GEMIP: 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.
GEMIP
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Financial fixed assets -€1.1m
down €1.1m (-53.6%), from €2.0m to €927,792
- Receivables after one year +€215,600
new in 2025: €215,600
- Tangible fixed assets -€165,517
down €165,517 (-7.9%), from €2.1m to €1.9m
- Reserves +€937,228
up €937,228 (+42.4%), from €2.2m to €3.1m
of which Distributable reserves: +€895,000
- Other debts -€502,029
down €502,029 (-99.6%), from €504,018 to €1,988
- Tax, wage and social debts +€95,106
up €95,106 (+272.6%), from €34,894 to €130,000
of which Taxes: +€95,106
- Debts after one year -€68,332
down €68,332 (-12.8%), from €535,007 to €466,675
- Financial income +€875,223
up €875,223 (+218.0%), from €401,483 to €1.3m
of which Non-recurring financial income: +€1.3m
- Gross operating margin -€124,918
down €124,918 (-71.7%), from €174,267 to €49,349
- Taxes +€65,106
up €65,106 (+186.6%), from €34,894 to €100,000
- Financial charges -€10,808
down €10,808 (-39.3%), from €27,516 to €16,708
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 | €4,653,650 | €5,096,418 | +€442,768 | +9.5% |
| Fixed assets | 21/28 | €4,102,294 | €2,865,399 | -€1.2m | -30.2% |
| Tangible fixed assets | 22/27 | €2,103,124 | €1,937,608 | -€165,517 | -7.9% |
| Land and buildings | 22 | €2,103,124 | €1,937,608 | -€165,517 | -7.9% |
| Financial fixed assets | 28 | €1,999,170 | €927,792 | -€1.1m | -53.6% |
| Current assets | 29/58 | €551,356 | €2,231,019 | +€1.7m | +304.6% |
| Amounts receivable after more than one year | 29 | - | €215,600 | +€215,600 | |
| Other amounts receivable | 291 | - | €215,600 | +€215,600 | |
| Amounts receivable within one year | 40/41 | €490,320 | €491,766 | +€1,446 | +0.3% |
| Trade receivables | 40 | €116 | €1,563 | +€1,446 | +1242.6% |
| Other amounts receivable | 41 | €490,203 | €490,203 | = | 0.0% |
| Current investments | 50/53 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €58,253 | €20,217 | -€38,036 | -65.3% |
| Deferred charges and accrued income | 490/1 | €2,783 | €3,436 | +€653 | +23.5% |
| Total equity and liabilities | 10/49 | €4,653,650 | €5,096,418 | +€442,768 | +9.5% |
| Equity | 10/15 | €3,531,825 | €4,441,497 | +€909,672 | +25.8% |
| Contributions | 10/11 | €1,046,542 | €1,046,542 | = | 0.0% |
| Capital | 10 | €1,046,542 | €1,046,542 | = | 0.0% |
| Issued capital | 100 | €1,046,542 | €1,046,542 | = | 0.0% |
| Reserves | 13 | €2,208,637 | €3,145,865 | +€937,228 | +42.4% |
| Non-distributable reserves | 130/1 | €60,897 | €112,078 | +€51,181 | +84.0% |
| Legal reserve | 130 | €60,897 | €112,078 | +€51,181 | +84.0% |
| Tax-exempt reserves | 132 | €135,592 | €126,639 | -€8,953 | -6.6% |
| Distributable reserves | 133 | €2,012,148 | €2,907,148 | +€895,000 | +44.5% |
| Profit (loss) carried forward | 14 | €276,646 | €249,090 | -€27,556 | -10.0% |
| Provisions and deferred taxes | 16 | €40,193 | €37,209 | -€2,984 | -7.4% |
| Deferred taxes | 168 | €40,193 | €37,209 | -€2,984 | -7.4% |
| Amounts payable | 17/49 | €1,081,632 | €617,712 | -€463,920 | -42.9% |
| Amounts payable after more than one year | 17 | €535,007 | €466,675 | -€68,332 | -12.8% |
| Financial debts | 170/4 | €535,007 | €466,675 | -€68,332 | -12.8% |
| Amounts payable within one year | 42/48 | €543,012 | €150,817 | -€392,195 | -72.2% |
| Trade debts | 44 | €2,764 | €18,829 | +€16,065 | +581.3% |
| Suppliers | 440/4 | €2,764 | €18,829 | +€16,065 | +581.3% |
| Advances received on contracts in progress | 46 | €1,336 | €0 | -€1,336 | -100.0% |
| Taxes, remuneration and social security | 45 | €34,894 | €130,000 | +€95,106 | +272.6% |
| Taxes | 450/3 | €34,894 | €130,000 | +€95,106 | +272.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €504,018 | €1,988 | -€502,029 | -99.6% |
| Accrued charges and deferred income | 492/3 | €3,613 | €220 | -€3,393 | -93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,087 | €175,977 | +€890 | +0.5% |
| Other operating charges | 640/8 | €21,304 | €21,682 | +€378 | +1.8% |
| Gross operating margin | 9900 | €174,267 | €49,349 | -€124,918 | -71.7% |
| Operating profit (loss) | 9901 | -€22,124 | -€148,310 | -€126,187 | -570.4% |
| Financial income | 75/76B | €401,483 | €1,276,706 | +€875,223 | +218.0% |
| Recurring financial income | 75 | €401,483 | €7,284 | -€394,199 | -98.2% |
| Non-recurring financial income | 76B | - | €1,269,422 | +€1.3m | |
| Financial charges | 65/66B | €27,516 | €16,708 | -€10,808 | -39.3% |
| Recurring financial charges | 65 | €27,516 | €16,708 | -€10,808 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €351,844 | €1,111,688 | +€759,844 | +216.0% |
| Transfer from deferred taxes | 780 | €2,984 | €2,984 | = | 0.0% |
| Income taxes | 67/77 | €34,894 | €100,000 | +€65,106 | +186.6% |
| Profit (loss) for the period | 9904 | €319,934 | €1,014,672 | +€694,738 | +217.2% |
| Transfer from tax-exempt reserves | 789 | €8,953 | €8,953 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €328,887 | €1,023,625 | +€694,738 | +211.2% |
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 29 September 2026 via checked.be.