Gemini Research: 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.
What changed
Gemini Research
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€25,432
2024 · €18,354+€7,078
Equity
€1.4m
2024 · €1.4m+€25,432
Cash
€3,887
2024 · €6,713-€2,826
Balance sheet total
€2.8m
2024 · €2.8m-€66,912
Largest movements
Assets
- Tangible fixed assets -€89,593
down €89,593 (-3.2%), from €2.8m to €2.7m
Equity and liabilities
- Debts after one year -€81,956
down €81,956 (-6.2%), from €1.3m to €1.3m
of which Financial debts: -€101,956
Income statement
- Services and other goods -€9,130
down €9,130 (-48.6%), from €18,777 to €9,647
- Taxes +€7,274
new in 2025: €7,274
- Turnover +€5,520
up €5,520 (+3.0%), from €184,080 to €189,600
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.
Result 2024
€18,354
Turnover
+€5,520
Services and other goods
+€9,130
Depreciation
+€0
Other operating charges
-€746
Financial charges
+€447
Taxes
-€7,274
Result 2025
€25,432
raises the resultlowers the result
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.
From operations
+€77,217
Investment
€0
Financing
-€80,043
Cash 2024
€6,713
From operations (derived)
+€77,217
Net result for the year
+€25,432
Depreciation
+€89,593
Receivables within one year
-€25,507
Trade debts
-€16,575
Tax, wage and social debts
+€4,274
Financing
-€80,043
Debts after one year
-€81,956
Current portion of long-term debt
+€1,913
Cash 2025
€3,887
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,824,388 | €2,757,476 | -€66,912 | -2.4% |
| Fixed assets | 21/28 | €2,815,995 | €2,726,402 | -€89,593 | -3.2% |
| Tangible fixed assets | 22/27 | €2,815,995 | €2,726,402 | -€89,593 | -3.2% |
| Land and buildings | 22 | €2,815,995 | €2,726,402 | -€89,593 | -3.2% |
| Current assets | 29/58 | €8,393 | €31,074 | +€22,681 | +270% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,680 | €27,187 | +€25,507 | +1,518% |
| Trade receivables | 40 | €1,680 | €27,187 | +€25,507 | +1,518% |
| Cash at bank and in hand | 54/58 | €6,713 | €3,887 | -€2,826 | -42.1% |
| Total equity and liabilities | 10/49 | €2,824,388 | €2,757,476 | -€66,912 | -2.4% |
| Equity | 10/15 | €1,375,070 | €1,400,502 | +€25,432 | +1.8% |
| Contributions | 10/11 | €76,481 | €76,481 | = | 0.0% |
| Capital | 10 | €76,481 | €76,481 | = | 0.0% |
| Issued capital | 100 | €76,481 | €76,481 | = | 0.0% |
| Revaluation surpluses | 12 | €451,328 | €451,328 | = | 0.0% |
| Reserves | 13 | €168,839 | €168,839 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,648 | €7,648 | = | 0.0% |
| Legal reserve | 130 | €7,648 | €7,648 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,656 | €50,656 | = | 0.0% |
| Distributable reserves | 133 | €110,535 | €110,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | €678,422 | €703,855 | +€25,432 | +3.7% |
| Amounts payable | 17/49 | €1,449,318 | €1,356,974 | -€92,344 | -6.4% |
| Amounts payable after more than one year | 17 | €1,332,532 | €1,250,576 | -€81,956 | -6.2% |
| Financial debts | 170/4 | €813,902 | €711,946 | -€101,956 | -12.5% |
| Credit institutions | 173 | €813,902 | €711,946 | -€101,956 | -12.5% |
| Other amounts payable | 178/9 | €518,630 | €538,630 | +€20,000 | +3.9% |
| Amounts payable within one year | 42/48 | €116,786 | €106,398 | -€10,388 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €100,043 | €101,956 | +€1,913 | +1.9% |
| Trade debts | 44 | €16,743 | €168 | -€16,575 | -99.0% |
| Suppliers | 440/4 | €16,743 | €168 | -€16,575 | -99.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €4,274 | +€4,274 | |
| Taxes | 450/3 | €0 | €4,274 | +€4,274 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Operating income | 70/76A | €184,080 | €189,600 | +€5,520 | +3.0% |
| Turnover | 70 | €184,080 | €189,600 | +€5,520 | +3.0% |
| Other operating income | 74 | €0 | - | = | |
| Operating charges | 60/66A | €128,396 | €120,012 | -€8,384 | -6.5% |
| Services and other goods | 61 | €18,777 | €9,647 | -€9,130 | -48.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,593 | €89,593 | -€0 | 0.0% |
| Other operating charges | 640/8 | €20,027 | €20,773 | +€746 | +3.7% |
| Operating profit (loss) | 9901 | €55,684 | €69,588 | +€13,904 | +25.0% |
| Financial charges | 65/66B | €37,329 | €36,882 | -€447 | -1.2% |
| Recurring financial charges | 65 | €37,329 | €36,882 | -€447 | -1.2% |
| Debt charges | 650 | €37,329 | €36,882 | -€447 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €18,354 | €32,706 | +€14,352 | +78.2% |
| Income taxes | 67/77 | - | €7,274 | +€7,274 | |
| Taxes | 670/3 | - | €7,274 | +€7,274 | |
| Profit (loss) for the period | 9904 | €18,354 | €25,432 | +€7,078 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,354 | €25,432 | +€7,078 | +38.6% |
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 17 October 2026 via checked.be.