GEMSOM: 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.
GEMSOM
Largest movements
- Tangible fixed assets -€79,816
down €79,816 (-15.9%), from €503,466 to €423,650
- Receivables within one year +€54,743
up €54,743 (+126.2%), from €43,373 to €98,116
of which Trade receivables: +€63,861
- Cash -€37,614
no longer reported in 2025 (was €37,614)
mainly Debts after one year (-€57,175) and Receivables within one year (-€54,743)
- Debts after one year -€57,175
down €57,175 (-24.2%), from €236,300 to €179,125
- Short-term financial debts +€22,493
new in 2025: €22,493
- Trade debts -€17,396
down €17,396 (-96.0%), from €18,120 to €723
- Investment grants -€15,298
down €15,298 (-16.1%), from €95,067 to €79,769
- Current portion of long-term debt -€8,182
down €8,182 (-12.5%), from €65,357 to €57,175
- Gross operating margin -€12,525
down €12,525 (-13.7%), from €91,627 to €79,102
- Financial charges +€6,602
up €6,602 (+166.6%), from €3,964 to €10,566
- Depreciation -€3,600
down €3,600 (-4.3%), from €83,416 to €79,816
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 | €591,323 | €527,112 | -€64,211 | -10.9% |
| Fixed assets | 21/28 | €503,466 | €423,650 | -€79,816 | -15.9% |
| Tangible fixed assets | 22/27 | €503,466 | €423,650 | -€79,816 | -15.9% |
| Plant, machinery and equipment | 23 | €503,466 | €423,650 | -€79,816 | -15.9% |
| Current assets | 29/58 | €87,857 | €103,461 | +€15,604 | +17.8% |
| Stocks and contracts in progress | 3 | €6,870 | €5,140 | -€1,730 | -25.2% |
| Stocks | 30/36 | €6,870 | €5,140 | -€1,730 | -25.2% |
| Amounts receivable within one year | 40/41 | €43,373 | €98,116 | +€54,743 | +126.2% |
| Trade receivables | 40 | €34,255 | €98,116 | +€63,861 | +186.4% |
| Other amounts receivable | 41 | €9,118 | - | -€9,118 | |
| Cash at bank and in hand | 54/58 | €37,614 | - | -€37,614 | |
| Deferred charges and accrued income | 490/1 | - | €206 | +€206 | |
| Total equity and liabilities | 10/49 | €591,323 | €527,112 | -€64,211 | -10.9% |
| Equity | 10/15 | €262,374 | €250,854 | -€11,521 | -4.4% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €27,364 | €24,593 | -€2,771 | -10.1% |
| Non-distributable reserves | 130/1 | €2,603 | €2,603 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,603 | €2,603 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,761 | €21,991 | -€2,771 | -11.2% |
| Profit (loss) carried forward | 14 | €131,267 | €137,815 | +€6,548 | +5.0% |
| Investment grants | 15 | €95,067 | €79,769 | -€15,298 | -16.1% |
| Provisions and deferred taxes | 16 | €8,254 | €7,330 | -€924 | -11.2% |
| Deferred taxes | 168 | €8,254 | €7,330 | -€924 | -11.2% |
| Amounts payable | 17/49 | €320,695 | €268,928 | -€51,767 | -16.1% |
| Amounts payable after more than one year | 17 | €236,300 | €179,125 | -€57,175 | -24.2% |
| Financial debts | 170/4 | €236,300 | €179,125 | -€57,175 | -24.2% |
| Amounts payable within one year | 42/48 | €84,325 | €86,523 | +€2,199 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €65,357 | €57,175 | -€8,182 | -12.5% |
| Financial debts | 43 | - | €22,493 | +€22,493 | |
| Credit institutions | 430/8 | - | €22,493 | +€22,493 | |
| Trade debts | 44 | €18,120 | €723 | -€17,396 | -96.0% |
| Suppliers | 440/4 | €18,120 | €723 | -€17,396 | -96.0% |
| Taxes, remuneration and social security | 45 | €775 | €6,058 | +€5,283 | +682.1% |
| Taxes | 450/3 | €775 | €6,058 | +€5,283 | +682.1% |
| Other amounts payable | 47/48 | €74 | €74 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €70 | €3,280 | +€3,210 | +4559.0% |
| Non-recurring operating income | 76A | €10,735 | - | -€10,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,416 | €79,816 | -€3,600 | -4.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €91,627 | €79,102 | -€12,525 | -13.7% |
| Operating profit (loss) | 9901 | €7,823 | -€1,114 | -€8,937 | |
| Financial income | 75/76B | €15,491 | €15,298 | -€193 | -1.2% |
| Recurring financial income | 75 | €15,491 | €15,298 | -€193 | -1.2% |
| Financial charges | 65/66B | €3,964 | €10,566 | +€6,602 | +166.6% |
| Recurring financial charges | 65 | €3,964 | €10,566 | +€6,602 | +166.6% |
| Profit (loss) for the period before taxes | 9903 | €19,350 | €3,618 | -€15,732 | -81.3% |
| Transfer from deferred taxes | 780 | €924 | €924 | = | 0.0% |
| Income taxes | 67/77 | €733 | €765 | +€32 | +4.3% |
| Profit (loss) for the period | 9904 | €19,541 | €3,777 | -€15,764 | -80.7% |
| Transfer from tax-exempt reserves | 789 | €2,771 | €2,771 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,311 | €6,548 | -€15,764 | -70.7% |
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 11 October 2026 via checked.be.