GEMIBEL: 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.
GEMIBEL
Largest movements
- Current investments +€116,282
up €116,282 (+8.6%), from €1.4m to €1.5m
- Cash -€41,667
down €41,667 (-56.5%), from €73,812 to €32,145
mainly Current investments (-€116,282) and Tax, wage and social debts (-€28,037)
- Profit (loss) carried forward +€90,865
up €90,865 (+10.7%), from €847,898 to €938,763
- Tax, wage and social debts -€28,037
no longer reported in 2025 (was €28,037)
- Gross operating margin -€31,918
down €31,918 (-27.2%), from €117,392 to €85,474
- Financial income +€15,924
up €15,924 (+62.6%), from €25,454 to €41,378
- Taxes -€4,388
down €4,388 (-12.8%), from €34,217 to €29,829
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 | €1,455,323 | €1,517,491 | +€62,168 | +4.3% |
| Fixed assets | 21/28 | €15,419 | €15,419 | = | 0.0% |
| Tangible fixed assets | 22/27 | €15,419 | €15,419 | = | 0.0% |
| Land and buildings | 22 | €15,419 | €15,419 | = | 0.0% |
| Current assets | 29/58 | €1,439,904 | €1,502,072 | +€62,168 | +4.3% |
| Amounts receivable within one year | 40/41 | €15,433 | €2,986 | -€12,447 | -80.7% |
| Trade receivables | 40 | €15,433 | €55 | -€15,379 | -99.6% |
| Other amounts receivable | 41 | - | €2,931 | +€2,931 | |
| Current investments | 50/53 | €1,350,659 | €1,466,942 | +€116,282 | +8.6% |
| Cash at bank and in hand | 54/58 | €73,812 | €32,145 | -€41,667 | -56.5% |
| Total equity and liabilities | 10/49 | €1,455,323 | €1,517,491 | +€62,168 | +4.3% |
| Equity | 10/15 | €1,411,927 | €1,502,791 | +€90,865 | +6.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €64,028 | €64,028 | = | 0.0% |
| Distributable reserves | 133 | €64,028 | €64,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | €847,898 | €938,763 | +€90,865 | +10.7% |
| Provisions and deferred taxes | 16 | €2,100 | €2,100 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,100 | €2,100 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,100 | €2,100 | = | 0.0% |
| Amounts payable | 17/49 | €41,297 | €12,600 | -€28,697 | -69.5% |
| Amounts payable within one year | 42/48 | €41,297 | €12,600 | -€28,697 | -69.5% |
| Trade debts | 44 | €660 | - | -€660 | |
| Suppliers | 440/4 | €660 | - | -€660 | |
| Taxes, remuneration and social security | 45 | €28,037 | - | -€28,037 | |
| Taxes | 450/3 | €28,037 | - | -€28,037 | |
| Other amounts payable | 47/48 | €12,600 | €12,600 | = | 0.0% |
| Other operating charges | 640/8 | €5,520 | €5,713 | +€193 | +3.5% |
| Gross operating margin | 9900 | €117,392 | €85,474 | -€31,918 | -27.2% |
| Operating profit (loss) | 9901 | €111,872 | €79,761 | -€32,110 | -28.7% |
| Financial income | 75/76B | €25,454 | €41,378 | +€15,924 | +62.6% |
| Recurring financial income | 75 | €25,454 | €41,378 | +€15,924 | +62.6% |
| Financial charges | 65/66B | €1,503 | €445 | -€1,058 | -70.4% |
| Recurring financial charges | 65 | €1,503 | €445 | -€1,058 | -70.4% |
| Profit (loss) for the period before taxes | 9903 | €135,822 | €120,694 | -€15,128 | -11.1% |
| Income taxes | 67/77 | €34,217 | €29,829 | -€4,388 | -12.8% |
| Profit (loss) for the period | 9904 | €101,605 | €90,865 | -€10,740 | -10.6% |
| Transfer from tax-exempt reserves | 789 | €128,160 | - | -€128,160 | |
| Profit (loss) for the period to be appropriated | 9905 | €229,765 | €90,865 | -€138,900 | -60.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.