GEMF DEVELOPMENT: what changed
Two financial 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.
GEMF DEVELOPMENT
Largest movements
- Receivables within one year -€23,943
down €23,943 (-70.2%), from €34,112 to €10,170
of which Trade receivables: -€25,980
- Cash -€13,040
down €13,040 (-14.9%), from €87,554 to €74,514
mainly Net result for the year (-€22,399) and Other debts (-€7,340)
- Tangible fixed assets -€2,595
down €2,595 (-65.0%), from €3,994 to €1,399
of which Furniture and vehicles: -€2,595
- Profit (loss) carried forward -€22,399
down €22,399 (-64.0%), from €35,000 to €12,601
- Other debts -€7,340
down €7,340 (-64.7%), from €11,344 to €4,004
- Trade debts -€7,043
down €7,043 (-62.8%), from €11,215 to €4,173
- Accrued charges and deferred income -€2,058
no longer reported in 2025 (was €2,058)
- Gross operating margin -€33,457
down €33,457, from €17,396 to -€16,061
- Taxes -€7,083
down €7,083 (-97.1%), from €7,294 to €211
- Staff costs -€1,800
no longer reported in 2025 (was €1,800)
- Financial charges +€1,755
up €1,755 (+183.8%), from €955 to €2,709
- Other operating charges +€682
new in 2025: €682
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 | €126,222 | €86,757 | -€39,465 | -31.3% |
| Fixed assets | 21/28 | €3,994 | €1,399 | -€2,595 | -65.0% |
| Tangible fixed assets | 22/27 | €3,994 | €1,399 | -€2,595 | -65.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,994 | €1,399 | -€2,595 | -65.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €122,228 | €85,358 | -€36,870 | -30.2% |
| Amounts receivable within one year | 40/41 | €34,112 | €10,170 | -€23,943 | -70.2% |
| Trade receivables | 40 | €34,112 | €8,133 | -€25,980 | -76.2% |
| Other amounts receivable | 41 | - | €2,037 | +€2,037 | |
| Cash at bank and in hand | 54/58 | €87,554 | €74,514 | -€13,040 | -14.9% |
| Deferred charges and accrued income | 490/1 | €561 | €674 | +€113 | +20.1% |
| Total equity and liabilities | 10/49 | €126,222 | €86,757 | -€39,465 | -31.3% |
| Equity | 10/15 | €97,027 | €74,628 | -€22,399 | -23.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €55,827 | €55,827 | = | 0.0% |
| Distributable reserves | 133 | €55,827 | €55,827 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,000 | €12,601 | -€22,399 | -64.0% |
| Amounts payable | 17/49 | €29,196 | €12,129 | -€17,067 | -58.5% |
| Amounts payable within one year | 42/48 | €27,137 | €12,129 | -€15,008 | -55.3% |
| Financial debts | 43 | €1,027 | €953 | -€74 | -7.2% |
| Credit institutions | 430/8 | €1,027 | €953 | -€74 | -7.2% |
| Trade debts | 44 | €11,215 | €4,173 | -€7,043 | -62.8% |
| Suppliers | 440/4 | €11,215 | €4,173 | -€7,043 | -62.8% |
| Taxes, remuneration and social security | 45 | €3,551 | €3,000 | -€551 | -15.5% |
| Taxes | 450/3 | €3,551 | €807 | -€2,744 | -77.3% |
| Remuneration and social security | 454/9 | - | €2,193 | +€2,193 | |
| Other amounts payable | 47/48 | €11,344 | €4,004 | -€7,340 | -64.7% |
| Accrued charges and deferred income | 492/3 | €2,058 | - | -€2,058 | |
| Remuneration, social security and pensions | 62 | €1,800 | - | -€1,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,310 | €2,595 | +€285 | +12.3% |
| Other operating charges | 640/8 | - | €682 | +€682 | |
| Non-recurring operating charges | 66A | - | €255 | +€255 | |
| Gross operating margin | 9900 | €17,396 | -€16,061 | -€33,457 | |
| Operating profit (loss) | 9901 | €13,286 | -€19,594 | -€32,879 | |
| Financial income | 75/76B | €237 | €115 | -€121 | -51.2% |
| Recurring financial income | 75 | €237 | €115 | -€121 | -51.2% |
| Financial charges | 65/66B | €955 | €2,709 | +€1,755 | +183.8% |
| Recurring financial charges | 65 | €955 | €2,709 | +€1,755 | +183.8% |
| Profit (loss) for the period before taxes | 9903 | €12,567 | -€22,188 | -€34,755 | |
| Income taxes | 67/77 | €7,294 | €211 | -€7,083 | -97.1% |
| Profit (loss) for the period | 9904 | €5,274 | -€22,399 | -€27,672 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,274 | -€22,399 | -€27,672 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.