GEMU VALVES: 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.
GEMU VALVES
Largest movements
- Cash +€152,134
up €152,134 (+60.9%), from €249,743 to €401,877
mainly Net result for the year (+€400,369) and Tax, wage and social debts (+€58,961)
- Receivables within one year -€46,530
down €46,530 (-3.3%), from €1.4m to €1.4m
of which Other amounts receivable: -€142,500
- Reserves +€100,369
up €100,369 (+7.5%), from €1.3m to €1.4m
- Tax, wage and social debts +€58,961
up €58,961 (+38.9%), from €151,513 to €210,474
of which Remuneration and social security: +€57,138
- Trade debts -€54,651
down €54,651 (-68.3%), from €80,068 to €25,417
- Gross operating margin +€164,860
up €164,860 (+12.8%), from €1.3m to €1.5m
- Staff costs +€83,993
up €83,993 (+10.7%), from €784,555 to €868,548
- Taxes +€47,595
up €47,595 (+48.2%), from €98,775 to €146,370
- Write-downs -€26,927
no longer reported in 2025 (was €26,927)
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 | €1,724,354 | €1,829,034 | +€104,680 | +6.1% |
| Fixed assets | 21/28 | €48,292 | €36,550 | -€11,742 | -24.3% |
| Tangible fixed assets | 22/27 | €30,402 | €18,546 | -€11,856 | -39.0% |
| Furniture and vehicles | 24 | €30,402 | €18,546 | -€11,856 | -39.0% |
| Financial fixed assets | 28 | €17,890 | €18,004 | +€114 | +0.6% |
| Current assets | 29/58 | €1,676,062 | €1,792,484 | +€116,422 | +6.9% |
| Amounts receivable within one year | 40/41 | €1,399,492 | €1,352,962 | -€46,530 | -3.3% |
| Trade receivables | 40 | €1,256,992 | €1,352,962 | +€95,970 | +7.6% |
| Other amounts receivable | 41 | €142,500 | - | -€142,500 | |
| Cash at bank and in hand | 54/58 | €249,743 | €401,877 | +€152,134 | +60.9% |
| Deferred charges and accrued income | 490/1 | €26,827 | €37,645 | +€10,818 | +40.3% |
| Total equity and liabilities | 10/49 | €1,724,354 | €1,829,034 | +€104,680 | +6.1% |
| Equity | 10/15 | €1,443,774 | €1,544,143 | +€100,369 | +7.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,333,774 | €1,434,143 | +€100,369 | +7.5% |
| Distributable reserves | 133 | €1,333,774 | €1,434,143 | +€100,369 | +7.5% |
| Provisions and deferred taxes | 16 | €49,000 | €49,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €49,000 | €49,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €49,000 | €49,000 | = | 0.0% |
| Amounts payable | 17/49 | €231,580 | €235,891 | +€4,311 | +1.9% |
| Amounts payable within one year | 42/48 | €231,580 | €235,891 | +€4,311 | +1.9% |
| Trade debts | 44 | €80,068 | €25,417 | -€54,651 | -68.3% |
| Suppliers | 440/4 | €80,068 | €25,417 | -€54,651 | -68.3% |
| Taxes, remuneration and social security | 45 | €151,513 | €210,474 | +€58,961 | +38.9% |
| Taxes | 450/3 | €63,010 | €64,833 | +€1,823 | +2.9% |
| Remuneration and social security | 454/9 | €88,503 | €145,641 | +€57,138 | +64.6% |
| Remuneration, social security and pensions | 62 | €784,555 | €868,548 | +€83,993 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,477 | €13,852 | -€1,625 | -10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,927 | - | -€26,927 | |
| Other operating charges | 640/8 | €15,998 | €5,194 | -€10,804 | -67.5% |
| Non-recurring operating charges | 66A | €61,568 | - | -€61,568 | |
| Gross operating margin | 9900 | €1,287,757 | €1,452,617 | +€164,860 | +12.8% |
| Operating profit (loss) | 9901 | €383,232 | €565,023 | +€181,791 | +47.4% |
| Financial income | 75/76B | €149 | €135 | -€14 | -9.7% |
| Recurring financial income | 75 | €149 | €135 | -€14 | -9.7% |
| Financial charges | 65/66B | €20,563 | €18,418 | -€2,145 | -10.4% |
| Recurring financial charges | 65 | €20,563 | €18,418 | -€2,145 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €362,818 | €546,739 | +€183,921 | +50.7% |
| Income taxes | 67/77 | €98,775 | €146,370 | +€47,595 | +48.2% |
| Profit (loss) for the period | 9904 | €264,042 | €400,369 | +€136,326 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €264,042 | €400,369 | +€136,326 | +51.6% |
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 30 September 2026 via checked.be.