Gemco: 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.
Gemco
Largest movements
- Receivables within one year +€132,610
up €132,610 (+8.6%), from €1.5m to €1.7m
of which Trade receivables: +€131,688
- Cash -€127,275
down €127,275 (-12.1%), from €1.1m to €926,927
mainly Receivables within one year (-€132,610) and Accrued charges and deferred income (-€118,245)
- Debts after one year +€118,245
up €118,245 (+6.4%), from €1.9m to €2.0m
- Accrued charges and deferred income -€118,245
down €118,245 (-24.6%), from €479,908 to €361,663
- Financial income +€44,941
up €44,941 (+172.1%), from €26,112 to €71,052
- Gross operating margin -€41,418
down €41,418 (-65.0%), from €63,687 to €22,269
- Financial charges +€3,727
up €3,727 (+8.7%), from €42,679 to €46,406
- Other operating charges -€949
down €949 (-46.6%), from €2,034 to €1,086
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,486,561 | €3,464,340 | -€22,221 | -0.6% |
| Fixed assets | 21/28 | €9,083 | €7,683 | -€1,400 | -15.4% |
| Tangible fixed assets | 22/27 | €8,400 | €7,000 | -€1,400 | -16.7% |
| Plant, machinery and equipment | 23 | €8,400 | €7,000 | -€1,400 | -16.7% |
| Financial fixed assets | 28 | €683 | €683 | = | 0.0% |
| Current assets | 29/58 | €3,477,478 | €3,456,658 | -€20,821 | -0.6% |
| Stocks and contracts in progress | 3 | €883,423 | €857,251 | -€26,172 | -3.0% |
| Stocks | 30/36 | €883,423 | €857,251 | -€26,172 | -3.0% |
| Amounts receivable within one year | 40/41 | €1,538,828 | €1,671,438 | +€132,610 | +8.6% |
| Trade receivables | 40 | €1,534,901 | €1,666,589 | +€131,688 | +8.6% |
| Other amounts receivable | 41 | €3,927 | €4,849 | +€922 | +23.5% |
| Cash at bank and in hand | 54/58 | €1,054,202 | €926,927 | -€127,275 | -12.1% |
| Deferred charges and accrued income | 490/1 | €1,025 | €1,042 | +€17 | +1.6% |
| Total equity and liabilities | 10/49 | €3,486,561 | €3,464,340 | -€22,221 | -0.6% |
| Equity | 10/15 | €342,311 | €347,092 | +€4,782 | +1.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €323,719 | €328,500 | +€4,782 | +1.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €76,660 | €76,660 | = | 0.0% |
| Distributable reserves | 133 | €245,200 | €249,981 | +€4,782 | +2.0% |
| Amounts payable | 17/49 | €3,144,250 | €3,117,248 | -€27,002 | -0.9% |
| Amounts payable after more than one year | 17 | €1,858,468 | €1,976,713 | +€118,245 | +6.4% |
| Financial debts | 170/4 | €1,858,468 | €1,976,713 | +€118,245 | +6.4% |
| Amounts payable within one year | 42/48 | €805,874 | €778,872 | -€27,002 | -3.4% |
| Taxes, remuneration and social security | 45 | €1,000 | €2,000 | +€1,000 | +100.0% |
| Taxes | 450/3 | €1,000 | €2,000 | +€1,000 | +100.0% |
| Other amounts payable | 47/48 | €804,874 | €776,872 | -€28,002 | -3.5% |
| Accrued charges and deferred income | 492/3 | €479,908 | €361,663 | -€118,245 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,400 | €1,400 | = | 0.0% |
| Other operating charges | 640/8 | €2,034 | €1,086 | -€949 | -46.6% |
| Gross operating margin | 9900 | €63,687 | €22,269 | -€41,418 | -65.0% |
| Operating profit (loss) | 9901 | €60,253 | €19,783 | -€40,470 | -67.2% |
| Financial income | 75/76B | €26,112 | €71,052 | +€44,941 | +172.1% |
| Recurring financial income | 75 | €26,112 | €71,052 | +€44,941 | +172.1% |
| Financial charges | 65/66B | €42,679 | €46,406 | +€3,727 | +8.7% |
| Recurring financial charges | 65 | €42,679 | €46,406 | +€3,727 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €43,686 | €44,429 | +€744 | +1.7% |
| Income taxes | 67/77 | €740 | €1,368 | +€628 | +84.8% |
| Profit (loss) for the period | 9904 | €42,946 | €43,062 | +€116 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,946 | €43,062 | +€116 | +0.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.