GERALAN: 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.
GERALAN
Largest movements
- Tangible fixed assets +€571,035
up €571,035 (+113.6%), from €502,889 to €1.1m
of which Other tangible fixed assets: +€314,806
- Receivables within one year -€173,528
down €173,528 (-50.4%), from €344,564 to €171,036
of which Trade receivables: -€167,903
- Stocks and contracts +€62,452
up €62,452 (+192.1%), from €32,511 to €94,964
- Cash +€25,064
new in 2025: €25,064
mainly Other debts (+€584,857) and Receivables within one year (+€173,528)
- Other debts +€584,857
up €584,857 (+623.2%), from €93,847 to €678,704
- Profit (loss) carried forward -€239,842
down €239,842, from €78,302 to -€161,540
- Tax, wage and social debts +€110,012
up €110,012 (+124.8%), from €88,124 to €198,136
of which Taxes: +€55,984
- Trade debts +€18,569
up €18,569 (+2.8%), from €666,886 to €685,455
- Staff costs +€366,223
up €366,223 (+105.4%), from €347,545 to €713,769
- Gross operating margin +€229,155
up €229,155 (+50.9%), from €450,322 to €679,477
- Depreciation +€130,521
up €130,521 (+501.8%), from €26,011 to €156,532
- Financial charges +€24,756
up €24,756 (+1280.5%), from €1,933 to €26,690
of which Financial charges: +€18,422
- Financial income +€22,623
new in 2025: €22,623
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 | €947,564 | €1,421,159 | +€473,595 | +50.0% |
| Fixed assets | 21/28 | €570,490 | €1,130,096 | +€559,606 | +98.1% |
| Intangible fixed assets | 21 | €67,601 | €56,172 | -€11,429 | -16.9% |
| Tangible fixed assets | 22/27 | €502,889 | €1,073,924 | +€571,035 | +113.6% |
| Plant, machinery and equipment | 23 | €463,144 | €719,374 | +€256,229 | +55.3% |
| Other tangible fixed assets | 26 | €39,744 | €354,550 | +€314,806 | +792.1% |
| Current assets | 29/58 | €377,075 | €291,064 | -€86,011 | -22.8% |
| Stocks and contracts in progress | 3 | €32,511 | €94,964 | +€62,452 | +192.1% |
| Stocks | 30/36 | €32,511 | €94,964 | +€62,452 | +192.1% |
| Amounts receivable within one year | 40/41 | €344,564 | €171,036 | -€173,528 | -50.4% |
| Trade receivables | 40 | €338,816 | €170,912 | -€167,903 | -49.6% |
| Other amounts receivable | 41 | €5,748 | €124 | -€5,624 | -97.8% |
| Cash at bank and in hand | 54/58 | - | €25,064 | +€25,064 | |
| Total equity and liabilities | 10/49 | €947,564 | €1,421,159 | +€473,595 | +50.0% |
| Equity | 10/15 | €98,707 | -€141,135 | -€239,842 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,302 | -€161,540 | -€239,842 | |
| Amounts payable | 17/49 | €848,857 | €1,562,295 | +€713,437 | +84.0% |
| Amounts payable within one year | 42/48 | €848,857 | €1,562,295 | +€713,437 | +84.0% |
| Trade debts | 44 | €666,886 | €685,455 | +€18,569 | +2.8% |
| Suppliers | 440/4 | €666,886 | €685,455 | +€18,569 | +2.8% |
| Taxes, remuneration and social security | 45 | €88,124 | €198,136 | +€110,012 | +124.8% |
| Taxes | 450/3 | €24,666 | €80,650 | +€55,984 | +227.0% |
| Remuneration and social security | 454/9 | €63,458 | €117,486 | +€54,028 | +85.1% |
| Other amounts payable | 47/48 | €93,847 | €678,704 | +€584,857 | +623.2% |
| Non-recurring operating income | 76A | €1,927 | - | -€1,927 | |
| Remuneration, social security and pensions | 62 | €347,545 | €713,769 | +€366,223 | +105.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,011 | €156,532 | +€130,521 | +501.8% |
| Other operating charges | 640/8 | €923 | €14,350 | +€13,427 | +1454.7% |
| Gross operating margin | 9900 | €450,322 | €679,477 | +€229,155 | +50.9% |
| Operating profit (loss) | 9901 | €75,842 | -€205,173 | -€281,016 | |
| Financial income | 75/76B | - | €22,623 | +€22,623 | |
| Recurring financial income | 75 | - | €22,623 | +€22,623 | |
| Financial charges | 65/66B | €1,933 | €26,690 | +€24,756 | +1280.5% |
| Recurring financial charges | 65 | €1,933 | €20,355 | +€18,422 | +952.8% |
| Non-recurring financial charges | 66B | - | €6,335 | +€6,335 | |
| Profit (loss) for the period before taxes | 9903 | €73,909 | -€209,240 | -€283,149 | |
| Income taxes | 67/77 | €26,289 | €30,603 | +€4,313 | +16.4% |
| Profit (loss) for the period | 9904 | €47,620 | -€239,842 | -€287,462 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,620 | -€239,842 | -€287,462 |
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 9 October 2026 via checked.be.