GERARD J: 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 J
Largest movements
- Receivables within one year -€145,702
down €145,702 (-66.1%), from €220,321 to €74,619
of which Trade receivables: -€129,565
- Tangible fixed assets +€91,005
up €91,005 (+88.1%), from €103,332 to €194,337
of which Furniture and vehicles: +€92,463
- Cash -€12,832
down €12,832 (-26.3%), from €48,831 to €35,999
mainly Trade debts (-€166,633) and Investment in fixed assets (net) (-€139,593)
- Trade debts -€166,633
down €166,633 (-91.7%), from €181,673 to €15,040
- Debts after one year +€78,918
up €78,918 (+164%), from €48,009 to €126,927
- Current portion of long-term debt +€17,902
up €17,902 (+66.0%), from €27,118 to €45,020
- Tax, wage and social debts +€9,879
up €9,879 (+109%), from €9,096 to €18,975
of which Taxes: +€9,757
- Other debts -€9,453
no longer reported in 2025 (was €9,453)
- Depreciation +€25,029
up €25,029 (+106%), from €23,559 to €48,588
- Gross operating margin -€10,506
down €10,506 (-8.7%), from €120,206 to €109,700
- Financial charges -€8,731
down €8,731 (-48.5%), from €17,990 to €9,259
of which Non-recurring financial charges: -€11,308
- Staff costs -€5,698
down €5,698 (-10.2%), from €55,620 to €49,922
- Taxes -€1,803
no longer reported in 2025 (was €1,803)
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 | €379,483 | €309,344 | -€70,139 | -18.5% |
| Fixed assets | 21/28 | €103,647 | €194,652 | +€91,005 | +87.8% |
| Tangible fixed assets | 22/27 | €103,332 | €194,337 | +€91,005 | +88.1% |
| Land and buildings | 22 | €58,012 | €56,555 | -€1,458 | -2.5% |
| Furniture and vehicles | 24 | €45,320 | €137,782 | +€92,463 | +204% |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €275,836 | €114,692 | -€161,144 | -58.4% |
| Amounts receivable within one year | 40/41 | €220,321 | €74,619 | -€145,702 | -66.1% |
| Trade receivables | 40 | €199,534 | €69,970 | -€129,565 | -64.9% |
| Other amounts receivable | 41 | €20,787 | €4,650 | -€16,137 | -77.6% |
| Cash at bank and in hand | 54/58 | €48,831 | €35,999 | -€12,832 | -26.3% |
| Deferred charges and accrued income | 490/1 | €6,683 | €4,073 | -€2,610 | -39.1% |
| Total equity and liabilities | 10/49 | €379,483 | €309,344 | -€70,139 | -18.5% |
| Equity | 10/15 | €56,680 | €58,913 | +€2,234 | +3.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,680 | €53,913 | +€2,234 | +4.3% |
| Provisions and deferred taxes | 16 | €47,328 | €44,456 | -€2,872 | -6.1% |
| Provisions for liabilities and charges | 160/5 | €47,328 | €44,456 | -€2,872 | -6.1% |
| Pensions and similar obligations | 160 | €47,328 | €44,456 | -€2,872 | -6.1% |
| Amounts payable | 17/49 | €275,475 | €205,974 | -€69,501 | -25.2% |
| Amounts payable after more than one year | 17 | €48,009 | €126,927 | +€78,918 | +164% |
| Financial debts | 170/4 | €48,009 | €126,927 | +€78,918 | +164% |
| Amounts payable within one year | 42/48 | €227,340 | €79,035 | -€148,305 | -65.2% |
| Current portion of amounts payable after more than one year | 42 | €27,118 | €45,020 | +€17,902 | +66.0% |
| Trade debts | 44 | €181,673 | €15,040 | -€166,633 | -91.7% |
| Suppliers | 440/4 | €181,673 | €15,040 | -€166,633 | -91.7% |
| Taxes, remuneration and social security | 45 | €9,096 | €18,975 | +€9,879 | +109% |
| Taxes | 450/3 | €3,764 | €13,521 | +€9,757 | +259% |
| Remuneration and social security | 454/9 | €5,332 | €5,454 | +€122 | +2.3% |
| Other amounts payable | 47/48 | €9,453 | - | -€9,453 | |
| Accrued charges and deferred income | 492/3 | €127 | €12 | -€115 | -90.4% |
| Non-recurring operating income | 76A | €22,089 | €4,500 | -€17,589 | -79.6% |
| Remuneration, social security and pensions | 62 | €55,620 | €49,922 | -€5,698 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,559 | €48,588 | +€25,029 | +106% |
| Gross operating margin | 9900 | €120,206 | €109,700 | -€10,506 | -8.7% |
| Operating profit (loss) | 9901 | €41,026 | €11,190 | -€29,836 | -72.7% |
| Financial income | 75/76B | €132 | €303 | +€171 | +129% |
| Recurring financial income | 75 | €132 | €303 | +€171 | +129% |
| Financial charges | 65/66B | €17,990 | €9,259 | -€8,731 | -48.5% |
| Recurring financial charges | 65 | €5,030 | €7,607 | +€2,577 | +51.2% |
| Non-recurring financial charges | 66B | €12,960 | €1,652 | -€11,308 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | €23,169 | €2,234 | -€20,935 | -90.4% |
| Income taxes | 67/77 | €1,803 | - | -€1,803 | |
| Profit (loss) for the period | 9904 | €21,365 | €2,234 | -€19,132 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,365 | €2,234 | -€19,132 | -89.5% |
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 15 October 2026 via checked.be.