GENTHO GROUP: 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.
GENTHO GROUP
Largest movements
- Financial fixed assets -€400,000
down €400,000 (-9.9%), from €4.1m to €3.7m
- Receivables within one year +€286,554
up €286,554 (+22.3%), from €1.3m to €1.6m
of which Other amounts receivable: +€271,454
- Formation expenses -€149,870
down €149,870 (-28.6%), from €524,311 to €374,441
- Tangible fixed assets +€64,681
up €64,681 (+118%), from €54,607 to €119,288
of which Assets under construction and advance payments: +€41,861
- Other debts +€789,805
up €789,805 (+60.1%), from €1.3m to €2.1m
- Short-term financial debts -€400,000
no longer reported in 2025 (was €400,000)
- Profit (loss) carried forward -€370,322
down €370,322 (-97.2%), from -€381,182 to -€751,505
- Debts after one year -€221,764
down €221,764 (-5.6%), from €4.0m to €3.7m
- Contributions -€178,001
down €178,001 (-34.2%), from €520,000 to €341,999
- Financial charges +€114,722
up €114,722 (+142%), from €80,647 to €195,369
- Depreciation +€55,532
up €55,532 (+51.4%), from €108,058 to €163,590
- Gross operating margin -€36,888
down €36,888, from €26,524 to -€10,365
- Financial income -€27,000
down €27,000 (-100.0%), from €27,000 to €0
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 | €6,164,892 | €5,911,422 | -€253,470 | -4.1% |
| Formation expenses | 20 | €524,311 | €374,441 | -€149,870 | -28.6% |
| Fixed assets | 21/28 | €4,114,607 | €3,779,288 | -€335,319 | -8.1% |
| Tangible fixed assets | 22/27 | €54,607 | €119,288 | +€64,681 | +118% |
| Land and buildings | 22 | - | €3,691 | +€3,691 | |
| Furniture and vehicles | 24 | €18,697 | €37,826 | +€19,129 | +102% |
| Assets under construction and advance payments | 27 | €35,910 | €77,771 | +€41,861 | +117% |
| Financial fixed assets | 28 | €4,060,000 | €3,660,000 | -€400,000 | -9.9% |
| Current assets | 29/58 | €1,525,974 | €1,757,693 | +€231,719 | +15.2% |
| Amounts receivable within one year | 40/41 | €1,284,875 | €1,571,429 | +€286,554 | +22.3% |
| Trade receivables | 40 | - | €15,100 | +€15,100 | |
| Other amounts receivable | 41 | €1,284,875 | €1,556,329 | +€271,454 | +21.1% |
| Current investments | 50/53 | €180,000 | €180,880 | +€880 | +0.5% |
| Cash at bank and in hand | 54/58 | €58,750 | €3,435 | -€55,314 | -94.2% |
| Deferred charges and accrued income | 490/1 | €2,350 | €1,949 | -€401 | -17.1% |
| Total equity and liabilities | 10/49 | €6,164,892 | €5,911,422 | -€253,470 | -4.1% |
| Equity | 10/15 | €141,697 | -€228,626 | -€370,322 | |
| Contributions | 10/11 | €520,000 | €341,999 | -€178,001 | -34.2% |
| Reserves | 13 | €2,879 | €180,880 | +€178,001 | +6,183% |
| Non-distributable reserves | 130/1 | - | €180,880 | +€180,880 | |
| Reserves not available under the articles | 1311 | - | €180,880 | +€180,880 | |
| Distributable reserves | 133 | €2,879 | - | -€2,879 | |
| Profit (loss) carried forward | 14 | -€381,182 | -€751,505 | -€370,322 | -97.2% |
| Amounts payable | 17/49 | €6,023,195 | €6,140,047 | +€116,852 | +1.9% |
| Amounts payable after more than one year | 17 | €3,971,454 | €3,749,690 | -€221,764 | -5.6% |
| Financial debts | 170/4 | €3,971,454 | €3,749,690 | -€221,764 | -5.6% |
| Amounts payable within one year | 42/48 | €2,051,401 | €2,390,357 | +€338,957 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €201,499 | €217,571 | +€16,072 | +8.0% |
| Financial debts | 43 | €400,000 | - | -€400,000 | |
| Other loans | 439 | €400,000 | - | -€400,000 | |
| Trade debts | 44 | €135,675 | €64,580 | -€71,095 | -52.4% |
| Suppliers | 440/4 | €135,675 | €64,580 | -€71,095 | -52.4% |
| Taxes, remuneration and social security | 45 | - | €4,175 | +€4,175 | |
| Taxes | 450/3 | - | €4,175 | +€4,175 | |
| Other amounts payable | 47/48 | €1,314,227 | €2,104,032 | +€789,805 | +60.1% |
| Accrued charges and deferred income | 492/3 | €341 | - | -€341 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,058 | €163,590 | +€55,532 | +51.4% |
| Other operating charges | 640/8 | €998 | €998 | +€0 | 0.0% |
| Gross operating margin | 9900 | €26,524 | -€10,365 | -€36,888 | |
| Operating profit (loss) | 9901 | -€82,533 | -€174,953 | -€92,421 | -112% |
| Financial income | 75/76B | €27,000 | €0 | -€27,000 | -100.0% |
| Recurring financial income | 75 | €27,000 | €0 | -€27,000 | -100.0% |
| Financial charges | 65/66B | €80,647 | €195,369 | +€114,722 | +142% |
| Recurring financial charges | 65 | €80,647 | €195,369 | +€114,722 | +142% |
| Profit (loss) for the period before taxes | 9903 | -€136,180 | -€370,322 | -€234,143 | -172% |
| Profit (loss) for the period | 9904 | -€136,180 | -€370,322 | -€234,143 | -172% |
| Profit (loss) for the period to be appropriated | 9905 | -€136,180 | -€370,322 | -€234,143 | -172% |
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 16 October 2026 via checked.be.