GERBEHAYE: what changed
Two fiscal 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.
GERBEHAYE
Largest movements
- Tangible fixed assets +€44,892
up €44,892 (+79.5%), from €56,435 to €101,328
of which Leasing and similar rights: +€25,720
- Cash +€17,808
up €17,808 (+141.7%), from €12,564 to €30,372
mainly Net result for the year (+€62,858) and Depreciation (+€21,576)
- Receivables within one year +€9,849
up €9,849 (+23.3%), from €42,284 to €52,134
of which Trade receivables: +€9,849
- Reserves +€62,858
up €62,858 (+121.6%), from €51,699 to €114,557
- Trade debts -€15,849
down €15,849 (-79.1%), from €20,048 to €4,200
- Current portion of long-term debt +€14,219
up €14,219 (+151.2%), from €9,403 to €23,622
- Tax, wage and social debts +€7,725
up €7,725 (+32.1%), from €24,067 to €31,792
of which Taxes: +€7,725
- Depreciation +€6,084
up €6,084 (+39.3%), from €15,492 to €21,576
- Gross operating margin +€4,868
up €4,868 (+4.1%), from €118,585 to €123,453
- Taxes +€3,607
up €3,607 (+11.3%), from €31,965 to €35,572
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €681,100 | €754,963 | +€73,863 | +10.8% |
| Fixed assets | 21/28 | €623,914 | €668,807 | +€44,892 | +7.2% |
| Tangible fixed assets | 22/27 | €56,435 | €101,328 | +€44,892 | +79.5% |
| Plant, machinery and equipment | 23 | €18,640 | €15,934 | -€2,706 | -14.5% |
| Furniture and vehicles | 24 | €37,796 | €59,675 | +€21,879 | +57.9% |
| Leasing and similar rights | 25 | - | €25,720 | +€25,720 | |
| Financial fixed assets | 28 | €567,479 | €567,479 | = | 0.0% |
| Current assets | 29/58 | €57,186 | €86,156 | +€28,971 | +50.7% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €42,284 | €52,134 | +€9,849 | +23.3% |
| Trade receivables | 40 | €29,366 | €39,215 | +€9,849 | +33.5% |
| Other amounts receivable | 41 | €12,919 | €12,919 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,564 | €30,372 | +€17,808 | +141.7% |
| Deferred charges and accrued income | 490/1 | €2,337 | €3,651 | +€1,314 | +56.2% |
| Total equity and liabilities | 10/49 | €681,100 | €754,963 | +€73,863 | +10.8% |
| Equity | 10/15 | €82,359 | €145,217 | +€62,858 | +76.3% |
| Contributions | 10/11 | €30,660 | €30,660 | = | 0.0% |
| Reserves | 13 | €51,699 | €114,557 | +€62,858 | +121.6% |
| Distributable reserves | 133 | €51,699 | €114,557 | +€62,858 | +121.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €598,741 | €609,746 | +€11,006 | +1.8% |
| Amounts payable after more than one year | 17 | €545,222 | €547,978 | +€2,756 | +0.5% |
| Financial debts | 170/4 | €18,043 | €37,431 | +€19,388 | +107.5% |
| Other amounts payable | 178/9 | €527,179 | €510,547 | -€16,632 | -3.2% |
| Amounts payable within one year | 42/48 | €53,518 | €61,768 | +€8,250 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €9,403 | €23,622 | +€14,219 | +151.2% |
| Trade debts | 44 | €20,048 | €4,200 | -€15,849 | -79.1% |
| Suppliers | 440/4 | €20,048 | €4,200 | -€15,849 | -79.1% |
| Taxes, remuneration and social security | 45 | €24,067 | €31,792 | +€7,725 | +32.1% |
| Taxes | 450/3 | €24,067 | €31,792 | +€7,725 | +32.1% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €0 | €2,155 | +€2,155 | |
| Turnover | 70 | €0 | €0 | = | |
| Non-recurring operating income | 76A | €2,485 | - | -€2,485 | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,492 | €21,576 | +€6,084 | +39.3% |
| Other operating charges | 640/8 | €821 | €1,322 | +€500 | +60.9% |
| Gross operating margin | 9900 | €118,585 | €123,453 | +€4,868 | +4.1% |
| Operating profit (loss) | 9901 | €102,272 | €100,556 | -€1,717 | -1.7% |
| Financial income | 75/76B | €0 | €0 | = | |
| Recurring financial income | 75 | €0 | €0 | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,921 | €2,126 | +€205 | +10.7% |
| Recurring financial charges | 65 | €1,921 | €2,126 | +€205 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €100,351 | €98,430 | -€1,922 | -1.9% |
| Income taxes | 67/77 | €31,965 | €35,572 | +€3,607 | +11.3% |
| Profit (loss) for the period | 9904 | €68,386 | €62,858 | -€5,528 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,386 | €62,858 | -€5,528 | -8.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.