GERARD - GORSE: 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 - GORSE
Largest movements
- Receivables within one year +€161,736
up €161,736 (+12.4%), from €1.3m to €1.5m
of which Trade receivables: +€261,157
- Cash +€105,217
up €105,217 (+89.3%), from €117,873 to €223,090
mainly Trade debts (+€141,816) and Net result for the year (+€131,220)
- Trade debts +€141,816
up €141,816 (+305.6%), from €46,401 to €188,217
- Other debts +€82,297
up €82,297 (+25.7%), from €319,867 to €402,164
- Reserves +€66,220
up €66,220 (+22.8%), from €289,988 to €356,208
of which Distributable reserves: +€66,220
- Provisions -€20,050
down €20,050 (-3.3%), from €602,627 to €582,577
- Gross operating margin -€230,993
down €230,993 (-34.8%), from €663,593 to €432,600
- Financial charges -€35,979
down €35,979 (-97.4%), from €36,936 to €957
- Provisions -€20,050
new in 2025: -€20,050
- Staff costs +€10,593
up €10,593 (+3.8%), from €279,624 to €290,217
- Taxes -€9,283
down €9,283 (-28.4%), from €32,723 to €23,441
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 | €1,423,994 | €1,690,752 | +€266,758 | +18.7% |
| Fixed assets | 21/28 | €3,804 | €3,804 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €3,804 | €3,804 | = | 0.0% |
| Current assets | 29/58 | €1,420,191 | €1,686,948 | +€266,758 | +18.8% |
| Amounts receivable within one year | 40/41 | €1,301,410 | €1,463,146 | +€161,736 | +12.4% |
| Trade receivables | 40 | €700,669 | €961,826 | +€261,157 | +37.3% |
| Other amounts receivable | 41 | €600,741 | €501,320 | -€99,422 | -16.5% |
| Cash at bank and in hand | 54/58 | €117,873 | €223,090 | +€105,217 | +89.3% |
| Deferred charges and accrued income | 490/1 | €908 | €713 | -€195 | -21.5% |
| Total equity and liabilities | 10/49 | €1,423,994 | €1,690,752 | +€266,758 | +18.7% |
| Equity | 10/15 | €351,488 | €417,708 | +€66,220 | +18.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €289,988 | €356,208 | +€66,220 | +22.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €283,838 | €350,058 | +€66,220 | +23.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €602,627 | €582,577 | -€20,050 | -3.3% |
| Provisions for liabilities and charges | 160/5 | €602,627 | €582,577 | -€20,050 | -3.3% |
| Major repairs and maintenance | 162 | €602,627 | €582,577 | -€20,050 | -3.3% |
| Amounts payable | 17/49 | €469,880 | €690,467 | +€220,587 | +46.9% |
| Amounts payable within one year | 42/48 | €422,761 | €642,505 | +€219,744 | +52.0% |
| Trade debts | 44 | €46,401 | €188,217 | +€141,816 | +305.6% |
| Suppliers | 440/4 | €46,401 | €188,217 | +€141,816 | +305.6% |
| Taxes, remuneration and social security | 45 | €56,493 | €52,124 | -€4,369 | -7.7% |
| Taxes | 450/3 | €32,396 | €21,688 | -€10,708 | -33.1% |
| Remuneration and social security | 454/9 | €24,097 | €30,436 | +€6,339 | +26.3% |
| Other amounts payable | 47/48 | €319,867 | €402,164 | +€82,297 | +25.7% |
| Accrued charges and deferred income | 492/3 | €47,119 | €47,963 | +€843 | +1.8% |
| Remuneration, social security and pensions | 62 | €279,624 | €290,217 | +€10,593 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,589 | €0 | -€2,589 | -100.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€20,050 | -€20,050 | |
| Other operating charges | 640/8 | €8,228 | €8,462 | +€234 | +2.8% |
| Gross operating margin | 9900 | €663,593 | €432,600 | -€230,993 | -34.8% |
| Operating profit (loss) | 9901 | €373,152 | €153,971 | -€219,182 | -58.7% |
| Financial income | 75/76B | €74 | €1,647 | +€1,573 | +2128.7% |
| Recurring financial income | 75 | €74 | €1,647 | +€1,573 | +2128.7% |
| Financial charges | 65/66B | €36,936 | €957 | -€35,979 | -97.4% |
| Recurring financial charges | 65 | €36,936 | €957 | -€35,979 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | €336,290 | €154,661 | -€181,629 | -54.0% |
| Income taxes | 67/77 | €32,723 | €23,441 | -€9,283 | -28.4% |
| Profit (loss) for the period | 9904 | €303,567 | €131,220 | -€172,347 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €303,567 | €131,220 | -€172,347 | -56.8% |
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 10 October 2026 via checked.be.