GERARDI TOM: 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
GERARDI TOM
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€900,466
2024 · €30,036-€930,502
Equity
€96,322
2024 · €996,788-€900,466
Cash
€10,180
2024 · €10,686-€506
Balance sheet total
€555,939
2024 · €1.5m-€928,755
Largest movements
Assets
- Financial fixed assets -€905,850
no longer reported in 2025 (was €905,850)
- Tangible fixed assets -€20,863
down €20,863 (-3.8%), from €542,450 to €521,587
of which Land and buildings: -€11,142
Equity and liabilities
- Profit (loss) carried forward -€602,048
new in 2025: -€602,048
- Reserves -€298,418
no longer reported in 2025 (was €298,418)
- Debts after one year -€38,133
down €38,133 (-10.2%), from €373,527 to €335,394
Income statement
- Financial charges +€919,601
up €919,601 (+5,374%), from €17,112 to €936,714
of which Non-recurring financial charges: +€921,947
- Turnover -€68,000
down €68,000 (-28.3%), from €240,000 to €172,000
- Services and other goods -€18,974
down €18,974 (-10.3%), from €184,629 to €165,654
- Financial income +€15,699
up €15,699 (+3,903%), from €402 to €16,102
of which Non-recurring financial income: +€15,699
- Taxes -€13,208
down €13,208 (-77.9%), from €16,954 to €3,746
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
€30,036
Turnover
-€68,000
Other operating income
+€8,646
Goods and materials
+€1,743
Services and other goods
+€18,974
Depreciation
-€320
Other operating charges
-€852
Financial income
+€15,699
Financial charges
-€919,601
Taxes
+€13,208
Result 2025
-€900,466
raises the resultlowers the result
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
-€868,890
Investment
+€905,103
Financing
-€36,720
Cash 2024
€10,686
From operations (derived)
-€868,890
Net result for the year
-€900,466
Depreciation
+€21,610
Receivables within one year
-€3,991
Deferred charges and accrued income
+€5,526
Smaller working-capital items
+€867
Tax, wage and social debts
-€5,845
Other debts
+€13,408
Investment (derived)
+€905,103
Investment in fixed assets (net)
+€905,103
Financing
-€36,720
Debts after one year
-€38,133
Current portion of long-term debt
+€1,405
Short-term financial debts
+€8
Cash 2025
€10,180
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,484,694 | €555,939 | -€928,755 | -62.6% |
| Fixed assets | 21/28 | €1,448,300 | €521,587 | -€926,713 | -64.0% |
| Tangible fixed assets | 22/27 | €542,450 | €521,587 | -€20,863 | -3.8% |
| Land and buildings | 22 | €188,443 | €177,301 | -€11,142 | -5.9% |
| Furniture and vehicles | 24 | €6,347 | €4,491 | -€1,856 | -29.2% |
| Other tangible fixed assets | 26 | €347,661 | €339,796 | -€7,865 | -2.3% |
| Financial fixed assets | 28 | €905,850 | - | -€905,850 | |
| Affiliated companies | 280/1 | €905,850 | - | -€905,850 | |
| Participating interests | 280 | €905,850 | - | -€905,850 | |
| Current assets | 29/58 | €36,394 | €34,352 | -€2,042 | -5.6% |
| Amounts receivable within one year | 40/41 | €18,317 | €22,308 | +€3,991 | +21.8% |
| Trade receivables | 40 | €14,200 | €22,307 | +€8,107 | +57.1% |
| Other amounts receivable | 41 | €4,117 | €1 | -€4,116 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,686 | €10,180 | -€506 | -4.7% |
| Deferred charges and accrued income | 490/1 | €7,390 | €1,864 | -€5,526 | -74.8% |
| Total equity and liabilities | 10/49 | €1,484,694 | €555,939 | -€928,755 | -62.6% |
| Equity | 10/15 | €996,788 | €96,322 | -€900,466 | -90.3% |
| Contributions | 10/11 | €698,370 | €698,370 | = | 0.0% |
| Reserves | 13 | €298,418 | - | -€298,418 | |
| Distributable reserves | 133 | €298,418 | - | -€298,418 | |
| Profit (loss) carried forward | 14 | - | -€602,048 | -€602,048 | |
| Amounts payable | 17/49 | €487,907 | €459,618 | -€28,289 | -5.8% |
| Amounts payable after more than one year | 17 | €373,527 | €335,394 | -€38,133 | -10.2% |
| Financial debts | 170/4 | €373,527 | €335,394 | -€38,133 | -10.2% |
| Credit institutions | 173 | €373,527 | €335,394 | -€38,133 | -10.2% |
| Amounts payable within one year | 42/48 | €114,380 | €124,224 | +€9,844 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €36,728 | €38,133 | +€1,405 | +3.8% |
| Financial debts | 43 | - | €8 | +€8 | |
| Credit institutions | 430/8 | - | €8 | +€8 | |
| Trade debts | 44 | €239 | €2,206 | +€1,967 | +825% |
| Suppliers | 440/4 | €239 | €2,206 | +€1,967 | +825% |
| Advances received on contracts in progress | 46 | €1,100 | - | -€1,100 | |
| Taxes, remuneration and social security | 45 | €47,873 | €42,028 | -€5,845 | -12.2% |
| Taxes | 450/3 | €45,153 | €37,278 | -€7,875 | -17.4% |
| Remuneration and social security | 454/9 | €2,720 | €4,750 | +€2,030 | +74.6% |
| Other amounts payable | 47/48 | €28,440 | €41,848 | +€13,408 | +47.1% |
| Operating income | 70/76A | €274,432 | €215,078 | -€59,354 | -21.6% |
| Turnover | 70 | €240,000 | €172,000 | -€68,000 | -28.3% |
| Other operating income | 74 | €34,432 | €43,078 | +€8,646 | +25.1% |
| Operating charges | 60/66A | €210,732 | €191,186 | -€19,546 | -9.3% |
| Goods for resale, raw materials and consumables | 60 | €1,743 | - | -€1,743 | |
| Purchases | 600/8 | €1,743 | - | -€1,743 | |
| Services and other goods | 61 | €184,629 | €165,654 | -€18,974 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,290 | €21,610 | +€320 | +1.5% |
| Other operating charges | 640/8 | €3,070 | €3,922 | +€852 | +27.7% |
| Operating profit (loss) | 9901 | €63,700 | €23,892 | -€39,808 | -62.5% |
| Financial income | 75/76B | €402 | €16,102 | +€15,699 | +3,903% |
| Recurring financial income | 75 | €2 | €3 | +€1 | +34.7% |
| Other financial income | 752/9 | €2 | €3 | +€1 | +34.7% |
| Non-recurring financial income | 76B | €400 | €16,099 | +€15,699 | +3,925% |
| Financial charges | 65/66B | €17,112 | €936,714 | +€919,601 | +5,374% |
| Recurring financial charges | 65 | €17,112 | €14,766 | -€2,346 | -13.7% |
| Debt charges | 650 | €17,037 | €14,766 | -€2,271 | -13.3% |
| Other financial charges | 652/9 | €75 | €0 | -€75 | -100.0% |
| Non-recurring financial charges | 66B | - | €921,947 | +€921,947 | |
| Profit (loss) for the period before taxes | 9903 | €46,990 | -€896,720 | -€943,710 | |
| Income taxes | 67/77 | €16,954 | €3,746 | -€13,208 | -77.9% |
| Taxes | 670/3 | €16,954 | €3,746 | -€13,208 | -77.9% |
| Profit (loss) for the period | 9904 | €30,036 | -€900,466 | -€930,502 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,036 | -€900,466 | -€930,502 |
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 30 October 2026 via checked.be.