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.
What changed
GEMCO
NACE 68.321, Property management for co-owned buildings (syndics)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€74,743
2024 · €88,494-€13,752
Equity
€154,551
2024 · €79,808+€74,743
Cash
€9,256
2024 · €8,458+€798
Balance sheet total
€1.9m
2024 · €2.0m-€43,141
Largest movements
Assets
- Tangible fixed assets -€36,531
down €36,531 (-1.9%), from €2.0m to €1.9m
of which Land and buildings: -€36,278
Equity and liabilities
- Debts after one year -€140,266
down €140,266 (-8.1%), from €1.7m to €1.6m
- Reserves +€74,743
up €74,743 (+102.1%), from €73,216 to €147,959
of which Distributable reserves: +€74,743
Income statement
- Turnover +€18,200
up €18,200 (+8.2%), from €222,240 to €240,440
- Taxes +€15,716
up €15,716 (+152.5%), from €10,305 to €26,021
of which Taxes: +€15,716
- Services and other goods +€11,726
up €11,726 (+34.2%), from €34,306 to €46,032
- Other operating charges +€5,704
up €5,704 (+38.0%), from €15,026 to €20,730
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.
Result 2024
€88,494
Turnover
+€18,200
Other operating income
-€873
Services and other goods
-€11,726
Staff costs
+€249
Depreciation
+€95
Other operating charges
-€5,704
Financial income
+€4
Financial charges
+€1,720
Taxes
-€15,716
Result 2025
€74,743
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.
From operations
+€134,198
Investment
+€4,536
Financing
-€137,936
Cash 2024
€8,458
From operations (derived)
+€134,198
Net result for the year
+€74,743
Depreciation
+€36,531
Receivables within one year
+€3,153
Deferred charges and accrued income
-€281
Trade debts
-€1,011
Tax, wage and social debts
+€14,118
Other debts
+€14,787
Accrued charges and deferred income
-€7,841
Investment (derived)
+€4,536
Investment in fixed assets (net)
+€4,536
Financing
-€137,936
Debts after one year
-€140,266
Current portion of long-term debt
+€2,330
Cash 2025
€9,256
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,987,635 | €1,944,493 | -€43,141 | -2.2% |
| Fixed assets | 21/28 | €1,961,017 | €1,919,950 | -€41,067 | -2.1% |
| Tangible fixed assets | 22/27 | €1,956,481 | €1,919,950 | -€36,531 | -1.9% |
| Land and buildings | 22 | €1,956,228 | €1,919,950 | -€36,278 | -1.9% |
| Furniture and vehicles | 24 | €253 | €0 | -€253 | -100.0% |
| Financial fixed assets | 28 | €4,536 | €0 | -€4,536 | -100.0% |
| Affiliated companies | 280/1 | €4,536 | €0 | -€4,536 | -100.0% |
| Participating interests | 280 | €4,536 | €0 | -€4,536 | -100.0% |
| Current assets | 29/58 | €26,618 | €24,544 | -€2,074 | -7.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €17,669 | €14,516 | -€3,153 | -17.8% |
| Trade receivables | 40 | €12,975 | €5,843 | -€7,132 | -55.0% |
| Other amounts receivable | 41 | €4,695 | €8,674 | +€3,979 | +84.8% |
| Cash at bank and in hand | 54/58 | €8,458 | €9,256 | +€798 | +9.4% |
| Deferred charges and accrued income | 490/1 | €490 | €771 | +€281 | +57.3% |
| Total equity and liabilities | 10/49 | €1,987,635 | €1,944,493 | -€43,141 | -2.2% |
| Equity | 10/15 | €79,808 | €154,551 | +€74,743 | +93.7% |
| Contributions | 10/11 | €6,592 | €6,592 | = | 0.0% |
| Reserves | 13 | €73,216 | €147,959 | +€74,743 | +102.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €73,216 | €147,959 | +€74,743 | +102.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,907,827 | €1,789,943 | -€117,884 | -6.2% |
| Amounts payable after more than one year | 17 | €1,731,272 | €1,591,006 | -€140,266 | -8.1% |
| Financial debts | 170/4 | €1,731,272 | €1,591,006 | -€140,266 | -8.1% |
| Credit institutions | 173 | €1,731,272 | €1,591,006 | -€140,266 | -8.1% |
| Amounts payable within one year | 42/48 | €166,798 | €197,021 | +€30,223 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €137,936 | €140,266 | +€2,330 | +1.7% |
| Trade debts | 44 | €20,075 | €19,063 | -€1,011 | -5.0% |
| Suppliers | 440/4 | €20,075 | €19,063 | -€1,011 | -5.0% |
| Taxes, remuneration and social security | 45 | €8,767 | €22,885 | +€14,118 | +161.0% |
| Taxes | 450/3 | €8,767 | €22,885 | +€14,118 | +161.0% |
| Other amounts payable | 47/48 | €19 | €14,806 | +€14,787 | +76299.0% |
| Accrued charges and deferred income | 492/3 | €9,757 | €1,916 | -€7,841 | -80.4% |
| Operating income | 70/76A | €223,665 | €240,992 | +€17,326 | +7.7% |
| Turnover | 70 | €222,240 | €240,440 | +€18,200 | +8.2% |
| Other operating income | 74 | €1,425 | €551 | -€873 | -61.3% |
| Operating charges | 60/66A | €86,206 | €103,293 | +€17,087 | +19.8% |
| Services and other goods | 61 | €34,306 | €46,032 | +€11,726 | +34.2% |
| Remuneration, social security and pensions | 62 | €249 | €0 | -€249 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,626 | €36,531 | -€95 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,026 | €20,730 | +€5,704 | +38.0% |
| Operating profit (loss) | 9901 | €137,459 | €137,699 | +€240 | +0.2% |
| Financial income | 75/76B | €0 | €4 | +€4 | +8500.0% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +8500.0% |
| Other financial income | 752/9 | €0 | €4 | +€4 | +8500.0% |
| Financial charges | 65/66B | €38,659 | €36,939 | -€1,720 | -4.5% |
| Recurring financial charges | 65 | €38,659 | €33,999 | -€4,660 | -12.1% |
| Debt charges | 650 | €37,893 | €33,797 | -€4,096 | -10.8% |
| Other financial charges | 652/9 | €766 | €202 | -€564 | -73.6% |
| Non-recurring financial charges | 66B | - | €2,940 | +€2,940 | |
| Profit (loss) for the period before taxes | 9903 | €98,800 | €100,764 | +€1,964 | +2.0% |
| Income taxes | 67/77 | €10,305 | €26,021 | +€15,716 | +152.5% |
| Taxes | 670/3 | €10,305 | €26,021 | +€15,716 | +152.5% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €88,494 | €74,743 | -€13,752 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €88,494 | €74,743 | -€13,752 | -15.5% |
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 4 October 2026 via checked.be.