GERARD CONSTRUCTION: 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.
What changed
GERARD CONSTRUCTION
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€596,327
2024 · €418,373+€177,954
Equity
€2.1m
2024 · €2.0m+€90,949
Cash
€1.4m
2024 · €564,373+€838,239
Balance sheet total
€9.0m
2024 · €9.1m-€189,245
Largest movements
Assets
- Financial fixed assets -€991,237
down €991,237 (-37.0%), from €2.7m to €1.7m
of which Affiliated companies: -€1.0m
- Cash +€838,239
up €838,239 (+149%), from €564,373 to €1.4m
mainly Investment in fixed assets (net) (+€869,358) and Stocks and contracts (+€732,799)
- Stocks and contracts -€732,799
down €732,799 (-59.9%), from €1.2m to €491,578
- Receivables within one year +€641,209
up €641,209 (+22.3%), from €2.9m to €3.5m
of which Trade receivables: +€664,518
Equity and liabilities
- Debts after one year -€692,764
down €692,764 (-19.8%), from €3.5m to €2.8m
of which Other amounts payable: -€640,000
- Other debts +€500,000
new in 2025: €500,000
- Current portion of long-term debt -€176,132
down €176,132 (-33.1%), from €532,830 to €356,698
- Trade debts -€155,135
down €155,135 (-6.8%), from €2.3m to €2.1m
- Provisions +€151,400
new in 2025: €151,400
Income statement
- Turnover +€3.9m
up €3.9m (+24.3%), from €16.0m to €19.9m
- Goods and materials +€1.0m
up €1.0m (+8.4%), from €12.1m to €13.1m
- Financial charges +€797,889
up €797,889 (+255%), from €312,427 to €1.1m
of which Non-recurring financial charges: +€865,000
- Taxes +€370,071
up €370,071 (+170%), from €217,462 to €587,533
- Services and other goods +€270,373
up €270,373 (+20.9%), from €1.3m to €1.6m
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.
Result 2024
€418,373
Turnover
+€3.9m
Other operating income
+€46,948
Goods and materials
-€1.0m
Services and other goods
-€270,373
Staff costs
-€97,409
Depreciation
-€15,366
Write-downs
-€114,828
Provisions
-€151,400
Other operating charges
+€19,070
Other operating items
-€959,830
Financial income
+€21,073
Financial charges
-€797,889
Taxes
-€370,071
Result 2025
€596,327
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.2m
Investment
+€869,358
Financing
-€1.3m
Cash 2024
€564,373
From operations (derived)
+€1.2m
Net result for the year
+€596,327
Depreciation
+€148,486
Stocks and contracts
+€732,799
Receivables within one year
-€641,209
Deferred charges and accrued income
-€81,950
Provisions
+€151,400
Trade debts
-€155,135
Tax, wage and social debts
-€754
Other debts
+€500,000
Accrued charges and deferred income
-€2,512
Investment (derived)
+€869,358
Investment in fixed assets (net)
+€869,358
Financing
-€1.3m
Debts after one year
-€692,764
Current portion of long-term debt
-€176,132
Short-term financial debts
+€95,703
Contributions, distributions and other
-€505,378
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,143,062 | €8,953,817 | -€189,245 | -2.1% |
| Fixed assets | 21/28 | €4,425,219 | €3,407,375 | -€1.0m | -23.0% |
| Intangible fixed assets | 21 | €92,743 | €75,617 | -€17,126 | -18.5% |
| Tangible fixed assets | 22/27 | €1,654,958 | €1,645,477 | -€9,481 | -0.6% |
| Land and buildings | 22 | €1,414,754 | €1,364,161 | -€50,593 | -3.6% |
| Plant, machinery and equipment | 23 | €88,392 | €113,387 | +€24,995 | +28.3% |
| Furniture and vehicles | 24 | €19,273 | €36,008 | +€16,735 | +86.8% |
| Leasing and similar rights | 25 | €132,436 | €131,855 | -€581 | -0.4% |
| Other tangible fixed assets | 26 | €103 | €66 | -€37 | -35.9% |
| Financial fixed assets | 28 | €2,677,518 | €1,686,281 | -€991,237 | -37.0% |
| Affiliated companies | 280/1 | €2,376,573 | €1,376,572 | -€1.0m | -42.1% |
| Participating interests | 280 | €2,376,573 | €1,376,572 | -€1.0m | -42.1% |
| Other financial fixed assets | 284/8 | €300,945 | €309,709 | +€8,764 | +2.9% |
| Shares | 284 | €13,474 | €13,474 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €287,471 | €296,235 | +€8,764 | +3.0% |
| Current assets | 29/58 | €4,717,843 | €5,546,442 | +€828,599 | +17.6% |
| Stocks and contracts in progress | 3 | €1,224,377 | €491,578 | -€732,799 | -59.9% |
| Stocks | 30/36 | €1,224,377 | €491,578 | -€732,799 | -59.9% |
| Work in progress | 32 | €235,787 | €227,142 | -€8,645 | -3.7% |
| Property held for sale | 35 | €988,590 | €264,436 | -€724,154 | -73.3% |
| Amounts receivable within one year | 40/41 | €2,871,286 | €3,512,495 | +€641,209 | +22.3% |
| Trade receivables | 40 | €2,151,077 | €2,815,595 | +€664,518 | +30.9% |
| Other amounts receivable | 41 | €720,209 | €696,900 | -€23,309 | -3.2% |
| Cash at bank and in hand | 54/58 | €564,373 | €1,402,612 | +€838,239 | +149% |
| Deferred charges and accrued income | 490/1 | €57,807 | €139,757 | +€81,950 | +142% |
| Total equity and liabilities | 10/49 | €9,143,062 | €8,953,817 | -€189,245 | -2.1% |
| Equity | 10/15 | €1,988,433 | €2,079,382 | +€90,949 | +4.6% |
| Contributions | 10/11 | €337,310 | €337,310 | = | 0.0% |
| Reserves | 13 | €133,883 | €133,883 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,486 | €24,486 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,759 | €21,759 | = | 0.0% |
| Own shares acquired | 1312 | - | €2,727 | +€2,727 | |
| Other | 1319 | €2,727 | - | -€2,727 | |
| Tax-exempt reserves | 132 | €93,750 | €93,750 | = | 0.0% |
| Distributable reserves | 133 | €15,647 | €15,647 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,365,080 | €1,461,407 | +€96,327 | +7.1% |
| Investment grants | 15 | €152,160 | €146,782 | -€5,378 | -3.5% |
| Provisions and deferred taxes | 16 | - | €151,400 | +€151,400 | |
| Provisions for liabilities and charges | 160/5 | - | €151,400 | +€151,400 | |
| Major repairs and maintenance | 162 | - | €151,400 | +€151,400 | |
| Amounts payable | 17/49 | €7,154,629 | €6,723,035 | -€431,594 | -6.0% |
| Amounts payable after more than one year | 17 | €3,502,811 | €2,810,047 | -€692,764 | -19.8% |
| Financial debts | 170/4 | €1,117,138 | €1,064,374 | -€52,764 | -4.7% |
| Subordinated loans | 170 | €35,040 | €35,040 | = | 0.0% |
| Leasing and similar obligations | 172 | €100,183 | €88,953 | -€11,230 | -11.2% |
| Credit institutions | 173 | €481,915 | €440,381 | -€41,534 | -8.6% |
| Other loans | 174 | €500,000 | €500,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,385,673 | €1,745,673 | -€640,000 | -26.8% |
| Amounts payable within one year | 42/48 | €3,630,602 | €3,894,284 | +€263,682 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €532,830 | €356,698 | -€176,132 | -33.1% |
| Financial debts | 43 | €410,169 | €505,872 | +€95,703 | +23.3% |
| Credit institutions | 430/8 | €410,169 | €505,872 | +€95,703 | +23.3% |
| Trade debts | 44 | €2,283,543 | €2,128,408 | -€155,135 | -6.8% |
| Suppliers | 440/4 | €2,283,543 | €2,128,408 | -€155,135 | -6.8% |
| Taxes, remuneration and social security | 45 | €404,060 | €403,306 | -€754 | -0.2% |
| Taxes | 450/3 | €238,745 | €274,814 | +€36,069 | +15.1% |
| Remuneration and social security | 454/9 | €165,315 | €128,492 | -€36,823 | -22.3% |
| Other amounts payable | 47/48 | - | €500,000 | +€500,000 | |
| Accrued charges and deferred income | 492/3 | €21,216 | €18,704 | -€2,512 | -11.8% |
| Operating income | 70/76A | €16,402,203 | €19,373,408 | +€3.0m | +18.1% |
| Turnover | 70 | €15,982,851 | €19,865,143 | +€3.9m | +24.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €216,646 | -€732,799 | -€949,445 | |
| Other operating income | 74 | €194,116 | €241,064 | +€46,948 | +24.2% |
| Non-recurring operating income | 76A | €8,590 | - | -€8,590 | |
| Operating charges | 60/66A | €15,487,563 | €17,133,927 | +€1.6m | +10.6% |
| Goods for resale, raw materials and consumables | 60 | €12,110,207 | €13,124,470 | +€1.0m | +8.4% |
| Purchases | 600/8 | €12,110,207 | €13,124,470 | +€1.0m | +8.4% |
| Services and other goods | 61 | €1,295,170 | €1,565,543 | +€270,373 | +20.9% |
| Remuneration, social security and pensions | 62 | €1,947,998 | €2,045,407 | +€97,409 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,120 | €148,486 | +€15,366 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€46,222 | €68,606 | +€114,828 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €151,400 | +€151,400 | |
| Other operating charges | 640/8 | €47,290 | €28,220 | -€19,070 | -40.3% |
| Non-recurring operating charges | 66A | - | €1,795 | +€1,795 | |
| Operating profit (loss) | 9901 | €914,640 | €2,239,481 | +€1.3m | +145% |
| Financial income | 75/76B | €33,622 | €54,695 | +€21,073 | +62.7% |
| Recurring financial income | 75 | €18,777 | €45,039 | +€26,262 | +140% |
| Income from current assets | 751 | €2,253 | €13,949 | +€11,696 | +519% |
| Other financial income | 752/9 | €16,524 | €31,090 | +€14,566 | +88.2% |
| Non-recurring financial income | 76B | €14,845 | €9,656 | -€5,189 | -35.0% |
| Financial charges | 65/66B | €312,427 | €1,110,316 | +€797,889 | +255% |
| Recurring financial charges | 65 | €177,427 | €110,316 | -€67,111 | -37.8% |
| Debt charges | 650 | €87,279 | €62,002 | -€25,277 | -29.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €49,439 | - | -€49,439 | |
| Other financial charges | 652/9 | €40,709 | €48,314 | +€7,605 | +18.7% |
| Non-recurring financial charges | 66B | €135,000 | €1,000,000 | +€865,000 | +641% |
| Profit (loss) for the period before taxes | 9903 | €635,835 | €1,183,860 | +€548,025 | +86.2% |
| Income taxes | 67/77 | €217,462 | €587,533 | +€370,071 | +170% |
| Taxes | 670/3 | €217,462 | €587,533 | +€370,071 | +170% |
| Profit (loss) for the period | 9904 | €418,373 | €596,327 | +€177,954 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €418,373 | €596,327 | +€177,954 | +42.5% |
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 17 October 2026 via checked.be.