Gemardi: 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.
Gemardi
Largest movements
- Tangible fixed assets -€36,294
down €36,294 (-20.5%), from €177,328 to €141,034
of which Plant, machinery and equipment: -€30,191
- Receivables within one year -€27,479
down €27,479 (-27.3%), from €100,492 to €73,013
of which Trade receivables: -€20,719
- Debts after one year -€35,373
down €35,373 (-26.8%), from €132,081 to €96,708
of which Financial debts: -€34,373
- Trade debts -€18,992
down €18,992 (-17.2%), from €110,585 to €91,593
- Current portion of long-term debt -€5,776
down €5,776 (-14.4%), from €40,149 to €34,373
- Staff costs -€37,185
down €37,185 (-36.3%), from €102,311 to €65,126
- Gross operating margin -€35,338
down €35,338 (-22.8%), from €154,944 to €119,606
- Financial charges -€1,650
down €1,650 (-15.0%), from €11,019 to €9,369
- Other operating charges +€1,639
up €1,639 (+204.4%), from €802 to €2,441
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 | €388,135 | €324,387 | -€63,748 | -16.4% |
| Fixed assets | 21/28 | €192,696 | €153,902 | -€38,794 | -20.1% |
| Intangible fixed assets | 21 | €15,000 | €12,500 | -€2,500 | -16.7% |
| Tangible fixed assets | 22/27 | €177,328 | €141,034 | -€36,294 | -20.5% |
| Plant, machinery and equipment | 23 | €166,797 | €136,605 | -€30,191 | -18.1% |
| Furniture and vehicles | 24 | €10,531 | €4,428 | -€6,103 | -57.9% |
| Financial fixed assets | 28 | €368 | €368 | = | 0.0% |
| Current assets | 29/58 | €195,439 | €170,485 | -€24,954 | -12.8% |
| Stocks and contracts in progress | 3 | €86,998 | €89,871 | +€2,873 | +3.3% |
| Stocks | 30/36 | €65,000 | €65,000 | = | 0.0% |
| Contracts in progress | 37 | €21,998 | €24,871 | +€2,873 | +13.1% |
| Amounts receivable within one year | 40/41 | €100,492 | €73,013 | -€27,479 | -27.3% |
| Trade receivables | 40 | €60,654 | €39,935 | -€20,719 | -34.2% |
| Other amounts receivable | 41 | €39,838 | €33,079 | -€6,760 | -17.0% |
| Cash at bank and in hand | 54/58 | €1,083 | €4,168 | +€3,085 | +284.7% |
| Deferred charges and accrued income | 490/1 | €6,865 | €3,433 | -€3,433 | -50.0% |
| Total equity and liabilities | 10/49 | €388,135 | €324,387 | -€63,748 | -16.4% |
| Equity | 10/15 | €13,489 | €14,998 | +€1,509 | +11.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €13,031 | €13,998 | +€967 | +7.4% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €12,931 | €13,898 | +€967 | +7.5% |
| Profit (loss) carried forward | 14 | -€542 | - | +€542 | |
| Amounts payable | 17/49 | €374,646 | €309,390 | -€65,257 | -17.4% |
| Amounts payable after more than one year | 17 | €132,081 | €96,708 | -€35,373 | -26.8% |
| Financial debts | 170/4 | €72,081 | €37,708 | -€34,373 | -47.7% |
| Other amounts payable | 178/9 | €60,000 | €59,000 | -€1,000 | -1.7% |
| Amounts payable within one year | 42/48 | €242,565 | €212,681 | -€29,884 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €40,149 | €34,373 | -€5,776 | -14.4% |
| Financial debts | 43 | €74,575 | €74,484 | -€92 | -0.1% |
| Credit institutions | 430/8 | €74,575 | €74,484 | -€92 | -0.1% |
| Trade debts | 44 | €110,585 | €91,593 | -€18,992 | -17.2% |
| Suppliers | 440/4 | €110,585 | €91,593 | -€18,992 | -17.2% |
| Taxes, remuneration and social security | 45 | €10,571 | €7,776 | -€2,795 | -26.4% |
| Taxes | 450/3 | €7,629 | €4,875 | -€2,754 | -36.1% |
| Remuneration and social security | 454/9 | €2,942 | €2,901 | -€41 | -1.4% |
| Other amounts payable | 47/48 | €6,685 | €4,455 | -€2,230 | -33.4% |
| Remuneration, social security and pensions | 62 | €102,311 | €65,126 | -€37,185 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,395 | €40,407 | -€988 | -2.4% |
| Other operating charges | 640/8 | €802 | €2,441 | +€1,639 | +204.4% |
| Gross operating margin | 9900 | €154,944 | €119,606 | -€35,338 | -22.8% |
| Operating profit (loss) | 9901 | €10,436 | €11,633 | +€1,197 | +11.5% |
| Financial income | 75/76B | €675 | €612 | -€62 | -9.3% |
| Recurring financial income | 75 | €675 | €612 | -€62 | -9.3% |
| Financial charges | 65/66B | €11,019 | €9,369 | -€1,650 | -15.0% |
| Recurring financial charges | 65 | €11,019 | €9,369 | -€1,650 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €92 | €2,876 | +€2,784 | +3038.9% |
| Income taxes | 67/77 | €633 | €1,367 | +€734 | +115.8% |
| Profit (loss) for the period | 9904 | -€542 | €1,509 | +€2,050 | |
| Profit (loss) for the period to be appropriated | 9905 | -€542 | €1,509 | +€2,050 |
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 4 October 2026 via checked.be.