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
- Cash +€68,588
up €68,588 (+48.8%), from €140,420 to €209,007
mainly Depreciation (+€63,893) and Receivables within one year (+€29,071)
- Tangible fixed assets -€54,948
down €54,948 (-26.6%), from €206,537 to €151,589
of which Furniture and vehicles: -€38,942
- Receivables within one year -€29,071
down €29,071 (-70.2%), from €41,435 to €12,364
of which Trade receivables: -€31,493
- Profit (loss) carried forward +€28,507
up €28,507 (+10.3%), from €277,791 to €306,298
- Other debts -€22,132
down €22,132 (-41.5%), from €53,363 to €31,231
- Tax, wage and social debts -€14,333
down €14,333 (-38.8%), from €36,914 to €22,581
of which Remuneration and social security: -€9,089
- Current portion of long-term debt -€6,575
down €6,575 (-79.2%), from €8,304 to €1,729
- Gross operating margin +€13,428
up €13,428 (+8.3%), from €161,324 to €174,751
- Depreciation +€7,093
up €7,093 (+12.5%), from €56,801 to €63,893
- Staff costs +€3,073
up €3,073 (+4.5%), from €67,539 to €70,612
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 | €408,360 | €392,460 | -€15,899 | -3.9% |
| Fixed assets | 21/28 | €206,853 | €151,905 | -€54,948 | -26.6% |
| Tangible fixed assets | 22/27 | €206,537 | €151,589 | -€54,948 | -26.6% |
| Plant, machinery and equipment | 23 | €28,525 | €13,746 | -€14,778 | -51.8% |
| Furniture and vehicles | 24 | €173,742 | €134,800 | -€38,942 | -22.4% |
| Other tangible fixed assets | 26 | €4,270 | €3,043 | -€1,227 | -28.7% |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €201,507 | €240,556 | +€39,048 | +19.4% |
| Stocks and contracts in progress | 3 | €6,449 | €5,610 | -€839 | -13.0% |
| Stocks | 30/36 | €6,449 | €5,610 | -€839 | -13.0% |
| Amounts receivable within one year | 40/41 | €41,435 | €12,364 | -€29,071 | -70.2% |
| Trade receivables | 40 | €35,671 | €4,178 | -€31,493 | -88.3% |
| Other amounts receivable | 41 | €5,764 | €8,186 | +€2,422 | +42.0% |
| Cash at bank and in hand | 54/58 | €140,420 | €209,007 | +€68,588 | +48.8% |
| Deferred charges and accrued income | 490/1 | €13,203 | €13,575 | +€371 | +2.8% |
| Total equity and liabilities | 10/49 | €408,360 | €392,460 | -€15,899 | -3.9% |
| Equity | 10/15 | €298,251 | €326,758 | +€28,507 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €277,791 | €306,298 | +€28,507 | +10.3% |
| Amounts payable | 17/49 | €110,109 | €65,703 | -€44,406 | -40.3% |
| Amounts payable after more than one year | 17 | €1,729 | - | -€1,729 | |
| Financial debts | 170/4 | €1,729 | - | -€1,729 | |
| Amounts payable within one year | 42/48 | €108,380 | €65,703 | -€42,677 | -39.4% |
| Current portion of amounts payable after more than one year | 42 | €8,304 | €1,729 | -€6,575 | -79.2% |
| Trade debts | 44 | €9,798 | €10,161 | +€364 | +3.7% |
| Suppliers | 440/4 | €9,798 | €10,161 | +€364 | +3.7% |
| Taxes, remuneration and social security | 45 | €36,914 | €22,581 | -€14,333 | -38.8% |
| Taxes | 450/3 | €16,500 | €11,256 | -€5,244 | -31.8% |
| Remuneration and social security | 454/9 | €20,414 | €11,325 | -€9,089 | -44.5% |
| Other amounts payable | 47/48 | €53,363 | €31,231 | -€22,132 | -41.5% |
| Remuneration, social security and pensions | 62 | €67,539 | €70,612 | +€3,073 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,801 | €63,893 | +€7,093 | +12.5% |
| Other operating charges | 640/8 | €2,615 | €3,240 | +€625 | +23.9% |
| Gross operating margin | 9900 | €161,324 | €174,751 | +€13,428 | +8.3% |
| Operating profit (loss) | 9901 | €34,369 | €37,006 | +€2,638 | +7.7% |
| Financial income | 75/76B | €6 | €6 | +€0 | +0.5% |
| Recurring financial income | 75 | €6 | €6 | +€0 | +0.5% |
| Financial charges | 65/66B | €598 | €196 | -€402 | -67.2% |
| Recurring financial charges | 65 | €598 | €196 | -€402 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | €33,777 | €36,816 | +€3,039 | +9.0% |
| Income taxes | 67/77 | €7,122 | €8,309 | +€1,187 | +16.7% |
| Profit (loss) for the period | 9904 | €26,654 | €28,507 | +€1,852 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,654 | €28,507 | +€1,852 | +7.0% |
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 15 October 2026 via checked.be.