Gemex: 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.
Gemex
Largest movements
- Receivables within one year +€419,502
up €419,502 (+10.3%), from €4.1m to €4.5m
of which Trade receivables: +€231,178
- Cash -€206,949
down €206,949 (-30.3%), from €682,090 to €475,141
mainly Receivables within one year (-€419,502) and Current investments (-€119,998)
- Current investments +€119,998
up €119,998 (+29.2%), from €410,654 to €530,652
- Reserves +€233,698
up €233,698 (+7.5%), from €3.1m to €3.3m
of which Distributable reserves: +€233,698
- Trade debts +€72,361
up €72,361 (+3.6%), from €2.0m to €2.1m
- Gross operating margin +€118,233
up €118,233 (+18.0%), from €657,173 to €775,406
- Staff costs +€55,051
up €55,051 (+14.6%), from €375,780 to €430,831
- Taxes +€15,621
up €15,621 (+22.0%), from €70,966 to €86,587
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 | €5,261,431 | €5,575,862 | +€314,431 | +6.0% |
| Fixed assets | 21/28 | €72,700 | €50,036 | -€22,663 | -31.2% |
| Intangible fixed assets | 21 | €17,000 | - | -€17,000 | |
| Tangible fixed assets | 22/27 | €53,296 | €47,633 | -€5,663 | -10.6% |
| Plant, machinery and equipment | 23 | €35,938 | €30,279 | -€5,658 | -15.7% |
| Furniture and vehicles | 24 | €17,085 | €17,203 | +€118 | +0.7% |
| Other tangible fixed assets | 26 | €273 | €150 | -€123 | -45.1% |
| Financial fixed assets | 28 | €2,404 | €2,404 | = | 0.0% |
| Current assets | 29/58 | €5,188,731 | €5,525,826 | +€337,095 | +6.5% |
| Amounts receivable within one year | 40/41 | €4,080,999 | €4,500,501 | +€419,502 | +10.3% |
| Trade receivables | 40 | €2,398,216 | €2,629,394 | +€231,178 | +9.6% |
| Other amounts receivable | 41 | €1,682,783 | €1,871,107 | +€188,324 | +11.2% |
| Current investments | 50/53 | €410,654 | €530,652 | +€119,998 | +29.2% |
| Cash at bank and in hand | 54/58 | €682,090 | €475,141 | -€206,949 | -30.3% |
| Deferred charges and accrued income | 490/1 | €14,988 | €19,532 | +€4,543 | +30.3% |
| Total equity and liabilities | 10/49 | €5,261,431 | €5,575,862 | +€314,431 | +6.0% |
| Equity | 10/15 | €3,134,795 | €3,368,493 | +€233,698 | +7.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,116,203 | €3,349,901 | +€233,698 | +7.5% |
| 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 | €6,925 | €6,925 | = | 0.0% |
| Distributable reserves | 133 | €3,107,419 | €3,341,116 | +€233,698 | +7.5% |
| Amounts payable | 17/49 | €2,126,636 | €2,207,369 | +€80,733 | +3.8% |
| Amounts payable after more than one year | 17 | €47,611 | €50,503 | +€2,892 | +6.1% |
| Other amounts payable | 178/9 | €47,611 | €50,503 | +€2,892 | +6.1% |
| Amounts payable within one year | 42/48 | €2,074,505 | €2,151,837 | +€77,332 | +3.7% |
| Trade debts | 44 | €2,007,677 | €2,080,039 | +€72,361 | +3.6% |
| Suppliers | 440/4 | €2,007,677 | €2,080,039 | +€72,361 | +3.6% |
| Advances received on contracts in progress | 46 | - | €1,032 | +€1,032 | |
| Taxes, remuneration and social security | 45 | €66,828 | €70,766 | +€3,939 | +5.9% |
| Taxes | 450/3 | €5,525 | €3,475 | -€2,050 | -37.1% |
| Remuneration and social security | 454/9 | €61,302 | €67,291 | +€5,989 | +9.8% |
| Accrued charges and deferred income | 492/3 | €4,520 | €5,029 | +€509 | +11.3% |
| Remuneration, social security and pensions | 62 | €375,780 | €430,831 | +€55,051 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,756 | €44,114 | +€5,357 | +13.8% |
| Other operating charges | 640/8 | €5,368 | €7,908 | +€2,540 | +47.3% |
| Gross operating margin | 9900 | €657,173 | €775,406 | +€118,233 | +18.0% |
| Operating profit (loss) | 9901 | €237,268 | €292,554 | +€55,286 | +23.3% |
| Financial income | 75/76B | €25,970 | €31,965 | +€5,995 | +23.1% |
| Recurring financial income | 75 | €25,970 | €31,965 | +€5,995 | +23.1% |
| Financial charges | 65/66B | €5,842 | €4,234 | -€1,607 | -27.5% |
| Recurring financial charges | 65 | €5,600 | €4,234 | -€1,366 | -24.4% |
| Non-recurring financial charges | 66B | €241 | - | -€241 | |
| Profit (loss) for the period before taxes | 9903 | €257,397 | €320,285 | +€62,888 | +24.4% |
| Income taxes | 67/77 | €70,966 | €86,587 | +€15,621 | +22.0% |
| Profit (loss) for the period | 9904 | €186,431 | €233,698 | +€47,267 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €186,431 | €233,698 | +€47,267 | +25.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.