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.
What changed
GERARDY
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€23,031
2024 · €23,796-€766
Equity
€1.7m
2024 · €1.7m+€23,031
Cash
€2,772
2024 · €2,993-€221
Balance sheet total
€1.9m
2024 · €1.9m+€1,618
Largest movements
Assets
- Receivables after one year +€58,391
up €58,391 (+5.8%), from €1.0m to €1.1m
- Tangible fixed assets -€53,125
down €53,125 (-6.3%), from €838,281 to €785,156
Equity and liabilities
- Profit (loss) carried forward +€43,219
up €43,219 (+38.1%), from €113,332 to €156,551
- Reserves -€20,188
down €20,188 (-6.9%), from €291,130 to €270,942
of which Tax-exempt reserves: -€22,688
Income statement
- Other operating charges +€952
up €952 (+11.8%), from €8,085 to €9,037
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
€23,796
Gross operating margin
+€15
Other operating charges
-€952
Financial income
+€578
Financial charges
-€65
Taxes
-€341
Result 2025
€23,031
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.
From operations
+€2,159
Investment
€0
Financing
-€2,380
Cash 2024
€2,993
From operations (derived)
+€2,159
Net result for the year
+€23,031
Depreciation
+€53,125
Receivables after one year
-€58,391
Receivables within one year
+€2,589
Deferred charges and accrued income
+€838
Provisions
-€7,563
Trade debts
-€7,289
Tax, wage and social debts
-€3,020
Advances received
-€1,168
Accrued charges and deferred income
+€7
Financing
-€2,380
Debts after one year
-€2,380
Cash 2025
€2,772
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,850,451 | €1,852,068 | +€1,618 | +0.1% |
| Fixed assets | 21/28 | €838,281 | €785,156 | -€53,125 | -6.3% |
| Tangible fixed assets | 22/27 | €838,281 | €785,156 | -€53,125 | -6.3% |
| Land and buildings | 22 | €838,281 | €785,156 | -€53,125 | -6.3% |
| Current assets | 29/58 | €1,012,169 | €1,066,912 | +€54,743 | +5.4% |
| Amounts receivable after more than one year | 29 | €1,005,716 | €1,064,107 | +€58,391 | +5.8% |
| Other amounts receivable | 291 | €1,005,716 | €1,064,107 | +€58,391 | +5.8% |
| Amounts receivable within one year | 40/41 | €2,589 | - | -€2,589 | |
| Trade receivables | 40 | €2,589 | - | -€2,589 | |
| Cash at bank and in hand | 54/58 | €2,993 | €2,772 | -€221 | -7.4% |
| Deferred charges and accrued income | 490/1 | €872 | €33 | -€838 | -96.2% |
| Total equity and liabilities | 10/49 | €1,850,451 | €1,852,068 | +€1,618 | +0.1% |
| Equity | 10/15 | €1,716,462 | €1,739,493 | +€23,031 | +1.3% |
| Contributions | 10/11 | €1,312,000 | €1,312,000 | = | 0.0% |
| Capital | 10 | €1,312,000 | €1,312,000 | = | 0.0% |
| Issued capital | 100 | €1,312,000 | €1,312,000 | = | 0.0% |
| Reserves | 13 | €291,130 | €270,942 | -€20,188 | -6.9% |
| Non-distributable reserves | 130/1 | €13,200 | €15,700 | +€2,500 | +18.9% |
| Legal reserve | 130 | €13,200 | €15,700 | +€2,500 | +18.9% |
| Tax-exempt reserves | 132 | €277,930 | €255,242 | -€22,688 | -8.2% |
| Profit (loss) carried forward | 14 | €113,332 | €156,551 | +€43,219 | +38.1% |
| Provisions and deferred taxes | 16 | €92,643 | €85,081 | -€7,563 | -8.2% |
| Deferred taxes | 168 | €92,643 | €85,081 | -€7,563 | -8.2% |
| Amounts payable | 17/49 | €41,345 | €27,494 | -€13,850 | -33.5% |
| Amounts payable after more than one year | 17 | €4,740 | €2,360 | -€2,380 | -50.2% |
| Other amounts payable | 178/9 | €4,740 | €2,360 | -€2,380 | -50.2% |
| Amounts payable within one year | 42/48 | €36,536 | €25,059 | -€11,477 | -31.4% |
| Trade debts | 44 | €7,289 | - | -€7,289 | |
| Suppliers | 440/4 | €7,289 | - | -€7,289 | |
| Advances received on contracts in progress | 46 | €3,265 | €2,096 | -€1,168 | -35.8% |
| Taxes, remuneration and social security | 45 | €25,983 | €22,963 | -€3,020 | -11.6% |
| Taxes | 450/3 | €25,983 | €22,963 | -€3,020 | -11.6% |
| Accrued charges and deferred income | 492/3 | €68 | €75 | +€7 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,125 | €53,125 | = | 0.0% |
| Other operating charges | 640/8 | €8,085 | €9,037 | +€952 | +11.8% |
| Gross operating margin | 9900 | €84,558 | €84,572 | +€15 | 0.0% |
| Operating profit (loss) | 9901 | €23,348 | €22,410 | -€937 | -4.0% |
| Financial income | 75/76B | €9,679 | €10,257 | +€578 | +6.0% |
| Recurring financial income | 75 | €9,679 | €10,257 | +€578 | +6.0% |
| Financial charges | 65/66B | €482 | €546 | +€65 | +13.4% |
| Recurring financial charges | 65 | €482 | €546 | +€65 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €32,545 | €32,121 | -€424 | -1.3% |
| Transfer from deferred taxes | 780 | €7,563 | €7,563 | = | 0.0% |
| Income taxes | 67/77 | €16,312 | €16,653 | +€341 | +2.1% |
| Profit (loss) for the period | 9904 | €23,796 | €23,031 | -€766 | -3.2% |
| Transfer from tax-exempt reserves | 789 | €22,688 | €22,688 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,485 | €45,719 | -€766 | -1.6% |
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 12 October 2026 via checked.be.