GEMU: 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.
GEMU
Largest movements
- Tangible fixed assets +€241,294
up €241,294 (+9.4%), from €2.6m to €2.8m
of which Assets under construction and advance payments: +€571,114
- Cash -€91,823
down €91,823 (-80.9%), from €113,473 to €21,650
mainly Short-term financial debts (-€1.2m) and Other debts (-€351,120)
- Advances received +€1.4m
new in 2025: €1.4m
- Short-term financial debts -€1.2m
no longer reported in 2025 (was €1.2m)
- Reserves +€408,818
up €408,818 (+234.3%), from €174,505 to €583,323
of which Tax-exempt reserves: +€408,818
- Other debts -€351,120
down €351,120 (-48.1%), from €729,723 to €378,603
- Revaluation surpluses -€145,608
no longer reported in 2025 (was €145,608)
- Gross operating margin +€574,291
up €574,291 (+1277.4%), from €44,958 to €619,249
- Depreciation -€19,200
down €19,200 (-28.8%), from €66,626 to €47,426
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 | €2,737,874 | €2,904,068 | +€166,194 | +6.1% |
| Fixed assets | 21/28 | €2,576,336 | €2,817,630 | +€241,294 | +9.4% |
| Tangible fixed assets | 22/27 | €2,576,336 | €2,817,630 | +€241,294 | +9.4% |
| Land and buildings | 22 | €938,917 | €609,097 | -€329,820 | -35.1% |
| Furniture and vehicles | 24 | €2,100 | €2,100 | = | 0.0% |
| Assets under construction and advance payments | 27 | €1,635,318 | €2,206,432 | +€571,114 | +34.9% |
| Current assets | 29/58 | €161,539 | €86,438 | -€75,100 | -46.5% |
| Amounts receivable within one year | 40/41 | €40,181 | €58,720 | +€18,539 | +46.1% |
| Trade receivables | 40 | €34,072 | €45,239 | +€11,167 | +32.8% |
| Other amounts receivable | 41 | €6,109 | €13,481 | +€7,371 | +120.7% |
| Cash at bank and in hand | 54/58 | €113,473 | €21,650 | -€91,823 | -80.9% |
| Deferred charges and accrued income | 490/1 | €7,885 | €6,069 | -€1,816 | -23.0% |
| Total equity and liabilities | 10/49 | €2,737,874 | €2,904,068 | +€166,194 | +6.1% |
| Equity | 10/15 | €267,749 | €414,888 | +€147,139 | +55.0% |
| Contributions | 10/11 | €198,400 | €198,400 | = | 0.0% |
| Capital | 10 | €198,400 | €198,400 | = | 0.0% |
| Issued capital | 100 | €198,400 | €198,400 | = | 0.0% |
| Revaluation surpluses | 12 | €145,608 | - | -€145,608 | |
| Reserves | 13 | €174,505 | €583,323 | +€408,818 | +234.3% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Legal reserve | 130 | €200 | €200 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €408,818 | +€408,818 | |
| Distributable reserves | 133 | €174,305 | €174,305 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€250,764 | -€366,834 | -€116,070 | -46.3% |
| Provisions and deferred taxes | 16 | - | €136,273 | +€136,273 | |
| Deferred taxes | 168 | - | €136,273 | +€136,273 | |
| Amounts payable | 17/49 | €2,470,125 | €2,352,907 | -€117,218 | -4.7% |
| Amounts payable after more than one year | 17 | €540,000 | €510,000 | -€30,000 | -5.6% |
| Financial debts | 170/4 | €540,000 | €510,000 | -€30,000 | -5.6% |
| Amounts payable within one year | 42/48 | €1,924,923 | €1,840,344 | -€84,579 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 43 | €1,150,817 | - | -€1.2m | |
| Credit institutions | 430/8 | €1,150,817 | - | -€1.2m | |
| Trade debts | 44 | €14,011 | €28,045 | +€14,034 | +100.2% |
| Suppliers | 440/4 | €14,011 | €28,045 | +€14,034 | +100.2% |
| Advances received on contracts in progress | 46 | - | €1,400,000 | +€1.4m | |
| Taxes, remuneration and social security | 45 | €371 | €3,695 | +€3,324 | +896.5% |
| Taxes | 450/3 | €371 | €3,695 | +€3,324 | +896.5% |
| Other amounts payable | 47/48 | €729,723 | €378,603 | -€351,120 | -48.1% |
| Accrued charges and deferred income | 492/3 | €5,203 | €2,564 | -€2,639 | -50.7% |
| Non-recurring operating income | 76A | - | €573,675 | +€573,675 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,626 | €47,426 | -€19,200 | -28.8% |
| Other operating charges | 640/8 | €12,409 | €12,797 | +€388 | +3.1% |
| Non-recurring operating charges | 66A | - | €84,864 | +€84,864 | |
| Gross operating margin | 9900 | €44,958 | €619,249 | +€574,291 | +1277.4% |
| Operating profit (loss) | 9901 | -€34,077 | €474,162 | +€508,239 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €40,126 | €45,141 | +€5,015 | +12.5% |
| Recurring financial charges | 65 | €40,126 | €45,141 | +€5,015 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | -€74,203 | €429,020 | +€503,224 | |
| Transfer to deferred taxes | 680 | - | €136,273 | +€136,273 | |
| Profit (loss) for the period | 9904 | -€74,203 | €292,748 | +€366,951 | |
| Transfer to tax-exempt reserves | 689 | - | €408,818 | +€408,818 | |
| Profit (loss) for the period to be appropriated | 9905 | -€74,203 | -€116,070 | -€41,867 | -56.4% |
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.