GEMORI: 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.
GEMORI
Largest movements
- Tangible fixed assets +€323,427
up €323,427 (+41.0%), from €788,884 to €1.1m
of which Land and buildings: +€279,914
- Receivables within one year -€199,569
down €199,569 (-32.9%), from €606,178 to €406,609
of which Trade receivables: -€203,967
- Cash +€150,481
up €150,481 (+49.2%), from €305,841 to €456,322
mainly Debts after one year (+€221,316) and Short-term financial debts (+€200,000)
- Stocks and contracts +€138,801
up €138,801 (+23.3%), from €594,574 to €733,375
- Debts after one year +€221,316
up €221,316 (+45.7%), from €484,288 to €705,604
- Short-term financial debts +€200,000
up €200,000 (+133.3%), from €150,000 to €350,000
- Profit (loss) carried forward -€199,293
down €199,293 (-62.1%), from €320,980 to €121,687
- Reserves +€196,053
up €196,053 (+64.5%), from €303,947 to €500,000
of which Distributable reserves: +€230,000
- Other debts -€30,606
down €30,606 (-9.8%), from €311,668 to €281,062
- Staff costs +€66,272
up €66,272 (+26.0%), from €254,735 to €321,007
- Gross operating margin +€34,225
up €34,225 (+8.3%), from €412,750 to €446,975
- Depreciation +€30,519
up €30,519 (+74.4%), from €41,026 to €71,545
- Taxes -€10,235
down €10,235 (-57.2%), from €17,891 to €7,656
- Financial charges +€8,884
up €8,884 (+23.7%), from €37,514 to €46,398
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 | €2,305,947 | €2,720,909 | +€414,962 | +18.0% |
| Fixed assets | 21/28 | €792,994 | €1,116,421 | +€323,427 | +40.8% |
| Tangible fixed assets | 22/27 | €788,884 | €1,112,311 | +€323,427 | +41.0% |
| Land and buildings | 22 | €741,041 | €1,020,955 | +€279,914 | +37.8% |
| Plant, machinery and equipment | 23 | €9,235 | €9,515 | +€280 | +3.0% |
| Furniture and vehicles | 24 | €38,608 | €81,841 | +€43,234 | +112.0% |
| Financial fixed assets | 28 | €4,110 | €4,110 | = | 0.0% |
| Current assets | 29/58 | €1,512,953 | €1,604,488 | +€91,535 | +6.1% |
| Stocks and contracts in progress | 3 | €594,574 | €733,375 | +€138,801 | +23.3% |
| Stocks | 30/36 | €594,574 | €733,375 | +€138,801 | +23.3% |
| Amounts receivable within one year | 40/41 | €606,178 | €406,609 | -€199,569 | -32.9% |
| Trade receivables | 40 | €598,950 | €394,983 | -€203,967 | -34.1% |
| Other amounts receivable | 41 | €7,228 | €11,626 | +€4,398 | +60.8% |
| Cash at bank and in hand | 54/58 | €305,841 | €456,322 | +€150,481 | +49.2% |
| Deferred charges and accrued income | 490/1 | €6,360 | €8,182 | +€1,822 | +28.6% |
| Total equity and liabilities | 10/49 | €2,305,947 | €2,720,909 | +€414,962 | +18.0% |
| Equity | 10/15 | €644,927 | €641,687 | -€3,240 | -0.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €303,947 | €500,000 | +€196,053 | +64.5% |
| Tax-exempt reserves | 132 | €33,947 | - | -€33,947 | |
| Distributable reserves | 133 | €270,000 | €500,000 | +€230,000 | +85.2% |
| Profit (loss) carried forward | 14 | €320,980 | €121,687 | -€199,293 | -62.1% |
| Amounts payable | 17/49 | €1,661,020 | €2,079,222 | +€418,202 | +25.2% |
| Amounts payable after more than one year | 17 | €484,288 | €705,604 | +€221,316 | +45.7% |
| Financial debts | 170/4 | €484,288 | €705,604 | +€221,316 | +45.7% |
| Amounts payable within one year | 42/48 | €1,161,432 | €1,356,565 | +€195,133 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €69,862 | €80,017 | +€10,155 | +14.5% |
| Financial debts | 43 | €150,000 | €350,000 | +€200,000 | +133.3% |
| Credit institutions | 430/8 | €150,000 | €350,000 | +€200,000 | +133.3% |
| Trade debts | 44 | €497,777 | €506,724 | +€8,947 | +1.8% |
| Suppliers | 440/4 | €497,777 | €506,724 | +€8,947 | +1.8% |
| Advances received on contracts in progress | 46 | €72,525 | €73,115 | +€590 | +0.8% |
| Taxes, remuneration and social security | 45 | €59,600 | €65,647 | +€6,047 | +10.1% |
| Taxes | 450/3 | €39,418 | €45,818 | +€6,400 | +16.2% |
| Remuneration and social security | 454/9 | €20,182 | €19,829 | -€353 | -1.7% |
| Other amounts payable | 47/48 | €311,668 | €281,062 | -€30,606 | -9.8% |
| Accrued charges and deferred income | 492/3 | €15,301 | €17,054 | +€1,753 | +11.5% |
| Remuneration, social security and pensions | 62 | €254,735 | €321,007 | +€66,272 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,026 | €71,545 | +€30,519 | +74.4% |
| Other operating charges | 640/8 | €6,466 | €8,321 | +€1,856 | +28.7% |
| Gross operating margin | 9900 | €412,750 | €446,975 | +€34,225 | +8.3% |
| Operating profit (loss) | 9901 | €110,523 | €46,102 | -€64,421 | -58.3% |
| Financial income | 75/76B | €7,926 | €4,711 | -€3,214 | -40.6% |
| Recurring financial income | 75 | €7,926 | €4,711 | -€3,214 | -40.6% |
| Financial charges | 65/66B | €37,514 | €46,398 | +€8,884 | +23.7% |
| Recurring financial charges | 65 | €37,514 | €46,398 | +€8,884 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €80,935 | €4,416 | -€76,519 | -94.5% |
| Income taxes | 67/77 | €17,891 | €7,656 | -€10,235 | -57.2% |
| Profit (loss) for the period | 9904 | €63,043 | -€3,240 | -€66,284 | |
| Transfer from tax-exempt reserves | 789 | - | €33,947 | +€33,947 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,043 | €30,707 | -€32,337 | -51.3% |
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.