GERARD: 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.
GERARD
Largest movements
- Tangible fixed assets -€34,455
down €34,455 (-9.7%), from €353,912 to €319,457
of which Land and buildings: -€32,604
- Cash +€7,939
up €7,939 (+20.6%), from €38,554 to €46,492
mainly Depreciation (+€34,455) and Trade debts (+€3,457)
- Receivables within one year +€4,930
up €4,930 (+801.8%), from €615 to €5,545
of which Other amounts receivable: +€5,115
- Debts after one year -€12,382
down €12,382 (-10.2%), from €121,030 to €108,648
- Reserves -€11,285
down €11,285 (-10.7%), from €105,105 to €93,820
- Gross operating margin -€45,792
down €45,792 (-31.7%), from €144,383 to €98,592
- Taxes -€15,628
down €15,628 (-97.4%), from €16,050 to €421
- Staff costs +€1,562
up €1,562 (+3.0%), from €52,477 to €54,039
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 | €398,359 | €376,131 | -€22,228 | -5.6% |
| Fixed assets | 21/28 | €353,912 | €319,457 | -€34,455 | -9.7% |
| Tangible fixed assets | 22/27 | €353,912 | €319,457 | -€34,455 | -9.7% |
| Land and buildings | 22 | €345,713 | €313,109 | -€32,604 | -9.4% |
| Plant, machinery and equipment | 23 | €5,722 | €4,302 | -€1,420 | -24.8% |
| Furniture and vehicles | 24 | €2,478 | €2,047 | -€431 | -17.4% |
| Current assets | 29/58 | €44,446 | €56,674 | +€12,227 | +27.5% |
| Stocks and contracts in progress | 3 | €2,103 | €1,569 | -€534 | -25.4% |
| Stocks | 30/36 | €2,103 | €1,569 | -€534 | -25.4% |
| Amounts receivable within one year | 40/41 | €615 | €5,545 | +€4,930 | +801.8% |
| Trade receivables | 40 | €185 | - | -€185 | |
| Other amounts receivable | 41 | €430 | €5,545 | +€5,115 | +1189.8% |
| Cash at bank and in hand | 54/58 | €38,554 | €46,492 | +€7,939 | +20.6% |
| Deferred charges and accrued income | 490/1 | €3,175 | €3,068 | -€107 | -3.4% |
| Total equity and liabilities | 10/49 | €398,359 | €376,131 | -€22,228 | -5.6% |
| Equity | 10/15 | €129,866 | €118,584 | -€11,282 | -8.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €105,105 | €93,820 | -€11,285 | -10.7% |
| Distributable reserves | 133 | €105,105 | €93,820 | -€11,285 | -10.7% |
| Profit (loss) carried forward | 14 | €5,761 | €5,764 | +€3 | +0.1% |
| Amounts payable | 17/49 | €268,493 | €257,547 | -€10,946 | -4.1% |
| Amounts payable after more than one year | 17 | €121,030 | €108,648 | -€12,382 | -10.2% |
| Financial debts | 170/4 | €121,030 | €108,648 | -€12,382 | -10.2% |
| Amounts payable within one year | 42/48 | €147,463 | €148,899 | +€1,436 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €12,157 | €12,382 | +€225 | +1.9% |
| Trade debts | 44 | €8,481 | €11,938 | +€3,457 | +40.8% |
| Suppliers | 440/4 | €8,481 | €11,938 | +€3,457 | +40.8% |
| Taxes, remuneration and social security | 45 | €6,798 | €4,143 | -€2,655 | -39.1% |
| Taxes | 450/3 | €3,483 | €721 | -€2,762 | -79.3% |
| Remuneration and social security | 454/9 | €3,315 | €3,422 | +€107 | +3.2% |
| Other amounts payable | 47/48 | €120,027 | €120,436 | +€409 | +0.3% |
| Remuneration, social security and pensions | 62 | €52,477 | €54,039 | +€1,562 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,867 | €34,455 | +€588 | +1.7% |
| Other operating charges | 640/8 | €3,267 | €3,723 | +€456 | +14.0% |
| Gross operating margin | 9900 | €144,383 | €98,592 | -€45,792 | -31.7% |
| Operating profit (loss) | 9901 | €54,772 | €6,374 | -€48,398 | -88.4% |
| Financial income | 75/76B | €95 | €54 | -€42 | -43.6% |
| Recurring financial income | 75 | €95 | €54 | -€42 | -43.6% |
| Financial charges | 65/66B | €4,796 | €4,504 | -€292 | -6.1% |
| Recurring financial charges | 65 | €4,796 | €4,504 | -€292 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €50,072 | €1,924 | -€48,147 | -96.2% |
| Income taxes | 67/77 | €16,050 | €421 | -€15,628 | -97.4% |
| Profit (loss) for the period | 9904 | €34,022 | €1,503 | -€32,519 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,022 | €1,503 | -€32,519 | -95.6% |
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 2 October 2026 via checked.be.