GERARD & ALTERMAN: 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 & ALTERMAN
Largest movements
- Tangible fixed assets -€28,567
down €28,567 (-4.2%), from €673,630 to €645,063
of which Land and buildings: -€27,701
- Receivables within one year -€19,943
down €19,943 (-34.6%), from €57,558 to €37,615
of which Trade receivables: -€18,579
- Cash -€16,004
down €16,004 (-46.7%), from €34,233 to €18,229
mainly Short-term financial debts (-€152,302) and Contributions, distributions and other (-€113,376)
- Short-term financial debts -€152,302
down €152,302 (-34.9%), from €435,803 to €283,501
- Other debts +€115,121
up €115,121, from €0 to €115,121
- Trade debts -€28,560
down €28,560 (-65.7%), from €43,501 to €14,940
- Accrued charges and deferred income +€23,929
up €23,929 (+41.5%), from €57,648 to €81,577
- Current portion of long-term debt -€11,730
down €11,730 (-51.0%), from €22,983 to €11,252
- Gross operating margin +€74,514
up €74,514 (+26.8%), from €278,514 to €353,028
- Other operating charges -€52,345
down €52,345 (-97.8%), from €53,538 to €1,193
- Depreciation +€11,834
up €11,834 (+42.8%), from €27,660 to €39,494
- Staff costs -€6,815
down €6,815 (-3.9%), from €176,743 to €169,928
- Financial charges +€6,243
up €6,243 (+44.1%), from €14,171 to €20,414
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 | €773,039 | €708,007 | -€65,032 | -8.4% |
| Fixed assets | 21/28 | €675,227 | €645,063 | -€30,164 | -4.5% |
| Intangible fixed assets | 21 | €1,597 | €0 | -€1,597 | -100% |
| Tangible fixed assets | 22/27 | €673,630 | €645,063 | -€28,567 | -4.2% |
| Land and buildings | 22 | €670,278 | €642,577 | -€27,701 | -4.1% |
| Furniture and vehicles | 24 | €3,352 | €2,486 | -€866 | -25.8% |
| Current assets | 29/58 | €97,812 | €62,945 | -€34,868 | -35.6% |
| Amounts receivable within one year | 40/41 | €57,558 | €37,615 | -€19,943 | -34.6% |
| Trade receivables | 40 | €55,885 | €37,306 | -€18,579 | -33.2% |
| Other amounts receivable | 41 | €1,673 | €309 | -€1,364 | -81.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €34,233 | €18,229 | -€16,004 | -46.7% |
| Deferred charges and accrued income | 490/1 | €6,021 | €7,100 | +€1,079 | +17.9% |
| Total equity and liabilities | 10/49 | €773,039 | €708,007 | -€65,032 | -8.4% |
| Equity | 10/15 | €44,505 | €47,605 | +€3,100 | +7.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €15,251 | €15,536 | +€285 | +1.9% |
| Distributable reserves | 133 | €15,251 | €15,536 | +€285 | +1.9% |
| Profit (loss) carried forward | 14 | €23,054 | €23,054 | = | 0.0% |
| Investment grants | 15 | - | €2,815 | +€2,815 | |
| Provisions and deferred taxes | 16 | - | €938 | +€938 | |
| Deferred taxes | 168 | - | €938 | +€938 | |
| Amounts payable | 17/49 | €728,534 | €659,464 | -€69,070 | -9.5% |
| Amounts payable after more than one year | 17 | €150,862 | €139,610 | -€11,252 | -7.5% |
| Financial debts | 170/4 | €150,862 | €139,610 | -€11,252 | -7.5% |
| Amounts payable within one year | 42/48 | €520,024 | €438,276 | -€81,747 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €22,983 | €11,252 | -€11,730 | -51.0% |
| Financial debts | 43 | €435,803 | €283,501 | -€152,302 | -34.9% |
| Credit institutions | 430/8 | €435,803 | €283,501 | -€152,302 | -34.9% |
| Trade debts | 44 | €43,501 | €14,940 | -€28,560 | -65.7% |
| Suppliers | 440/4 | €43,501 | €14,940 | -€28,560 | -65.7% |
| Taxes, remuneration and social security | 45 | €17,738 | €13,463 | -€4,275 | -24.1% |
| Taxes | 450/3 | €4,619 | €9,567 | +€4,948 | +107% |
| Remuneration and social security | 454/9 | €13,119 | €3,896 | -€9,223 | -70.3% |
| Other amounts payable | 47/48 | €0 | €115,121 | +€115,121 | |
| Accrued charges and deferred income | 492/3 | €57,648 | €81,577 | +€23,929 | +41.5% |
| Non-recurring operating income | 76A | €0 | €4,800 | +€4,800 | |
| Remuneration, social security and pensions | 62 | €176,743 | €169,928 | -€6,815 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,660 | €39,494 | +€11,834 | +42.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €988 | +€988 | |
| Other operating charges | 640/8 | €53,538 | €1,193 | -€52,345 | -97.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €278,514 | €353,028 | +€74,514 | +26.8% |
| Operating profit (loss) | 9901 | €20,573 | €141,425 | +€120,851 | +587% |
| Financial income | 75/76B | €781 | €317 | -€463 | -59.3% |
| Recurring financial income | 75 | €781 | €317 | -€463 | -59.3% |
| Financial charges | 65/66B | €14,171 | €20,414 | +€6,243 | +44.1% |
| Recurring financial charges | 65 | €14,171 | €20,414 | +€6,243 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €7,183 | €121,328 | +€114,145 | +1,589% |
| Transfer from deferred taxes | 780 | - | €104 | +€104 | |
| Income taxes | 67/77 | €3,774 | €4,957 | +€1,183 | +31.3% |
| Profit (loss) for the period | 9904 | €3,410 | €116,476 | +€113,066 | +3,316% |
| Profit (loss) for the period to be appropriated | 9905 | €3,410 | €116,476 | +€113,066 | +3,316% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.