GERA: 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.
GERA
Largest movements
- Tangible fixed assets +€60,391
up €60,391 (+17.4%), from €346,564 to €406,955
of which Leasing and similar rights: +€48,890
- Stocks and contracts -€40,382
down €40,382 (-41.9%), from €96,375 to €55,993
- Receivables within one year +€24,281
up €24,281 (+45.4%), from €53,464 to €77,744
of which Trade receivables: +€24,281
- Cash -€6,813
down €6,813 (-8.3%), from €81,944 to €75,131
mainly Investment in fixed assets (net) (-€119,186) and Receivables within one year (-€24,281)
- Current portion of long-term debt +€14,770
up €14,770 (+50.4%), from €29,302 to €44,072
- Profit (loss) carried forward +€12,678
up €12,678 (+16.1%), from €78,793 to €91,471
- Debts after one year +€11,482
up €11,482 (+4.8%), from €237,200 to €248,682
of which Other amounts payable: +€7,000
- Tax, wage and social debts +€8,613
up €8,613 (+93.3%), from €9,230 to €17,843
- Turnover +€598,890
new in 2025: €598,890
- Purchases and services +€510,515
new in 2025: €510,515
- Gross operating margin +€25,172
up €25,172 (+33.8%), from €74,488 to €99,661
- Depreciation +€19,412
up €19,412 (+48.8%), from €39,793 to €59,205
- Other operating charges +€7,066
up €7,066 (+465%), from €1,519 to €8,585
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 | €582,560 | €621,325 | +€38,765 | +6.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €348,170 | €408,151 | +€59,981 | +17.2% |
| Intangible fixed assets | 21 | €1,606 | €1,196 | -€410 | -25.5% |
| Tangible fixed assets | 22/27 | €346,564 | €406,955 | +€60,391 | +17.4% |
| Land and buildings | 22 | €284,452 | €270,754 | -€13,698 | -4.8% |
| Plant, machinery and equipment | 23 | €30,786 | €73,497 | +€42,711 | +139% |
| Furniture and vehicles | 24 | €31,326 | €13,815 | -€17,511 | -55.9% |
| Leasing and similar rights | 25 | - | €48,890 | +€48,890 | |
| Current assets | 29/58 | €234,390 | €213,174 | -€21,216 | -9.1% |
| Stocks and contracts in progress | 3 | €96,375 | €55,993 | -€40,382 | -41.9% |
| Stocks | 30/36 | €96,375 | €55,993 | -€40,382 | -41.9% |
| Amounts receivable within one year | 40/41 | €53,464 | €77,744 | +€24,281 | +45.4% |
| Trade receivables | 40 | €53,464 | €77,744 | +€24,281 | +45.4% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €81,944 | €75,131 | -€6,813 | -8.3% |
| Deferred charges and accrued income | 490/1 | €2,608 | €4,306 | +€1,698 | +65.1% |
| Total equity and liabilities | 10/49 | €582,560 | €621,325 | +€38,765 | +6.7% |
| Equity | 10/15 | €83,793 | €96,566 | +€12,773 | +15.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €95 | +€95 | |
| Tax-exempt reserves | 132 | - | €95 | +€95 | |
| Profit (loss) carried forward | 14 | €78,793 | €91,471 | +€12,678 | +16.1% |
| Amounts payable | 17/49 | €498,767 | €524,759 | +€25,992 | +5.2% |
| Amounts payable after more than one year | 17 | €237,200 | €248,682 | +€11,482 | +4.8% |
| Financial debts | 170/4 | €115,360 | €119,842 | +€4,482 | +3.9% |
| Other amounts payable | 178/9 | €121,840 | €128,840 | +€7,000 | +5.7% |
| Amounts payable within one year | 42/48 | €261,405 | €276,065 | +€14,660 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €29,302 | €44,072 | +€14,770 | +50.4% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €22,095 | €18,457 | -€3,638 | -16.5% |
| Suppliers | 440/4 | €22,095 | €18,457 | -€3,638 | -16.5% |
| Taxes, remuneration and social security | 45 | €9,230 | €17,843 | +€8,613 | +93.3% |
| Taxes | 450/3 | €9,230 | €17,843 | +€8,613 | +93.3% |
| Other amounts payable | 47/48 | €200,777 | €195,693 | -€5,085 | -2.5% |
| Accrued charges and deferred income | 492/3 | €162 | €13 | -€150 | -92.2% |
| Turnover | 70 | - | €598,890 | +€598,890 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €510,515 | +€510,515 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,793 | €59,205 | +€19,412 | +48.8% |
| Other operating charges | 640/8 | €1,519 | €8,585 | +€7,066 | +465% |
| Non-recurring operating charges | 66A | €163 | €0 | -€163 | -100% |
| Gross operating margin | 9900 | €74,488 | €99,661 | +€25,172 | +33.8% |
| Operating profit (loss) | 9901 | €33,013 | €31,871 | -€1,142 | -3.5% |
| Financial income | 75/76B | €3,101 | €2,074 | -€1,027 | -33.1% |
| Recurring financial income | 75 | €3,101 | €2,074 | -€1,027 | -33.1% |
| Financial charges | 65/66B | €14,046 | €14,065 | +€20 | +0.1% |
| Recurring financial charges | 65 | €14,046 | €14,065 | +€20 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €22,068 | €19,880 | -€2,189 | -9.9% |
| Income taxes | 67/77 | €4,225 | €7,107 | +€2,881 | +68.2% |
| Profit (loss) for the period | 9904 | €17,843 | €12,773 | -€5,070 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,843 | €12,773 | -€5,070 | -28.4% |
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 13 October 2026 via checked.be.