GEMM: what changed
What changed
GEMM
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€4,813
2024 · €122,069-€117,256
Equity
€474,765
2024 · €469,952+€4,813
Cash
€3,191
2024 · €63,757-€60,566
Balance sheet total
€933,436
2024 · €1.0m-€67,229
Largest movements
Assets
- Cash -€60,566
down €60,566 (-95.0%), from €63,757 to €3,191
mainly Stocks and contracts (-€57,500) and Debts after one year (-€43,600)
- Stocks and contracts +€57,500
new in 2025: €57,500
- Receivables within one year -€45,946
down €45,946 (-11.6%), from €397,405 to €351,460
of which Other amounts receivable: -€24,972
- Tangible fixed assets -€18,218
down €18,218 (-3.4%), from €539,503 to €521,285
of which Furniture and vehicles: -€17,681
Equity and liabilities
- Debts after one year -€43,600
down €43,600 (-10.8%), from €404,606 to €361,006
- Tax, wage and social debts -€31,004
down €31,004 (-38.8%), from €79,910 to €48,906
of which Taxes: -€26,394
Income statement
- Gross operating margin -€141,621
down €141,621 (-42.5%), from €333,397 to €191,776
- Taxes -€28,371
down €28,371 (-82.9%), from €34,238 to €5,867
- Financial charges +€9,931
up €9,931 (+109%), from €9,128 to €19,060
- Depreciation +€6,685
up €6,685 (+14.3%), from €46,837 to €53,522
- Staff costs -€5,378
down €5,378 (-5.1%), from €105,513 to €100,134
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€122,069
Gross operating margin
-€141,621
Staff costs
+€5,378
Depreciation
-€6,685
Write-downs
-€475
Other operating charges
+€1,491
Other operating items
+€5,033
Financial income
+€1,183
Financial charges
-€9,931
Taxes
+€28,371
Result 2025
€4,813
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€13,011
Investment
-€35,304
Financing
-€38,273
Cash 2024
€63,757
From operations (derived)
+€13,011
Net result for the year
+€4,813
Depreciation
+€53,522
Stocks and contracts
-€57,500
Receivables within one year
+€45,946
Trade debts
+€1,507
Tax, wage and social debts
-€31,004
Other debts
-€4,272
Investment (derived)
-€35,304
Investment in fixed assets (net)
-€35,304
Financing
-€38,273
Debts after one year
-€43,600
Current portion of long-term debt
+€706
Short-term financial debts
+€4,621
Cash 2025
€3,191
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,000,665 | €933,436 | -€67,229 | -6.7% |
| Fixed assets | 21/28 | €539,503 | €521,285 | -€18,218 | -3.4% |
| Tangible fixed assets | 22/27 | €539,503 | €521,285 | -€18,218 | -3.4% |
| Land and buildings | 22 | €390,327 | €381,559 | -€8,768 | -2.2% |
| Plant, machinery and equipment | 23 | €6,098 | €14,330 | +€8,232 | +135% |
| Furniture and vehicles | 24 | €143,078 | €125,397 | -€17,681 | -12.4% |
| Current assets | 29/58 | €461,163 | €412,151 | -€49,012 | -10.6% |
| Stocks and contracts in progress | 3 | - | €57,500 | +€57,500 | |
| Stocks | 30/36 | - | €57,500 | +€57,500 | |
| Amounts receivable within one year | 40/41 | €397,405 | €351,460 | -€45,946 | -11.6% |
| Trade receivables | 40 | €279,476 | €258,502 | -€20,974 | -7.5% |
| Other amounts receivable | 41 | €117,930 | €92,958 | -€24,972 | -21.2% |
| Cash at bank and in hand | 54/58 | €63,757 | €3,191 | -€60,566 | -95.0% |
| Total equity and liabilities | 10/49 | €1,000,665 | €933,436 | -€67,229 | -6.7% |
| Equity | 10/15 | €469,952 | €474,765 | +€4,813 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €309,922 | €309,922 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €308,062 | €308,062 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,431 | €146,243 | +€4,813 | +3.4% |
| Amounts payable | 17/49 | €530,713 | €458,671 | -€72,042 | -13.6% |
| Amounts payable after more than one year | 17 | €404,606 | €361,006 | -€43,600 | -10.8% |
| Financial debts | 170/4 | €404,606 | €361,006 | -€43,600 | -10.8% |
| Amounts payable within one year | 42/48 | €126,106 | €97,664 | -€28,442 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €41,924 | €42,630 | +€706 | +1.7% |
| Financial debts | 43 | - | €4,621 | +€4,621 | |
| Other loans | 439 | - | €4,621 | +€4,621 | |
| Trade debts | 44 | €0 | €1,507 | +€1,507 | |
| Suppliers | 440/4 | €0 | €1,507 | +€1,507 | |
| Taxes, remuneration and social security | 45 | €79,910 | €48,906 | -€31,004 | -38.8% |
| Taxes | 450/3 | €56,515 | €30,121 | -€26,394 | -46.7% |
| Remuneration and social security | 454/9 | €23,395 | €18,785 | -€4,610 | -19.7% |
| Other amounts payable | 47/48 | €4,272 | €0 | -€4,272 | -100% |
| Remuneration, social security and pensions | 62 | €105,513 | €100,134 | -€5,378 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,837 | €53,522 | +€6,685 | +14.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €475 | +€475 | |
| Other operating charges | 640/8 | €14,241 | €12,750 | -€1,491 | -10.5% |
| Non-recurring operating charges | 66A | €5,033 | €0 | -€5,033 | -100% |
| Gross operating margin | 9900 | €333,397 | €191,776 | -€141,621 | -42.5% |
| Operating profit (loss) | 9901 | €161,773 | €24,894 | -€136,879 | -84.6% |
| Financial income | 75/76B | €3,662 | €4,845 | +€1,183 | +32.3% |
| Recurring financial income | 75 | €162 | €4,845 | +€4,683 | +2,885% |
| Non-recurring financial income | 76B | €3,500 | €0 | -€3,500 | -100% |
| Financial charges | 65/66B | €9,128 | €19,060 | +€9,931 | +109% |
| Recurring financial charges | 65 | €9,128 | €19,060 | +€9,931 | +109% |
| Profit (loss) for the period before taxes | 9903 | €156,307 | €10,680 | -€145,627 | -93.2% |
| Income taxes | 67/77 | €34,238 | €5,867 | -€28,371 | -82.9% |
| Profit (loss) for the period | 9904 | €122,069 | €4,813 | -€117,256 | -96.1% |
| Profit (loss) for the period to be appropriated | 9905 | €122,069 | €4,813 | -€117,256 | -96.1% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.