GERARDY-HUBY: 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-HUBY
Largest movements
- Receivables within one year -€154,110
down €154,110 (-77.9%), from €197,897 to €43,787
of which Trade receivables: -€148,797
- Cash +€101,993
up €101,993 (+49.0%), from €207,962 to €309,955
mainly Receivables within one year (+€154,110) and Depreciation (+€81,402)
- Trade debts -€104,400
down €104,400 (-80.4%), from €129,787 to €25,388
- Tax, wage and social debts +€37,706
up €37,706 (+156%), from €24,168 to €61,874
of which Taxes: +€37,175
- Reserves +€16,061
up €16,061 (+5.4%), from €295,214 to €311,275
of which Distributable reserves: +€16,061
- Debts after one year -€13,456
down €13,456 (-3.5%), from €385,267 to €371,811
- Gross operating margin +€130,684
up €130,684 (+31.6%), from €413,028 to €543,712
- Staff costs +€66,407
up €66,407 (+22.7%), from €292,686 to €359,093
- Financial income -€25,174
down €25,174 (-71.0%), from €35,478 to €10,304
of which Non-recurring financial income: -€20,494
- Taxes +€16,503
up €16,503 (+311%), from €5,304 to €21,807
- Depreciation +€12,889
up €12,889 (+18.8%), from €68,513 to €81,402
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 | €980,428 | €928,963 | -€51,465 | -5.2% |
| Fixed assets | 21/28 | €534,185 | €533,716 | -€468 | -0.1% |
| Tangible fixed assets | 22/27 | €534,185 | €533,716 | -€468 | -0.1% |
| Land and buildings | 22 | €282,028 | €266,256 | -€15,772 | -5.6% |
| Plant, machinery and equipment | 23 | €117,196 | €105,807 | -€11,389 | -9.7% |
| Furniture and vehicles | 24 | €112,911 | €141,196 | +€28,284 | +25.0% |
| Leasing and similar rights | 25 | €10,760 | €6,769 | -€3,991 | -37.1% |
| Other tangible fixed assets | 26 | €11,289 | €13,690 | +€2,400 | +21.3% |
| Current assets | 29/58 | €446,243 | €395,247 | -€50,996 | -11.4% |
| Stocks and contracts in progress | 3 | €24,698 | €21,377 | -€3,321 | -13.4% |
| Stocks | 30/36 | €24,698 | €21,377 | -€3,321 | -13.4% |
| Amounts receivable within one year | 40/41 | €197,897 | €43,787 | -€154,110 | -77.9% |
| Trade receivables | 40 | €187,236 | €38,439 | -€148,797 | -79.5% |
| Other amounts receivable | 41 | €10,661 | €5,348 | -€5,313 | -49.8% |
| Cash at bank and in hand | 54/58 | €207,962 | €309,955 | +€101,993 | +49.0% |
| Deferred charges and accrued income | 490/1 | €15,686 | €20,128 | +€4,442 | +28.3% |
| Total equity and liabilities | 10/49 | €980,428 | €928,963 | -€51,465 | -5.2% |
| Equity | 10/15 | €334,413 | €348,100 | +€13,687 | +4.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €295,214 | €311,275 | +€16,061 | +5.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €293,214 | €309,275 | +€16,061 | +5.5% |
| Investment grants | 15 | €19,199 | €16,825 | -€2,374 | -12.4% |
| Amounts payable | 17/49 | €646,015 | €580,863 | -€65,152 | -10.1% |
| Amounts payable after more than one year | 17 | €385,267 | €371,811 | -€13,456 | -3.5% |
| Financial debts | 170/4 | €385,267 | €371,811 | -€13,456 | -3.5% |
| Amounts payable within one year | 42/48 | €260,698 | €208,973 | -€51,725 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €59,458 | €64,721 | +€5,263 | +8.9% |
| Trade debts | 44 | €129,787 | €25,388 | -€104,400 | -80.4% |
| Suppliers | 440/4 | €129,787 | €25,388 | -€104,400 | -80.4% |
| Taxes, remuneration and social security | 45 | €24,168 | €61,874 | +€37,706 | +156% |
| Taxes | 450/3 | €3,784 | €40,959 | +€37,175 | +982% |
| Remuneration and social security | 454/9 | €20,384 | €20,915 | +€531 | +2.6% |
| Other amounts payable | 47/48 | €47,285 | €56,990 | +€9,705 | +20.5% |
| Accrued charges and deferred income | 492/3 | €50 | €79 | +€29 | +59.0% |
| Non-recurring operating income | 76A | €7,108 | - | -€7,108 | |
| Remuneration, social security and pensions | 62 | €292,686 | €359,093 | +€66,407 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,513 | €81,402 | +€12,889 | +18.8% |
| Other operating charges | 640/8 | €8,958 | €7,266 | -€1,692 | -18.9% |
| Non-recurring operating charges | 66A | €12,505 | - | -€12,505 | |
| Gross operating margin | 9900 | €413,028 | €543,712 | +€130,684 | +31.6% |
| Operating profit (loss) | 9901 | €30,366 | €95,950 | +€65,584 | +216% |
| Financial income | 75/76B | €35,478 | €10,304 | -€25,174 | -71.0% |
| Recurring financial income | 75 | €14,985 | €10,304 | -€4,680 | -31.2% |
| Non-recurring financial income | 76B | €20,494 | - | -€20,494 | |
| Financial charges | 65/66B | €13,727 | €15,755 | +€2,028 | +14.8% |
| Recurring financial charges | 65 | €13,727 | €15,755 | +€2,028 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €52,117 | €90,499 | +€38,382 | +73.6% |
| Income taxes | 67/77 | €5,304 | €21,807 | +€16,503 | +311% |
| Profit (loss) for the period | 9904 | €46,814 | €68,692 | +€21,879 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,814 | €68,692 | +€21,879 | +46.7% |
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 31 October 2026 via checked.be.