GEMSLEG: 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.
GEMSLEG
Largest movements
- Receivables within one year +€81,889
up €81,889 (+97.3%), from €84,184 to €166,072
of which Trade receivables: +€62,160
- Tangible fixed assets -€7,092
down €7,092 (-62.2%), from €11,400 to €4,308
of which Other tangible fixed assets: -€3,701
- Reserves +€61,832
up €61,832 (+17.9%), from €345,268 to €407,100
of which Distributable reserves: +€61,832
- Trade debts +€14,241
up €14,241 (+34.0%), from €41,911 to €56,152
- Tax, wage and social debts +€5,835
up €5,835 (+27.1%), from €21,511 to €27,346
of which Taxes: +€4,785
- Gross operating margin -€40,035
down €40,035 (-24.5%), from €163,211 to €123,176
- Taxes -€14,687
down €14,687 (-33.0%), from €44,472 to €29,785
- Staff costs +€4,894
up €4,894 (+23.6%), from €20,725 to €25,619
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.
Derived cash bridge
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 | €456,031 | €533,043 | +€77,012 | +16.9% |
| Fixed assets | 21/28 | €14,955 | €6,863 | -€8,092 | -54.1% |
| Intangible fixed assets | 21 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Tangible fixed assets | 22/27 | €11,400 | €4,308 | -€7,092 | -62.2% |
| Plant, machinery and equipment | 23 | €7,282 | €3,891 | -€3,390 | -46.6% |
| Other tangible fixed assets | 26 | €4,118 | €417 | -€3,701 | -89.9% |
| Financial fixed assets | 28 | €555 | €555 | = | 0.0% |
| Current assets | 29/58 | €441,076 | €526,180 | +€85,104 | +19.3% |
| Amounts receivable after more than one year | 29 | €114,657 | €117,523 | +€2,866 | +2.5% |
| Other amounts receivable | 291 | €114,657 | €117,523 | +€2,866 | +2.5% |
| Stocks and contracts in progress | 3 | €226,721 | €229,582 | +€2,862 | +1.3% |
| Stocks | 30/36 | €226,721 | €229,582 | +€2,862 | +1.3% |
| Amounts receivable within one year | 40/41 | €84,184 | €166,072 | +€81,889 | +97.3% |
| Trade receivables | 40 | €82,769 | €144,929 | +€62,160 | +75.1% |
| Other amounts receivable | 41 | €1,414 | €21,143 | +€19,729 | +1,395% |
| Cash at bank and in hand | 54/58 | €15,024 | €11,594 | -€3,430 | -22.8% |
| Deferred charges and accrued income | 490/1 | €491 | €1,408 | +€917 | +187% |
| Total equity and liabilities | 10/49 | €456,031 | €533,043 | +€77,012 | +16.9% |
| Equity | 10/15 | €387,713 | €449,545 | +€61,832 | +15.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €345,268 | €407,100 | +€61,832 | +17.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €311 | €311 | = | 0.0% |
| Distributable reserves | 133 | €343,097 | €404,929 | +€61,832 | +18.0% |
| Profit (loss) carried forward | 14 | €36,245 | €36,245 | = | 0.0% |
| Amounts payable | 17/49 | €68,318 | €83,498 | +€15,180 | +22.2% |
| Amounts payable within one year | 42/48 | €68,318 | €83,498 | +€15,180 | +22.2% |
| Trade debts | 44 | €41,911 | €56,152 | +€14,241 | +34.0% |
| Suppliers | 440/4 | €41,911 | €56,152 | +€14,241 | +34.0% |
| Taxes, remuneration and social security | 45 | €21,511 | €27,346 | +€5,835 | +27.1% |
| Taxes | 450/3 | €18,972 | €23,757 | +€4,785 | +25.2% |
| Remuneration and social security | 454/9 | €2,539 | €3,590 | +€1,050 | +41.4% |
| Other amounts payable | 47/48 | €4,896 | - | -€4,896 | |
| Remuneration, social security and pensions | 62 | €20,725 | €25,619 | +€4,894 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,488 | €8,092 | -€396 | -4.7% |
| Other operating charges | 640/8 | €1,212 | €1,659 | +€448 | +36.9% |
| Gross operating margin | 9900 | €163,211 | €123,176 | -€40,035 | -24.5% |
| Operating profit (loss) | 9901 | €132,786 | €87,806 | -€44,981 | -33.9% |
| Financial income | 75/76B | €3,464 | €5,064 | +€1,600 | +46.2% |
| Recurring financial income | 75 | €3,464 | €5,064 | +€1,600 | +46.2% |
| Financial charges | 65/66B | €1,081 | €1,252 | +€171 | +15.8% |
| Recurring financial charges | 65 | €1,081 | €1,252 | +€171 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €135,169 | €91,617 | -€43,552 | -32.2% |
| Income taxes | 67/77 | €44,472 | €29,785 | -€14,687 | -33.0% |
| Profit (loss) for the period | 9904 | €90,698 | €61,832 | -€28,866 | -31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,698 | €61,832 | -€28,866 | -31.8% |
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 17 October 2026 via checked.be.