Gemasol: 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.
Gemasol
Largest movements
- Receivables within one year +€49,919
up €49,919 (+89.8%), from €55,597 to €105,516
of which Other amounts receivable: +€41,946
- Cash -€6,880
down €6,880 (-14.5%), from €47,386 to €40,506
mainly Receivables within one year (-€49,919) and Investment in fixed assets (net) (-€2,860)
- Reserves +€31,249
up €31,249 (+49.8%), from €62,727 to €93,976
- Tax, wage and social debts +€10,045
up €10,045 (+71.5%), from €14,055 to €24,100
of which Taxes: +€8,183
- Trade debts +€5,195
up €5,195 (+23.6%), from €21,967 to €27,161
- Gross operating margin +€21,050
up €21,050 (+73.2%), from €28,761 to €49,811
- Taxes +€6,578
up €6,578 (+81.2%), from €8,106 to €14,684
- Financial income -€856
down €856 (-99.7%), from €859 to €3
- Other operating charges -€640
down €640 (-90.7%), from €705 to €66
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 | €120,502 | €165,768 | +€45,266 | +37.6% |
| Fixed assets | 21/28 | €14,536 | €15,480 | +€945 | +6.5% |
| Tangible fixed assets | 22/27 | €5,536 | €6,480 | +€945 | +17.1% |
| Land and buildings | 22 | - | €2,860 | +€2,860 | |
| Plant, machinery and equipment | 23 | €3,310 | €1,671 | -€1,639 | -49.5% |
| Furniture and vehicles | 24 | €2,226 | €1,949 | -€277 | -12.4% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €105,966 | €150,287 | +€44,321 | +41.8% |
| Amounts receivable within one year | 40/41 | €55,597 | €105,516 | +€49,919 | +89.8% |
| Trade receivables | 40 | €39,238 | €47,211 | +€7,973 | +20.3% |
| Other amounts receivable | 41 | €16,359 | €58,304 | +€41,946 | +256% |
| Cash at bank and in hand | 54/58 | €47,386 | €40,506 | -€6,880 | -14.5% |
| Deferred charges and accrued income | 490/1 | €2,983 | €4,266 | +€1,283 | +43.0% |
| Total equity and liabilities | 10/49 | €120,502 | €165,768 | +€45,266 | +37.6% |
| Equity | 10/15 | €82,727 | €113,976 | +€31,249 | +37.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €62,727 | €93,976 | +€31,249 | +49.8% |
| Distributable reserves | 133 | €62,727 | €93,976 | +€31,249 | +49.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €37,775 | €51,792 | +€14,017 | +37.1% |
| Amounts payable after more than one year | 17 | €530 | - | -€530 | |
| Financial debts | 170/4 | €530 | - | -€530 | |
| Amounts payable within one year | 42/48 | €37,244 | €51,792 | +€14,547 | +39.1% |
| Current portion of amounts payable after more than one year | 42 | €1,223 | €530 | -€693 | -56.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €21,967 | €27,161 | +€5,195 | +23.6% |
| Suppliers | 440/4 | €21,967 | €27,161 | +€5,195 | +23.6% |
| Taxes, remuneration and social security | 45 | €14,055 | €24,100 | +€10,045 | +71.5% |
| Taxes | 450/3 | €14,055 | €22,238 | +€8,183 | +58.2% |
| Remuneration and social security | 454/9 | - | €1,862 | +€1,862 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,915 | €1,915 | = | 0.0% |
| Other operating charges | 640/8 | €705 | €66 | -€640 | -90.7% |
| Gross operating margin | 9900 | €28,761 | €49,811 | +€21,050 | +73.2% |
| Operating profit (loss) | 9901 | €26,140 | €47,830 | +€21,690 | +83.0% |
| Financial income | 75/76B | €859 | €3 | -€856 | -99.7% |
| Recurring financial income | 75 | €859 | €3 | -€856 | -99.7% |
| Financial charges | 65/66B | €1,690 | €1,900 | +€210 | +12.4% |
| Recurring financial charges | 65 | €1,690 | €1,900 | +€210 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €25,309 | €45,933 | +€20,624 | +81.5% |
| Income taxes | 67/77 | €8,106 | €14,684 | +€6,578 | +81.2% |
| Profit (loss) for the period | 9904 | €17,203 | €31,249 | +€14,046 | +81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,203 | €31,249 | +€14,046 | +81.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.