GEMS: 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.
GEMS
Largest movements
- Stocks and contracts +€172,380
new in 2025: €172,380
- Receivables within one year -€32,938
down €32,938 (-61.9%), from €53,211 to €20,273
of which Trade receivables: -€33,548
- Tangible fixed assets -€19,526
down €19,526 (-2.3%), from €838,201 to €818,674
of which Land and buildings: -€21,795
- Debts after one year +€348,265
up €348,265 (+113.5%), from €306,722 to €654,987
of which Financial debts: +€348,265
- Other debts -€298,330
down €298,330 (-97.3%), from €306,552 to €8,222
- Trade debts +€52,710
up €52,710 (+245.3%), from €21,485 to €74,195
- Short-term financial debts +€33,102
up €33,102 (+223.9%), from €14,782 to €47,884
- Financial income +€13,840
up €13,840 (+12022.1%), from €115 to €13,955
of which Non-recurring financial income: +€13,342
- Gross operating margin -€6,534
down €6,534 (-16.3%), from €39,979 to €33,445
- Financial charges +€5,551
up €5,551 (+30.7%), from €18,074 to €23,625
- Other operating charges -€3,003
down €3,003 (-42.8%), from €7,018 to €4,015
- Depreciation +€1,098
up €1,098 (+4.5%), from €24,348 to €25,445
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 | €902,260 | €1,017,701 | +€115,441 | +12.8% |
| Fixed assets | 21/28 | €840,412 | €820,885 | -€19,526 | -2.3% |
| Tangible fixed assets | 22/27 | €838,201 | €818,674 | -€19,526 | -2.3% |
| Land and buildings | 22 | €827,585 | €805,790 | -€21,795 | -2.6% |
| Plant, machinery and equipment | 23 | - | €2,581 | +€2,581 | |
| Furniture and vehicles | 24 | €10,616 | €10,304 | -€312 | -2.9% |
| Financial fixed assets | 28 | €2,211 | €2,211 | = | 0.0% |
| Current assets | 29/58 | €61,848 | €196,816 | +€134,967 | +218.2% |
| Stocks and contracts in progress | 3 | - | €172,380 | +€172,380 | |
| Stocks | 30/36 | - | €172,380 | +€172,380 | |
| Amounts receivable within one year | 40/41 | €53,211 | €20,273 | -€32,938 | -61.9% |
| Trade receivables | 40 | €52,811 | €19,262 | -€33,548 | -63.5% |
| Other amounts receivable | 41 | €400 | €1,010 | +€610 | +152.6% |
| Current investments | 50/53 | €8,274 | €3,808 | -€4,466 | -54.0% |
| Cash at bank and in hand | 54/58 | €364 | €355 | -€9 | -2.5% |
| Total equity and liabilities | 10/49 | €902,260 | €1,017,701 | +€115,441 | +12.8% |
| Equity | 10/15 | €113,747 | €106,587 | -€7,160 | -6.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €320,953 | €312,259 | -€8,694 | -2.7% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Tax-exempt reserves | 132 | €260,333 | €251,639 | -€8,694 | -3.3% |
| Distributable reserves | 133 | €60,370 | €60,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,706 | -€208,172 | +€1,534 | +0.7% |
| Provisions and deferred taxes | 16 | €62,109 | €59,749 | -€2,360 | -3.8% |
| Deferred taxes | 168 | €62,109 | €59,749 | -€2,360 | -3.8% |
| Amounts payable | 17/49 | €726,405 | €851,366 | +€124,961 | +17.2% |
| Amounts payable after more than one year | 17 | €306,722 | €654,987 | +€348,265 | +113.5% |
| Financial debts | 170/4 | €306,227 | €654,492 | +€348,265 | +113.7% |
| Other amounts payable | 178/9 | €495 | €495 | = | 0.0% |
| Amounts payable within one year | 42/48 | €416,192 | €192,888 | -€223,304 | -53.7% |
| Current portion of amounts payable after more than one year | 42 | €49,974 | €46,241 | -€3,732 | -7.5% |
| Financial debts | 43 | €14,782 | €47,884 | +€33,102 | +223.9% |
| Credit institutions | 430/8 | €14,782 | €47,884 | +€33,102 | +223.9% |
| Trade debts | 44 | €21,485 | €74,195 | +€52,710 | +245.3% |
| Suppliers | 440/4 | €21,485 | €74,195 | +€52,710 | +245.3% |
| Taxes, remuneration and social security | 45 | €23,399 | €16,346 | -€7,053 | -30.1% |
| Taxes | 450/3 | €23,399 | €16,346 | -€7,053 | -30.1% |
| Other amounts payable | 47/48 | €306,552 | €8,222 | -€298,330 | -97.3% |
| Accrued charges and deferred income | 492/3 | €3,490 | €3,490 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,348 | €25,445 | +€1,098 | +4.5% |
| Other operating charges | 640/8 | €7,018 | €4,015 | -€3,003 | -42.8% |
| Non-recurring operating charges | 66A | - | €3,108 | +€3,108 | |
| Gross operating margin | 9900 | €39,979 | €33,445 | -€6,534 | -16.3% |
| Operating profit (loss) | 9901 | €8,614 | €877 | -€7,737 | -89.8% |
| Financial income | 75/76B | €115 | €13,955 | +€13,840 | +12022.1% |
| Recurring financial income | 75 | €115 | €613 | +€498 | +432.7% |
| Non-recurring financial income | 76B | - | €13,342 | +€13,342 | |
| Financial charges | 65/66B | €18,074 | €23,625 | +€5,551 | +30.7% |
| Recurring financial charges | 65 | €18,074 | €23,625 | +€5,551 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,345 | -€8,793 | +€552 | +5.9% |
| Transfer from deferred taxes | 780 | €2,360 | €2,360 | = | 0.0% |
| Income taxes | 67/77 | €714 | €727 | +€13 | +1.8% |
| Profit (loss) for the period | 9904 | -€7,699 | -€7,160 | +€539 | +7.0% |
| Transfer from tax-exempt reserves | 789 | €8,694 | €8,694 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €995 | €1,534 | +€539 | +54.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.