GERARD: 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.
GERARD
Largest movements
- Receivables within one year -€9,455
down €9,455 (-76.4%), from €12,370 to €2,915
of which Trade receivables: -€9,410
- Cash +€3,718
up €3,718 (+2,149%), from €173 to €3,891
mainly Receivables within one year (+€9,455) and Trade debts (+€2,652)
- Debts after one year -€8,234
down €8,234 (-3.6%), from €228,027 to €219,793
- Gross operating margin -€8,989
down €8,989 (-67.7%), from €13,273 to €4,284
- Taxes +€606
up €606 (+782%), from €77 to €683
- Financial income +€338
up €338 (+721%), from €47 to €385
- Financial charges +€222
up €222 (+28.4%), from €780 to €1,001
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 | €297,781 | €292,937 | -€4,844 | -1.6% |
| Fixed assets | 21/28 | €284,929 | €285,823 | +€894 | +0.3% |
| Tangible fixed assets | 22/27 | - | €894 | +€894 | |
| Plant, machinery and equipment | 23 | - | €894 | +€894 | |
| Financial fixed assets | 28 | €284,929 | €284,929 | = | 0.0% |
| Current assets | 29/58 | €12,852 | €7,114 | -€5,737 | -44.6% |
| Amounts receivable within one year | 40/41 | €12,370 | €2,915 | -€9,455 | -76.4% |
| Trade receivables | 40 | €12,205 | €2,795 | -€9,410 | -77.1% |
| Other amounts receivable | 41 | €166 | €120 | -€46 | -27.7% |
| Cash at bank and in hand | 54/58 | €173 | €3,891 | +€3,718 | +2,149% |
| Deferred charges and accrued income | 490/1 | €308 | €308 | = | 0.0% |
| Total equity and liabilities | 10/49 | €297,781 | €292,937 | -€4,844 | -1.6% |
| Equity | 10/15 | €60,927 | €63,444 | +€2,516 | +4.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,867 | €55,384 | +€2,516 | +4.8% |
| Amounts payable | 17/49 | €236,854 | €229,494 | -€7,360 | -3.1% |
| Amounts payable after more than one year | 17 | €228,027 | €219,793 | -€8,234 | -3.6% |
| Financial debts | 170/4 | €228,027 | €219,793 | -€8,234 | -3.6% |
| Amounts payable within one year | 42/48 | €8,827 | €9,701 | +€874 | +9.9% |
| Financial debts | 43 | €7,352 | €4,968 | -€2,384 | -32.4% |
| Credit institutions | 430/8 | €7,352 | €4,968 | -€2,384 | -32.4% |
| Trade debts | 44 | €1,398 | €4,050 | +€2,652 | +190% |
| Suppliers | 440/4 | €1,398 | €4,050 | +€2,652 | +190% |
| Taxes, remuneration and social security | 45 | €77 | €683 | +€606 | +782% |
| Taxes | 450/3 | €77 | €683 | +€606 | +782% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6 | +€6 | |
| Other operating charges | 640/8 | €448 | €462 | +€14 | +3.2% |
| Gross operating margin | 9900 | €13,273 | €4,284 | -€8,989 | -67.7% |
| Operating profit (loss) | 9901 | €12,825 | €3,816 | -€9,009 | -70.2% |
| Financial income | 75/76B | €47 | €385 | +€338 | +721% |
| Recurring financial income | 75 | €47 | €385 | +€338 | +721% |
| Financial charges | 65/66B | €780 | €1,001 | +€222 | +28.4% |
| Recurring financial charges | 65 | €780 | €1,001 | +€222 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €12,093 | €3,200 | -€8,893 | -73.5% |
| Income taxes | 67/77 | €77 | €683 | +€606 | +782% |
| Profit (loss) for the period | 9904 | €12,015 | €2,516 | -€9,499 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,015 | €2,516 | -€9,499 | -79.1% |
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.