GEMIVAR: 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.
GEMIVAR
Largest movements
- Cash +€853,818
up €853,818 (+978.5%), from €87,260 to €941,078
mainly Investment in fixed assets (net) (+€576,845) and Net result for the year (+€566,198)
- Tangible fixed assets -€576,845
down €576,845 (-100.0%), from €576,845 to €0
of which Land and buildings: -€560,960
- Stocks and contracts -€222,160
down €222,160 (-100.0%), from €222,160 to €0
- Receivables within one year -€91,008
down €91,008 (-72.2%), from €126,033 to €35,025
of which Trade receivables: -€125,928
- Other debts -€543,009
down €543,009 (-58.2%), from €932,718 to €389,708
- Profit (loss) carried forward +€514,098
up €514,098 (+68.4%), from -€751,633 to -€237,535
- Reserves +€42,100
up €42,100 (+16.5%), from €254,545 to €296,645
of which Tax-exempt reserves: +€42,100
- Debts after one year -€25,000
down €25,000 (-23.1%), from €108,334 to €83,334
- Trade debts -€18,764
down €18,764 (-92.5%), from €20,294 to €1,530
- Gross operating margin +€457,659
up €457,659 (+284.6%), from €160,804 to €618,464
- Depreciation -€78,291
down €78,291 (-100.0%), from €78,291 to €0
- Financial charges +€25,554
up €25,554 (+770.6%), from €3,316 to €28,871
- Taxes +€10,607
up €10,607 (+164.3%), from €6,455 to €17,062
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 | €1,012,468 | €976,359 | -€36,109 | -3.6% |
| Fixed assets | 21/28 | €576,845 | €0 | -€576,845 | -100.0% |
| Tangible fixed assets | 22/27 | €576,845 | €0 | -€576,845 | -100.0% |
| Land and buildings | 22 | €560,960 | €0 | -€560,960 | -100.0% |
| Plant, machinery and equipment | 23 | €15,885 | €0 | -€15,885 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €435,623 | €976,359 | +€540,736 | +124.1% |
| Stocks and contracts in progress | 3 | €222,160 | €0 | -€222,160 | -100.0% |
| Stocks | 30/36 | €222,160 | €0 | -€222,160 | -100.0% |
| Amounts receivable within one year | 40/41 | €126,033 | €35,025 | -€91,008 | -72.2% |
| Trade receivables | 40 | €125,928 | €0 | -€125,928 | -100.0% |
| Other amounts receivable | 41 | €105 | €35,025 | +€34,921 | +33327.6% |
| Cash at bank and in hand | 54/58 | €87,260 | €941,078 | +€853,818 | +978.5% |
| Deferred charges and accrued income | 490/1 | €170 | €256 | +€86 | +50.5% |
| Total equity and liabilities | 10/49 | €1,012,468 | €976,359 | -€36,109 | -3.6% |
| Equity | 10/15 | -€97,088 | €459,110 | +€556,198 | |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €254,545 | €296,645 | +€42,100 | +16.5% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €254,545 | €254,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€751,633 | -€237,535 | +€514,098 | +68.4% |
| Amounts payable | 17/49 | €1,109,556 | €517,249 | -€592,307 | -53.4% |
| Amounts payable after more than one year | 17 | €108,334 | €83,334 | -€25,000 | -23.1% |
| Financial debts | 170/4 | €108,334 | €83,334 | -€25,000 | -23.1% |
| Amounts payable within one year | 42/48 | €986,107 | €431,395 | -€554,712 | -56.3% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €20,294 | €1,530 | -€18,764 | -92.5% |
| Suppliers | 440/4 | €20,294 | €1,530 | -€18,764 | -92.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €8,095 | €15,156 | +€7,061 | +87.2% |
| Taxes | 450/3 | €8,095 | €15,156 | +€7,061 | +87.2% |
| Other amounts payable | 47/48 | €932,718 | €389,708 | -€543,009 | -58.2% |
| Accrued charges and deferred income | 492/3 | €15,115 | €2,520 | -€12,595 | -83.3% |
| Non-recurring operating income | 76A | - | €674,155 | +€674,155 | |
| Remuneration, social security and pensions | 62 | €157 | €479 | +€322 | +205.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,291 | €0 | -€78,291 | -100.0% |
| Other operating charges | 640/8 | €7,615 | €6,126 | -€1,488 | -19.5% |
| Non-recurring operating charges | 66A | €578 | €0 | -€578 | -100.0% |
| Gross operating margin | 9900 | €160,804 | €618,464 | +€457,659 | +284.6% |
| Operating profit (loss) | 9901 | €74,164 | €611,859 | +€537,695 | +725.0% |
| Financial income | 75/76B | €905 | €272 | -€633 | -70.0% |
| Recurring financial income | 75 | €905 | €272 | -€633 | -70.0% |
| Financial charges | 65/66B | €3,316 | €28,871 | +€25,554 | +770.6% |
| Recurring financial charges | 65 | €3,316 | €28,871 | +€25,554 | +770.6% |
| Profit (loss) for the period before taxes | 9903 | €71,752 | €583,260 | +€511,507 | +712.9% |
| Income taxes | 67/77 | €6,455 | €17,062 | +€10,607 | +164.3% |
| Profit (loss) for the period | 9904 | €65,298 | €566,198 | +€500,900 | +767.1% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,298 | €524,098 | +€458,800 | +702.6% |
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 10 October 2026 via checked.be.