GEMAVAR: 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.
GEMAVAR
Largest movements
- Stocks and contracts +€17,322
new in 2025: €17,322
- Cash -€8,917
down €8,917 (-2.4%), from €366,300 to €357,383
mainly Contributions, distributions and other (-€72,058) and Tax, wage and social debts (-€17,874)
- Trade debts +€30,124
up €30,124 (+19.1%), from €158,098 to €188,222
- Tax, wage and social debts -€17,874
down €17,874 (-61.7%), from €28,973 to €11,099
of which Taxes: -€14,250
- Reserves -€12,860
down €12,860 (-5.3%), from €240,503 to €227,643
of which Distributable reserves: -€12,860
- Gross operating margin -€31,303
down €31,303 (-26.0%), from €120,606 to €89,303
- Taxes -€9,007
down €9,007 (-26.6%), from €33,810 to €24,803
- Financial income +€5,343
up €5,343 (+719%), from €743 to €6,086
- Depreciation +€1,762
up €1,762 (+23.1%), from €7,628 to €9,390
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 | €589,542 | €594,511 | +€4,969 | +0.8% |
| Fixed assets | 21/28 | €28,487 | €28,595 | +€108 | +0.4% |
| Tangible fixed assets | 22/27 | €28,487 | €28,595 | +€108 | +0.4% |
| Land and buildings | 22 | €876 | €3,741 | +€2,865 | +327% |
| Plant, machinery and equipment | 23 | €701 | €1,204 | +€503 | +71.8% |
| Furniture and vehicles | 24 | €26,910 | €23,650 | -€3,260 | -12.1% |
| Current assets | 29/58 | €561,055 | €565,916 | +€4,861 | +0.9% |
| Stocks and contracts in progress | 3 | - | €17,322 | +€17,322 | |
| Stocks | 30/36 | - | €17,322 | +€17,322 | |
| Amounts receivable within one year | 40/41 | €194,755 | €190,931 | -€3,824 | -2.0% |
| Trade receivables | 40 | €194,755 | €180,536 | -€14,219 | -7.3% |
| Other amounts receivable | 41 | - | €10,395 | +€10,395 | |
| Cash at bank and in hand | 54/58 | €366,300 | €357,383 | -€8,917 | -2.4% |
| Deferred charges and accrued income | 490/1 | - | €280 | +€280 | |
| Total equity and liabilities | 10/49 | €589,542 | €594,511 | +€4,969 | +0.8% |
| Equity | 10/15 | €302,003 | €289,143 | -€12,860 | -4.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €240,503 | €227,643 | -€12,860 | -5.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €234,306 | €221,446 | -€12,860 | -5.5% |
| Amounts payable | 17/49 | €287,539 | €305,368 | +€17,829 | +6.2% |
| Amounts payable within one year | 42/48 | €287,539 | €305,368 | +€17,829 | +6.2% |
| Trade debts | 44 | €158,098 | €188,222 | +€30,124 | +19.1% |
| Suppliers | 440/4 | €158,098 | €188,222 | +€30,124 | +19.1% |
| Taxes, remuneration and social security | 45 | €28,973 | €11,099 | -€17,874 | -61.7% |
| Taxes | 450/3 | €25,349 | €11,099 | -€14,250 | -56.2% |
| Remuneration and social security | 454/9 | €3,624 | - | -€3,624 | |
| Other amounts payable | 47/48 | €100,468 | €106,047 | +€5,579 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,628 | €9,390 | +€1,762 | +23.1% |
| Other operating charges | 640/8 | €757 | €1,813 | +€1,056 | +139% |
| Gross operating margin | 9900 | €120,606 | €89,303 | -€31,303 | -26.0% |
| Operating profit (loss) | 9901 | €112,221 | €78,100 | -€34,121 | -30.4% |
| Financial income | 75/76B | €743 | €6,086 | +€5,343 | +719% |
| Recurring financial income | 75 | €743 | €6,086 | +€5,343 | +719% |
| Financial charges | 65/66B | €405 | €185 | -€220 | -54.3% |
| Recurring financial charges | 65 | €405 | €185 | -€220 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €112,559 | €84,001 | -€28,558 | -25.4% |
| Income taxes | 67/77 | €33,810 | €24,803 | -€9,007 | -26.6% |
| Profit (loss) for the period | 9904 | €78,749 | €59,198 | -€19,551 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €78,749 | €59,198 | -€19,551 | -24.8% |
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 13 October 2026 via checked.be.