GEMBA: 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.
GEMBA
Largest movements
- Cash +€25,036
up €25,036 (+48.0%), from €52,117 to €77,153
mainly Net result for the year (+€20,370) and Depreciation (+€9,957)
- Receivables within one year -€5,289
down €5,289 (-25.8%), from €20,538 to €15,249
of which Trade receivables: -€5,289
- Tangible fixed assets -€2,687
down €2,687 (-10.7%), from €25,095 to €22,408
of which Furniture and vehicles: -€2,326
- Reserves +€20,000
up €20,000 (+43.5%), from €46,021 to €66,021
- Tax, wage and social debts -€1,835
down €1,835 (-20.5%), from €8,965 to €7,130
- Trade debts -€1,204
down €1,204 (-65.7%), from €1,832 to €628
- Gross operating margin +€4,833
up €4,833 (+12.4%), from €39,017 to €43,850
- Depreciation +€1,510
up €1,510 (+17.9%), from €8,447 to €9,957
- Taxes +€1,284
up €1,284 (+11.8%), from €10,900 to €12,184
- Other operating charges -€694
down €694 (-45.5%), from €1,526 to €832
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 | €100,508 | €117,806 | +€17,298 | +17.2% |
| Fixed assets | 21/28 | €27,645 | €24,958 | -€2,687 | -9.7% |
| Tangible fixed assets | 22/27 | €25,095 | €22,408 | -€2,687 | -10.7% |
| Furniture and vehicles | 24 | €22,617 | €20,291 | -€2,326 | -10.3% |
| Other tangible fixed assets | 26 | €2,478 | €2,117 | -€361 | -14.6% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €72,863 | €92,848 | +€19,984 | +27.4% |
| Amounts receivable within one year | 40/41 | €20,538 | €15,249 | -€5,289 | -25.8% |
| Trade receivables | 40 | €20,538 | €15,249 | -€5,289 | -25.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €52,117 | €77,153 | +€25,036 | +48.0% |
| Deferred charges and accrued income | 490/1 | €209 | €446 | +€237 | +113.7% |
| Total equity and liabilities | 10/49 | €100,508 | €117,806 | +€17,298 | +17.2% |
| Equity | 10/15 | €88,679 | €109,049 | +€20,370 | +23.0% |
| Contributions | 10/11 | €41,639 | €41,639 | = | 0.0% |
| Reserves | 13 | €46,021 | €66,021 | +€20,000 | +43.5% |
| Distributable reserves | 133 | €46,021 | €66,021 | +€20,000 | +43.5% |
| Profit (loss) carried forward | 14 | €1,019 | €1,389 | +€370 | +36.3% |
| Amounts payable | 17/49 | €11,829 | €8,757 | -€3,072 | -26.0% |
| Amounts payable within one year | 42/48 | €11,829 | €8,757 | -€3,072 | -26.0% |
| Trade debts | 44 | €1,832 | €628 | -€1,204 | -65.7% |
| Suppliers | 440/4 | €1,832 | €628 | -€1,204 | -65.7% |
| Taxes, remuneration and social security | 45 | €8,965 | €7,130 | -€1,835 | -20.5% |
| Taxes | 450/3 | €8,965 | €7,130 | -€1,835 | -20.5% |
| Other amounts payable | 47/48 | €1,033 | €1,000 | -€33 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,447 | €9,957 | +€1,510 | +17.9% |
| Other operating charges | 640/8 | €1,526 | €832 | -€694 | -45.5% |
| Non-recurring operating charges | 66A | - | €646 | +€646 | |
| Gross operating margin | 9900 | €39,017 | €43,850 | +€4,833 | +12.4% |
| Operating profit (loss) | 9901 | €29,043 | €32,414 | +€3,371 | +11.6% |
| Financial income | 75/76B | €169 | €265 | +€96 | +56.6% |
| Recurring financial income | 75 | €169 | €265 | +€96 | +56.6% |
| Financial charges | 65/66B | €0 | €125 | +€125 | +1248400.0% |
| Recurring financial charges | 65 | €0 | €125 | +€125 | +1248400.0% |
| Profit (loss) for the period before taxes | 9903 | €29,212 | €32,554 | +€3,342 | +11.4% |
| Income taxes | 67/77 | €10,900 | €12,184 | +€1,284 | +11.8% |
| Profit (loss) for the period | 9904 | €18,312 | €20,370 | +€2,058 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,312 | €20,370 | +€2,058 | +11.2% |
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.