GERALD'S: 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.
GERALD'S
Largest movements
- Receivables within one year +€143,908
up €143,908 (+91.7%), from €156,903 to €300,811
of which Trade receivables: +€151,755
- Tangible fixed assets -€51,588
down €51,588 (-21.5%), from €240,203 to €188,615
of which Plant, machinery and equipment: -€31,050
- Financial fixed assets -€49,394
down €49,394 (-99.1%), from €49,848 to €455
- Cash -€27,526
down €27,526 (-58.7%), from €46,891 to €19,365
mainly Receivables within one year (-€143,908) and Debts after one year (-€9,270)
- Stocks and contracts -€11,895
down €11,895 (-18.2%), from €65,216 to €53,321
of which Stocks: -€7,732
- Debts after one year -€9,270
down €9,270 (-10.5%), from €88,086 to €78,815
- Trade debts +€9,141
up €9,141 (+8.5%), from €107,779 to €116,919
- Staff costs -€29,129
down €29,129 (-8.9%), from €328,443 to €299,314
- Gross operating margin -€21,262
down €21,262 (-5.0%), from €426,552 to €405,290
- Depreciation +€9,243
up €9,243 (+18.1%), from €50,928 to €60,171
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 | €559,647 | €563,110 | +€3,463 | +0.6% |
| Fixed assets | 21/28 | €290,051 | €189,070 | -€100,982 | -34.8% |
| Tangible fixed assets | 22/27 | €240,203 | €188,615 | -€51,588 | -21.5% |
| Land and buildings | 22 | €4,125 | €4,125 | = | 0.0% |
| Plant, machinery and equipment | 23 | €117,727 | €86,676 | -€31,050 | -26.4% |
| Furniture and vehicles | 24 | €86,632 | €66,888 | -€19,744 | -22.8% |
| Leasing and similar rights | 25 | €1,129 | €2,794 | +€1,665 | +147.5% |
| Other tangible fixed assets | 26 | €30,591 | €28,132 | -€2,458 | -8.0% |
| Financial fixed assets | 28 | €49,848 | €455 | -€49,394 | -99.1% |
| Current assets | 29/58 | €269,596 | €374,040 | +€104,445 | +38.7% |
| Stocks and contracts in progress | 3 | €65,216 | €53,321 | -€11,895 | -18.2% |
| Stocks | 30/36 | €19,112 | €11,380 | -€7,732 | -40.5% |
| Contracts in progress | 37 | €46,104 | €41,941 | -€4,163 | -9.0% |
| Amounts receivable within one year | 40/41 | €156,903 | €300,811 | +€143,908 | +91.7% |
| Trade receivables | 40 | €82,268 | €234,022 | +€151,755 | +184.5% |
| Other amounts receivable | 41 | €74,635 | €66,789 | -€7,846 | -10.5% |
| Cash at bank and in hand | 54/58 | €46,891 | €19,365 | -€27,526 | -58.7% |
| Deferred charges and accrued income | 490/1 | €586 | €543 | -€43 | -7.4% |
| Total equity and liabilities | 10/49 | €559,647 | €563,110 | +€3,463 | +0.6% |
| Equity | 10/15 | €293,484 | €299,373 | +€5,889 | +2.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €120,512 | €125,512 | +€5,000 | +4.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €102,653 | €107,653 | +€5,000 | +4.9% |
| Profit (loss) carried forward | 14 | €154,380 | €155,269 | +€889 | +0.6% |
| Amounts payable | 17/49 | €266,163 | €263,737 | -€2,426 | -0.9% |
| Amounts payable after more than one year | 17 | €88,086 | €78,815 | -€9,270 | -10.5% |
| Financial debts | 170/4 | €88,086 | €78,815 | -€9,270 | -10.5% |
| Amounts payable within one year | 42/48 | €178,078 | €184,922 | +€6,844 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €42,502 | €42,746 | +€245 | +0.6% |
| Trade debts | 44 | €107,779 | €116,919 | +€9,141 | +8.5% |
| Suppliers | 440/4 | €107,779 | €116,919 | +€9,141 | +8.5% |
| Taxes, remuneration and social security | 45 | €27,797 | €25,256 | -€2,541 | -9.1% |
| Taxes | 450/3 | €350 | €850 | +€500 | +142.9% |
| Remuneration and social security | 454/9 | €27,447 | €24,406 | -€3,041 | -11.1% |
| Non-recurring operating income | 76A | €4,474 | €2,598 | -€1,876 | -41.9% |
| Remuneration, social security and pensions | 62 | €328,443 | €299,314 | -€29,129 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,928 | €60,171 | +€9,243 | +18.1% |
| Other operating charges | 640/8 | €14,384 | €10,517 | -€3,867 | -26.9% |
| Non-recurring operating charges | 66A | €1,778 | €2,389 | +€611 | +34.4% |
| Gross operating margin | 9900 | €426,552 | €405,290 | -€21,262 | -5.0% |
| Operating profit (loss) | 9901 | €31,020 | €32,899 | +€1,879 | +6.1% |
| Financial income | 75/76B | €85 | €8 | -€76 | -90.2% |
| Recurring financial income | 75 | €85 | €8 | -€76 | -90.2% |
| Financial charges | 65/66B | €20,529 | €21,334 | +€805 | +3.9% |
| Recurring financial charges | 65 | €20,529 | €21,334 | +€805 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €10,576 | €11,574 | +€998 | +9.4% |
| Income taxes | 67/77 | €6,180 | €5,684 | -€496 | -8.0% |
| Profit (loss) for the period | 9904 | €4,395 | €5,889 | +€1,494 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,395 | €5,889 | +€1,494 | +34.0% |
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.