,859 to €52,333
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 | €2,236,719 | €4,075,512 | +€1.8m | +82.2% |
| Fixed assets | 21/28 | €2,059,906 | €2,515,487 | +€455,581 | +22.1% |
| Tangible fixed assets | 22/27 | €2,059,906 | €2,515,487 | +€455,581 | +22.1% |
| Land and buildings | 22 | €2,059,906 | €1,965,487 | -€94,419 | -4.6% |
| Assets under construction and advance payments | 27 | - | €550,000 | +€550,000 | |
| Current assets | 29/58 | €176,813 | €1,560,025 | +€1.4m | +782.3% |
| Amounts receivable within one year | 40/41 | €159,241 | €1,315,652 | +€1.2m | +726.2% |
| Trade receivables | 40 | €0 | €550,000 | +€550,000 | |
| Other amounts receivable | 41 | €159,241 | €765,652 | +€606,411 | +380.8% |
| Cash at bank and in hand | 54/58 | €8,858 | €242,863 | +€234,006 | +2641.8% |
| Deferred charges and accrued income | 490/1 | €8,714 | €1,510 | -€7,204 | -82.7% |
| Total equity and liabilities | 10/49 | €2,236,719 | €4,075,512 | +€1.8m | +82.2% |
| Equity | 10/15 | €291,707 | €908,638 | +€616,931 | +211.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,001 | €569,215 | +€473,214 | +492.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €473,214 | +€473,214 | |
| Distributable reserves | 133 | €94,141 | €94,141 | = | 0.0% |
| Profit (loss) carried forward | 14 | €177,106 | €320,823 | +€143,717 | +81.1% |
| Provisions and deferred taxes | 16 | - | €157,738 | +€157,738 | |
| Deferred taxes | 168 | - | €157,738 | +€157,738 | |
| Amounts payable | 17/49 | €1,945,012 | €3,009,136 | +€1.1m | +54.7% |
| Amounts payable after more than one year | 17 | €1,788,316 | €1,693,034 | -€95,282 | -5.3% |
| Financial debts | 170/4 | €1,788,316 | €1,693,034 | -€95,282 | -5.3% |
| Amounts payable within one year | 42/48 | €155,755 | €1,316,016 | +€1.2m | +744.9% |
| Current portion of amounts payable after more than one year | 42 | €89,306 | €92,465 | +€3,158 | +3.5% |
| Trade debts | 44 | €5,944 | €553,534 | +€547,589 | +9212.1% |
| Suppliers | 440/4 | €5,944 | €553,534 | +€547,589 | +9212.1% |
| Taxes, remuneration and social security | 45 | €20,605 | €69,212 | +€48,607 | +235.9% |
| Taxes | 450/3 | €20,605 | €69,212 | +€48,607 | +235.9% |
| Other amounts payable | 47/48 | €39,900 | €600,806 | +€560,906 | +1405.8% |
| Accrued charges and deferred income | 492/3 | €940 | €86 | -€855 | -90.9% |
| Non-recurring operating income | 76A | €2,937 | €845,486 | +€842,549 | +28686.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,586 | €89,905 | +€6,319 | +7.6% |
| Other operating charges | 640/8 | €6,732 | €8,453 | +€1,720 | +25.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €169,082 | €986,798 | +€817,716 | +483.6% |
| Operating profit (loss) | 9901 | €78,763 | €888,440 | +€809,676 | +1028.0% |
| Financial income | 75/76B | €250 | €1,299 | +€1,049 | +420.1% |
| Recurring financial income | 75 | €250 | €1,299 | +€1,049 | +420.1% |
| Financial charges | 65/66B | €57,517 | €62,737 | +€5,219 | +9.1% |
| Recurring financial charges | 65 | €57,517 | €62,737 | +€5,219 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €21,496 | €827,002 | +€805,506 | +3747.3% |
| Transfer to deferred taxes | 680 | - | €157,738 | +€157,738 | |
| Income taxes | 67/77 | €5,859 | €52,333 | +€46,474 | +793.2% |
| Profit (loss) for the period | 9904 | €15,637 | €616,931 | +€601,294 | +3845.3% |
| Transfer to tax-exempt reserves | 689 | - | €473,214 | +€473,214 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,637 | €143,717 | +€128,080 | +819.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.