GEMINIT: 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.
GEMINIT
Largest movements
- Deferred charges and accrued income -€57,080
down €57,080 (-61.2%), from €93,244 to €36,164
- Current investments +€16,090
up €16,090 (+2.4%), from €666,607 to €682,697
- Cash -€13,502
down €13,502 (-5.0%), from €269,682 to €256,179
mainly Accrued charges and deferred income (-€65,104) and Current investments (-€16,090)
- Tangible fixed assets -€12,652
down €12,652 (-75.8%), from €16,681 to €4,029
of which Land and buildings: -€10,559
- Accrued charges and deferred income -€65,104
down €65,104 (-63.0%), from €103,334 to €38,230
- Financial charges +€9,969
up €9,969, from -€4,356 to €5,613
- Gross operating margin +€7,135
up €7,135 (+26.2%), from -€27,277 to -€20,142
- Depreciation -€3,768
down €3,768 (-66.3%), from €5,679 to €1,911
- Financial income -€3,169
down €3,169 (-9.7%), from €32,750 to €29,580
of which Financial income: -€5,471
- Taxes +€857
up €857 (+13.0%), from €6,615 to €7,472
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 | €1,084,320 | €1,019,412 | -€64,908 | -6.0% |
| Fixed assets | 21/28 | €16,681 | €4,029 | -€12,652 | -75.8% |
| Tangible fixed assets | 22/27 | €16,681 | €4,029 | -€12,652 | -75.8% |
| Land and buildings | 22 | €10,559 | €0 | -€10,559 | -100.0% |
| Plant, machinery and equipment | 23 | €173 | €0 | -€173 | -100.0% |
| Furniture and vehicles | 24 | €5,949 | €4,029 | -€1,920 | -32.3% |
| Current assets | 29/58 | €1,067,639 | €1,015,383 | -€52,256 | -4.9% |
| Amounts receivable within one year | 40/41 | €38,107 | €40,343 | +€2,237 | +5.9% |
| Trade receivables | 40 | €3,910 | €8,380 | +€4,470 | +114.3% |
| Other amounts receivable | 41 | €34,197 | €31,963 | -€2,233 | -6.5% |
| Current investments | 50/53 | €666,607 | €682,697 | +€16,090 | +2.4% |
| Cash at bank and in hand | 54/58 | €269,682 | €256,179 | -€13,502 | -5.0% |
| Deferred charges and accrued income | 490/1 | €93,244 | €36,164 | -€57,080 | -61.2% |
| Total equity and liabilities | 10/49 | €1,084,320 | €1,019,412 | -€64,908 | -6.0% |
| Equity | 10/15 | €965,030 | €958,013 | -€7,017 | -0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €958,830 | €951,813 | -€7,017 | -0.7% |
| Non-distributable reserves | 130/1 | €13,920 | €13,920 | = | 0.0% |
| Reserves not available under the articles | 1311 | €13,920 | €13,920 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,300 | €45,713 | -€80,587 | -63.8% |
| Distributable reserves | 133 | €818,610 | €892,180 | +€73,570 | +9.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €119,290 | €61,399 | -€57,891 | -48.5% |
| Amounts payable within one year | 42/48 | €15,957 | €23,169 | +€7,212 | +45.2% |
| Trade debts | 44 | €6,369 | €6,015 | -€354 | -5.6% |
| Suppliers | 440/4 | €6,369 | €6,015 | -€354 | -5.6% |
| Taxes, remuneration and social security | 45 | €6,981 | €14,353 | +€7,372 | +105.6% |
| Taxes | 450/3 | €6,353 | €13,873 | +€7,520 | +118.4% |
| Remuneration and social security | 454/9 | €628 | €480 | -€148 | -23.6% |
| Other amounts payable | 47/48 | €2,606 | €2,801 | +€195 | +7.5% |
| Accrued charges and deferred income | 492/3 | €103,334 | €38,230 | -€65,104 | -63.0% |
| Non-recurring operating income | 76A | €3,500 | €5,144 | +€1,644 | +47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,679 | €1,911 | -€3,768 | -66.3% |
| Other operating charges | 640/8 | €1,971 | €1,459 | -€512 | -26.0% |
| Gross operating margin | 9900 | -€27,277 | -€20,142 | +€7,135 | +26.2% |
| Operating profit (loss) | 9901 | -€34,927 | -€23,512 | +€11,415 | +32.7% |
| Financial income | 75/76B | €32,750 | €29,580 | -€3,169 | -9.7% |
| Recurring financial income | 75 | €32,750 | €27,279 | -€5,471 | -16.7% |
| Non-recurring financial income | 76B | - | €2,301 | +€2,301 | |
| Financial charges | 65/66B | -€4,356 | €5,613 | +€9,969 | |
| Recurring financial charges | 65 | -€4,356 | €5,613 | +€9,969 | |
| Profit (loss) for the period before taxes | 9903 | €2,179 | €455 | -€1,724 | -79.1% |
| Income taxes | 67/77 | €6,615 | €7,472 | +€857 | +13.0% |
| Profit (loss) for the period | 9904 | -€4,436 | -€7,017 | -€2,581 | -58.2% |
| Transfer from tax-exempt reserves | 789 | €67,361 | €80,587 | +€13,226 | +19.6% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €62,925 | €73,570 | +€10,645 | +16.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.