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 -€17,486
down €17,486 (-8.8%), from €199,116 to €181,631
of which Plant, machinery and equipment: -€14,142
- Cash -€8,011
down €8,011 (-91.5%), from €8,758 to €746
mainly Other debts (-€15,481) and Debts after one year (-€15,231)
- Stocks and contracts +€4,000
up €4,000 (+95.2%), from €4,200 to €8,200
- Intangible fixed assets -€2,965
down €2,965 (-11.8%), from €25,093 to €22,128
- Other debts -€15,481
down €15,481 (-8.8%), from €175,272 to €159,790
- Debts after one year -€15,231
down €15,231 (-43.7%), from €34,860 to €19,629
- Trade debts +€5,297
up €5,297 (+57.0%), from €9,301 to €14,597
- Tax, wage and social debts +€4,942
up €4,942 (+36.6%), from €13,520 to €18,462
of which Taxes: +€4,114
- Current portion of long-term debt -€2,440
down €2,440 (-13.8%), from €17,671 to €15,231
- Gross operating margin +€44,919
up €44,919 (+81.4%), from €55,158 to €100,077
- Staff costs +€13,846
up €13,846 (+29.3%), from €47,207 to €61,052
- Other operating charges +€10,548
up €10,548 (+1895.3%), from €557 to €11,105
- Depreciation +€6,360
up €6,360 (+31.3%), from €20,304 to €26,664
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 | €239,619 | €215,595 | -€24,024 | -10.0% |
| Fixed assets | 21/28 | €224,210 | €203,759 | -€20,451 | -9.1% |
| Intangible fixed assets | 21 | €25,093 | €22,128 | -€2,965 | -11.8% |
| Tangible fixed assets | 22/27 | €199,116 | €181,631 | -€17,486 | -8.8% |
| Land and buildings | 22 | €3,448 | €3,073 | -€375 | -10.9% |
| Plant, machinery and equipment | 23 | €154,292 | €140,150 | -€14,142 | -9.2% |
| Furniture and vehicles | 24 | €41,376 | €34,755 | -€6,621 | -16.0% |
| Other tangible fixed assets | 26 | - | €3,653 | +€3,653 | |
| Current assets | 29/58 | €15,410 | €11,836 | -€3,573 | -23.2% |
| Stocks and contracts in progress | 3 | €4,200 | €8,200 | +€4,000 | +95.2% |
| Stocks | 30/36 | €4,200 | €8,200 | +€4,000 | +95.2% |
| Amounts receivable within one year | 40/41 | €2,199 | €2,128 | -€71 | -3.2% |
| Trade receivables | 40 | €2,199 | €1,181 | -€1,018 | -46.3% |
| Other amounts receivable | 41 | - | €947 | +€947 | |
| Cash at bank and in hand | 54/58 | €8,758 | €746 | -€8,011 | -91.5% |
| Deferred charges and accrued income | 490/1 | €253 | €762 | +€509 | +201.5% |
| Total equity and liabilities | 10/49 | €239,619 | €215,595 | -€24,024 | -10.0% |
| Equity | 10/15 | -€11,004 | -€12,115 | -€1,111 | -10.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,004 | -€17,115 | -€1,111 | -6.9% |
| Amounts payable | 17/49 | €250,624 | €227,710 | -€22,914 | -9.1% |
| Amounts payable after more than one year | 17 | €34,860 | €19,629 | -€15,231 | -43.7% |
| Financial debts | 170/4 | €34,860 | €19,629 | -€15,231 | -43.7% |
| Amounts payable within one year | 42/48 | €215,764 | €208,081 | -€7,683 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €17,671 | €15,231 | -€2,440 | -13.8% |
| Trade debts | 44 | €9,301 | €14,597 | +€5,297 | +57.0% |
| Suppliers | 440/4 | €9,301 | €14,597 | +€5,297 | +57.0% |
| Taxes, remuneration and social security | 45 | €13,520 | €18,462 | +€4,942 | +36.6% |
| Taxes | 450/3 | €5,097 | €9,211 | +€4,114 | +80.7% |
| Remuneration and social security | 454/9 | €8,423 | €9,251 | +€828 | +9.8% |
| Other amounts payable | 47/48 | €175,272 | €159,790 | -€15,481 | -8.8% |
| Remuneration, social security and pensions | 62 | €47,207 | €61,052 | +€13,846 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,304 | €26,664 | +€6,360 | +31.3% |
| Other operating charges | 640/8 | €557 | €11,105 | +€10,548 | +1895.3% |
| Gross operating margin | 9900 | €55,158 | €100,077 | +€44,919 | +81.4% |
| Operating profit (loss) | 9901 | -€12,909 | €1,257 | +€14,165 | |
| Financial income | 75/76B | €7 | €541 | +€534 | +7577.2% |
| Recurring financial income | 75 | €7 | €541 | +€534 | +7577.2% |
| Financial charges | 65/66B | €3,006 | €2,777 | -€230 | -7.6% |
| Recurring financial charges | 65 | €3,006 | €2,777 | -€230 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,908 | -€979 | +€14,929 | +93.8% |
| Income taxes | 67/77 | €96 | €132 | +€36 | +37.5% |
| Profit (loss) for the period | 9904 | -€16,004 | -€1,111 | +€14,893 | +93.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,004 | -€1,111 | +€14,893 | +93.1% |
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.