GEMOCO: 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.
What changed
GEMOCO
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€113,478
2024 · €97,643+€15,835
Equity
€3.6m
2024 · €1.9m+€1.6m
Cash
€1.7m
2024 · €224,563+€1.5m
Balance sheet total
€14.0m
2024 · €10.6m+€3.5m
Largest movements
Assets
- Receivables after one year +€1.8m
up €1.8m (+72.5%), from €2.5m to €4.3m
- Cash +€1.5m
up €1.5m (+675.3%), from €224,563 to €1.7m
mainly Contributions, distributions and other (+€1.5m) and Debts after one year (+€1.1m)
- Tangible fixed assets +€1.1m
up €1.1m (+32.6%), from €3.4m to €4.6m
of which Land and buildings: +€1.5m
- Stocks and contracts -€767,179
down €767,179 (-24.8%), from €3.1m to €2.3m
of which Contracts in progress: -€776,702
- Receivables within one year -€259,280
down €259,280 (-41.0%), from €631,864 to €372,584
of which Trade receivables: -€344,021
Equity and liabilities
- Revaluation surpluses +€1.5m
up €1.5m (+234.4%), from €640,000 to €2.1m
- Debts after one year +€1.1m
up €1.1m (+83.4%), from €1.3m to €2.4m
- Short-term financial debts +€717,107
up €717,107 (+27.8%), from €2.6m to €3.3m
Income statement
- Turnover +€5.2m
up €5.2m (+28.0%), from €18.7m to €24.0m
- Goods and materials +€2.3m
up €2.3m (+18.7%), from €12.3m to €14.6m
of which Purchases: +€2.3m
- Staff costs +€324,636
up €324,636 (+9.0%), from €3.6m to €3.9m
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
€97,643
Turnover
+€5.2m
Other operating income
-€91,719
Goods and materials
-€2.3m
Services and other goods
-€201,642
Staff costs
-€324,636
Depreciation
+€55,719
Write-downs
-€180,937
Other operating charges
-€18,372
Other operating items
-€2.2m
Financial income
+€11,831
Financial charges
-€4,277
Taxes
-€4,420
Deferred taxes and other
-€108
Result 2025
€113,478
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.
From operations
+€48,353
Investment
-€2.0m
Financing
+€3.4m
Cash 2024
€224,563
From operations (derived)
+€48,353
Net result for the year
+€113,478
Depreciation
+€808,963
Receivables after one year
-€1.8m
Stocks and contracts
+€767,179
Receivables within one year
+€259,280
Deferred charges and accrued income
-€23,133
Smaller working-capital items
+€3,740
Trade debts
-€91,935
Accrued charges and deferred income
+€13,589
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€3.4m
Debts after one year
+€1.1m
Current portion of long-term debt
+€104,745
Short-term financial debts
+€717,107
Contributions, distributions and other
+€1.5m
Cash 2025
€1.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,556,630 | €14,016,455 | +€3.5m | +32.8% |
| Fixed assets | 21/28 | €3,994,032 | €5,137,843 | +€1.1m | +28.6% |
| Tangible fixed assets | 22/27 | €3,449,825 | €4,574,336 | +€1.1m | +32.6% |
| Land and buildings | 22 | €1,335,985 | €2,873,206 | +€1.5m | +115.1% |
| Plant, machinery and equipment | 23 | €627,717 | €617,637 | -€10,080 | -1.6% |
| Furniture and vehicles | 24 | €63,879 | €58,484 | -€5,395 | -8.4% |
| Leasing and similar rights | 25 | €1,422,244 | €1,025,009 | -€397,235 | -27.9% |
| Financial fixed assets | 28 | €544,207 | €563,507 | +€19,300 | +3.5% |
| Other financial fixed assets | 284/8 | €544,207 | €563,507 | +€19,300 | +3.5% |
| Amounts receivable and cash guarantees | 285/8 | €544,207 | €563,507 | +€19,300 | +3.5% |
| Current assets | 29/58 | €6,562,597 | €8,878,612 | +€2.3m | +35.3% |
| Amounts receivable after more than one year | 29 | €2,486,925 | €4,289,734 | +€1.8m | +72.5% |
| Other amounts receivable | 291 | €2,486,925 | €4,289,734 | +€1.8m | +72.5% |
| Stocks and contracts in progress | 3 | €3,094,516 | €2,327,337 | -€767,179 | -24.8% |
| Stocks | 30/36 | €360,159 | €369,682 | +€9,523 | +2.6% |
| Raw materials and consumables | 30/31 | €40,309 | €34,469 | -€5,840 | -14.5% |
| Goods purchased for resale | 34 | €319,849 | €335,213 | +€15,364 | +4.8% |
| Contracts in progress | 37 | €2,734,357 | €1,957,656 | -€776,702 | -28.4% |
| Amounts receivable within one year | 40/41 | €631,864 | €372,584 | -€259,280 | -41.0% |
| Trade receivables | 40 | €358,046 | €14,025 | -€344,021 | -96.1% |
| Other amounts receivable | 41 | €273,818 | €358,559 | +€84,741 | +30.9% |
| Cash at bank and in hand | 54/58 | €224,563 | €1,741,094 | +€1.5m | +675.3% |
| Deferred charges and accrued income | 490/1 | €124,729 | €147,862 | +€23,133 | +18.5% |
| Total equity and liabilities | 10/49 | €10,556,630 | €14,016,455 | +€3.5m | +32.8% |
| Equity | 10/15 | €1,940,176 | €3,553,654 | +€1.6m | +83.2% |
| Contributions | 10/11 | €212,890 | €212,890 | = | 0.0% |
| Capital | 10 | €212,825 | €212,825 | = | 0.0% |
| Issued capital | 100 | €212,825 | €212,825 | = | 0.0% |
| Outside capital | 11 | €65 | €65 | = | 0.0% |
| Share premium | 1100/10 | €65 | €65 | = | 0.0% |
| Revaluation surpluses | 12 | €640,000 | €2,140,000 | +€1.5m | +234.4% |
| Reserves | 13 | €303,048 | €280,607 | -€22,441 | -7.4% |
| Non-distributable reserves | 130/1 | €21,282 | €21,282 | = | 0.0% |
| Legal reserve | 130 | €21,282 | €21,282 | = | 0.0% |
| Tax-exempt reserves | 132 | €281,766 | €259,324 | -€22,441 | -8.0% |
| Profit (loss) carried forward | 14 | €784,238 | €920,157 | +€135,919 | +17.3% |
| Provisions and deferred taxes | 16 | €26,719 | €23,812 | -€2,907 | -10.9% |
| Deferred taxes | 168 | €26,719 | €23,812 | -€2,907 | -10.9% |
| Amounts payable | 17/49 | €8,589,735 | €10,438,989 | +€1.8m | +21.5% |
| Amounts payable after more than one year | 17 | €1,317,175 | €2,416,275 | +€1.1m | +83.4% |
| Financial debts | 170/4 | €1,317,175 | €2,416,275 | +€1.1m | +83.4% |
| Leasing and similar obligations | 172 | €895,043 | €529,828 | -€365,215 | -40.8% |
| Credit institutions | 173 | €422,132 | €1,886,447 | +€1.5m | +346.9% |
| Amounts payable within one year | 42/48 | €7,266,062 | €8,002,627 | +€736,565 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €661,527 | €766,272 | +€104,745 | +15.8% |
| Financial debts | 43 | €2,575,072 | €3,292,179 | +€717,107 | +27.8% |
| Credit institutions | 430/8 | €2,575,072 | €3,292,179 | +€717,107 | +27.8% |
| Trade debts | 44 | €3,866,030 | €3,774,095 | -€91,935 | -2.4% |
| Suppliers | 440/4 | €3,866,030 | €3,774,095 | -€91,935 | -2.4% |
| Taxes, remuneration and social security | 45 | €163,433 | €167,651 | +€4,218 | +2.6% |
| Taxes | 450/3 | €1,444 | €1,220 | -€224 | -15.5% |
| Remuneration and social security | 454/9 | €161,990 | €166,431 | +€4,442 | +2.7% |
| Other amounts payable | 47/48 | - | €2,430 | +€2,430 | |
| Accrued charges and deferred income | 492/3 | €6,498 | €20,087 | +€13,589 | +209.1% |
| Operating income | 70/76A | €20,351,572 | €23,351,492 | +€3.0m | +14.7% |
| Turnover | 70 | €18,710,553 | €23,951,822 | +€5.2m | +28.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,365,075 | -€776,702 | -€2.1m | |
| Other operating income | 74 | €267,413 | €175,695 | -€91,719 | -34.3% |
| Non-recurring operating income | 76A | €8,531 | €677 | -€7,854 | -92.1% |
| Operating charges | 60/66A | €19,844,328 | €22,831,438 | +€3.0m | +15.1% |
| Goods for resale, raw materials and consumables | 60 | €12,328,830 | €14,639,624 | +€2.3m | +18.7% |
| Purchases | 600/8 | €12,303,133 | €14,649,147 | +€2.3m | +19.1% |
| Change in stocks: decrease (increase) | 609 | €25,697 | -€9,523 | -€35,221 | |
| Services and other goods | 61 | €3,003,148 | €3,204,790 | +€201,642 | +6.7% |
| Remuneration, social security and pensions | 62 | €3,592,146 | €3,916,782 | +€324,636 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €864,682 | €808,963 | -€55,719 | -6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €180,937 | +€180,937 | |
| Other operating charges | 640/8 | €53,981 | €72,353 | +€18,372 | +34.0% |
| Non-recurring operating charges | 66A | €1,541 | €7,989 | +€6,448 | +418.5% |
| Operating profit (loss) | 9901 | €507,245 | €520,054 | +€12,809 | +2.5% |
| Financial income | 75/76B | €30,774 | €42,606 | +€11,831 | +38.4% |
| Recurring financial income | 75 | €30,774 | €42,606 | +€11,831 | +38.4% |
| Other financial income | 752/9 | €30,774 | €42,606 | +€11,831 | +38.4% |
| Financial charges | 65/66B | €371,421 | €375,698 | +€4,277 | +1.2% |
| Recurring financial charges | 65 | €371,421 | €375,698 | +€4,277 | +1.2% |
| Debt charges | 650 | €324,486 | €289,064 | -€35,422 | -10.9% |
| Other financial charges | 652/9 | €46,936 | €86,635 | +€39,699 | +84.6% |
| Profit (loss) for the period before taxes | 9903 | €166,598 | €186,961 | +€20,363 | +12.2% |
| Transfer from deferred taxes | 780 | €3,015 | €2,907 | -€108 | -3.6% |
| Income taxes | 67/77 | €71,970 | €76,390 | +€4,420 | +6.1% |
| Taxes | 670/3 | €71,970 | €78,352 | +€6,382 | +8.9% |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,962 | +€1,962 | |
| Profit (loss) for the period | 9904 | €97,643 | €113,478 | +€15,835 | +16.2% |
| Transfer from tax-exempt reserves | 789 | €23,278 | €22,441 | -€836 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €120,921 | €135,919 | +€14,998 | +12.4% |
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.