GEMILOR: 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.
GEMILOR
Largest movements
- Tangible fixed assets -€796,140
down €796,140 (-53.7%), from €1.5m to €685,772
of which Land and buildings: -€761,083
- Cash +€729,584
up €729,584 (+1,717%), from €42,501 to €772,085
mainly Investment in fixed assets (net) (+€700,295) and Net result for the year (+€231,883)
- Receivables within one year +€113,571
up €113,571 (+4,180%), from €2,717 to €116,288
- Reserves +€231,883
up €231,883 (+179%), from €129,600 to €361,483
of which Tax-exempt reserves: +€231,550
- Other debts -€160,274
down €160,274 (-25.9%), from €619,607 to €459,333
- Gross operating margin +€187,583
up €187,583 (+72.8%), from €257,629 to €445,212
- Taxes +€43,497
up €43,497 (+336%), from €12,959 to €56,456
- Depreciation -€40,815
down €40,815 (-29.9%), from €136,660 to €95,845
- Financial charges -€11,357
down €11,357 (-21.0%), from €53,960 to €42,603
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.
Derived cash bridge
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 | €1,532,122 | €1,591,782 | +€59,661 | +3.9% |
| Fixed assets | 21/28 | €1,481,913 | €685,772 | -€796,140 | -53.7% |
| Tangible fixed assets | 22/27 | €1,481,913 | €685,772 | -€796,140 | -53.7% |
| Land and buildings | 22 | €1,404,624 | €643,541 | -€761,083 | -54.2% |
| Plant, machinery and equipment | 23 | €30,238 | €4,902 | -€25,336 | -83.8% |
| Furniture and vehicles | 24 | €11,445 | €3,724 | -€7,721 | -67.5% |
| Leasing and similar rights | 25 | €35,605 | €33,605 | -€2,000 | -5.6% |
| Current assets | 29/58 | €50,209 | €906,010 | +€855,801 | +1,704% |
| Amounts receivable within one year | 40/41 | €2,717 | €116,288 | +€113,571 | +4,180% |
| Other amounts receivable | 41 | €2,717 | €116,288 | +€113,571 | +4,180% |
| Cash at bank and in hand | 54/58 | €42,501 | €772,085 | +€729,584 | +1,717% |
| Deferred charges and accrued income | 490/1 | €4,992 | €17,638 | +€12,646 | +253% |
| Total equity and liabilities | 10/49 | €1,532,122 | €1,591,782 | +€59,661 | +3.9% |
| Equity | 10/15 | €308,100 | €539,983 | +€231,883 | +75.3% |
| Contributions | 10/11 | €178,500 | €178,500 | = | 0.0% |
| Reserves | 13 | €129,600 | €361,483 | +€231,883 | +179% |
| Tax-exempt reserves | 132 | €111,750 | €343,300 | +€231,550 | +207% |
| Distributable reserves | 133 | €17,850 | €18,183 | +€333 | +1.9% |
| Provisions and deferred taxes | 16 | €557,268 | €555,743 | -€1,525 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €557,268 | €555,743 | -€1,525 | -0.3% |
| Other liabilities and charges | 164/5 | €557,268 | €555,743 | -€1,525 | -0.3% |
| Amounts payable | 17/49 | €666,754 | €496,056 | -€170,697 | -25.6% |
| Amounts payable after more than one year | 17 | €33,146 | €31,351 | -€1,795 | -5.4% |
| Financial debts | 170/4 | €33,146 | €31,351 | -€1,795 | -5.4% |
| Amounts payable within one year | 42/48 | €631,878 | €464,706 | -€167,172 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €1,762 | €1,795 | +€33 | +1.9% |
| Trade debts | 44 | €3,273 | €3,578 | +€305 | +9.3% |
| Suppliers | 440/4 | €3,273 | €3,578 | +€305 | +9.3% |
| Taxes, remuneration and social security | 45 | €7,236 | - | -€7,236 | |
| Taxes | 450/3 | €6,086 | - | -€6,086 | |
| Remuneration and social security | 454/9 | €1,150 | - | -€1,150 | |
| Other amounts payable | 47/48 | €619,607 | €459,333 | -€160,274 | -25.9% |
| Accrued charges and deferred income | 492/3 | €1,730 | - | -€1,730 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,660 | €95,845 | -€40,815 | -29.9% |
| Other operating charges | 640/8 | €21,385 | €18,473 | -€2,912 | -13.6% |
| Gross operating margin | 9900 | €257,629 | €445,212 | +€187,583 | +72.8% |
| Operating profit (loss) | 9901 | €99,585 | €330,895 | +€231,310 | +232% |
| Financial income | 75/76B | - | €47 | +€47 | |
| Recurring financial income | 75 | - | €47 | +€47 | |
| Financial charges | 65/66B | €53,960 | €42,603 | -€11,357 | -21.0% |
| Recurring financial charges | 65 | €53,960 | €42,603 | -€11,357 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €45,624 | €288,339 | +€242,715 | +532% |
| Income taxes | 67/77 | €12,959 | €56,456 | +€43,497 | +336% |
| Profit (loss) for the period | 9904 | €32,665 | €231,883 | +€199,217 | +610% |
| Transfer to tax-exempt reserves | 689 | - | €231,550 | +€231,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,665 | €333 | -€32,333 | -99.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.