GEMELEC: 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.
GEMELEC
Largest movements
- Receivables within one year -€37,966
down €37,966 (-49.4%), from €76,843 to €38,877
of which Trade receivables: -€36,580
- Current investments +€27,973
up €27,973 (+35.6%), from €78,559 to €106,531
- Tangible fixed assets -€23,481
down €23,481 (-6.8%), from €346,279 to €322,798
of which Land and buildings: -€19,815
- Stocks and contracts -€17,950
down €17,950 (-52.0%), from €34,500 to €16,550
of which Stocks: -€9,950
- Trade debts -€30,973
down €30,973 (-55.6%), from €55,723 to €24,750
- Debts after one year -€24,576
down €24,576 (-11.0%), from €222,487 to €197,911
of which Financial debts: -€28,626
- Gross operating margin +€27,827
up €27,827 (+37.4%), from €74,406 to €102,233
- Staff costs +€9,732
up €9,732 (+180.6%), from €5,388 to €15,120
- Other operating charges +€7,370
up €7,370 (+246.8%), from €2,986 to €10,356
- Financial income -€5,012
down €5,012 (-80.5%), from €6,227 to €1,216
of which Financial income: -€5,333
- Depreciation -€2,815
down €2,815 (-10.8%), from €26,118 to €23,302
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 | €598,857 | €539,993 | -€58,864 | -9.8% |
| Fixed assets | 21/28 | €346,279 | €322,798 | -€23,481 | -6.8% |
| Tangible fixed assets | 22/27 | €346,279 | €322,798 | -€23,481 | -6.8% |
| Land and buildings | 22 | €339,427 | €319,612 | -€19,815 | -5.8% |
| Plant, machinery and equipment | 23 | €5,409 | €3,186 | -€2,223 | -41.1% |
| Furniture and vehicles | 24 | €1,443 | €0 | -€1,443 | -100.0% |
| Current assets | 29/58 | €252,578 | €217,195 | -€35,383 | -14.0% |
| Stocks and contracts in progress | 3 | €34,500 | €16,550 | -€17,950 | -52.0% |
| Stocks | 30/36 | €26,500 | €16,550 | -€9,950 | -37.5% |
| Contracts in progress | 37 | €8,000 | €0 | -€8,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €76,843 | €38,877 | -€37,966 | -49.4% |
| Trade receivables | 40 | €72,242 | €35,662 | -€36,580 | -50.6% |
| Other amounts receivable | 41 | €4,602 | €3,215 | -€1,387 | -30.1% |
| Current investments | 50/53 | €78,559 | €106,531 | +€27,973 | +35.6% |
| Cash at bank and in hand | 54/58 | €52,740 | €48,081 | -€4,659 | -8.8% |
| Deferred charges and accrued income | 490/1 | €9,936 | €7,156 | -€2,780 | -28.0% |
| Total equity and liabilities | 10/49 | €598,857 | €539,993 | -€58,864 | -9.8% |
| Equity | 10/15 | €280,286 | €277,337 | -€2,949 | -1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €261,686 | €258,737 | -€2,949 | -1.1% |
| Distributable reserves | 133 | €261,686 | €258,737 | -€2,949 | -1.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €318,571 | €262,656 | -€55,915 | -17.6% |
| Amounts payable after more than one year | 17 | €222,487 | €197,911 | -€24,576 | -11.0% |
| Financial debts | 170/4 | €219,637 | €191,011 | -€28,626 | -13.0% |
| Other amounts payable | 178/9 | €2,850 | €6,900 | +€4,050 | +142.1% |
| Amounts payable within one year | 42/48 | €95,682 | €63,110 | -€32,572 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €28,120 | €28,626 | +€506 | +1.8% |
| Financial debts | 43 | €3,422 | €3,399 | -€23 | -0.7% |
| Credit institutions | 430/8 | €3,422 | €3,399 | -€23 | -0.7% |
| Trade debts | 44 | €55,723 | €24,750 | -€30,973 | -55.6% |
| Suppliers | 440/4 | €55,723 | €24,750 | -€30,973 | -55.6% |
| Advances received on contracts in progress | 46 | €3,180 | €0 | -€3,180 | -100.0% |
| Taxes, remuneration and social security | 45 | €5,104 | €5,204 | +€100 | +2.0% |
| Taxes | 450/3 | €1,257 | €4,273 | +€3,016 | +240.0% |
| Remuneration and social security | 454/9 | €3,847 | €931 | -€2,916 | -75.8% |
| Other amounts payable | 47/48 | €132 | €1,130 | +€998 | +755.7% |
| Accrued charges and deferred income | 492/3 | €402 | €1,635 | +€1,233 | +306.8% |
| Remuneration, social security and pensions | 62 | €5,388 | €15,120 | +€9,732 | +180.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,118 | €23,302 | -€2,815 | -10.8% |
| Other operating charges | 640/8 | €2,986 | €10,356 | +€7,370 | +246.8% |
| Gross operating margin | 9900 | €74,406 | €102,233 | +€27,827 | +37.4% |
| Operating profit (loss) | 9901 | €39,914 | €53,455 | +€13,540 | +33.9% |
| Financial income | 75/76B | €6,227 | €1,216 | -€5,012 | -80.5% |
| Recurring financial income | 75 | €6,227 | €894 | -€5,333 | -85.6% |
| Non-recurring financial income | 76B | - | €321 | +€321 | |
| Financial charges | 65/66B | €6,688 | €5,814 | -€874 | -13.1% |
| Recurring financial charges | 65 | €6,688 | €5,814 | -€874 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €39,454 | €48,856 | +€9,402 | +23.8% |
| Income taxes | 67/77 | €11,257 | €13,805 | +€2,548 | +22.6% |
| Profit (loss) for the period | 9904 | €28,197 | €35,051 | +€6,854 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,197 | €35,051 | +€6,854 | +24.3% |
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 29 September 2026 via checked.be.