GERARDY: 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.
GERARDY
Largest movements
- Receivables within one year +€571,865
up €571,865 (+836%), from €68,411 to €640,276
of which Other amounts receivable: +€598,173
- Cash +€194,656
up €194,656 (+8,827%), from €2,205 to €196,862
mainly Net result for the year (+€606,441) and Investment in fixed assets (net) (+€114,648)
- Tangible fixed assets -€123,623
down €123,623 (-86.3%), from €143,329 to €19,707
of which Land and buildings: -€117,247
- Stocks and contracts -€89,950
down €89,950 (-100%), from €89,950 to €0
- Reserves +€589,892
up €589,892 (+280%), from €210,488 to €800,380
- Short-term financial debts -€34,193
down €34,193 (-100%), from €34,193 to €0
- Gross operating margin +€972,367
up €972,367 (+2,253%), from €43,149 to €1.0m
- Taxes +€276,726
up €276,726 (+163,559%), from €169 to €276,895
- Depreciation -€25,016
down €25,016 (-73.6%), from €33,991 to €8,974
- Write-downs +€18,878
new in 2025: €18,878
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 | €304,517 | €857,465 | +€552,948 | +182% |
| Fixed assets | 21/28 | €143,950 | €20,327 | -€123,623 | -85.9% |
| Tangible fixed assets | 22/27 | €143,329 | €19,707 | -€123,623 | -86.3% |
| Land and buildings | 22 | €117,247 | €0 | -€117,247 | -100% |
| Plant, machinery and equipment | 23 | €13,817 | €11,941 | -€1,875 | -13.6% |
| Furniture and vehicles | 24 | €12,266 | €7,765 | -€4,501 | -36.7% |
| Financial fixed assets | 28 | €621 | €621 | = | 0.0% |
| Current assets | 29/58 | €160,566 | €837,137 | +€676,571 | +421% |
| Stocks and contracts in progress | 3 | €89,950 | €0 | -€89,950 | -100% |
| Stocks | 30/36 | €89,950 | €0 | -€89,950 | -100% |
| Amounts receivable within one year | 40/41 | €68,411 | €640,276 | +€571,865 | +836% |
| Trade receivables | 40 | €38,102 | €11,793 | -€26,308 | -69.0% |
| Other amounts receivable | 41 | €30,309 | €628,482 | +€598,173 | +1,974% |
| Cash at bank and in hand | 54/58 | €2,205 | €196,862 | +€194,656 | +8,827% |
| Total equity and liabilities | 10/49 | €304,517 | €857,465 | +€552,948 | +182% |
| Equity | 10/15 | €229,238 | €819,130 | +€589,892 | +257% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €210,488 | €800,380 | +€589,892 | +280% |
| Distributable reserves | 133 | €210,488 | €800,380 | +€589,892 | +280% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €75,279 | €38,335 | -€36,944 | -49.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €73,791 | €36,889 | -€36,902 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | €6,623 | €0 | -€6,623 | -100% |
| Financial debts | 43 | €34,193 | €0 | -€34,193 | -100% |
| Credit institutions | 430/8 | €34,193 | €0 | -€34,193 | -100% |
| Trade debts | 44 | €10,076 | €14,606 | +€4,530 | +45.0% |
| Suppliers | 440/4 | €10,076 | €14,606 | +€4,530 | +45.0% |
| Taxes, remuneration and social security | 45 | €169 | €0 | -€169 | -100% |
| Taxes | 450/3 | €169 | €0 | -€169 | -100% |
| Other amounts payable | 47/48 | €22,729 | €22,283 | -€446 | -2.0% |
| Accrued charges and deferred income | 492/3 | €1,488 | €1,446 | -€42 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,991 | €8,974 | -€25,016 | -73.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,878 | +€18,878 | |
| Other operating charges | 640/8 | €5,241 | €4,335 | -€906 | -17.3% |
| Non-recurring operating charges | 66A | - | €97,804 | +€97,804 | |
| Gross operating margin | 9900 | €43,149 | €1,015,516 | +€972,367 | +2,253% |
| Operating profit (loss) | 9901 | €3,918 | €885,524 | +€881,607 | +22,504% |
| Financial income | 75/76B | €1,298 | €5,636 | +€4,338 | +334% |
| Recurring financial income | 75 | €1,298 | €5,636 | +€4,338 | +334% |
| Financial charges | 65/66B | €6,755 | €7,825 | +€1,070 | +15.8% |
| Recurring financial charges | 65 | €6,755 | €7,825 | +€1,070 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,540 | €883,336 | +€884,875 | |
| Income taxes | 67/77 | €169 | €276,895 | +€276,726 | +163,559% |
| Profit (loss) for the period | 9904 | -€1,709 | €606,441 | +€608,149 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,709 | €606,441 | +€608,149 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.